Xiaomi Stock Tumbles Nearly 8% Following Fiery SU7 Crash
Xiaomi Corp. shares plunged after one of its SU7 electric vehicles was involved in a fatal crash in Chengdu, where the car caught fire and rescuers were unable to open the doors to save the trapped driver.
The Beijing-based company’s stock fell as much as 7.82% in Hong Kong trading on Monday, closing at HK$47.98. The sharp decline erased significant market value from the electronics giant, which only began delivering its highly anticipated SU7 sedan earlier this year in 2025.
The incident occurred in the early hours of October 13, 2025, when an SU7 sedan reportedly lost control at high speed, collided with a median, and burst into flames. Eyewitness accounts and video footage circulated online show multiple bystanders attempting unsuccessfully to rescue the driver from the burning vehicle.
The event has triggered intense scrutiny over the safety of the SU7, particularly concerning the vehicle's structural integrity, door mechanisms, and battery fire risk following a collision. Xiaomi has yet to issue an official statement regarding the accident.
Details of the Fiery Crash
According to multiple eyewitness reports and dashcam footage, the accident took place at approximately 3:16 a.m. on Tianfu Avenue in Chengdu, Sichuan province. Prior to the crash, the SU7 was seen driving erratically. One witness noted hearing the driver shouting while waiting at a traffic light. The vehicle then accelerated to a high speed, lost control, and struck the central median, flipping into the opposite lane before rapidly catching fire. Another witness claimed the SU7 may have first rear-ended a ride-hailing vehicle before veering off course.
Failed Rescue Efforts
Several videos from the scene documented the desperate attempts by passersby to save the driver. Onlookers are seen trying to force open the car doors, which would not budge. After one individual managed to shatter the driver's side window with a tool, the flames inside the car intensified, forcing the good Samaritans to retreat. Another person used a fire extinguisher on the blaze, but the fire suddenly flared up again, pushing rescuers back. One bystander reportedly injured their hand while trying to break the window.
Emergency Response and Aftermath
Firefighters arrived at the scene around 3:30 a.m. and began suppressing the fire with water hoses. Due to the inaccessible doors and the intensity of the fire, they ultimately resorted to using cutting tools to open the vehicle's frame. By the time emergency crews could access the cabin, the driver had already succumbed. "The person was not saved," one witness stated. "They finally cut the door open with a power saw." The driver was pronounced dead at the scene.