Xiaomi is preparing to unveil its Sky Nomad N70, a new mid-to-large SUV that marks the technology company’s entry into the extended-range electric vehicle segment, at a launch event scheduled for Thursday in China. Because the vehicle has not yet made its public debut, the details available so far come from Chinese regulatory filings and preliminary reporting rather than hands-on testing, meaning a full road-test review remains weeks or months away.

The N70 will be positioned as the smaller of two new models in Xiaomi’s Sky Nomad lineup, sitting below the larger, three-row N90 in the automaker’s expanding SUV portfolio. According to filings submitted to China’s Ministry of Industry and Information Technology, the N70 measures 4,960 millimeters in length, 1,998 millimeters in width and 1,785 millimeters in height, riding on a 2,950-millimeter wheelbase. In imperial terms, that translates to roughly 195.3 inches long, 78.7 inches wide and 70.3 inches tall, making the N70 nearly four inches longer than a Mercedes-Benz EQE SUV, according to comparisons drawn from the regulatory specifications.

Unlike Xiaomi’s existing SU7 sedan and YU7 crossover, which are fully electric vehicles, the Sky Nomad series will use an extended-range electric powertrain, commonly abbreviated as EREV, in which a gasoline engine functions primarily as an onboard generator to recharge the battery rather than directly powering the wheels. The N70 will be equipped with a 1.5-liter turbocharged engine built by Harbin Dongan Power, producing a maximum output of 112 kilowatts, according to the regulatory filing.

Powertrain configurations will vary by trim level. The entry-level N70 will come as a rear-wheel-drive variant equipped with a single 210-kilowatt electric motor. The higher-spec N70 Max variant will add a second 100-kilowatt motor on the front axle, bringing total system output to 310 kilowatts, or roughly 416 horsepower, and enabling all-wheel drive. Battery options for the N70 lineup include both ternary lithium-ion cells supplied by CALB, or China Aviation Lithium Battery, and lithium iron phosphate cells supplied by Sunwoda, giving buyers a choice between different battery chemistries depending on trim and configuration.

According to the most recent reporting on the vehicle’s specifications, the top battery option for the N70 Max will offer 76 kilowatt-hours of capacity, providing an electric-only driving range of up to 505 kilometers on China’s CLTC testing cycle, or approximately 380 kilometers under the stricter WLTP testing standard used in parts of Europe and elsewhere. When the gasoline generator engine is actively running to recharge the battery, fuel consumption for the N70 Max is expected to rise to approximately 6.2 liters per 100 kilometers, according to preliminary specifications.

The N70 will seat five passengers in a standard configuration, distinguishing it from the larger N90, which will be offered in both five- and seven-seat layouts and includes a more elaborate reconfigurable interior featuring front seats that can rotate 180 degrees to face rearward when the vehicle is parked. Exterior design elements shared across both Sky Nomad models include large headlights, semi-hidden door handles, a roof-mounted LiDAR sensor to support driver-assistance systems, and a ring-shaped taillight design. The N70 will also feature electrically powered side steps as standard equipment, according to the regulatory filing.

Xiaomi founder, chairman and chief executive Lei Jun has said the Sky Nomad series took roughly three and a half years to develop, describing the goal of the project as creating vehicles that function as a “living space” rather than purely as transportation. The series is built on what Xiaomi calls its Kunlun Architecture, a platform developed from the ground up beginning in early 2023 specifically to enable the flexible, reconfigurable cabin layouts featured across the lineup.

Thursday’s event is expected to function primarily as a technology showcase rather than a full commercial launch, according to preliminary reporting on the event’s scope. Pricing and specific on-sale dates for the N70 have not yet been officially announced by Xiaomi. Local Chinese media reports have previously suggested that pricing for the broader Sky Nomad series could start around 200,000 yuan, or roughly $29,000, which would position the lineup in direct competition with extended-range SUVs from Li Auto and Huawei-backed Aito, two of the dominant players in China’s current EREV segment.

The N70’s arrival comes at a challenging moment for the extended-range electric vehicle category in China more broadly. Sales of EREV models fell an estimated 25% to 28% year over year in May 2026, with the segment’s overall share of China’s new-energy-vehicle market dropping to roughly 7%, as fully electric vehicles with improving battery ranges of 600 to 700 kilometers on the CLTC cycle have narrowed the traditional range advantage that extended-range vehicles have historically offered consumers.

The Sky Nomad series represents Xiaomi Auto’s second distinct vehicle lineup, alongside its existing SU7 and YU7 electric models, as the company works toward its full-year 2026 delivery target of 550,000 vehicles, a goal that would represent growth of approximately 34% over the roughly 410,000 vehicles the company delivered in 2025. Xiaomi delivered a cumulative 185,055 vehicles during the first half of 2026, putting the company on pace to complete roughly 34% of its annual target at the midpoint of the year, according to company figures.

A hands-on assessment of how the N70 performs on the road, including its handling, ride comfort, interior build quality and real-world range, will only become possible once the vehicle becomes available for test drives following Thursday’s event and any subsequent formal sales launch.

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Visa on Tuesday announced plans to cut 7% of its workforce, or about 2,600 jobs, as the payment processor moves forward with a push to operate more efficiently.

The job cuts are expected to primarily affect technology and product teams.

