Xiaomi Shares Slide After SU7 Sedan With Intelligent Assisted Driving Crashes, Three Dead

Shares of Chinese electric vehicle manufacturer Xiaomi tumbled in Hong Kong trading on Tuesday following a deadly crash involving one of its SU7 sedans, which claimed three lives on Saturday. The accident has intensified scrutiny over the safety of advanced driving systems, as data from the vehicle has been turned over to local authorities for investigation.

HK shares of Xiaomi closed down 5.5% and have since tumbled into a bear market since peaking in mid-March. Downward pressure began when it raised about $5.5 billion in an equity sale last week to fund EV expansion. 

“Investors might have concerns over Xiaomi’s competitiveness and growth outlook after reports of the car accident,” Shen Meng, director at Beijing-based investment bank Chanson & Co., said, adding that the completion of the share sale has “also weighed on sentiment.”

The accident is the first major one involving the SU7 sedan, which Xiaomi launched in late 1Q24 and has outsold Tesla’s Model 3 monthly since December. 

On Xiaomi’s Weibo account, the company stated it was “deeply saddened” by the accident and said the “vehicle was in the NOA intelligent assisted driving state before the accident.” 

Here are more details about the accident from Xiaomi:

At 22:44 on March 29, 2025, a Xiaomi SU7 standard version encountered a serious traffic accident while driving on the Chiqi section of the Deshang Expressway. We are deeply saddened by this.

According to preliminary information, the vehicle was in the NOA intelligent assisted driving state before the accident and continued to travel at a speed of 116km/h. Due to construction and repairs on the section where the accident occurred, the self-lane was closed with roadblocks and diverted to the reverse lane. After the vehicle detected the obstacle, it issued a reminder and began to slow down. The driver then took over the vehicle and entered the human driving state, continued to slow down and control the vehicle to turn, and then the vehicle collided with the cement pile of the isolation belt. The last speed that the system could confirm before the collision was about 97km/h.

After the collision, we immediately contacted the owner to understand that it was not the owner who was driving. At the same time, emergency rescue called the passengers on the car, called the police, and called 120 emergency services.

After that, the police arrived at the scene immediately and fully intervened in the investigation of the accident. At the same time, we immediately set up a special team and rushed to Tongling on the 30th. Under the guidance of the police, we actively cooperated with the investigation, evidence collection and other work, and submitted the vehicle driving data and system operation information we had to the police in accordance with the law on the evening of the 31st. We will continue to fully cooperate with the police and strictly follow the results of the investigation to ensure that the handling of the incident is open and transparent.

At the same time, our special team will also contact the families of the accident victims with the permission and guidance of the police, fully assist in the aftermath, and provide support and help.

We are summarizing the information we know so far and have submitted to the police as follows:

• March 29, 22:27:17 NOA activated, vehicle speed 116km/h

• March 29, 22:28:17 Mild distraction alarm March 29, 22:36:48 NOA issued a hands-off warning prompt “Please hold the steering wheel”

• March 29, 22:44:24 NOA issued a risk warning “Please note that there are obstacles ahead”, issued a deceleration request, and began to decelerate

• March 29, 22:44:25 NOA was taken over and entered human driving state, the steering wheel turned 22.0625 degrees to the left, and the brake pedal was opened 31%

• March 29, 22:44:26 The steering wheel turned 1.0625 degrees to the right, and the brake pedal was opened 38%.

• Between 22:44:26 and 28 on March 29, the vehicle collided with the concrete guardrail on

• March 29, 22:44:28 Ecall triggered on the vehicle side.

• 22:44:39 on March 29. Ecall connected on the vehicle side, confirming the accident, calling the police and 120 emergency services.

• 22:45:06 on March 29. Contacted the owner and confirmed that the driver was not the owner.

• 22:47:15 on March 29. 120 was dispatched successfully.

• 120 arrived at the scene at about 23:00 on March 29.

Here is an alleged video of the accident scene on the Dezhou-Shangrao Expressway in Tongling in southern Anhui Province, eastern China. 

Mar 29: three young women — reportedly university students — were killed in a blaze that broke out after the Xiaomi SU7 they’re travelling in crashed into the divider on Dezhou-Shangrao Expressway (德上高速; Deshang Expressway for short) in Tongling (铜陵), Anhui province in the… pic.twitter.com/xjKnn3HMBm

— Byron Wan (@Byron_Wan) April 1, 2025

Last month, Xiaomi raised its 2025 sales target to 350,000 units. Whether the fatal crash last weekend will dampen confidence and affect sales moving forward remains uncertain.