For clarity, there are two types of e-cigs. Disposable pieces of junk like Blu or Njoy (Tobacco company e-cigs) that retail for $7-10 each (about 2 packs of smokes worth).

The others are the refillable / rechargeable kind that can run anywhere from $25 - $250 depending on the make and model. These are serious pieces of hardware & technology - more cell phone than cig. The "juices" or refillable nicotine blends are made by hundreds of different companies - many of which have cult like followings.

With that being said, Tobacco companies have a major uphill battle to compete in the refillable market. I don't readily see RJ Reynolds making great hardware in China and being competitive. That's just my $0.02.

The only way they make it is if the FDA steps in and regulates the hell out of the independent juice makers and / or nicotine sources. I could very well see that happening...because again...follow the money.