Asian Tech Press (Feb 22) -- It's been rumored that China-based electric car maker Nio Inc. (NYSE:NIO) intends to enter the smartphone market.

The rumor pointed out that Nio's cell phone division has been doing a lot of things lately, with various positions being hired.

Sources revealed that the EV maker's cell phone business is confirmed to be done and the project is currently in the very initial stage of investigation and research.

In response, Nio said that there is no information available for disclosure, and will communicate with everyone if there is further news.