Xiaomi Stock Rebounds on Sky Nomad SUV Launch Amid Persistent EV Sales Challenges

Xiaomi shares rose 11.3% for the week after unveiling the Sky Nomad EREV SUV, targeting Li Auto and Huawei. Yet deliveries hit only 34% of 2026 target, and stock remains 34% down year-to-date.

Xiaomi’s shares capped their best week in months, climbing 11.30% over the five sessions to close at €2.95 on Friday. The daily gain of 5.21% extended a recovery from the 52-week low of €2.34 touched on 26 June 2026, leaving the stock 25.99% above that trough. Yet the broader picture remains sobering: the equity is still down 34.31% year-to-date and has lost 52.45% over the past twelve months, with a 54.69% gap to the year’s peak of €6.51 set in September 2025.

The catalyst for the rally was Thursday’s unveiling of the Sky Nomad SUV series, marketed in China as the Xiaomi Pengcheng. The vehicles employ extended-range electric vehicle (EREV) technology — a plug-in hybrid where a petrol engine acts solely as a generator to recharge the battery rather than driving the wheels directly. The first model, codenamed Kunlun N3 and set to launch as the N90, is a full-size SUV stretching over 5.3 metres with a claimed combined range of more than 1,500 kilometres. The line-up directly targets Li Auto and the Huawei-backed Aito brand, which have dominated China’s fast-growing EREV segment.

Xiaomi has already opened reservations for the N90 since 9 July, and the interior reveal adds a lifestyle twist: the front seats can swivel, a foldable cocktail bar is integrated, and the cabin is designed to double as a studio, café or play area when parked. Regulatory clearance came on 10 June, when a list from China’s Ministry of Industry and Information Technology confirmed that Xiaomi EV’s Beijing plant is now permitted to manufacture vehicles with range-extender technology — a shift from its previous exclusive focus on pure battery-electric cars. The company has not exported any vehicles yet, unlike many domestic rivals, but plans to enter Europe next year.

Underneath the headline stock surge, the delivery numbers tell a more mixed story. The YU7 crossover, which went on sale in June 2025, has accumulated 258,232 deliveries in China through end-June 2026. For the first half of 2026 alone, however, the YU7 contributed 104,559 units. The sedan model SU7 experienced sharper headwinds, with first-half deliveries of 80,496 vehicles — a 48.30% decline year-on-year. Total Xiaomi EV deliveries in the first six months of 2026 reached 185,055, which represents just 34% of the full-year target of 550,000 vehicles. Meeting that goal implies a significant acceleration in the second half of the year, especially as the 2025 base was roughly 410,000 units.

The competitive benchmark remains Tesla. Over the same period since the YU7 launch in mid-2025, Tesla sold 471,207 Model Y vehicles in China, nearly double Xiaomi’s tally for that timeframe. Sky Nomad is intended to open a new front by addressing a different price and technology bracket — one where margins are fatter and demand is still elastic — but the scale gap against the US leader remains formidable.

Technical indicators reflect the underlying fragility. The stock closed 1.97% below its 50-day moving average of €3.01 and a chunky 24.15% beneath the 200-day line of €3.89. The relative strength index stands at 60.6, neutral territory that leaves room for further gains but does not signal momentum. Annualised 30-day volatility of 42.47% underscores persistent nervousness in the trading pattern.

Xiaomi expects to bring the Sky Nomad to market late in the third quarter of 2026. Whether the new model can help close the delivery gap to the annual target — and lay the groundwork for the European push next year — will hinge on how quickly the Beijing plant can ramp up production of its first range-extender models. For now, the stock’s weekly gain suggests investors are willing to give the EV division the benefit of the doubt, but the second-half numbers will need to back the story up.