Chinese electric automaker, Xpeng (NYSE:XPEV) announced Tuesday, the suspension of supply chain vice president, Li Feng for an investigation relating to corruption.
“Xpeng has a strict stance against corrupt activities. We remain vigilant in identifying and rectifying any instances of corruption promptly,” said a company spokesperson.
“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.”
Shares of XPEV fell more than 10% Monday as investors reacted to the ongoing conflict between Israel and Hamas.
Xpeng's recent shipment of 750 vehicles to Israel, part of its strategy for international expansion, has been overshadowed by the unfolding conflict, dampening investor sentiment.
Shares of XPEV are up 3.78% in early trading Tuesday morning.