BUZZ-China's Xiaomi at six-week low amid concerns over fatal EV crash

Reuters
04-02
BUZZ-China's Xiaomi at six-week low amid concerns over fatal EV crash

** Shares of Chinese smartphone-to-electric vehicle maker Xiaomi Corp 1810.HK fall 4.1% to HK$44.6, their lowest point since February 17

** Stock on course for a fifth consecutive session of decline, and is third-biggest pct loser in the Hang Seng Tech Index .HSTECH, which is up 0.3%

** The founder of Xiaomi said on Tuesday he was "heavy-hearted" after three people were killed in an accident involving one of the company's SU7s, and said it would fully cooperate with a police investigation

** Earlier on Tuesday, a disclosure from the company said that initial information showed the car was in the Navigate on Autopilot intelligent-assisted driving mode before the accident and was moving at 116 kph (72 mph)

** "The recent SU7 vehicle accident is likely to negatively impact stock performance and future orders," Zephirin Group wrote in a research note, adding potential headwinds are anticipated for future pre-orders as regulatory scrutiny intensifies around Xiaomi's Navigate-on-Autopilot system

** Hang Seng Automobile Index .HSAMI climbs 1%, while Hang Seng Index .HSI slips 0.1%

** Xiaomi stock up 33.6%, YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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