Xiaomi shares surged 7.6% to HK$25.46 on Friday, making it one of the best performers on the Hang Seng index which jumped 1.3%. According to Investing.com, the stock jumped sharply after the company's newly launched SkyNomad electric vehicle line clocked strong orders in its first month of availability. The positive market reaction came as the company reported robust demand for its sport utility vehicle series, with the strong sales figures helping spur renewed optimism over Xiaomi's prospects in China's competitive EV market.
The SkyNomad series secured 70,000 non-refundable orders in its first 30 days after launch, as reported by Xiaomi Auto on Weibo covering the period from September 7 to October 7. The company announced this milestone through a social media post, confirming that the new models - the SkyNomad N90 and SkyNomad N70 - achieved this strong order performance in their inaugural month. While this represents strong initial demand, the performance falls short of Xiaomi's previous SUV success, with the company's YU7 SUV having received 240,000 non-refundable orders within just the first 18 hours of its release last year, highlighting the current market's more cautious response to new vehicle launches.
According to Xiaomi Auto, Xiaomi delivered over 10,000 SkyNomad vehicles in September, which drove the company's total car deliveries for the month to over 40,000 units. This represents Xiaomi's best monthly performance so far in 2026, marking a significant improvement from previous delivery figures. Xiaomi founder, chairman and CEO Lei Jun confirmed on October 1 that Sky Nomad deliveries exceeded 10,000 vehicles in September, with the company's total September deliveries reaching over 40,000 vehicles, up from 30,153 in August. The SkyNomad line adds to Xiaomi's existing SUV offerings including the SU7 and YU7 pure EV models, with the new line differing from Xiaomi's prior EV offerings by including an internal combustion engine to further supplement range.
As reported by Investing.com, Xiaomi shares remain down more than a third this year as the manufacturer continues to grapple with high raw material costs and intense pricing competition in China's competitive EV market. However, the strong SkyNomad orders and delivery performance have helped spur renewed optimism about the company's prospects. Goldman Sachs analysts, including Timothy Zhao, noted that the SkyNomad orders are "broadly supportive of Xiaomi's EV growth story," with expectations that new facelifts and models will support delivery growth in China. The analysts also highlighted that Chinese EV peers advanced, with BYD Co. and Li Auto Inc. each gaining more than 4%. Despite the order growth, Xiaomi still needs to accelerate deliveries to approach its annual target of 550,000 vehicles, having delivered at least 286,475 vehicles in the first 9 months, equivalent to about 52.1% of its full-year goal.
