Xiaopeng Automobile internal anti-corruption news.
On October 10, it was reported that Li Feng, head of the purchasing department of Xiaopeng Automobile, had been suspended due to his involvement in an internal anti-corruption investigation. Xiaopeng in response to the surging news reporter, the company to take action is a normal anti-corruption and clean behavior, for corruption, found a mistake together, will not tolerate, the incident involves a small, does not affect the business, production links.
It is reported that Li Feng was the vice president of Xiaopeng Motor before being suspended, responsible for the company's purchasing department. According to the official news of Xiaopeng Motor, on May 25, Li Feng also participated in the Xiaopeng Global Partner Conference for supply chain with Xiaopeng Motor Chairman and CEO He Xiaopeng and Xiaopeng Motor President Wang Fengying.
Xiaopeng Automobile insiders revealed to the surging news reporter that the internal anti-corruption is related to the high cost of parts procurement of Xiaopeng Automobile before. Previously, it was reported that before Wang Fengying took office, Xiaopeng Auto parts procurement prices were generally higher than peers. And for Xiaopeng Automobile, which began to pursue "reducing cost and increasing efficiency", anti-corruption is undoubtedly one of the important tasks.
Shortly after Xiaopeng's new car G9 went public, in late October 2022, He Xiaopeng issued an email for all staff to adjust the company's organizational structure, and the company will implement Business BU (Business Unit, business unit) as a whole to promote the company's cost reduction and efficiency.
On November 30, 2022, at the third quarter earnings call of Xopeng Motor 2022, He Xiaopeng said that reducing costs, producing more products with lower research and development investment, reducing marketing expenses, and reducing capital expenditure will be the focus of Xopeng Motor in the future.
Subsequently, the word "cost reduction" was constantly mentioned by He Xiaopeng. In the second quarter earnings call on August 18, He Xiaopeng mentioned that "in 2024, the company's overall cost is expected to reduce by 25%." He also said that Xiaopeng Motor is in the process of "whole process cost reduction."
According to the financial report, in the second quarter of this year, Xiaopeng Motor's revenue was 5.06 billion yuan, down 31.9% year-on-year, up 25.5% quarter-on-quarter; Net loss was 2.8 billion yuan, an increase of 3.8% year-on-year and 20% quarter-on-quarter, exceeding market expectations of a net loss of 2.171 billion yuan. In terms of gross margin, Xopeng Motor's automotive gross margin was -8.6% in the second quarter of 2023, compared to 9.1% in the same period in 2022 and -2.5% in the first quarter of 2023.
At the close of trading on October 10, Xiaopeng Motor Hong Kong shares fell 4.59% to close at HK $64.45 / share.