The arithmetic is unforgiving. With 246,322 electric vehicles delivered through the end of August, Xiaomi has banked just 44.8 percent of its 550,000-unit annual target. To close the gap in the remaining four months, the company would need to average 75,900 deliveries per month — more than double the 31,267 units it managed in July, a figure that itself marked a 38 percent decline from December 2025.
That shortfall sits awkwardly against the backdrop of a product blitz that showcases Xiaomi at its most ambitious. The company’s delivery problem is real, but so is its capacity for spectacle — and this week’s announcements in both Berlin and Beijing illustrate the widening gulf between narrative and execution.
A Foldable Priced Like a Statement
The headline act lands Monday in China: the Xiaomi 18 Fold, a clamshell-style device with a 7.58-inch inner display and a 5.38-inch outer screen, priced at roughly EUR 1,500. It is the most expensive handset Xiaomi has ever produced, and it carries the company’s technological ambitions on its hinge.
Under the hood sits the self-developed Xring-O3 processor, fabricated on a 3-nanometer process and reportedly exceeding 5.2 million points in benchmark testing. The camera system, co-engineered with Leica, pairs a 200-megapixel main sensor with 50-megapixel periscope and ultra-wide lenses. A 6,000-mAh battery supports 67-watt wired and 50-watt wireless charging. European availability has not been announced; a global rollout is expected to follow later.
The timing is pointed. Huawei is bringing its tri-fold Mate XT 2 to the Chinese market in the same window, setting up a direct contest for supremacy in a segment where margins run well above the industry average. For Xiaomi, the foldable is also a signal: the company is no longer chasing volume at any cost in its core smartphone business but is deliberately pushing upmarket.
That strategic pivot extends beyond handsets. Over the weekend, Xiaomi used the IFA trade fair in Berlin to confirm its entry into the European electric vehicle market in 2027, backed by EUR 24 billion in research and development commitments through 2030. The capital intensity of running both plays simultaneously — an automotive expansion and a premium smartphone push — now looms as the central question for investors.
The EV Target Starts to Slip
The automotive side of the equation is where the strain shows most clearly. Xiaomi’s full-year goal of 550,000 deliveries would represent 34 percent growth over 2025 — an ambitious target that looks increasingly fragile given the recent monthly trajectory.
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There are bright spots. Cumulative deliveries of the SU7 sedan crossed the 500,000-vehicle mark in mid-August, evidence that demand for Xiaomi’s core EV model remains robust. The company is also preparing to unveil the Skynomad on September 7, an electric SUV with range-extender technology (EREV) built around a 76-kWh battery. Xiaomi claims roughly 500 kilometers of range and is backing the new “Longjia” battery — developed with partners CALB and Sunwoda — with an unusual guarantee: if a battery defect or accident-related damage causes the vehicle to catch fire, Xiaomi will replace the car entirely for first owners. A cloud-based battery management system is designed to monitor the cells continuously.
The product pipeline, in other words, is not the problem. The delivery bottleneck is.
A Stock Still Digging Out
The market’s response to all of this has been measured at best. Shares closed Friday at EUR 3.11, up 2.4 percent on the day and 2.8 percent over the preceding seven trading sessions. But the recovery remains shallow: the stock still trades roughly 52 percent below its 52-week high of EUR 6.54, set in September 2025.
The supporting cast of new devices — the Smart Band 11, unveiled September 3 in China with a 2,000-nit AMOLED display, 21-day battery life, and entry pricing around EUR 37 — adds breadth to the portfolio but little immediate weight to the share price.
What investors are left with is a company executing on two fronts with uneven results. The smartphone division is delivering the kind of premium products that justify margin expansion. The EV division is delivering vehicles, but not at the pace its own guidance demands. Whether Xiaomi can reconcile those two trajectories — and whether the delivery target is revised or miraculously met — will likely determine the stock’s direction in the months ahead.
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