“I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” Visa CEO Ryan McInerney wrote in a staff memo.

McInerney said Visa needs to keep evolving in how it operates to seize growth opportunities and stay ahead of industry changes, with the emergence of AI playing a key role in the shift.

VISA, MASTERCARD REACH SWIPE-FEE SETTLEMENT: HOW IT’LL AFFECT YOUR WALLET

The layoffs underscore how companies are translating investments in artificial intelligence (AI) into workforce changes, raising concerns about how the technology will impact jobs while driving productivity and profitability.

While AI has helped cut repetitive tasks and speed up product development, it wasn’t the sole factor for Visa’s job cuts, according to Bloomberg News, which first reported the layoffs, citing a person familiar with the company’s rationale.

According to the company’s annual report for 2025, Visa had around 34,100 employees during its 2025 fiscal year, which was an increase of about 8% year over year.

‘GETTING FILTERED OUT’: YOUNG AMERICANS STRUGGLE TO LAND JOBS IN THE NEW HIRING LANDSCAPE

Ticker	Security	Last	Change	Change %
V	VISA INC.	368.73	+2.14	+0.58%

“We don’t view this as a material event, as it is just one of the best-run companies in the world tweaking headcount and costs and reallocating money and resources into areas of higher growth and returns,” Evercore ISI analysts said in a note.

Visa’s job cuts come about six months after its closest peer made a similar move to scale back its workforce.

Earlier this year, payments industry rival Mastercard announced plans to lay off 4% of its global workforce, as it cited a need to refocus corporate investments in different areas. Fintech firm Block also said in February it would cut nearly half of its workforce, or about 4,000 jobs.

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Visa operates a digital payments network across over 200 countries and territories and is used by billions for everyday transactions, giving it protection from potential economic downturns.

The business model is insulated because it relies on transaction volumes rather than credit risk, allowing strength at the upper end of the income spectrum to offset softness at the bottom end.

“As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum,” McInerney said in the memo.

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Reuters contributed to this report.

Oil prices eased on Thursday after giving up part of the previous session’s sharp gains, as oil tankers continued to move out of the Middle East despite escalating tensions and the widening U.S.-Iran war.

Crude oil price on July 30

Brent crude futures were down $1.29, or 1.42%, at $89.45 a barrel. U.S. West Texas Intermediate (WTI) crude slipped 56 cents, or 0.66%, to $83.90 a barrel.

In the previous session, Brent had surged 7.91% while WTI climbed 6.56%, marking one of the biggest jumps during the Iran war. The rally had reversed Tuesday’s 5% decline, which followed a brief pause in hostilities in the five-month conflict.

Preliminary shipping data showed that 39 commodity vessels passed through the Bab el-Mandeb Strait into the Red Sea on Tuesday, the highest count since July 19. At the same time, only a handful of ships continued to transit the Strait of Hormuz.

Also read: Oil crosses $100: A ‘perfect hurricane’ can trigger bigger shock soon

The Strait of Hormuz is the world’s most important oil shipping route and had previously handled around one-fifth of global oil and gas flows. The passage has remained largely blocked since the U.S.-Iran war began in February, despite repeated efforts to secure a diplomatic agreement that would allow ships to move through the strait.
Meanwhile, U.S. and Saudi strikes targeted Iran-backed paramilitary forces in Iraq on Wednesday. It was the first time Saudi Arabia had publicly joined U.S. air strikes, with the action carried out in response to drone attacks launched from Iraq on Saudi oil facilities.
The strikes marked a return to U.S. military action in the region after US President Donald Trump called off a bombing campaign over the weekend because of dwindling munitions. Iran also said it had attacked U.S. bases in Jordan and struck three tankers transiting the Strait of Hormuz through what it described as an unauthorized route.

Where are prices headed?

The direction of oil prices will depend heavily on how long the disruption lasts. JPMorgan estimates that every additional month of supply disruption could add around $7 to $8 a barrel to Brent prices. A three-month disruption could push monthly average Brent prices to about $114 a barrel.

Goldman Sachs has similarly warned that Brent could climb to $120 a barrel if shipping disruptions through the Strait of Hormuz, the world’s most important oil transit route, continue. Its base case is still that tensions in the Middle East will eventually ease.

Under that scenario, Goldman Sachs expects Brent to average $80 a barrel in the fourth quarter and $75 next year. However, the bank said the risks to those forecasts remain “tilted to the upside”, pointing to the possibility that shipping disruptions could persist through both the Strait of Hormuz and the Red Sea.

Anindya Banerjee, Head of Commodity Research at Kotak Securities, said geopolitical developments were once again driving crude oil prices. “Any strike on major Gulf export infrastructure could force a retest of $95-100 and beyond,” he said.

Read more: Indian refiners scout new crude sources as Gulf risks rise

According to Banerjee, the market has shifted its focus from the military action itself to the declining chances of a diplomatic breakthrough. Tehran has set new conditions for restarting negotiations, he said, while successive developments have delayed the return of normal tanker traffic through the Strait of Hormuz. Shipping activity through the waterway remains well below pre-war levels.
Tanker traffic through the Strait of Hormuz is still far below normal, keeping the underlying supply risk in place despite the easing of immediate price pressure.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)