By Michael Elkins
He Xiaopeng, chairman and CEO of Xpeng (NYSE:XPEV), sent an email to employees Friday announcing that the electric vehicle company would be going through a comprehensive organizational restructuring.
The CEO presided over management meetings for several days recently, reflecting and discussing key issues such as the company’s operation, organizational structure and product strategy and has decided to establish a virtual committee organization made up of five committees. The goal of this organization will be to open the communication channels of the company's various business lines and improve collaboration efficiency.
According to Chinese media site 36Kr, Xiaopeng will oversee three of the five committees (corporate strategy, product planning, and technology road-mapping).
According to a person familiar with the matter, the trigger for this adjustment was the listing of XPeng‘s new G9. Consumers have complained about the complexity of naming, the deviation of product planning from user needs and the failure of marketing.
According to official data, in August and September 2022, XPeng delivered 9,578 vehicles and 8,468 vehicles respectively. 5,745 and 4,634 P7s were delivered during the same period. XPeng‘s delivery volume decreased month-over-month in August and Year-over-year in September.
Shares of XPEV are down 9.84% in early trading on Monday.