Xiaomi has expanded its presence in the competitive Chinese automotive market by introducing the new family of SUVs called Skynomad. This line, comprising the N70 and N90 models, represents the brand's entry into the extended-range electric vehicle (EREV) segment.
All vehicles in the Skynomad line will be equipped with a 76 kWh ternary NMC battery pack supplied by CALB. This battery set allows for travel of up to 505 km using only electric mode, according to the Chinese CLTC cycle. Furthermore, the total weight of these models is remarkably low, reaching only 400 kg.
This strategic change is considerable, given that Xiaomi previously focused exclusively on fully electric models. Now, the company has adopted the REEV (electric with range extender) architecture. This approach combines daily electric use with combustion support for longer journeys, a formula that has appealed to Chinese consumers by mitigating range anxiety. Rivals such as Li Auto, AITO, and Deepal have already succeeded with this same tactic.
It is important to note that the combustion engine does not directly drive the wheels; it functions solely as a generator to recharge the battery. This 1.5-liter engine, producing 150 hp and manufactured by Harbin Dongang, a subsidiary of Changan, results in fuel consumption ranging between 16.4 km/l and 15.9 km/l, depending on the SUV size. However, the mentioned 505 km refers to the CLTC cycle, which is more optimistic; under the stricter WLTC standard, the range drops to the 363 to 380 km range.
The Skynomad N70 features five seats, measures 4.96 meters in length, and has a wheelbase of 2.95 meters. It can be equipped with a rear engine of 282 hp or an all-wheel-drive system that raises the combined power to 416 hp. Previous regulatory records also indicated a more affordable entry version, utilizing a 52 kWh lithium iron phosphate (LFP) battery supplied by Sunwoda.
The top-of-the-line model, the N90, is a larger SUV, presenting a length of 5.28 meters and capacity for six passengers. It features all-wheel drive and the same combined power of 416 hp. In previews released by Xiaomi itself, the N90 was shown with an interior inspired by minivans and front seats with 180-degree swivel functionality.
This announcement comes at a strategic time for Xiaomi. The company closed the first half of 2026 with 185,055 units sold, representing a 17.2% increase compared to the same period last year, and maintains the ambition to sell 550,000 cars by the end of the year. The company expects the Skynomad series to be fundamental in achieving this goal. The official launch of the N90 is scheduled for August 21 during the Chengdu Auto Show, a prominent industry event in the country.
The Indian state of Andhra Pradesh is implementing a policy-driven strategy to foster a statewide startup ecosystem, moving away from solely attracting large industries. This approach focuses on cultivating entrepreneurs to ensure sustainable, long-term economic expansion.
Andhra Pradesh is transitioning from an industrial policy centered on drawing in corporations to an entrepreneurship-first model. Key initiatives supporting this shift include the One Family One Entrepreneur mission, with a goal set to nurture 20,000 startups by 2029.
Instead of concentrating development in a single metropolitan area, the state is establishing innovation centers across various regions. These hubs range from the AI initiatives in Visakhapatnam and the Quantum Valley Tech Park in Amaravati to local co-working spaces and startup support centers at the district level.
By integrating advanced technological infrastructure, providing incentives for startups, ensuring access to necessary capital, and focusing on transforming investment pledges into active projects, Andhra Pradesh intends to establish itself as a primary center for deep-tech entrepreneurship and sustained job creation.
In corporate news, the IT services firm Wipro reported that its net profit remained unchanged during the first quarter of FY27. Despite this stability in profit, the company managed to increase its revenue by 10.5%. Specifically, the net profit for the initial quarter was Rs 3,352 crore, slightly higher than the Rs 3,330 crore recorded in the corresponding period last year. Revenue for the quarter reached Rs 24,479 crore, up from Rs 22,135 crore reported a year prior.
Globally, Artificial Intelligence continues to be a dominant force in technological progress. Nvidia is intensifying its focus on physical AI. During a visit to Japan, CEO Jensen Huang introduced Cosmos 3 Edge, a novel AI world model designed to assist vision AI agents and robots in comprehending and navigating actual environments.
