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Investing.com-- Shares of Xiaomi (OTC:XIACF) Corp (HK:1810) fell to a six-week low on Wednesday, and were set for their fifth consecutive day of decline after one of the company’s SU7 electric vehicles was involved in a fatal accident in eastern China.
The incident occurred on March 29 on the Deshang Expressway in Anhui province.
The SU7 was operating in Navigate on Autopilot mode at 116 kilometers per hour before the accident, the company said on Tuesday.
Local media reported that three people died in the crash. Xiaomi has stated it is actively cooperating with police investigations and has provided driving and system data.
Xiaomi stock fell as much as much as 4.1% to HK$44.60 on Wednesday, its lowest level since Feb 17. It was trading 3.3% lower at 44.95 as of 06:24 GMT.
The accident poses a setback for Xiaomi’s ambitions in the electric vehicle market, where it has recently experienced significant growth.
Xiaomi shares had recently hit an an-time high in March, but were now on track for their fifth consecutive intraday loss.