The juxtaposition could hardly be starker. Xiaomi’s electric vehicle division just delivered more than 30,000 cars in April — a near-40 percent surge from March — while the company’s shares plumbed a fresh 52-week low of €3.17 in Frankfurt. The gap between operational momentum and market sentiment has rarely yawned so wide.
A Munich-Bred Powerhouse Hits the Stage
The SU7 sedan, launched only weeks ago in meaningful volumes, is already contributing to the delivery ramp, though the YU7 SUV remains the volume workhorse. But the real headline-grabber is the YU7 GT, unveiled at the Beijing Auto Show with a jaw-dropping 990 horsepower from dual electric motors, all-wheel drive, air suspension, and torque vectoring at the rear axle. Top speed: 300 km/h.
This is no ordinary Chinese EV. The GT was engineered at a dedicated development centre in Munich, staffed with veterans poached from Germany’s finest. Rudolf Dittrich, formerly technical director of BMW’s M division and the man behind the M4 GT3, runs the centre. Claus-Dieter Groll, with nearly three decades of Nürburgring experience, heads vehicle dynamics. The design team reads like a who’s-who of Porsche, Lamborghini, and Mercedes-AMG alumni, including Jean-Arthur Madelaine, former project lead for the Mercedes-AMG Vision GT.
CEO Lei Jun plans to launch the YU7 GT at the end of May, priced between 450,000 and 500,000 yuan — a clear push into premium territory. For 2027, Xiaomi has set its sights on European markets, targeting developed economies with higher price points.
The Numbers Tell Two Stories
April’s delivery tally of over 30,000 units pushed the year-to-date total to roughly 114,000 vehicles, a 17 percent increase over the same period last year. The full-year target stands at 550,000 units — a significant jump from 2025’s approximately 412,000 deliveries. To get there, monthly volumes will need to accelerate sharply.
Yet the YU7 base model has lost momentum. After hitting a monthly record of more than 39,000 units in December, deliveries slumped to around 13,600 in March — a near one-third drop from February. The GT variant is clearly intended to reignite demand.
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The retail network is expanding in parallel. By the end of April, Xiaomi operated 495 stores across 143 cities, with more locations planned for May.
A Stock That Can’t Catch a Break
The Frankfurt-listed shares closed at €3.20 on April 30, precisely the 52-week low. In Hong Kong, the stock ended at HK$29.34, also near its annual trough. The year-to-date decline stands at roughly 28 to 29 percent, while the 12-month slide approaches 48 percent. The distance from the 52-week high of €6.69 exceeds 50 percent.
Management has responded with an aggressive buyback campaign. Through April 24, Xiaomi had already spent HK$7.4 billion on share repurchases this year — more than the entire 2025 total. The signal is clear: the board considers the stock undervalued. But buybacks alone cannot substitute for profitability.
The Smartphone Albatross
The core handset business remains a drag. Memory chips and display panels have become significantly more expensive, squeezing margins. Xiaomi has been forced to raise prices on several smartphone models. Global smartphone shipments fell six percent year-on-year in the first quarter of 2026, and competitors like Lenovo hedged better through early inventory build-up.
The Q1 Reckoning
The next major catalyst arrives on May 26, when the board meets to review and approve first-quarter results. The following day, May 27, the company will publish the full report. Investors will be watching for two things: whether the SU7 ramp has begun to flow through to the profit-and-loss statement, and whether the EV division can turn profitable fast enough to offset the margin erosion in smartphones.
It promises to be a defining moment for a company that is simultaneously building a 990-horsepower super-SUV in Munich and watching its stock trade at levels last seen when the EV business was barely a sketch on a whiteboard.
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