Xiaomi’s electric vehicle division is pulling in opposite directions. While the SU7 sedan continues to lose momentum, a price cut on the YU7 SUV triggered a sharp rebound in June — and the company is now banking on its upcoming Sky Nomad series to drag overall deliveries closer to an ambitious annual target. The stock responded with a 5.21% jump on Friday to €2.95.
June numbers from the China Passenger Car Association showed Xiaomi EV delivering 34,738 vehicles in total, a 36.45% year-on-year increase and the third consecutive month above the 30,000-unit mark. Yet the headline figure masks a widening gulf between the two core models. The SU7 limousine managed just 20,414 units, down 12.10% from a year earlier and 15.02% below May — the ninth straight monthly decline. The first-half total for the SU7 stood at 80,496 units, a drop of 48.30% from the same period last year, as the model appears to be caught in a painful transition.
The YU7 SUV tells a very different story. After five consecutive months of falling sales, June deliveries surged 63.97% from May to 14,324 units. The catalyst was clear: a lower-priced base version launched at 233,500 yuan in late May, alongside the high-performance YU7 GT starting at 389,900 yuan. The cheaper entry point has clearly unlocked fresh demand.
That momentum will need to accelerate sharply if Xiaomi is to hit its 2026 target of 550,000 deliveries — a 34% increase over last year’s roughly 410,000 units. With only 185,055 vehicles delivered in the first half, the company has covered just 34% of its goal. To close the gap, it would need to average more than 60,000 units per month in the second half, a pace it has only ever reached once — in December 2025, when monthly deliveries first topped 50,000. Sustaining that for six straight months would be a record-breaking feat.
Enter the Sky Nomad series. Regulatory filings with China’s MIIT have confirmed four variants of this extended-range electric SUV (EREV): the flagship N90 Max, its camping edition, the smaller N70, and the N70 Max. The N90 Max, stretching 5,285 mm and weighing 2,800 kg, uses a dual-motor setup delivering 310 kW and a top speed of 190 km/h. Its 1.5-litre turbo engine functions solely as a generator — there is no mechanical link to the wheels, distinguishing it from plug-in hybrids common among western automakers.
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The smaller models split on cost: the N70 uses a single motor and a cheaper LFP battery from Sunwoda, while the N70 Max gets the dual-motor configuration and a CALB-supplied battery. Overall, Sunwoda will supply roughly 60% of Sky Nomad battery cells and CALB the remaining 40%, a notable shift from Xiaomi’s previous exclusive supplier arrangement with CATL for the SU7 and YU7. That dual-sourcing strategy is likely key to the aggressive pricing.
Chinese media reports suggest a starting price of around 200,000 yuan — roughly $29,420 — undercutting the Li Auto L9 and Aito M9, which both start above 250,000 yuan. Xiaomi is promising a pure-electric CLTC range of 400–500 kilometres, far ahead of the roughly 240 kilometres offered by the Li Auto L9. The attack comes at a vulnerable moment for Li Auto: deliveries of its L9 plunged 74% in the first four months of 2026 compared with the same period last year.
The camping edition of the N90 Max adds a pop-up roof, a rooftop sleeping platform, and a side tent interface, officially classified as a “cultural life service vehicle.” The roof can only be opened when parked off public roads. Reservations opened on 9 July, with a market launch expected in late Q3.
Xiaomi’s auto division is under financial pressure as well. The innovation segment, which includes EV, posted an operating loss of 3.1 billion yuan in the first quarter, underscoring the need for volume to improve unit economics. The Sky Nomad’s success will be critical to both the delivery target and the bottom line.
The stock chart reflects the market’s nervousness around the EV ramp. From the 52-week high of €6.51 hit in September 2025, the shares have lost 54.69%. Year-to-date, the decline stands at 34.31%. The share price remains below both the 50-day moving average of €3.01 and the 200-day average of €3.89. Still, some signs of a recovery are visible: the stock has bounced 26% from the recent low of €2.34 in late June, and the weekly gain of 11.30% suggests that the Sky Nomad unveiling has caught investors’ attention. Whether that translates into sustained buying will depend on the monthly delivery numbers that will roll in through the autumn.
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