Xiaomi's SkyNomad Deliveries Stay Under Wraps as First-Buyer Perks Expire
Published on 10/07/2026 at 21:50 | Editorial boerse-global.de
Xiaomi Auto has yet to publish first-month delivery figures for its SkyNomad line, even though the company had signalled it would release the data after October 7. As of that date, no such disclosure had surfaced in media reports, leaving market watchers without the one number they most want: how many of the new models actually reached customers in the opening weeks of sale.
The delay matters because the SkyNomad is central to Xiaomi's effort to prove it can scale a vehicle business, not just launch one. Early hard delivery data following a sales debut is treated as a key gauge of buyer response, and the absence of a model-by-model breakdown has kept investors guessing about how the record September volumes were distributed across the range.
A Record Month, Minus the Detail
Xiaomi Auto did report more than 40,000 vehicles delivered in September — its strongest monthly tally of the year. What the company withheld was an exact total and any split by individual model. That omission left open the question of how much each series contributed to the record, which is precisely why the promised SkyNomad detail carries so much weight: it would retroactively fill in the model mix.
The new series, however, was not starting from zero. In its first month, the freshly introduced line already accounted for over 10,000 units of that September total. Xiaomi chief Lei Jun had earlier alerted prospective buyers that the promotional terms would lapse on October 7.
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Discounts End, Prices Step Up
Those special first-buyer conditions expired on Wednesday, and from Thursday the company is raising prices on selected equipment packages. The move closes the initial sales phase and puts demand to the test under ordinary market conditions.
For the auto unit's margin trajectory, the shift is a significant marker. Xiaomi faces intense competition at home, and the transition to standard pricing is meant to demonstrate that the new business can stand on its own. How order intake develops over the coming weeks should be directionally decisive for the segment's profitability.
Smartphone Headwinds and a Buyback
Away from vehicles, the operating backdrop remains uneven. HSBC Global Research initiated coverage on Xiaomi about a week ago with a "Buy" rating and a price target of HK$33.20, while simultaneously projecting a 10 percent decline in smartphone revenue for 2026. That forecast lays bare the divergent momentum inside the group: EV deliveries are hitting fresh highs even as the analysts see meaningful headwinds in handsets.
Meanwhile, Xiaomi Group bought back shares, acquiring 2,000,000 of its own B-shares for a total of HK$47.5902 million. The repurchase is an attempt to tighten the supply of freely tradable stock, yet investors stayed visibly cautious.
An Ecosystem Play With a Split Verdict
Alongside the vehicle build-out, Xiaomi is refreshing its consumer electronics portfolio, unveiling new tablets, wearables and connected home appliances. The company is pursuing a plan to tie its mobile ecosystem closely to its own vehicle offering, betting that the combination of hardware and software will lock customers into its platform over the long run — and that users of its phones and smart-home products will extend that trust to a car purchase. That platform approach forms the strategic foundation for defending market share across several industries at once.
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The market has so far barely reflected the operational pace. The stock trades at EUR 2.73 on European venues, a loss of 37 percent since the start of the year, though it still holds a 17 percent cushion above its 52-week low.
Xiaomi's test is thus twofold. The core electronics business must deliver dependable revenue, while future margin development hinges largely on the success of the vehicle unit. Whether the lofty delivery numbers hold up without special terms for first buyers will become clear in the reports to come.
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