The Turkish and Azerbaijani broadcast of CNBC-e (Consumer News and Business Channel-e) reported that shares listed on the Hong Kong Stock Exchange suffered their sharpest drop since April, falling by as much as 8.7%.

The decline came after images and videos circulated on Chinese social media showing a Xiaomi SU7 sedan engulfed in flames in the city of Chengdu. Following the viral footage of the burning vehicle, Xiaomi’s shares in Hong Kong plummeted by up to 8.7%.

According to eyewitnesses, bystanders attempted to open the car doors to rescue the passenger but were unsuccessful. Responders later used fire extinguishers to put out the blaze. Chengdu police stated that the accident occurred after the SU7 collided with another sedan, resulting in the death of a 31-year-old male driver who was reportedly intoxicated at the time of the crash.

• Is this model available in Azerbaijan?
• Could the same technical issue occur here?
• Has the incident affected Xiaomi’s market position locally?

Speaking to Bizimyol.info, Eyyub Aliyev, Chairman of the Board of the Azerbaijan Automobile Dealers Association (AADA), said that the mentioned model has been sold in the country only in very limited numbers.

“The Xiaomi SU7 model you referred to is not officially sold in Azerbaijan. There is no official distributor for it. The few units that exist were imported through unofficial channels and in very limited quantities,” Aliyev explained.
“Such incidents undoubtedly have a direct impact on the brand’s image. They not only contribute to falling share prices but also influence the brand’s overall position in the market,” he added.

Günel Hasanova, Bizimyol.info