Xiaomi’s Two-Front Offensive: A Hypercar Debut and a Stock-Buyback Blitz

The contrast between Xiaomi’s ambitions and its stock-market performance has rarely been starker. While the Chinese tech giant prepares to unveil a 1,900-horsepower hypercar in Beijing and pushes its new AI assistant into beta testing, its shares are trading near their 12-month low. At €3.40 in Frankfurt, the stock has shed roughly 48% from its 52-week peak last summer and lost more than a fifth of its value since the start of the year.

A Spectacle in Steel and Software

From April 24, the Auto China 2026 show in Beijing will serve as Xiaomi’s stage for a major power play. The company is giving the Vision Gran Turismo Concept its domestic premiere — an electric hypercar built on a 900-volt architecture that serves primarily as a technology showcase. No series production is planned. The concept marks a milestone: Xiaomi becomes the first Chinese brand to feature in the popular Gran Turismo 7 video game. Its design resolves a classic engineering trade-off by combining high downforce with a drag coefficient of just 0.29, an approach that drew explicit praise from Gran Turismo producer Kazunori Yamauchi.

Alongside the concept, Xiaomi is bringing its full production lineup to the show, including a significant strategic pivot: the company is entering the hybrid powertrain space for the first time, having previously focused exclusively on pure electric vehicles.

Orders, Deliveries, and a European Ambition

The day-to-day business is humming. The new SU7 sedan launched in mid-March with a base price of 219,900 yuan, and within days the automaker had logged more than 30,000 firm orders. Deliveries are accelerating accordingly: in March, Xiaomi handed over more than 21,000 vehicles to customers, with the SU7 accounting for nearly a third of that volume. Management is now targeting 550,000 deliveries for the full year.

But China alone won’t satisfy Xiaomi’s automotive ambitions for long. The company is preparing its expansion into Europe, a push underscored by a visit from Spanish Prime Minister Pedro Sánchez to Xiaomi’s Beijing headquarters. Spain is positioning itself as a potential production location. If the next quarterly earnings report delivers reliable margins on the SU7, analysts say, the stock could finally shake off its current trough.

Should investors sell immediately? Or is it worth buying Xiaomi?

Buybacks and a New AI Agent

While the auto division grabs headlines, Xiaomi is working behind the scenes to shore up investor confidence. On April 22 alone, the company bought back 4.5 million of its own shares on the Hong Kong exchange for roughly 143 million HKD. Since the start of the year, it has spent around 4.7 billion HKD on share repurchases through the end of March — a clear signal that management believes the stock is undervalued.

The Frankfurt-listed shares have shown little reaction so far. The relative strength index (RSI) of nearly 80 suggests the stock is technically overbought in the short term, following a recovery from its mid-April low.

Meanwhile, Xiaomi is advancing its artificial intelligence agenda. In March, it launched the beta phase of “MiclawAgent,” a mobile AI assistant built on the company’s own MiMo language model. Unlike vehicle-specific solutions, the agent is designed for smartphones and smart-home devices, executing complex tasks across the ecosystem through natural-language commands — calendar management, home automation, system-wide operations — without requiring real-time input. It learns continuously from user behavior.

A Crowded Field

Xiaomi is not alone in this race. Huawei fields its “Xiaoyi” agent, while IM Motors relies on an Alibaba Qwen-based assistant. The market for intelligent agents is growing rapidly, and every major Chinese tech conglomerate is staking a claim. Xiaomi’s strategic edge lies in the breadth of its ecosystem: smartphones, smart-home devices, and electric vehicles are all meant to be woven together by the MiclawAgent into a seamless user experience. Whether that will be enough to differentiate the company from established competitors remains to be seen once the agent exits beta and rolls out broadly — a timeline Xiaomi has not yet disclosed.