Xiaomi Scrambles to Address EV Fire Incidents Amid $72 Billion Market Rout

Xiaomi Corp. has revealed two separate vehicle fires that occurred Monday, seeking to ease mounting safety concerns even as the company’s market capitalization has plunged by nearly HK$560 billion ($72 billion) over the past four months

Shares of the Hong Kong-listed smartphone and electric-car maker fell 2.74% to close at HK$35.48 on Tuesday. Since late September, the stock has slid from almost HK$60 to under HK$40, dragging its market value down to HK$924.2 billion.