Xpeng Inc (NYSE:XPEV) the Chinese electric vehicle (EV) maker, said it has suspended its vice president and head of procurement, Li Feng, due to an investigation related to corruption, Reuters reported.
In a statement seen by the news agency, Xpeng said some of its supply chain staff have been investigated as it strengthened its supply chain management.
"The incident affected a small area and did not affect business and production links," the company said.
The company’s shares rose 3.6% to $16.87 in early Tuesday morning trading in New York.
The stock sank 10% on Monday as investors reacted to Israel’s declaration of war in response to a large-scale attack by Hamas.
In September, XPeng delivered 750 of its P7 and G9 models to the Middle Eastern country, its largest single export batch this year, as it pivots towards the Israeli market.
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