Xiaomi's Sky Nomad SUV Arrives as the Company Races to Bridge a Heavy Delivery Deficit

Xiaomi unveils SkyNomad N90 MAX, a full-size EREV SUV priced from 200,000 yuan, undercutting Li Auto and Aito. Stock rises 5.21% but first-half EV deliveries reach only 34% of 2026 target.

Xiaomi has pulled the wraps off its largest SUV yet — the SkyNomad N90 MAX — as the Chinese tech giant scrambles to fill a yawning gap between its ambitious 2026 delivery target and the tepid numbers recorded so far this year. The stock responded with a 5.21% jump on Friday to €2.95, extending the week’s gain to 11.30% and pushing shares roughly 26% above the 52-week low of €2.34 hit on June 26. The Relative Strength Index at 60.6 leaves room for further upside without entering overbought territory.

The N90 MAX joins the standard N90 in Xiaomi’s growing SkyNomad family, a full-size EREV (extended-range electric vehicle) series that directly challenges the dominance of Li Auto and Aito in China’s premium plug-in hybrid SUV segment. Xiaomi has been careful to clarify that SkyNomad is a standalone series within its automotive lineup, not a sub-brand of Xiaomi Auto. The vehicles, which first appeared in the database of China’s MIIT ministry, were approved for sale on July 10.

Measuring over 5.3 metres in length with a wheelbase exceeding three metres, the N90 MAX is designed to maximise rear-seat space. Xiaomi offers it in both seven-seat and five-seat configurations. The powertrain combines two electric motors delivering 210 kW and 100 kW peak output, paired with a combustion engine that acts as a range extender — a setup that yields a claimed total range of more than 1,500 kilometres. The SUV rides on the Kunlun architecture, which Xiaomi has been developing since early 2023 and features a fully flat floor and long-rail interior layout. CEO Lei Jun noted that 3.5 years of refinement went into creating what he described as a "living space" on wheels.

Pricing is the sharpest weapon in Xiaomi’s arsenal. Chinese media reports peg the starting price of the SkyNomad series at around 200,000 yuan, undercutting the Li Auto L9 and Aito M9 by more than 50,000 yuan each. The timing is favourable: Li Auto’s L9 deliveries plunged 74% year-on-year in the first four months of 2026, opening the door for an aggressive rival. Customers have been able to reserve the N90 since July 9, and the market launch is expected late in the third quarter of 2026.

Xiaomi’s broader automotive story, however, remains a tale of two halves. Total EV deliveries in the first half of 2026 reached 185,055 units — just 34% of the full-year target of 550,000 vehicles, which would represent a 34% increase over 2025’s roughly 410,000 units. The existing SU7 model has been a drag, with first-half sales of 80,496 units falling 48.30% from the prior-year period. The YU7 crossover fared better, contributing 104,559 units and serving as the backbone of Xiaomi’s EV volume. While the company holds a solid order book, a softening domestic market and the absence of exports — Xiaomi does not plan to sell cars in Europe until next year — limit near-term growth levers.

Chart watchers see a mixed picture. Friday’s close left the stock about 2% below its 50-day moving average of €3.01 and roughly 24% below the 200-day line of €3.89. The annualised 30-day volatility of 42.47% underscores persistent nervousness around the name. On a 12-month basis, the stock remains 52.45% lower, and it still sits 54.69% below the 52-week high of €6.51 recorded in September 2025. Adding to the pressure, rising memory chip prices are squeezing margins in Xiaomi’s smartphone core business.

Whether the SkyNomad series can jolt the delivery trajectory back on course will be decided in the coming months. With nearly two-thirds of the annual target still to be achieved in the second half of 2026, the N90 and N90 MAX represent Xiaomi’s best — and perhaps only — chance to close the gap in an increasingly crowded EREV market.