Xiaomi stock falls after report of a fatal SU7 car accident
Xiaomi Corp. confirmed that one of the SU7 electric vehicles has been involved in an accident on a Chinese highway. Local media reported that three people have been killed in an incident that is likely to monitor the smart driving software deployed in many of today’s cars.
In Hong Kong, the tech giant’s shares fell to 6.1%. Since Xiaomi raised, the stock has stumbled almost 18%$5.5 billionLast week, with stock sales to fund the expansion of the EV business.
“Investors may be concerned about Xiaomi’s competitiveness and growth outlook after reporting a car accident,” said Beijing-based investment bank Chanson & Co. said Shen Meng, director of the company. The completion of the stock sales was “compared to feelings.”
Police arrived at the scene soon and were investigating an accident that occurred on the Amhui province’s highway on March 29th, Xiaomi said.postWith that weibo account. Xiaomi’s statement did not include any details regarding the deaths or injuries, and company representatives did not immediately respond to additional questions.
According to the initial report from Xiaomi, the car’s advanced driver assistance functions were engaged within 20 minutes of the crash. An alert was issued because the driver seemed not to be behind the wheel. After another warning was sent for road failure, the driver regained control of the wheels and a crash occurred.
The EV was engulfed in flames after the impact, leaving only a portion of the car, like a steel chassis, in a fiery aftermath.localmedia.
The deployment of advanced driver assistance technology, in which drivers need to place their hands on the steering wheel and pay attention to surrounding traffic, has raised concerns that some people have too much confidence in the technology and are not paying attention to the roads.
Tesla Inc. faces several probes in the US. Completely automated driving There was a flaw after multiple crashes, one of which became fatal.
The US automaker is also involved in a famous Chinese accident in 2021, including the owner of one car. I jumped On top of the display vehicle at the Shanghai Auto Show, members of her family were almost dead due to a car’s brakes breakdown.
Xiaomi, well-known for its smartphones, quickly managed to move to EVS, raising its sales target for 2025 last month 350,000 units.
This story was originally introduced Fortune.com