Xiaomi's Range-Extender SUV Approval Arrives as Delivery Gaps and Stock Slump Deepen
13.06.2026 - 18:25:52 | boerse-global.de
Xiaomi has secured regulatory clearance to produce extended-range electric vehicles, a strategic pivot that opens up the family-SUV market even as the company battles mounting delivery shortfalls and a stock that has shed more than a third of its value this year. The Chinese Ministry of Industry and Information Technology published the application on Wednesday, kicking off a public comment period that runs until June 17 ahead of final approval.
The green light paves the way for Kunlun N3, a full-size SUV measuring over 5.3 metres in length and fitted with a 1.5-litre range extender. With a combined range of around 1,500 kilometres and a pure-electric range of 400 to 500 kilometres, the model will sit under a new sub-brand called Skynomad—a deliberate effort to protect the parent brand’s sporty image while targeting families. Xiaomi plans to launch the vehicle in the second half of 2026 at roughly 200,000 yuan, undercutting rivals such as Li Auto and Aito, whose comparable models start at 250,000 yuan. Sunwoda will supply 60% of the batteries, with CALB covering the remainder.
The move into hybrids comes as Xiaomi’s all-electric lineup—the SU7 sedan and YU7 SUV—struggles to sustain momentum. The company’s annual delivery target of 550,000 vehicles, representing a 34% increase over 2025’s 410,000 units, is looking increasingly ambitious. In the first five months of 2026, Xiaomi Auto delivered between 140,000 and 150,000 cars, a growth of just 13.5% over the same period last year. April’s total of 36,702 units marked a 71% month-on-month jump, but May already showed a sequential decline. The YU7, in particular, saw monthly sales dive from nearly 38,000 in January to fewer than 10,000 in April. Xiaomi’s automotive unit lost roughly $5,600 per vehicle in the first quarter, and the company still has four new models slated for 2026, including two EREV SUVs in five- and seven-seat configurations.
Should investors sell immediately? Or is it worth buying Xiaomi?
The pressure is writ large on Xiaomi’s stock. The shares closed Friday at €2.89, just above the 52-week low of €2.82 touched in mid-June. That leaves the stock down 35.5% since the start of the year and more than 50% lower over the past twelve months. Technical indicators suggest the equity is now heavily oversold. Goldman Sachs has warned that Xiaomi’s second-quarter report could reveal a 50% plunge in adjusted net profit, adding another potential catalyst for the sell-off.
For Xiaomi, the EREV approval is a necessary but insufficient step. The Kunlun N3 and its siblings must not only hit their production timelines without a hitch but also prove that the company can win over families—a demographic far removed from the tech enthusiasts who snapped up the SU7. In a Chinese auto market riven by price wars, any misstep could leave Xiaomi losing ground faster than it can gain it.
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