Xpeng suspends supply chain boss for corruption probe

The Xpeng G9 SUV is on show through the twentieth Shanghai International Automobile Industry Exhibition on the National Exhibition and Convention Center in Shanghai, April 18, 2023.

VCG | Visual China Group | Getty Images

Chinese automaker Xpeng on Tuesday stated it suspended Li Feng, its vp accountable for supply 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 instructed CNBC.

“We want to make clear that our current inside anti-corruption measures applied 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 electrical automobile maker.

Xpeng shares have been up round 2% in pre-market commerce on Wednesday.

However, 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 focusing on worldwide progress, however the growing battle has weighed on investor sentiment.

This yr, Xpeng has been battling rising competitors and a value struggle in China, stoked by Tesla, which has hurt the company’s profitability.

The firm’s automobile deliveries have risen more recently. In September, Xpeng delivered 15,310 EVs, an 81% improve versus the identical month final yr.

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