Xiaomi shares slump on another EV crash report

Shares of Xiaomi (1810) once dropped 8 percent on Monday on the news of its electric vehicle product SU7 failing to open doors in a traffic accident.

Its share fell nearly 7.2 percent to HK$48.3 as of 3 pm, while the Hang Seng Tech Index declined 2.55 percent.

While the pedestrians attempted to open the car door and hit the window with their hands and shoes, the driver remained stuck in the vehicle, according to mainland media and social media videos.

The fiery crash, which happened in Chengdu early on Monday, occurred after the Xiaomi SU7 was seen driving erratically. The vehicle then accelerated to an extremely high speed and lost control while trying to avoid another car.

Authorities said the driver had died and was suspected of drink-driving.

Xiaomi has not commented on the incident.