Xiaomi's Two-Front War: EV Milestones and AirDrop Integration Can't Halt a 30% Slide

Xiaomi shares hover near €3.04 floor as board approves buybacks, EV deliveries hit records with YU7 GT, but smartphone margins slide to 10.1%.

At €3.13 a share, Xiaomi is within a whisker of its 52-week floor of €3.04 — a level last tested when the broader market ran for cover. The stock has surrendered nearly 30% since January and more than halved from its summer 2023 peak. Yet behind the fading chart lies a company pulling operational levers on two distinct fronts: an electric-vehicle ramp that just set delivery records and a software push that finally bridges the Android-iPhone divide.

Shareholders Authorize the Safety Net

At its annual general meeting in Beijing this week, the board secured formal approval for additional share buybacks. The timing is hardly accidental. With the stock trading well below both its 50-day moving average of €3.39 and its 200-day average of €4.32, management is signaling it sees value where the market sees trouble. The 14-day relative strength index of 40.5 — still above the oversold threshold — suggests sellers have dominated but exhaustion may be near.

SUV Deliveries Power the EV Charge

The electric-vehicle division is providing the most tangible counterweight to the share price malaise. Xiaomi is holding firm to its ambitious target of 550,000 deliveries this year, with the SUV segment now carrying the load. The YU7 GT, a sporty derivative of the brand’s crossover family, began customer handovers in May. That model is designed to lift both volume and average selling price, and the early numbers are encouraging: for a second consecutive month, the company pushed more than 30,000 vehicles out to buyers, with higher-margin SUVs accounting for a growing share of the mix.

The next operational checkpoint arrives in July, when the group reports June delivery figures. If the YU7 series continues to accelerate into the second half, the fundamental case for a bottom in the stock builds — but it has yet to show up in the price.

Smartphone Margins Take a Hit

While the EV story grabs headlines, the core smartphone business — still the main earnings engine — is under noticeable pressure. In the first quarter of 2026, Xiaomi shipped 33.8 million handsets and held an 11.3% share of the global market, according to Omdia, keeping it in third place overall. But that volume came at a cost. Gross margin in the smartphone segment slid to 10.1% from 12.4% a year earlier, squeezed by rising memory chip prices and intensifying competition on the mainland.

The margin erosion helps explain why the market is reluctant to reward the stock for good news elsewhere. Investors need to see profitability stabilize before they reconsider the risk-reward equation.

Quick Share with AirDrop: A Small Step with Big Ecosystem Implications

On 2 June 2026, Google rolled out its "June Android Drop," a software update headlined by Quick Share compatibility with Apple’s AirDrop. For the first time, Android users can send photos, videos, and documents directly to iPhones over Bluetooth — and Xiaomi is among the launch partners.

The official Android compatibility list names only the Xiaomi 17T Pro as a supported device today. No other Xiaomi models appear, not even in the “Coming Soon” section. The Spanish business daily Cinco Días flagged the 17T Pro as the first Xiaomi handset to carry the feature under HyperOS 3, the company’s proprietary operating system that ties together phones, tablets, and smart-home gear.

Better cross-platform file sharing may seem a minor addition, but for a hardware maker that has long pitched HyperOS as the glue for a seamless device ecosystem, it removes a real friction point. That matters most in regions where iOS and Android coexist in high proportions.

India Launch Signals Premium Ambitions

Just two days after the AirDrop news, Xiaomi launched the Xiaomi 17T in India at a starting price of ?59,999. The device packs a Leica periscope camera with 5x optical zoom, a 6,500 mAh battery, and HyperOS 3 running on Android 16. It underscores the company’s push into premium territory, where better margins could offset the erosion seen at lower price points. Whether software interoperability gives it more pricing power in that segment is a question only the next quarterly report will answer.

Technical Picture Remains Fragile

Despite the operational bright spots, the stock’s technical posture is unambiguously weak. The gap to the 50-day moving average stands at -7.78%; the distance to the 200-day average is a cavernous -27.59%. The RSI at 40.5 leaves room for further downside before oversold conditions kick in.

The buyback authorization gives management a tool to cushion the fall, and the delivery trajectory in EVs offers a credible growth narrative. But until smartphone margins stop bleeding and the AirDrop compatibility scales beyond a single model, the market is likely to stay on the sidelines. Xiaomi’s next decisive test will come in July — both from the monthly EV delivery print and from any signals on how far the Quick Share rollout will go.