Simultaneously, regulatory bodies are increasing their scrutiny of AI advancements. In Europe, Google is encountering renewed pressure from EU regulators. These regulators have specified that, pursuant to the Digital Markets Act, Google must enhance the accessibility of certain services to competitors, including search engines and AI firms such as OpenAI, aiming to curb the market dominance of Big Tech and promote a fairer digital environment.
In the realm of consumer goods, Swara Baby Products has been identified as India's largest contract diaper manufacturer, with close associations to FirstCry, as revealed in its IPO filing. Swara produces diapers for numerous clients, including FirstCry’s Babyhug, Piramal Pharma’s Little’s, Himalaya, and over twenty other customers, in addition to marketing its own Cuddles brand.
Brainbees Solutions, the parent company of FirstCry, acquired a majority share in Swara back in 2020 and currently holds 76.59% ownership, according to the company’s DRHP. This trend of contract manufacturing is gaining momentum as direct-to-consumer (D2C) brands and private labels increasingly outsource production to achieve greater efficiency, contrasting with global leaders like Pampers, Huggies, and MamyPoko which manufacture internally.
The inflow of funds into foreign currency non-resident deposits (FCNR(B)) was significantly less than market forecasts. This impacted the rupee's exchange rate, which weakened by more than 1% against the dollar this week.
After a 0.36% rise in June, driven by measures announced by the Reserve Bank of India (RBI), including a special period for FCNR(B) deposits, the Indian currency faced pressure in July. The cause was the sharp increase in global crude oil prices following the resumption of military actions between the US and Iran. On Thursday, the rupee performed worst among most Asian currencies, continuing its decline for the fourth consecutive week and reaching 96.35 per dollar, which is nearly a two-month low compared to the previous close of 96.27 per dollar.
Dilip Parmar, Senior Analyst at HDFC Securities, noted that the rupee was losing ground as recent support from the RBI waned, as well as due to sluggish interest in FCNR schemes amid rising global bond yields. Barclays also commented on the disappointing FCNR(B) flows in its report, stating that the positive effect of RBI measures to strengthen India's balance of payments and, consequently, the rupee, is beginning to fade, although they believe it is too early to judge their failure.
Finance Minister Nirmala Sitharaman and RBI Governor Sanjay Malhotra held separate meetings with bankers during the week to assess the situation. Sitharaman instructed public sector bank heads to intensify outreach to Non-Resident Indians (NRIs) and introduce new deposit products to maximize fund attraction. Banks, in turn, reported receiving an encouraging response from the Indian diaspora.
Barclays does not expect a repeat of the large inflows seen in 2013, given higher rates in the US and less attractive rupee yields. They forecast that the reasonable base case for FCNR inflows in the coming months will be between $25 and $30 billion, with potential upside risks. Unlike in 2013, one key obstacle for the FCNR(B) scheme is the narrowing of spreads. A BofA Securities report highlighted that the interest rate differential between Indian banks' one-year FCNR(B) deposits and the yield on 12-month US Treasury bills has narrowed from 2.9% in 2013 to 1.4% currently. Nevertheless, BofA expects total inflows of $60 to $70 billion, believing that the inflow momentum will pick up in the coming days.
Madan Sabnavis, Chief Economist at Bank of Baroda, noted that in 2013, most funds arrived in the last month. He added that banks continue to adjust deposit rates based on market feedback, and the mobilization process is still ongoing. Gaura Sen Gupta, Chief Economist at IDFC First Bank, pointed out that creditors are still finalizing contract terms and arranging dollar financing for structured deals, which is slowing down mobilization pace. She suggested that, unlike the previous instance where 60-80% of flows occurred in the last month, there will be growth in August and September.
Expectations of strong mobilization were built on the RBI fully covering hedging costs, exemption from reserve requirements and liquidity ratios, as well as the precedent of the 2013 scheme and the potential for yield enhancement through structured instruments. However, Barclays pointed to the mismatch between deposit tenure and lock-in period as another structural constraint. While FCNR(B) deposits are typically attracted for three to five years, depositors can withdraw funds after one year of lock-in, depending on individual bank policies. Conversely, the RBI swap cannot be terminated before maturity, exposing banks to residual mismatch risk in case of early depositor withdrawal.
