Key Takeaways
1. Xiaomi’s first electric vehicle, the SU7, has been a major success, generating around $2 billion in revenue in 2024 and remaining on back-order in China nearly a year after launch.
2. A tragic crash involving the SU7 occurred in Tongling, Anhui province, resulting in the deaths of three people and raising concerns about the vehicle’s safety features.
3. The accident involved the vehicle’s Navigate on Autopilot (NOA) feature, which was active at the time of the crash, but no confirmed link has been established between NOA and the incident.
4. The crash happened when the vehicle, traveling at around 60 mph, hit a guardrail after an unexpected lane change due to highway construction.
5. Following the accident, Xiaomi’s stock price dropped significantly from 51 HKD to 44.55 HKD, coinciding with preparations for the launch of their second electric vehicle, the YU7.
Xiaomi’s first electric vehicle has been a huge success, and it’s still said to be on back-order in China almost a year after its launch. The vehicle has brought in around $2 billion in revenue for the company in 2024 and led to the introduction of a performance-oriented Ultra version.
Tragic News from Tongling
Now, the SU7 is making headlines again in China, but not for good reasons. A crash on a highway in Tongling, Anhui province, has reportedly led to a fire that took the lives of 3 people inside the car.
The mishap happened on March 29, 2025, and involved a regular version of the SU7, which had its Navigate on Autopilot (NOA) feature active. It was reported that the car reached a speed of 72 miles per hour (mph) or 116 kilometers per hour (km/h) at one moment.
Details of the Incident
Seconds before the crash, the driver was able to regain control of the vehicle, but the crash happened at around 60 mph (97 km/h) after hitting a guardrail. At the time, the highway was under construction, which is believed to have caused an unexpected lane change by the vehicle.
As of now, there has been no confirmed connection between the NOA system and this incident, though Xiaomi has provided the vehicle’s system and driving data to the police in Tongling.
Impact on Xiaomi’s Stock
The accident has affected Xiaomi’s stock price, which fell from about 51 HKD on the Hong Kong Stock Exchange on March 28, 2025, to 44.55 HKD as of now. Furthermore, this report comes at a particularly unfortunate time for the company, as it is reportedly preparing to launch its second EV, the YU7, later this year.
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