Xiaomi (1810.HK): SkyNomad N90/N70: Good Looking, Flexible Space and Aggressive Pricing Open a New Growth Segment

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Xiaomi (1810.HK): SkyNomad N90/N70: Good Looking, Flexible Space and Aggressive Pricing Open a New Growth Segment

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30 Jul 2026 14:17:15 ET │ 12 pages

Xiaomi (1810.HK)

SkyNomad N90/N70: Good Looking, Flexible Space and Aggressive

Pricing Open a New Growth Segment

CITI'S TAKE

Xiaomi’s SkyNomad marks its entry into large family range-extended SUVs. Buy

The seven-seat N90 Max and five-seat N70 Max carry pre-sale prices of

RMB299.9k and RMB259.9k, respectively, with lower-priced variants Price (30 Jul 26 16:10) HK$31.04

expected later. The N90 differentiates itself through a flexible cabin, Target price HK$37.00

featuring a flat floor, movable seat rails, rotating front seats, and up to 1,831 Expected share pricelitres of cargo space. Its 76kWh battery provides 464km of CLTC electric 19.2%

returnrange and 1,705km of combined range, supported by 310kW AWD, air

suspension, LiDAR and 700TOPS computing. The N70 offers a more Expected dividend yield 0.0%

volume-oriented five-seat alternative with 505km of electric range. Expected total return 19.2%

SkyNomad significantly broadens Xiaomi’s customer base and may support

orders and vehicle ASP. However, aggressive pricing and high hardware Market Cap HK$802,092M

content create margin uncertainty. Key indicators are final pricing, firm US$102,277M

order conversion, production ramp-up, and gross margin. MTD shares

rebound was backed by AI-fund flows unwinding. 2-3Q26 earnings likely a

trough providing entry-point.

Price Performance

SkyNomad expands Xiaomi Auto into the large family SUV market — Xiaomi (RIC: 1810.HK, BB: 1810 HK)

unveiled its second vehicle series and first range-extended platform, with the 7-seat

N90 Max and 5-seat N70 Max carrying pre-sale prices of RMB299.9k and

RMB259.9k, respectively.