Pre-sales for Xiaomi’s Pengcheng N70 Max and N90 Max started below CNY 300,000 as Goldman Sachs and Morgan Stanley said the pricing and design could support strong demand.
Xiaomi has expanded from pure electric models into the extended-range electric vehicle, or EREV, segment with two large family SUVs launched at its technology event, arguing the move is “not too late” because demand remains strong and the format better suits full-size, boxier vehicles. Founder, Chairman and CEO Lei Jun said Xiaomi’s SU7 and YU7 are positioned as “driver’s cars” best served by pure electric power, while the new family-oriented SUV line is designed as an intelligent, reconfigurable large-space vehicle where long range, durability and easier energy replenishment make EREV more suitable. At launch, Xiaomi unveiled a new SUV line and opened China pre-orders for the five-seat N70 Max and seven-seat N90 Max, with first deliveries scheduled for September 2026. Xiaomi said the vehicles use a 1.5-liter turbocharged engine only as a generator in a dual-motor all-wheel-drive system producing up to 416 horsepower. The N70 Max offers CLTC electric range of 314 miles and total range of 908 miles, while the N90 Max offers 288 miles of electric range and up to 1,060 miles combined. Xiaomi had earlier described its new-generation EREV system as capable of up to 505 kilometers of CLTC pure electric range and fuel consumption as low as 5.7 liters per 100 kilometers with a depleted battery on some variants. Lei said large SUVs face engineering constraints because their shape increases drag and a pure battery-electric version would require a very large, heavy and costly battery pack, hurting efficiency and range. He cited Li Auto’s new-generation L6 as evidence that consumer demand for strong EREV products remains robust. Li Auto Chairman and CEO Li Xiang welcomed Xiaomi’s entry into the segment, and Li Auto’s Hong Kong-listed shares rose 10.105% after the exchange. Reuters reported Xiaomi’s EV business has become more important to revenue, though first-half sales were only about one-third of its annual target, underscoring the significance of its push into the family SUV market.