Deadly SU7 Blaze Triggers $10 Billion Rout in Xiaomi Stock
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Screenshot of passersby participating in rescue video.
A fatal crash involving a Xiaomi SU7 electric sedan that caught fire has sent shares of Xiaomi Corp. sharply lower, marking the third fire-related incident this year involving the tech giant’s debut vehicle.
The accident occurred around 3:18 a.m. in Chengdu, where a Xiaomi SU7 collided with another vehicle, jumped a median, and burst into flames, local police said. The 31-year-old driver, surnamed Deng, died in the crash. Authorities suspect he had been driving drunk. The investigation remains ongoing.
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- A fatal crash involving a Xiaomi SU7 electric sedan in Chengdu, the third fire-related incident this year, led to a stock drop of up to 8.7%, closing 5.7% lower.
- Authorities suspect the driver was drunk; ongoing investigations and a recent recall of 117,000 vehicles over defects have heightened safety concerns.
- Despite accidents, Xiaomi’s auto unit posted a 26.4% gross margin and reduced losses to 300 million yuan in Q2.
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Who’s Who
- Xiaomi Corp.
- Xiaomi Corp.'s shares dropped significantly after a fatal accident involving its SU7 electric sedan, the third fire-related incident this year. The company's stock fell 5.7%, losing HK$77 billion in market capitalization. This adds to safety concerns for the SU7, launched in March, following previous fiery collisions and a major recall affecting about a third of SU7s sold due to assisted driving system defects.
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What Happened When
- March 2025：
- Xiaomi launched the SU7 electric sedan.
- March 29, 2025：
- A fiery collision involving an SU7 in Anhui province killed all three people onboard. The vehicle’s Navigate on Autopilot system was reportedly active.
- April 2025：
- A separate crash resulted in the deaths of a two-wheeler driver and passenger, after their scooter collided with an SU7 that subsequently caught fire.
- Second quarter of 2025：
- Gross margin for Xiaomi's smart EV and other initiatives reached 26.4%, and segment losses narrowed to 300 million yuan from 500 million yuan in the prior quarter.
- By August 30, 2025：
- About 117,000 SU7 Standard Edition units were produced.
- Through the end of August 2025：
- Nearly 340,000 SU7s were sold.
- Around 3:18 a.m., Before October 2025：
- A deadly crash involving a Xiaomi SU7 occurred in Chengdu, with the vehicle catching fire and the driver dying. This marked the third fire-related incident of the year.
- September 19, 2025：
- China’s market regulator announced Xiaomi would recall about 117,000 SU7 Standard Edition units produced before August 30, 2025, to address assisted driving system defects.
- September 25, 2025：
- Xiaomi unveiled new products.
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