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 Photographs
Chinese language automaker Xpeng on Tuesday mentioned it suspended Li Feng, its vice chairman accountable for provide chains, for a corruption probe.
“Xpeng has a strict stance in opposition to corrupt actions. We stay vigilant in figuring out and rectifying any cases of corruption promptly,” a spokesperson for the corporate advised CNBC.
“We want to make clear that our latest inner 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 impression 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.
Nonetheless, 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 autos to Israel earlier this month as a part of its efforts focusing on worldwide progress, however the growing battle has weighed on investor sentiment.
This 12 months, Xpeng has been combating rising competitors and a value struggle in China, stoked by Tesla, which has damage the corporate’s profitability.
The corporate’s automotive deliveries have risen extra lately. In September, Xpeng delivered 15,310 EVs, an 81% enhance versus the identical month final 12 months.
