Based on the following, I suggest it won't work as expected:
SET @xml :=
"<ManageAsset>
<Asset>
<SiteGroup>Chicago</SiteGroup>
<SiteNumber>4524</SiteNumber>
<AssetCategory>Passenger Cars</AssetCategory>
<Address>Address 1</Address>
<AssetNumber>Tango</AssetNumber>
</Asset>
<Asset>
<SiteGroup>Cincinnati</SiteGroup>
<SiteNumber>5360</SiteNumber>
<AssetCategory>Passenger Cars</AssetCategory>
<Address>Address 2</Address>
<AssetNumber>Mango</AssetNumber>
</Asset>
</ManageAsset>";
select ExtractValue(@xml,'//ManageAsset/Asset/SiteGroup') as SiteGroup,
ExtractValue(@xml,'//ManageAsset/Asset/SiteNumber') as SiteNumber,
ExtractValue(@xml,'//ManageAsset/Asset/AssetCategory') as AssetCategory,
ExtractValue(@xml,'//ManageAsset/Asset/Address') as Address,
ExtractValue(@xml,'//ManageAsset/Asset/AssetNumber') as AssetNumber;
+--------------------+------------+-------------------------------+---------------------+-------------+
| SiteGroup | SiteNumber | AssetCategory | Address | AssetNumber |
+--------------------+------------+-------------------------------+---------------------+-------------+
| Chicago Cincinnati | 4524 5360 | Passenger Cars Passenger Cars | Address 1 Address 2 | Tango Mango |
+--------------------+------------+-------------------------------+---------------------+-------------+
Suggest you use this technique for testing other formulations.