Xpeng Motors Suspends VP Amidst Anti-Corruption Investigation
Xpeng Motors, a Chinese electric vehicle manufacturer, has suspended its vice president and head of procurement, Li Feng, due to an ongoing anti-corruption investigation. This move comes amidst internal reforms and cost-cutting efforts aimed at enhancing the company's competitiveness.
Following the unsuccessful launch of the G9 model, Xpeng underwent internal restructuring that expanded Li Feng's influence within the company. However, in February 2023, core business responsibilities were consolidated under CEO He Xiaopeng and Wang Fengying, with Li Feng continuing to report procurement operations to He Xiaopeng.
Li Feng's suspension may signal the beginning of a broader anti-corruption effort within Xpeng Motors. The company has been targeting its supply chain this year, with CEO He Xiaopeng reportedly receiving numerous whistleblower emails. The internal control department will temporarily oversee supply chain operations during the investigation.
Xpeng Motors aims to achieve a 35% overall cost reduction by the end of 2024. The company is focusing on cost-cutting and efficiency improvement measures to enhance its product competitiveness. In 2022, Xpeng merged several departments under Li Feng's leadership. Notably, co-founder He Tao, who played a significant role in the company's founding, has become increasingly absent from core business activities since Li Feng's suspension.
Li Feng's suspension and the subsequent investigation highlight Xpeng Motors' commitment to addressing potential corruption within its ranks. As the company works towards its cost reduction goals, it is also taking steps to ensure transparency and accountability in its operations.
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