Xiaomi's SkyNomad Lands in 75 Cities as Losses Mount and the Clock Ticks on 550,000
Published on 09/15/2026 at 19:31 | Editorial boerse-global.de
Xiaomi kicked off customer deliveries of its first extended-range electric vehicle on September 12, rolling the SkyNomad out across 75 Chinese cities. The order books had opened five days earlier, on September 7, and more than 10,000 firm reservations reportedly landed within four minutes — though the deposits attached to those orders are non-refundable, a detail that muddies any direct comparison with previous model launches.
Four Trims, Two Battery Philosophies
The lineup spans four versions priced between 209,900 and 299,900 yuan. Entry point is the N70 Pro, which pairs a 52-kWh LFP battery and a 210 kW motor with a 1.5-liter turbo range extender. On China's CLTC cycle, that translates to 351 kilometers of pure electric range and 1,351 kilometers combined.
Under the skin, Xiaomi has fitted NVIDIA DRIVE Thor-U chips rated at 700 TOPS alongside the Snapdragon 8 Gen 3. Shortly after orders went live, the company trimmed 20,000 to 30,000 yuan off the Max variants relative to original pre-order pricing — a move that reads as an attempt to shore up demand.
Where the Analysts Split
Forecasts for the SkyNomad's sales trajectory diverge sharply. Goldman Sachs models roughly 110,000 units for 2026, while Deutsche Bank brackets the range at 70,000 to 100,000. Barclays takes a broader and more bullish view, projecting 450,000 deliveries across Xiaomi's entire auto business this year — a figure covering the full vehicle portfolio, not the new model alone.
The clock, however, is unforgiving. Xiaomi had set itself a 2026 delivery target of 550,000 vehicles, yet only about 246,475 units — under 45 percent — had been shipped through the end of August. August alone accounted for 30,153 deliveries, a 17.15 percent decline year over year. Hitting the annual mark from here would require roughly 75,900 vehicles per month.
Should investors sell immediately? Or is it worth buying Xiaomi?
Margins add to the pressure. In the second quarter of 2026, the auto business posted an operating loss of 2.6 billion yuan, with gross margin sliding from 26.4 percent to 19.2 percent.
A Market That Is Shrinking, Not Growing
Xiaomi is not stepping into a rising tide. China's overall EREV segment contracted by nearly a fifth in the first half of the year, and the broader auto market is cooling amid weak retail data and falling property investment. Consumer caution is visible in the numbers: retail sales grew just 0.4 percent in August, well below the prior month's pace — a backdrop that hits margin-thin newcomers hardest.
The smartphone division, traditionally the group's backbone, faces its own structural headwinds from rising costs and softening global demand.
Two Stories Pulling in Opposite Directions
On the product front, Xiaomi is pushing on multiple flanks at once. The Xiaomi 18 Pro is billed by the company as the biggest upgrade in the series' history, featuring a new rear display that already logged millions of daily interactions on the previous generation. New Pad 9 tablets and a foldable with a triple Leica camera round out the pipeline.
Plans for a European push by 2027 — including partnerships with German dealers and an expanded hybrid lineup — could open additional growth if executed. Yet the bull case rests on converting that product breadth into stable revenue while repairing auto margins; otherwise the current share price weakness may prove to be no exaggeration at all.
The Chart and the Tape
Trading has been choppy. After a near-5 percent jump on Monday, the stock gave back roughly 4 percent by Tuesday morning, sitting at EUR 2.94 — a 3.6 percent daily decline and just below its 50-day moving average of EUR 3.03. It trades under both the 50-day and, more decisively, the 200-day line, signaling a medium-term downtrend.
Year to date, the shares are down 32 percent; over twelve months, the loss reaches 52 percent. From the 52-week high of EUR 6.54 set last September, the stock sits 55 percent lower.
What to Watch
The next real test comes with monthly delivery figures and the September launch of the Xiaomi 18 Pro, whose actual sales will offer the first hard evidence of whether the product offensive carries commercial weight. Until then, the equity remains a mirror of two competing narratives — and investors must decide for themselves which one deserves the greater weight.
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