A Chinese electric vehicle start-up backed by Volkswagen has suspended a senior executive over alleged corruption.Xpeng said that Li Feng, a vice-president who oversaw supply chain procurement, was suspended after an internal investigation but the Tesla rival gave no further details of the allegations.
“This incident has had limited impact and will not disrupt our business or production processes,” Xpeng told the Financial Times on Wednesday, adding that it has a “strict stance” against corruption.
Xpeng, which is listed in New York and Hong Kong, is one of China’s fastest growing electric vehicle companies and is considered by analysts to be a potential future challenger to Elon Musk’s Tesla and its Chinese competitor BYD, which is backed by Warren Buffett.