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A fatal accident in China involving an electric vehicle from Xiaomi has left three people dead
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causing stock in one of the country's fastest growing domestic EV makers to drop
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This incident took place on March 29th in eastern China, and authorities are currently investigating
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The car involved was a Xiaomi SU7 equipped with the company's advanced driver assistant system
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known as Navigate on autopilot, which had been engaged before the crash
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According to Xiaomi, the system issued a risk warning of operations. obstacles ahead, but the driver was unable to prevent the collision. The company also revealed the car was
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traveling at 72 miles per hour when the accident occurred and collided with a cement pole, causing a fire
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There were reports the car's door failed to unlock after the crash, though Xiaomi stated it has not been
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able to confirm this detail, as it does not currently have access to the vehicle. Following the deadly
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accident, shares in the automaker stock fell, 5.5% in Hong Kong trading and experienced a 6.7% drop
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U.S. after hours trading. This comes just one week after Xiaomi raised $5.5 billion to expand
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its electric vehicle division, which already sold more EVs than both Ford and General Motors
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a year ago, despite only launching its first electric model in 2024. In a statement about the recent
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accident, Xiaomi's founder said he was, quote, heavy-hearted about the loss of life, while vowing
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the company would fully cooperate with the ongoing police investigation, address public concerns
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and not evade responsibility. For Straight Arrow News, I'm Jack Almer
