On January 20, Xiaomi Group reported two vehicle fire incidents via its official Weibo account, both occurring in the prototype production workshop and causing no injuries. The company has established a special investigation team to thoroughly determine the cause and emphasized its strong commitment to product quality and safety. Earlier, on January 3, Lei Jun had pledged during a live stream to directly address market concerns. Affected by the incidents, Xiaomi's share price continued to face downward pressure, closing at HK$35.48 per share on January 20—a decline of 2.74%—bringing its market capitalization down to HK$924.2 billion. Since the launch of its new vehicle in late September last year, Xiaomi’s stock price has tumbled from a high of nearly HK$60, falling below HK$40 and wiping out approximately HK$560 billion in market value. The long-term impact of these incidents on Xiaomi’s automotive business remains to be seen.