Xiaomi's EV Arm Racks Up 70,000 SkyNomad Orders While Hong Kong Tech Selloff Weighs on the Stock
Published on 10/08/2026 at 22:31 | Editorial boerse-global.de
Xiaomi Auto has wasted little time turning its newest electric vehicle line into a commercial force. The company confirmed on Thursday that its SkyNomad range — spanning the N70 and N90 variants — collected more than 70,000 firm orders within the first 30 days of hitting the market.
That figure builds on a September that was already strong on the production side. Xiaomi Auto disclosed on October 1 that total vehicle deliveries for the month surpassed 40,000 units, with founder and CEO Lei Jun noting that over 10,000 of those came from the SkyNomad line during its first full sales month. The division declined to provide an exact total or a model-by-model breakdown in that earlier monthly update.
Incentives Aimed at Keeping the Order Book Moving
To sustain that momentum, Xiaomi Auto rolled out targeted purchase perks on Thursday for the current month. Buyers of selected vehicles available for immediate delivery can choose either a three-year interest-free financing arrangement or a 6,000 yuan insurance subsidy. According to the company, both offers run through October 31, 2026.
The promotions reflect the cutthroat nature of China's EV arena, where manufacturers are leaning increasingly on financial sweeteners to pull in buyers and keep their production lines busy. For Xiaomi, the priority now is clear: scale up manufacturing capacity quickly and work through the backlog without delays, so the vehicle unit can cement its place as a core pillar of the broader business.
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Smartphone Headwinds Keep Investors Cautious
Yet the operational wins have done little to lift sentiment on the stock. HSBC Global Research initiated coverage of Xiaomi on October 1 with a buy rating and a price target of HK$33.20, but the bank also flagged real drag from the handset business, which remains a central earnings engine for the group.
For full-year 2026, HSBC expects smartphone revenue to fall 10 percent, with unit shipments projected to drop 27 percent. While the analysts anticipate a 24 percent rise in average selling prices, that increase won't fully offset the volume decline.
Hong Kong Tech Rout Drags the Share Lower
Thursday's trading offered a clear illustration of that disconnect. Technology names in Hong Kong came under notable selling pressure, particularly in semiconductors, optical communications and printed circuit boards. Xiaomi Group-W shares followed the broader move down, closing 1.17 percent lower.
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The weakness wasn't tied to any company-specific development — Hong Kong's major indices had already been retreating in the preceding sessions, and market watchers attributed the softness mainly to souring sentiment across the tech sector as a whole.
In local trading, the stock currently sits at EUR 2.69, down 1.4 percent on the day. Since the start of the year, the decline now totals 38 percent, tracking the wider correction in Chinese technology equities. Until the slump in smartphone demand eases, investors appear content to weigh the promise of the auto division against the risks embedded in Xiaomi's legacy hardware operations.
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