Chinese EV Maker XPeng Suspends Vice President Amidst Corruption Probe: Report
Portfolio Pulse from Shivani Kumaresan
Chinese electric vehicle manufacturer XPeng Inc (NYSE:XPEV) has suspended its Vice President, Li Feng, pending an internal corruption investigation. The company reassured stakeholders that the issue does not impact the company's overall operations or production links. XPeng has been focusing on enhancing supply chain management throughout the current year. Some members of the supply chain team have also been subjected to investigations.
October 10, 2023 | 12:37 pm
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XPeng Inc has suspended its Vice President, Li Feng, due to an internal corruption investigation. The company has reassured that this does not impact its operations or production.
The suspension of a top executive due to a corruption investigation could potentially harm the company's reputation. However, XPeng has reassured that this does not impact its operations or production, which may mitigate any potential negative impact on the stock price in the short term. The company's focus on enhancing supply chain management could also be seen as a positive move by investors.
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