Xiaomi's EV Milestone Collides With a Stock That Can't Find Traction

Xiaomi has delivered over 800,000 EVs since April 2024 and plans EUR 24 billion in R&D for 2026-2030, as its stock falls 33% year-to-date.

Xiaomi has now delivered more than 800,000 electric vehicles since its first customer handovers in April 2024 — a figure founder Lei Jun confirmed roughly 29 months into the carmaking venture. August alone accounted for over 30,000 units, keeping the company's automotive arm on a steady production cadence even as its share price struggles to reflect that momentum.

The Chinese conglomerate is simultaneously broadening both its product range and its geographic reach. On September 7 it unveiled the Sky Nomad line, its first move beyond pure battery-electric vehicles into extended-range SUVs: the N70, N70 Pro and N90 Max. Pricing starts at roughly USD 44,300 for the N90 Max and about USD 38,400 for the N70. Those range-extender models are expected to carry a significant share of Xiaomi's 550,000-unit delivery target for the current year.

A EUR 24 Billion R&D Pledge

Underpinning the expansion is one of the largest investment commitments in Xiaomi's history. The company said it will channel more than EUR 24 billion into research and development between 2026 and 2030, targeting artificial intelligence, operating systems, semiconductors, intelligent vehicles, robotics and smart manufacturing.

Europe sits at the center of the next phase. At the IFA trade fair in Berlin, Xiaomi signed letters of intent with eight German auto retail groups — among them Emil Frey Germany, Ernst Dello Group and Hahn Automobile — laying groundwork for a 2027 market entry for its EVs in Germany. The Berlin event also served as Xiaomi's largest overseas showcase to date, displaying over 380 products spanning smartphones, smart home devices, electric cars and AI. The company added that it will accelerate the rollout of its Mijia smart-home portfolio across India and Europe, sharpening its strategic focus on AI and connected devices.

Component Costs Eat Into Margins

Not every development has been favorable. In late August, Xiaomi announced price increases for several smartphones and tablets via its Japanese account on X, citing higher memory and component costs it could no longer absorb. The Xiaomi 17T Pro and multiple Poco X8 Pro variants are among the affected devices.

That pressure was already visible in second-quarter results released on August 18: revenue came in at 108.9 billion yuan, accompanied by a profit decline the company attributed to rising memory chip expenses.

India Inquiry Still Weighs on Sentiment

More than a month after it surfaced, the Indian Serious Fraud Office's recommendation to scrutinize Xiaomi's India operations over alleged irregularities continues to cast a shadow. A Xiaomi spokesperson told Reuters the company had received no official notice from the authority and maintains compliance with applicable law. Since the recommendation became public, the stock has shed 9.2%.

The launch of the Xiaomi 18 Fold foldable — timed two days ahead of Apple's expected folding iPhone reveal — failed to provide a fresh catalyst. Since the device went on sale last Tuesday, the shares have slipped 2.1%.

Where the Numbers Stand

Xiaomi closed Friday at EUR 2.90, up 2.3% on the day but down 6.8% over the week. Year-to-date the stock has lost 33%, and it sits 56% below its 52-week high of EUR 6.54 reached last September. Even so, it remains about a quarter above its 52-week low of EUR 2.34, touched in June.

For investors, the picture splits cleanly in two: an operating business racing into new markets and product categories, set against regulatory uncertainty in India and a chart that has yet to find its footing. Whether the European EV push from 2027 can bridge that gap will only become clear once signed letters of intent turn into actual deliveries.