Xiaomi Corp. (1810.HK): SkyNomad: Richer Mix Points to ASP Upside Despite a Softer-than-Expected 70k+ Order Headline; Sustainability Matters More

On October 8, Xiaomi announced 70k+ confirmed orders for SkyNomad within the first month of model launch. This compares with 10k+ confirmed orders in the first 4 minutes of sales and 80k+ confirmed orders for the SU7 new facelift (released March 2026) within the first 48 days post-launch—a selling period more than two weeks longer than SkyNomad's initial order window. Higher-margin optional features remain highly popular; channel checks suggest paid body colors (RMB7k option) and premium wheel packages (RMB12-14k option) are selected in 50%+ of orders, providing a potential tailwind to vehicle profitability. Xiaomi reported 40k+ deliveries in September, including 10k+ from SkyNomad, largely in line with our 3Q26E estimate of 107k;