Xiaomi's EV Order Book Tops 70,000 as HSBC Stays Bullish Despite Smartphone Drag
Published on 10/08/2026 at 19:10 | Editorial boerse-global.de
Xiaomi's automotive ambitions are gathering pace, but the stock market is proving a harder crowd to win over. On Thursday, shares of the Chinese electronics group came under pressure in Hong Kong, where the Hang Seng Tech Index slid 2.89%, dragging the broader technology complex lower. In German trading, the stock shed 2.0% to EUR 2.67, with no company-specific catalyst behind the decline — investor caution toward large-cap tech names did the damage.
The retreat came even as Xiaomi Auto disclosed a milestone for its newest vehicle line. The SkyNomad series, which spans the N70 and N90 model variants, has amassed more than 70,000 binding orders in the first 30 days since its market launch. Management framed the figure as proof that the lineup — combining pure battery-electric models with extended-range variants — has firmly established itself in the market.
September Deliveries Cross 40,000
The order momentum builds on an already strong production ramp. Xiaomi Auto confirmed on October 1 that total vehicle deliveries for September surpassed 40,000 units. Founder and CEO Lei Jun noted that more than 10,000 of those went to the SkyNomad range, which was completing its first full sales month. The company did not provide an exact total or a detailed breakdown by other models in that monthly update. Even so, the speed at which output is scaling underscores how quickly the car business is becoming central to Xiaomi's overall story.
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HSBC Sees New Models as Growth Engine
Analysts have taken notice. HSBC Global Research initiated coverage of Xiaomi with a Buy rating and a price target of HK$33.20, a call that appeared in the market around the turn of the month. The bank singled out new vehicle models as a key driver of further expansion in electric mobility.
Yet the same research carried a warning about the company's legacy hardware operations. HSBC expects smartphone revenue to fall 10% in full-year 2026, with unit shipments projected to drop 27%. A forecast 24% rise in average selling prices would soften the blow but not fully offset the volume decline.
A Year of Losses Despite EV Wins
That smartphone headwind helps explain why the automaking successes have yet to spark a sustained turnaround in the share price. Year to date, the stock is down 38%. With the core handset business still weighing on expectations, investors appear to be balancing the promise of the vehicle unit against the risks embedded in Xiaomi's traditional hardware franchise — a cautious calculus that Thursday's broad tech selloff only reinforced.
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