Chinese tech giant Xiaomi saw its shares fall over 5% on Monday, following reports that the doors of one of its electric vehicles failed to open after a fiery crash in China that left one person dead.

The stock slid as much as 8.7% in Hong Kong, marking its steepest drop since April, before paring losses after images and video of a burning Xiaomi SU7 sedan in Chengdu circulated on Chinese social media.

Video and eyewitness accounts showed bystanders trying but failing to open the doors of the burning car to rescue an occupant. Personnel at the scene eventually used a fire extinguisher to put out the blaze, local reports said.

Chengdu police said the crash occurred after the SU7 collided with another sedan, killing a 31-year-old male driver who was suspected of driving under the influence of alcohol.

Xiaomi, which manufactures consumer electronics, software and electric vehicles, did not immediately respond to CNBC’s request for comment.

The latest incident follows a fatal SU7 crash earlier this year that raised questions about the vehicle’s smart driving features and sent Xiaomi’s shares tumbling.

The crash could also intensify scrutiny on electronic door handles, a design popularized by Tesla and now common in modern EVs. 

Unlike mechanical models, electronic door handles rely on sensors and electricity and may fail during a fire or power outage.

China is considering a ban on such electric door handles to address safety risks linked to the feature, state-backed media reported in late September.

Meanwhile, the U.S. National Highway Traffic Safety Administration has launched an investigation into about 174,000 Tesla Model Y vehicles after reports of door handle failures.

Navan, a developer of corporate travel and expense software, expects its market cap to be as high as $6.5 billion in its IPO, according to an updated regulatory filing on Friday.

The company said it anticipates selling shares at $24 to $26 each. Its valuation in that range would be about $3 billion less than where private investors valued Navan in 2022, when the company announced a $300 million funding round.

CoreWeave, Circle and Figma have led a resurgence in tech IPOs in 2025 after a drought that lasted about three years. Navan filed its original prospectus on Sept. 19, with plans to trade on the Nasdaq under the ticker symbol “NAVN.”

Last week, the U.S. government entered a shutdown that has substantially reduced operations inside of agencies including the SEC. In August, the agency said its electronic filing system, EDGAR, “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”

Cerebras, which makes artificial intelligence chips, withdrew its registration for an IPO days after the shutdown began.

Navan CEO Ariel Cohen and technology chief Ilan Twig started the company under the name TripActions in 2015. It’s based in Palo Alto, California, and had around 3,400 employees at the end of July.

For the July quarter, Navan recorded a $38.6 million net loss on $172 million in revenue, which was up about 29% year over year. Competitors include Expensify, Oracle and SAP. Expensify stock closed at $1.64on Friday, down from its $27 IPO price in 2021.

Navan ranked 39th on CNBC’s 2025 Disruptor 50 list, after also appearing in 2024.

WATCH: Brex CEO on Navan partnership

Shares of Amazon, Nvidia and Tesla each dropped around 5% on Friday, as tech’s megacaps lost $770 billion in market cap, following President Donald Trump’s threats for increased tariffs on Chinese goods.

With tech’s trillion-dollar companies occupying an increasingly large slice of the U.S. market, their declines send the Nasdaq down 3.6% and the S&P 500 down 2.7%. For both indexes, it was the worst day since April, when Trump said he would slap “reciprocal” duties on U.S. trading partners.

After market close on Friday, Trump declared in a social media post that the U.S. would impose a 100% tariff on China and on Nov. 1 it would apply export controls “on any and all critical software.”

Amazon, Nvidia and Tesla all slipped about 2% in extended trading following the post.

The president’s latest threats are disrupting, at least briefly, what had been a sustained rally in tech, built on hundreds of billions of dollars in planned spending on artificial intelligence infrastructure.

In late September, Nvidia, which makes graphics processing units for training AI models, became the first company to reach a market cap of $4.5 trillion. Nvidia alone saw its market capitalization decline by nearly $229 billion on Friday.

OpenAI counts on Nvidia’s GPUs from a series of cloud suppliers, including Microsoft. OpenAI is only seeing rising demand.

In September it introduced the Sora 2 video creation app, and this week the company said the ChatGPT assistant now boasts over 800 million weekly users. But Microsoft must buy infrastructure to operate its cloud data centers. Microsoft’s market cap dropped by $85 billion on Friday.

The sell-off wiped out Amazon’s gains for the year. That stock is now down 2% so far in 2025. It competes with Microsoft to rent out GPUs from its cloud data centers, but it doesn’t have major business with OpenAI. The online retailer is now worth $121 billion less than it was on Thursday.

“There continues to be a lot of noise about the impact that tariffs will have on retail prices and consumption,” Amazon CEO Andy Jassy told analysts in July. “Much of it thus far has been wrong and misreported. As we said before, it’s impossible to know what will happen.”

Tesla, which introduced lower-priced vehicles on Tuesday, saw its market capitalization sink by $71 billion.

The automaker reports third-quarter results on Oct. 22, with Microsoft earnings scheduled for the following week. Nvidia reports in November.

Google parent Alphabet and Facebook owner Meta fell 2% and almost 4%, respectively.

WATCH: Pres. Trump: Calculating massive increase of tariffs on Chinese products into U.S.