The Xpeng G9 SUV is on show through the twentieth Shanghai Worldwide Car Trade Exhibition on the Nationwide Exhibition and Conference Middle in Shanghai, April 18, 2023.
VCG | Visible China Group | Getty Pictures
Chinese language automaker Xpeng on Tuesday stated it suspended Li Feng, its vp in command of provide chains, for a corruption probe.
“Xpeng has a strict stance towards corrupt actions. We stay vigilant in figuring out and rectifying any situations of corruption promptly,” a spokesperson for the corporate informed CNBC.
“We want to make clear that our latest inside anti-corruption measures carried out by the corporate are part of our steady dedication to selling moral conduct and integrity and this incident has had restricted affect and won’t disrupt our enterprise or manufacturing processes.”
Feng oversaw procurement on the Chinese language electrical automobile maker.
Xpeng shares had been up round 2% in pre-market commerce on Wednesday.
Nevertheless, the corporate’s inventory tanked greater than 10% on Tuesday as buyers reacted to the battle between Israel and Palestinian militant group Hamas. Xpeng had delivered 750 automobiles to Israel earlier this month as a part of its efforts concentrating on worldwide progress, however the growing battle has weighed on investor sentiment.
This yr, Xpeng has been battling rising competitors and a worth battle in China, stoked by Tesla, which has hurt the company’s profitability.
The corporate’s automotive deliveries have risen more recently. In September, Xpeng delivered 15,310 EVs, an 81% enhance versus the identical month final yr.
