The Xpeng G9 SUV is on screen throughout the 20 th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center in Shanghai, April 18, 2023.
VCG|Visual China Group|Getty Images
Chinese car manufacturer Xpeng on Tuesday stated it suspended Li Feng, its vice president in charge of supply chains, for a corruption probe.
“Xpeng has a strict stance against corrupt activities. We remain vigilant in identifying and rectifying any instances of corruption promptly,” a representative for the business informed CNBC.
“We would like to clarify that our recent internal anti-corruption measures implemented by the company are a part of our continuous commitment to promoting ethical conduct and integrity and this incident has had limited impact and will not disrupt our business or production processes.”
Feng supervised procurement at the Chinese electrical automobile maker.
Xpeng shares were up around 2% in pre-market trade on Wednesday.
However, the business’s stock tanked more than 10% on Tuesday as financiers responded to the dispute in between Israel and Palestinian militant groupHamas Xpeng had actually provided 750 lorries to Israel previously this month as part of its efforts targeting worldwide development, however the establishing dispute has actually weighed on financier belief.
This year, Xpeng has actually been dealing with increasing competitors and a rate war in China, stired by Tesla, which has actually injured the business’s success.
The business’s cars and truck shipments have actually increased more just recently. In September, Xpeng provided 15,310 EVs, an 81% boost versus the exact same month in 2015.
