Citi forecasts Xiaomi's new SKYNOMAD extended-range SUV family will deliver more than 20,000 vehicles per month, citing pricing that undercut pre-sale levels by up to RMB30,000. The broker sees the launch displacing Li Auto, AITO, Leapmotor and BYD models in China's extended-range SUV segment.
Citi projects Xiaomi's SKYNOMAD extended-range SUVs will exceed 20,000 monthly deliveries, after the automaker priced its four-model lineup RMB20,000-30,000 below pre-sale levels.
"The pricing of the N70/N90 is better than investors had expected, with clear product differentiation," Citi said in a research report.
Xiaomi launched the SKYNOMAD lineup Sept. 7 with the N70 Pro at RMB209,900 ($30,960), N70 Max at RMB239,900, N90 Max at RMB269,900 and N90 Max Explorer at RMB299,900. The N70 Max came in RMB20,000 below its July 30 pre-sale price, while the N90 Max is RMB30,000 lower — reductions of about 7.7 percent and 10 percent, respectively.
The entry price undercuts the extended-range flagships from Li Auto and Huawei-backed AITO, whose L9 and M9 models both start above RMB250,000. The N70 series is a mid-to-large five-seat SUV measuring 4,960 mm long, while the N90 Max is a seven-seat model at 5,285 mm with a 3,080 mm wheelbase. All variants pair a 1.5-liter turbocharged range extender with either a 52-kWh LFP pack or a 76-kWh ternary lithium battery, delivering combined ranges from 1,351 km to 1,705 km.
Citi's base case forecasts monthly sales above 20,000 units for the N70 and N90, with the 30,000-unit level dependent on overall auto industry demand. The broker expects the launch to erode market share from Li Auto's L6/L7/L8, AITO's M6/M7/M8, Leapmotor's D19 and BYD's Sea Lion 08 in the extended-range SUV segment.
The launch comes as Xiaomi Auto seeks to accelerate deliveries toward its 550,000 annual target. The company delivered 216,322 vehicles in the first seven months of 2026, up 14.83 percent year-on-year, with August deliveries exceeding 30,000. Cumulative deliveries surpassed 800,000, founder Lei Jun said Monday.
China's extended-range market has contracted this year, with retail sales falling 15.35 percent year-on-year to 535,000 units from January through July, according to the China Passenger Car Association. Lei has said peers including Li Auto continue to demonstrate consumer willingness to pay for well-designed extended-range vehicles.
The SKYNOMAD launch gives Xiaomi a second growth engine beyond its SU7 sedan and YU7 SUV, both battery electric. Deliveries are expected to begin between November and December. Investors will watch whether order momentum translates into delivery volume that confirms Citi's 20,000-unit base case.
This article is for informational purposes only and does not constitute investment advice.
