Xiaomi's SkyNomad SUV draws over 70,000 non-refundable orders in first month; shares jump 9.2%
Xiaomi shares rose 9.2 per cent in Hong Kong, their biggest gain since July, after the new SUV drew over 70,000 non-refundable orders.
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Technology major Xiaomi Corp. appears to be strengthening its hold on China's electric vehicle market. The company recently launched its new SUV, the SkyNomad, and the vehicle has created a stir in the market.
In the first month after launch, the SkyNomad received more than 70,000 non-refundable orders. The response was reflected in the stock market too. Xiaomi shares rose 9.2 per cent in Hong Kong, considered the company's biggest jump since July.
Xiaomi's shares had seen some decline this year, on account of higher raw material costs and stiff competition. Analysts had also expected fewer deliveries than hoped this year. However, the strong demand for the SkyNomad SUV has put these concerns behind it.
By the numbers, Xiaomi delivered more than 40,000 vehicles in September. Of these, 10,000 were the SkyNomad SUV alone. The strong showing has restored investor confidence. Shares of China's other EV makers, BYD Co. and Li Auto Inc., also gained more than 4 per cent.
As for the vehicle's features, the SkyNomad has two electric motors and a 1.5-litre turbo petrol engine to charge the battery. In electric-only mode, the car offers a range of 464 to 505 km. With the help of the petrol generator, its combined range reaches 1,400 to 1,700 km.
Inside, a 16.1-inch touchscreen runs on Xiaomi's HyperOS ecosystem. Rear passengers get TV screens, a 16-point massage seat and a 9-litre built-in refrigerator. The front seat can be rotated up to 180 degrees, allowing a lounge or meeting room to be created inside the car.
For safety, it has 12 airbags. In emergencies, the car can also float on water for a short time.
