Stock of Xiaomi dropped by 5% due to a 'serious' highway crash involving one of its electric vehicles
Xiaomi's stock took a hit after the company reported that one of its SU7 electric vehicles was involved in a serious accident on the Deshang Expressway in China. The Hong Kong-listed company's shares fell 5.5% to 46.50 Hong Kong dollars per share, hitting a six-week low. Xiaomi's shares have seen a 35% increase this year due to the growing interest in Chinese tech stocks like DeepSeek. The vehicle was reportedly in Navigate on Autopilot mode before the accident, slowing down upon detecting an obstacle and then colliding with a barrier when a human driver took over. While the cause of the accident is not clear, local media reported three fatalities. Xiaomi stated they are cooperating with the authorities in their investigation. This incident may pose challenges for Xiaomi in the EV industry, where the company has seen success, surpassing its sales target for SU7 vehicles last year.
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