The sudden drop came after the company said that one of its SU7 models was involved in a lethal accident on an expressway in China’s Anhui province.

On Saturday evening, a Xiaomi SU7, the first and a flagship electric car of the company, collided with a highway cement barrier and caught fire on a highway in central Anhui province, killing all the three passengers. On Tuesday noon, Xiaomi issued a statement on its official account, providing an excerpt of the accident details.

The founder of Chinese electric vehicle maker 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.