Before the new car is put on the market, first send a "house type diagram"! Xiaomi really can play! On July 10, Xiaomi officially announced that the first SUV in the Pengcheng series was named Pengcheng N90. The large, extended-range SUV, which is nearly five metres long, is scheduled to go on sale in mid-to-late August. There is small news that Xiaomi has prepared tens of thousands of mass production vehicles for it, which will only explode when it goes on the market. Just a day before the announcement of the car name, the Xiaomi Pengcheng series had just been released, and a group of new car "house diagrams" were exposed. No, the interior of the car was variable. What are the characteristics of Xiaomi Pengcheng? The English name of this product line is SkyNomad, “Sky” is the sky and “Nomad” is the nomad. Therefore, it represents the longing for a free and free life between heaven and earth. Xiaomi Pengcheng has three main characteristics: no mileage anxiety; urban mountains and seas can go; free and variable space. Since entering July, Xiaomi's share price has continued to rise, which obviously has a certain relationship with the intensive release of the information of the Pengcheng series. As of the close of trading on July 13, Xiaomi's share price was close to HK $26, up more than 20% from June 30! In the future, Xiaomi will adhere to two product lines, SU7/YU7 series, positioning "driver's car"; Xiaomi Pengcheng series, positioning "smart variable space SUV". Xiaomi CEO Lei Jun said that the "refrigerator color TV sofa" and "big six-seat big seven-seat" are already ordinary configurations. The car is not "just big", but to adapt to the user's "all role switching", so that users feel particularly comfortable in the car no matter when and what environment they are in. From the information recently released by Lei Jun and Xiaomi, we seem to see that Xiaomi Pengcheng's answer to the "Three Souls Torture": Buy a big car, why buy an extra journey? Why should I buy Xiaomi when buying Extended Range? Peng Cheng, what else besides extending the journey? More exciting videos, all in the car home video platform, why extend the journey? From 2025 onwards, the position of Range Extension Power in the large SUV market continues to decline. According to the data of the Association, in the new energy large SUV market in 2025, the proportion of extended-range power models is 54%, and that of pure electric models is only 23%. By the first half of 2026, the share of pure electric models soared to 44%, while extended-range models fell to 27%. Could it be that Xiaomi got up early in the morning and rushed to a late set? I can't say that yet. In the large SUV market, there is still a lot of value in extending the range. The reason for Xiaomi's emphasis on extending its journey is also obvious: there is no mileage anxiety. Sales of pure electric large SUVs soared, mainly due to NiO, which can exchange electricity. For the relief of mileage anxiety, the advantages of the car-electric separation mode in terms of "car price and battery life" have made NiO's large SUVs popular in the market. Of the pure electric SUVs sold in the first half of 2026, replacement models accounted for three-quarters. In other words, although pure electric vehicles account for 44% of the "new energy large SUV" market, only 11% of the models cannot be replaced, even lower than 15% in 2025. At the same time, the power to increase the range is still attractive. In the "new energy large SUV" market in June 2026, the proportion of extended range models increased to 31%, while pure electric vehicles fell to 43.3%. Even looking at the first 6 months, the market share of extended range + plug-in hybrid models is 56%. This means that cars with gas tanks are still the mainstream of the large SUV market. Although the "charging network layout" and "charging speed" in China have increased rapidly, the "recharging anxiety" of pure electric vehicle users has been alleviated, but it has not yet been fully resolved. It is still important for users who have a need for “family outings” or “occasional driving trips”, and who live in cold or sparsely populated areas. Extended range, why Xiaomi? Even if the reasonableness of the growth momentum still exists, this market is indeed in a state of continuous shrinkage. More importantly, this shrinking market is still very crowded. As the pioneer of the new era of extended range power market, the ideal car's extended range model has been iterated three times, laying a deep mass foundation. The boundary of Huawei Hongmeng Zhixing M6789 has stabilized the high-end market for extended journeys. In the low-end market, there are also players such as Xiaopeng, Zero Run, and Dark Blue. The challenges faced by Xiaomi come not only from the opponent, but also from positioning. When it comes to "millet", people often think of words such as "science and technology enthusiast", "young", "trendy" and "vigorous". However, among the "big three-row extended-range SUV" users represented by ideal L9 and boundary M9, the main crowd is 35-55 years old, with certain economic strength and men in the family. Nowadays, it sounds difficult for Xiaomi to persuade users who are "different from their previous target customer base" to change their car purchase choices. However, in the past two years, the "fragment information" and "test spy photos" of Xiaomi's extended range products have appeared frequently on the Internet, and the heat has not diminished. This has given the public a certain understanding of Xiaomi's extended range technology. Since the beginning of 2023, Xiaomi has begun to create the "Extended Range Power Platform Architecture" Xiaomi Kunlun Architecture. Lei Jun revealed on Weibo that the architecture can achieve a flat floor in the car, making the space more variable. I am afraid that the specific technical details will have to be announced at the technical conference at the end of July. More importantly, the selling point of Xiaomi Pengcheng is not to extend the range. Peng Cheng, how is it different? Don't forget that Xiaomi Pengcheng is positioned as a "smart variable space SUV" and does not have the word "extended range". Extended range is a tool to eliminate mileage anxiety, "smart" is a tool to achieve the goal, SUV is the shape of the product, "variable space" is the core selling point. Obviously, Xiaomi also wants to make "variable space" the long-term foundation of the Pengcheng series in the future. Xiaomi may be afraid that everyone's understanding of "variable space" is not in place, and on the day of the release of the new product line, it also released the "internal design plan" of the Pengcheng N90. The new car adopts a 2 +2 +3 seat layout and has a guide rail that runs through the front and rear, allowing the central island platform to slide back and forth, and there is also a small control panel behind the island platform. There is also a small table on the island, which can be pressed against the guide rails and the angle of the table top can be adjusted. Two seats in the front row can rotate 180 degrees, enabling one-button and two-row seating. The roof is also designed with a ceiling screen that can move back and forth, and the rear of the second row of seats can also be extended to install pad for three rows of passengers. In addition to the moving pictures, Xiaomi has also released a bunch of different scenario diagrams of "variable large space", such as 1 person's studio, 2 people's cafe, 3 people's living room, and the whole family's playground... In addition, Xiaomi Pengcheng will also launch a version with a "roof tent" to further consolidate the "variable large space" label. Lei Jun said that what is shown in the picture is only part of the "smart variable space". As one of China's largest "mobile phone and AIoT" companies, Xiaomi's "human and car home" ecology has a huge imagination space. And Xiaomi Pengcheng, a large SUV, also gave "imagination" a huge landing carrier. We can expect that Xiaomi can also unlock the magic of the interior space of the car. Conclusion We already have the answer to the question of why Xiaomi needs an extended range SUV. Smart car spaces such as Xiaomi Pengcheng are extremely rare in the industry. Therefore, this new product line shows a huge differentiated competitive advantage. At the end of June, Goldman Sachs released a research report saying that Xiaomi's share price has bottomed out and will usher in a turning point in the third quarter and start a sharp rebound. And the launch of the all-new SUV is one of the core reasons why Goldman Sachs gave this expectation. Of course, Xiaomi Pengcheng still needs to be careful! Beware of the "copy ninjas" in the Chinese auto circle. Because of carelessness, they "copy and paste" your product features and go. Are you excited about Xiaomi Pengcheng's "smart variable space"?