Xiaomi Gets Beijing’s Nod for Four Sky Nomad SUVs as Morgan Stanley Cuts Delivery Forecast

China's MIIT approves four new Xiaomi electric SUVs with range-extender tech. Stock jumps 4.42%, but Morgan Stanley cuts 2026 delivery forecast to 500,000. Shares remain 34% lower year-to-date.

China’s industrial regulator has cleared four new Xiaomi electric-utility models for sale, injecting fresh momentum into the company’s automotive ambitions even as one Wall Street bank trims its delivery expectations for the year. The MIIT published homologation documents for the “Sky Nomad” series – the N90 Max, a camping variant of that model, and the smaller N70 and N70 Max – in its latest catalogue, bringing their market debut a step closer.

Investors reacted by pushing Xiaomi’s Hong Kong-listed stock up 4.42% on Friday to €2.94, extending a rally that has already added roughly 11% over the previous seven trading days. The shares had closed at €2.81 on Thursday. Despite the recent bounce, the stock remains 34.54% lower since the start of 2026 and trades nearly 24% below its 200-day moving average of €3.89, with the 50-day average sitting just above at €3.01. The market capitalisation stands at €66.61 billion, and the 14-day relative strength index of 60.1 points to a neutral, slightly overbought reading.

Sky Nomad Marks a Strategic Pivot

Unlike Xiaomi’s first model, the pure-electric SU7, all four Sky Nomad variants use a range extender: a 1.5-litre turbocharged engine producing 112 kW. That architecture, which the company calls “Kunlun”, allows the SUVs – which stretch more than 5.3 metres – to deliver a claimed combined range of around 1,500 kilometres. The 70 kWh battery alone covers 400 to 500 kilometres of that total.

The camping edition of the N90 Max, equipped with a pop-up roof and a rooftop bed, directly targets the outdoor lifestyle niche that Li Auto has dominated in China. Xiaomi intends to build the new vehicles at its plant in the Beijing economic development zone.

Delivery Target Under Pressure Despite Progress

Xiaomi delivered 185,055 vehicles in the first half of 2026 – a solid operational showing but one that leaves it needing to ship more than 360,000 units in the second half to hit its full-year goal of 550,000. Morgan Stanley, in a research note published on 9 July, had estimated first-half deliveries at roughly 180,000 vehicles, representing only 33% of the annual target. The bank subsequently cut its 2026 delivery forecast from 580,000 to 500,000 units and lowered its 2027 estimate from 750,000 to 700,000. It maintained an “Overweight” rating, citing Xiaomi’s ecosystem strategy that ties together smartphones, electric vehicles and smart-home products.

Other analysts are less convinced. Zephirin has assigned a sell recommendation to the stock, while several houses have recently trimmed their price targets, pointing to rising memory-chip costs that squeeze handset margins and the heavy capital spending required in the auto division.

Recovery from June Low but Long-Term Damage Remains

Friday’s gain follows a turbulent period that saw the stock touch a 52-week low of €2.34 on 26 June. The current price marks a 25.54% recovery from that trough, yet the shares have still lost 52.62% over the past twelve months. The annualised 30-day volatility of 41.33% underscores the persistent nervousness among traders.

Xiaomi itself has not adjusted its official delivery guidance of 550,000 vehicles. The success of the Sky Nomad lineup will be critical in bridging the gap to that figure in the second half. The company is also due to report quarterly results soon, offering a clearer picture of whether smartphone margin pressure has stabilised and whether the auto division is making operational progress despite the lowered analyst forecasts. Until then, the stock is expected to trade within the range between the 52-week low of €2.34 and the 200-day average of €3.89.