China’s state assets regulator moved the head of Dongfeng Motor Corp. to lead China FAW Group Corp. as part of a reshuffle of management at its state-owned automakers amid corruption probes.
Xu Ping, formerly chairman of Dongfeng, has been named to the same post at FAW Group, the State-owned Assets Supervision and Administration Commission said in a microblog posting. The regulator appointed Zhu Yanfeng yesterday to replace Xu at Dongfeng.
FAW, formerly known as First Automotive Works, is a linchpin of China’s industrial policy to build up the country’s manufacturing capabilities. The company has joint ventures with Volkswagen AG and Toyota Motor Corp. to make passenger cars.
FAW’s previous chairman, Xu Jianyi, is suspected of serious violations of party discipline and the law, the Communist Party’s internal disciplinary commission has said.
— With assistance by Kongho Chua