Goldman Sachs has released a research report stating that Xiaomi Group-W (01810) held an automotive technology launch event last night where it unveiled the new "Xiaomi Kunlun Technology Architecture" platform and introduced the new car series "SKYNOMAD Xiaomi Pengcheng," with prices set at 259,900 RMB and 299,900 RMB. Goldman Sachs believes the Kunlun platform enables a large, intelligent, and fully configurable interior, featuring a flat floor and long rail system, bringing new characteristics to the automotive industry.

The firm maintains a "Buy" rating on Xiaomi Group-W with a target price of 40 Hong Kong dollars. Goldman Sachs notes that this native platform will become a key technological differentiator for the Xiaomi Pengcheng series, while the long-range support provided by the Xiaomi Kunlun Super Extended Range system will attract traditional fuel vehicle consumers. Additionally, Xiaomi's deep involvement in the battery manufacturing process allows Goldman Sachs to view the group as mastering core technology rather than merely being a battery purchaser.

Goldman Sachs describes the pre-sale prices of the Xiaomi Pengcheng series as potentially disruptive to the Chinese automotive market, given its industry-leading interior space, range support, and unique ecosystem integration. The firm continues to forecast deliveries of the Xiaomi Pengcheng series at 110,000 units in 2026 and 240,000 units in 2027. The 2027 sales volume would represent 15% of the over 1.6 million SUVs (excluding pure electric vehicles) priced between 200,000 and 400,000 RMB in 2025. In a bullish scenario, sales could reach 500,000 units by 2027.