The race to reinvent the car industry

After a day’s work, you are not quite ready to go home. Perhaps you fancy catching a film. You could head to the cinema. Instead, you retreat into your car. A few taps on the touchscreen dashboard and the vehicle turns into a multimedia cocoon. Light trickles down the interior surfaces like a waterfall. Speakers ooze surround sound. Augmented-reality glasses make a screen appear in front of your eyes.

This immersive experience is at the core of what Nio, a Chinese electric-vehicle (EV) company, laid out as the future of the car at its European coming-out party last month in Berlin. The firm wants its high-end

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