Xiaomi Stock Has The Bull Case Changed After 70,000 EV Orders

• Xiaomi reported strong early traction for its SkyNomad N90 and N70 electric vehicles, with 70,000 orders and over 10,000 deliveries in September 2026, which marked its best monthly car delivery performance that year.
• The SkyNomad launch shows Xiaomi extending its hardware ecosystem into autos, where order momentum may help spread fixed research and development and manufacturing costs.
• This article examines how Xiaomi's broader investment narrative is influenced by SkyNomad's 70,000 first month orders in electric vehicles.

Scan how Xiaomi’s EV push compares with other potential breakouts by lining up its story against 91 robotics and automation stocks in the broader automation and smart hardware space.

Xiaomi Investment Narrative Recap

To be comfortable owning Xiaomi, you need to believe the hardware and internet ecosystem can keep pulling in users while newer lines like EVs and AI hardware start to matter more to the profit mix. The SkyNomad order spike speaks directly to that belief. It shows early consumer interest in smart EVs that sit alongside smartphones, IoT and services rather than outside them.

The key short term swing factor is how cleanly Xiaomi can ramp EV production while keeping group margins from slipping further, given net profit margins are currently 7.5%, below last year’s 8.7%. The biggest risk is that heavy EV and R&D spend outpaces scale, leaving earnings growth muted even if volumes look healthy.

Among Xiaomi’s recent moves, the expansion of its smart EV, AI and other new initiatives segment to HK$110,986.437m in revenue stands out as most relevant to the SkyNomad launch. The strong first month for N90 and N70 orders sits within that broader push, where cars, chips and AI hardware start to sit alongside phones and home devices as material businesses.

For you as an investor, the link is simple. Execution in this newer segment will influence whether forecast earnings growth of 18.83% a year can be supported without putting too much strain on cash flows or margins. If EV scale up requires sustained high spend without corresponding efficiency, the risk flagged around escalating R&D costs and lower quality earnings becomes more pressing.

Xiaomi's narrative projects CN¥664.8b revenue and CN¥52.9b earnings by 2029. This assumes 14.9% yearly revenue growth and an earnings increase of about CN¥19.9b from CN¥33.0b today.

Uncover why Xiaomi's fair value indicates a 34% potential upside to its current price, which could narrow quickly.

Exploring Other Perspectives

You can also look at the most optimistic Xiaomi narrative, which leans on EV success as a key earnings driver. Those analysts were already pencilling in CN¥885.9b in revenue and CN¥71.7b in earnings by 2029 before this SkyNomad order surge. That is a much punchier story, and this new information may push their views even further.

Explore 9 other Xiaomi fair value estimates, including one that suggests as much as 126% upside from the current price.

Reach Your Own Conclusion

Don't just follow the ticker. Dig into the data and build a conviction that's truly your own.

• A great starting point for your Xiaomi research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• See our latest analysis for Xiaomi. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate Xiaomi's overall financial health at a glance.

Looking for more Xiaomi investment ideas beyond EVs?

If the Xiaomi story has sharpened your thinking about where to put fresh capital, it can help to line it up against other opportunities with very different risk and return profiles.

• For investors who care most about quality at a sensible entry point, compare Xiaomi with a wider group of stocks screened as 178 high quality undervalued stocks that pair strong fundamentals with attractive pricing.
• If capital preservation and smoother returns matter to you, weigh Xiaomi against companies filtered as 223 resilient stocks with low risk scores to see which businesses better match your comfort level.
• When you want staying power on the balance sheet, stack Xiaomi up against a list of solid balance sheet and fundamentals (204 results) and see which businesses look built to handle tougher conditions.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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