Chinese tech firm Xiaomi has unveiled Sky Nomad, a new SUV series that will use extended-range electric vehicle technology. The SUVs, branded Pengcheng in Chinese, mark Xiaomi's expansion beyond battery-powered sedans and crossovers into a category popularised by manufacturers such as Li Auto. EREVs are plug-in hybrids that use a combustion engine as a generator to extend battery driving range. Xiaomi's electric vehicle business has become a revenue pillar over the past two years as growth slowed in its core smartphone market. The company positions its cars as high-tech Chinese alternatives to Tesla models. By end-June, Xiaomi had delivered 258,232 YU7 crossovers since its June 2025 launch. The firm plans to launch vehicles in Europe next year.

China's three largest Android smartphone makers — Xiaomi, Oppo and Vivo — have slashed 2026 shipment targets by up to 30% amid a severe memory shortage driven by AI-server demand, according to Nikkei Asia. Xiaomi has cut its revised forecast to roughly 95 million units, down from an initial 135 million. Oppo and Vivo have reduced targets to below 90 million units each. The shortage stems from cloud providers locking up memory production through long-term contracts, with a single Nvidia AI processor tray consuming DRAM chips that would otherwise supply smartphones. Micron Technology reported record Q3 fiscal 2026 revenue of $41.46 billion, benefiting directly from the shortage. Gartner projects global smartphone shipments will fall 8.4% in 2026, with prices rising 13%, and expects elevated memory prices to persist until late 2027.

Xiao-I Corporation has secured $2 million in financing through an unsecured convertible promissory note with an institutional investor. The agreement, signed on 29 June 2026, involves a note with an original principal amount of $2.17 million, including a $160,000 original issue discount and $10,000 in transaction expenses. The one-year note carries a 6% interest rate and can be converted into Xiao-I American Depositary Shares. The company also agreed to provide 325,000 ADSs as pre-delivery shares. Closing is expected around 30 June 2026. The financing provides short-term liquidity for the Shanghai-based AI technology company whilst potentially increasing future equity dilution for shareholders. The arrangement will be incorporated into the company's existing shelf and equity compensation registration statements.