Chinese Regulator Signs Off on Four Xiaomi Sky Nomad Variants as SUV Rollout Accelerates

Beijing clears Xiaomi's second EV line: four Sky Nomad SUVs with range-extender tech, 1,500 km range. Shares rise 4.42% as company targets 550,000 deliveries in 2026.

Beijing has cleared the path for Xiaomi’s second electric-vehicle line, granting manufacturing approval for four models under the Sky Nomad SUV series. The nod from the Ministry of Industry and Information Technology landed in the latest Zulassungskatalog, Charge 408, confirming spec sheets and pushing the stock higher on Friday.

Xiaomi shares climbed 4.42 percent to 2.94 euros by the close, extending a seven-day rally that has added roughly 11 percent. The move follows a Thursday finish of 2.81 euros and comes as the broader Shanghai Composite Index snapped a three-day losing streak with a 1.65 percent gain.

The Sky Nomad family, known domestically as Pengcheng, comprises the full-size N90 Max, a camping edition with a pop-up roof, and the slightly smaller N70 and N70 Max. All four are built on the Kunlun architecture, development of which began back in 2023. Unlike Xiaomi’s earlier pure-electric SU7 and YU7, the new SUVs use range-extender technology: a 1.5-litre turbocharged engine producing 112 kW acts as a generator feeding a 70-kWh battery. Total range is pegged at more than 1,500 kilometres under Chinese standards, with a pure-electric leg of 400 to 500 km on the CLTC cycle.

The N90 Max measures 5.28 metres in length with a 3.08-metre wheelbase and dual-motor all-wheel drive (210 kW rear, 100 kW front). Ternary cells from CALB supply the battery. The camping variant targets families and outdoor enthusiasts, directly challenging Li Auto, which dominates that segment in China. Sales are set to begin in August at an entry price of around 200,000 yuan (approximately 25,500 euros).

Xiaomi has already fired a salvo in the pure-EV SUV space this year. The YU7 Standard Edition, launched on 21 May at 233,500 yuan (roughly 29,800 euros), undercuts the Tesla Model Y in China by about 30,000 yuan. It packs a 752-volt silicon-carbide system capable of adding 405 km of range in 15 minutes, plus LiDAR sensors and Nvidia’s Thor chip with 700 TOPS for autonomous driving.

On the financial front, the company is backing its automotive ambitions with a hefty war chest. First-quarter revenue hit 99.1 billion yuan, while operating profit in the core business nearly doubled quarter-on-quarter. Cash reserves stood at 220.6 billion yuan at the end of March, with 9 billion yuan ploughed into research and development alone. That capital is also funding an AI strategy under the banner “Human x Car x Home.”

Deliveries remain the key metric for investors. Xiaomi EV handed over 185,055 vehicles in the first half of 2026, roughly 34 percent of its full-year target of 550,000 units. To hit the goal, the company needs to average about 60,000 deliveries per month in the second half, and management is counting on the Sky Nomad line to help fill the gap. Production continues at the Beijing economic zone plant.

Analyst opinion is split. Morgan Stanley recently cut its price target, citing heavy investment needs in the EV business and shrinking margins in smartphones. Zephirin has gone further, slapping a sell rating on the stock.

Despite the recent wobble, the chart shows tentative signs of life. The shares trade about 24 percent below their 200-day moving average of 3.89 euros but have clawed back 24.54 percent from the 52-week low of 2.34 euros hit on 26 June. The RSI sits at 59, pointing to neutral-to-slightly-positive momentum. Still, the stock remains 55.21 percent below its 52-week peak of 6.51 euros from last September, and year-to-date it is down 35.07 percent. With an annualised volatility above 40 percent, the ride is unlikely to smooth out soon — but the regulatory green light at least gives the Sky Nomad story a launchpad.