Xiaomi's Sky Nomad Camping SUV Defies Broader EREV Slump with 11% Weekly Stock Surge

Xiaomi's Sky Nomad series sparks 11% weekly stock rally as MIIT approves four models; interior-first design and battery supplier pivot target aggressive pricing.

The EREV segment in China is contracting sharply, yet Xiaomi is charging headlong into the fray with a full-size SUV that trades on camping luxury, interior-first design, and aggressive pricing. The strategy has sparked one of the strongest weekly rallies in the stock this year.

Shares closed at €2.95 on Friday, adding 5.21% for the session and pushing the weekly gain to 11.30%. The move marked a notable leg up from the 52-week low of €2.34 set on June 26, leaving the stock roughly 26% above that trough. Still, the longer-term picture remains bruised: the stock is down 34.31% year-to-date and 52.45% over the past twelve months, while trading 54.69% below the September 2025 peak of €6.51.

The catalyst is the Sky Nomad series — a family of four new EREV models that China’s Ministry of Industry and Information Technology (MIIT) approved in its 409th catalog. The lineup includes the SkyNomad N70, N70 Max, N90 Max, and a N90 Max Camping Edition. All four share a common drivetrain: a 1,499cc petrol engine from Harbin Dongan delivering 112 kW of net output, paired with an electric range-extender system that caps top speed at 190 km/h.

The Camping Edition, however, is the headline grabber. It comes with a pop-up roof, an integrated roof bed, a side cabinet, and a connector for a side tent. Optional extras include a projector kit and a fold-out table. Xiaomi stresses the roof may only be opened when the vehicle is parked and off public roads.

The N90 Max variant also delivers the first concrete performance figures from the MIIT filing. Two electric motors combine for 310 kW (416 hp), drawing power from a 76 kWh NMC battery supplied by CALB. That yields a pure-electric range of 370 kilometres. For the smaller N70, the battery chemistry shifts to lithium iron phosphate sourced from Sunwoda, paired with a single 210 kW motor. The N70 Max gets a CALB battery and a dual-motor setup rated at 210 kW and 100 kW respectively.

The battery supply chain itself represents a strategic pivot. Xiaomi had previously relied exclusively on CATL and FinDreams for its SU7 and YU7 models. Now Sunwoda takes roughly 60% of the order book and CALB around 40%, a dual-sourcing approach that likely supports more aggressive cost management.

Positioning between established rivals is deliberate. The N70 measures 4,960 mm in length — 36 mm longer than a Mercedes-Benz GLE — while the N90 stretches to 5,285 mm, surpassing the Mercedes-Benz GLS by 76 mm. The interior is where Xiaomi has placed its biggest bet, however. Hu Zhengnan, the group’s vice president and CTO of its automotive division, called the N90 a uniquely special project where his team started with interior design and worked outward to the exterior.

The cabin layout is a 2+2+3 seven-seater. Front seats can rotate 180 degrees to face the second row — but only when parked. The centre armrest slides forward to become a bar counter, the second row offers zero-gravity seats with leg rests, and the spec sheet includes a refrigerator, ceiling speakers, and split panoramic sunroofs.

Pricing is aggressive. Chinese media peg the entry point around 200,000 yuan — roughly $29,420 — which undercuts both the Li Auto L9 and the Aito M9, both of which start above 250,000 yuan. Xiaomi needs that edge because the broader EREV market is cooling. Sales of extended-range electric SUVs in China fell by 25 to 28 percent year-on-year in May 2026, and the segment’s share of the NEV market slipped to 7 percent as long-range pure EVs with 600-700 km of range erode the technology’s core advantage.

Meanwhile, the company’s existing EV lineup is delivering mixed results. The YU7 crossover accounted for 104,559 deliveries in the first half of 2026. The SU7 sedan, however, saw a 48.30% year-on-year decline to 80,496 units. Combined, Xiaomi EV hit 185,055 deliveries in the first six months — roughly 34% of its full-year target of 550,000 vehicles, which would represent 34% growth from the approximately 410,000 units delivered in 2025.

Xiaomi is not yet exporting vehicles, though a European launch is planned for next year. Reservations for the N90 opened on July 9, with the market launch expected late in the third quarter of 2026. Whether the Sky Nomad series can close the delivery gap — and sustain the stock’s momentum — will hinge on how a shrinking EREV segment responds to Xiaomi’s combination of pricing, camping capability, and interior luxury.

Technically, the shares still face headwinds. The Relative Strength Index sits at 60.6, offering room for further upside, but the stock remains roughly 2% below its 50-day moving average of €3.01 and about 24% under the 200-day line at €3.89.