Xiaomi Shares Drop as Consumers Complain About Marketing of EVs

Xiaomi Corp. shares dropped as much as 5.7% in Hong Kong on Monday after a local media report over the weekend that said more than 300 people want to cancel their SU7 Ultra electric vehicle orders on “false advertising” about the design of the vehicle’s hood.

Xiaomi launched the race car version of its SU7 sedan, which starts from 529,900 yuan ($73,300), earlier this year. One customization that’s available is a “carbon fiber hood with dual air duct” that costs an additional 42,000 yuan.