The Xpeng G9 SUV is on show during the 20th Shanghai International Vehicle Sector Exhibition at the Nationwide Exhibition and Convention Centre in Shanghai, April 18, 2023.
VCG | Visible China Group | Getty Visuals
Chinese automaker Xpeng on Tuesday said it suspended Li Feng, its vice president in demand of source chains, for a corruption probe.
“Xpeng has a stringent stance towards corrupt functions. We stay vigilant in determining and rectifying any circumstances of corruption instantly,” a spokesperson for the company told CNBC.
“We would like to clarify that our modern interior anti-corruption steps carried out by the enterprise are a section of our constant motivation to advertising ethical carry out and integrity and this incident has experienced constrained impression and will not disrupt our company or generation procedures.”
Feng oversaw procurement at the Chinese electrical auto maker.
Xpeng shares were being up around 2% in pre-industry trade on Wednesday.
Nevertheless, the company’s inventory tanked additional than 10% on Tuesday as traders reacted to the conflict among Israel and Palestinian militant team Hamas. Xpeng had sent 750 automobiles to Israel previously this thirty day period as element of its initiatives concentrating on global progress, but the producing conflict has weighed on trader sentiment.
This calendar year, Xpeng has been battling with growing levels of competition and a rate war in China, stoked by Tesla, which has harm the company’s profitability.
The company’s automobile deliveries have risen more a short while ago. In September, Xpeng delivered 15,310 EVs, an 81% improve vs . the similar month previous 12 months.
