Xiaomi Stock Plunges to 52-Week Low Even as 17T Pre-Orders Surge and ASP Hits Record

Xiaomi's premium smartphone push gains pace with the 17T launch in India, but stock plunges to €2.86 amid thin margins, EV costs, and global tech selloff.

The disconnect between Xiaomi’s operating momentum and its stock price has seldom been this stark. On Wednesday, the company launched its flagship 17T smartphone in India, featuring a Leica-engineered camera system and a starting price of ?59,999. Yet shares hit a fresh 52-week low of €2.86, with an intraday dip to €2.84, before closing at €2.91. The stock has shed 35.18% since the start of the year and 51.35% over the past twelve months.

Premium push gathers pace

Xiaomi’s 17T represents the latest salvo in its aggressive push upmarket. The device is available via Amazon India, the company’s own website, and Xiaomi Stores, with a bank discount bringing the entry price to ?54,999. Its camera setup includes a 50-megapixel main sensor, a 5x periscope telephoto lens with 115mm focal length, and a 12-megapixel ultra-wide lens, all running on HyperOS 3 based on Android 16.

The strategy is already producing results. In the first quarter of 2026, Xiaomi’s average smartphone selling price hit a record 1,310 RMB, up 8.2% year-on-year. In China, devices priced above 3,000 RMB accounted for 23.5% of units sold. International demand is also robust: in Vietnam, pre-orders for the 17T series have surged roughly 40% above the previous generation.

Solid volumes, thin margins

Xiaomi shipped 33.8 million smartphones in the first quarter, generating revenue of 44.3 billion RMB from that segment. Group-wide revenue reached 99.1 billion RMB, with the electric vehicle and AI businesses contributing nearly 20 billion RMB. The company held an 11.3% global market share, ranking third in shipments.

However, profitability remains constrained. The smartphone division posted a gross margin of just 10.1%, squeezed by rising component costs — particularly memory chips. This margin pressure, combined with heavy investment in the EV and AI ventures, has left investors unimpressed.

Technical exhaustion sets in

The selloff has driven Xiaomi’s stock deep into oversold territory. The 14-day relative strength index plunged to 29.4 intraday, before recovering to 31.8 at the close — both readings below the 30 threshold that typically signals a market washout. The gap to the 200-day moving average has widened to over 33%, illustrating just how far the stock has fallen from its trend.

Yet buyers remain scarce. Inflation fears, geopolitical tensions, and a rout in global chip stocks have swept all technology names lower. Xiaomi’s troubles mirror the broader risk-off mood: even positive catalysts — such as the successful 17T launch or news that Changchun officials are courting the company and BYD for a joint e-mobility hub — fail to reverse the slide.

The EV cloud

Xiaomi’s transformation into an industrial heavyweight is gathering pace, but the market is focused on the cost side. The EV and AI segment added 20 billion RMB to Q1 revenue, but the scale of capex required has raised doubts about long-term margin sustainability. Until management can demonstrate that its electric vehicle investments will not permanently depress profitability, the stock may struggle to find a floor — even with technical indicators screaming that the panic has gone too far.