Xiaomi shares plunge after SU7 EV door fails in fiery crash

Xiaomi Corp. shares fell sharply on October 13 following reports that one of its SU7 electric sedan’s doors failed to open after a fiery crash, trapping at least one person inside the vehicle. 

The drop marked the company’s largest single-day decline since April, with shares tumbling as much as 8.7%, Caliber.Az reports via foreign media.

Chinese media and videos circulating on social platforms including Weibo showed the vehicle engulfed in flames. Bystanders reportedly attempted to open the doors but were unable to free the driver. Details on fatalities or injuries have not been confirmed by authorities, according to Dahe Daily, a state-run Henan newspaper.

This incident comes months after another fatal SU7 accident on a Chinese expressway, which also prompted a sharp decline in Xiaomi’s stock and heightened scrutiny of its smart driving software.

The Chengdu crash has raised safety concerns over electronically-operated car door handles, similar to those used by Tesla. In the United States, the National Highway Traffic Safety Administration opened a defect investigation into Tesla Model Y door handles in September, following reports of injuries and fatalities when drivers could not open doors after losing power. Chinese regulators are reportedly considering a ban on fully concealed door handles.

By Vugar Khalilov