Chinese electric vehicle manufacturer XPeng Inc XPEV has reportedly announced the suspension of one of its top executives.
XPeng disclosed that its Vice President, Li Feng, is currently under suspension pending an internal corruption investigation, according to a report from Reuters.
Earlier media reports had identified Li Feng as the person helming XPeng's procurement division.
The report cited a company statement that XPeng reassured its stakeholders that the issue's scope was limited and did not impact the company's overall operations or production links.
It's been a year of introspection and tightening of procedures for XPeng. The company emphasized its increased focus on enhancing supply chain management throughout the current year.
Additionally, some members of the supply chain team have been subjected to investigations, the report further noted.
Price Action: XPEV shares are trading higher by 1.66% at $16.56 in premarket on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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