Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | XPeng Inc. |
Entity Central Index Key | 0001810997 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Transition Report | false |
Document Annual Report | true |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity File Number | 001-39466 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | No. 8 Songgang Road, Changxing Street |
Entity Address, Address Line Two | Cencun, Tianhe District |
Entity Address, City or Town | Guangzhou |
Entity Address, Postal Zip Code | 510640 |
Entity Address, Country | CN |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Guangzhou, the People’s Republic of China |
Document Shell Company Report | false |
Document Financial Statement Error Correction [Flag] | false |
Common Class A [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.00001 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 1,536,728,823 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 348,708,257 |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing two Class A ordinary shares |
Trading Symbol | XPEV |
Security Exchange Name | NYSE |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | No. 8 Songgang Road, Changxing Street |
Entity Address, Address Line Two | Cencun, Tianhe District |
Entity Address, City or Town | Guangzhou |
Entity Address, Postal Zip Code | 510640 |
Entity Address, Country | CN |
Local Phone Number | 6680-6680 |
Country Region | 86 |
City Area Code | 20 |
Contact Personnel Name | Hongdi Brian Gu |
Contact Personnel Email Address | ir@xiaopeng.com |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | ¥ 21,127,163 | ¥ 14,607,774 |
Restricted cash | 3,174,886 | 106,272 |
Short-term deposits | 9,756,979 | 14,921,688 |
Short-term investments | 781,216 | 1,262,129 |
Long-term deposits, current portion | 7,054,915 | 427,466 |
Accounts and notes receivable, net | 2,716,216 | 3,872,846 |
Installment payment receivables, net, current portion | 1,881,755 | 1,294,665 |
Inventory | 5,526,212 | 4,521,373 |
Amounts due from related parties | ¥ 12,948 | ¥ 47,124 |
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Prepayments and other current assets | ¥ 2,489,339 | ¥ 2,466,084 |
Total current assets | 54,521,629 | 43,527,421 |
Non-current assets | ||
Long-term deposits | 3,035,426 | 6,926,450 |
Restricted long-term deposits | 767,899 | 0 |
Property, plant and equipment, net | 10,954,485 | 10,606,745 |
Right-of-use assets, net | 1,455,865 | 1,954,618 |
Intangible assets, net | 4,948,992 | 1,042,972 |
Land use rights, net | 2,789,367 | 2,747,854 |
Installment payment receivables, net | 3,027,795 | 2,188,643 |
Long-term investments | 2,084,933 | 2,295,032 |
Other non-current assets | 576,150 | 201,271 |
Total non-current assets | 29,640,912 | 27,963,585 |
Total assets | 84,162,541 | 71,491,006 |
Current liabilities | ||
Short-term borrowings | 3,889,100 | 2,419,210 |
Accounts and notes payable | 22,210,431 | 14,222,856 |
Amounts due to related parties | ¥ 30,880 | ¥ 91,111 |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Operating lease liabilities, current portion | ¥ 365,999 | ¥ 490,811 |
Finance lease liabilities, current portion | 34,382 | 128,279 |
Deferred revenue, current portion | 630,997 | 389,243 |
Long-term borrowings, current portion | 1,363,835 | 761,859 |
Accruals and other liabilities | 7,580,195 | 5,583,829 |
Income taxes payable | 5,743 | 27,655 |
Total current liabilities | 36,111,562 | 24,114,853 |
Non-current liabilities | ||
Long-term borrowings | 5,650,782 | 4,613,057 |
Operating lease liabilities | 1,490,882 | 1,854,576 |
Finance lease liabilities | 777,697 | 797,743 |
Deferred revenue | 668,946 | 694,006 |
Derivative liability | 393,473 | 0 |
Deferred tax liabilities | 404,018 | 0 |
Other non-current liabilities | 2,336,654 | 2,506,106 |
Total non-current liabilities | 11,722,452 | 10,465,488 |
Total liabilities | 47,834,014 | 34,580,341 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | 70,198,031 | 60,691,019 |
Statutory and other reserves | 60,035 | 6,425 |
Accumulated deficit | (35,760,301) | (25,330,916) |
Accumulated other comprehensive income | 1,830,638 | 1,544,024 |
Total shareholders' equity | 36,328,527 | 36,910,665 |
Total liabilities and shareholders' equity | 84,162,541 | 71,491,006 |
Common Class A [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common Stock, Value, Issued | 103 | 92 |
Common Class B [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common Stock, Value, Issued | ¥ 21 | ¥ 21 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 08, 2021 | Dec. 31, 2020 |
Common stock par or stated value per share | $ 0.00001 | ||||
Common Class A [Member] | |||||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | |||
Common Stock Shares Authorized | 9,250,000,000 | 9,250,000,000 | 9,250,000,000 | ||
Common Stock Shares Issued | 1,538,109,009 | 1,376,693,799 | 1,302,911,192 | 971,341,066 | |
Common Stock Shares Outstanding | 1,535,297,395 | 1,371,774,629 | 1,291,039,502 | 928,296,786 | |
Common Class B [Member] | |||||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | |||
Common Stock Shares Authorized | 750,000,000 | 750,000,000 | 750,000,000 | ||
Common Stock Shares Issued | 348,708,257 | 348,708,257 | 409,846,136 | ||
Common Stock Shares Outstanding | 348,708,257 | 348,708,257 | 409,846,136 | 429,846,136 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | ||||
Total revenues | ¥ 30,676,067 | ¥ 26,855,119 | ¥ 20,988,131 | |
Cost of sales | ||||
Total cost of sales | [1] | (30,224,912) | (23,766,728) | (18,365,576) |
Gross profit | 451,155 | 3,088,391 | 2,622,555 | |
Operating expenses | ||||
Research and development expenses | [1] | (5,276,574) | (5,214,836) | (4,114,267) |
Selling, general and administrative expenses | [1] | (6,558,942) | (6,688,246) | (5,305,433) |
Total operating expenses | [1] | (11,835,516) | (11,903,082) | (9,419,700) |
Other income, net | 465,588 | 109,168 | 217,740 | |
Fair value gain on derivative liability relating to the contingent consideration | 29,339 | 0 | 0 | |
Loss from operations | (10,889,434) | (8,705,523) | (6,579,405) | |
Interest income | 1,260,162 | 1,058,771 | 743,034 | |
Interest expenses | (268,666) | (132,192) | (55,336) | |
Fair value gain (loss) on derivative assets or derivative liabilities | (410,417) | 59,357 | 79,262 | |
Investment gain (loss) on long-term investments | (224,364) | 25,062 | 591,506 | |
Exchange gain (loss) from foreign currency transactions | 97,080 | (1,460,151) | 313,580 | |
Other non-operating income, net | 41,934 | 36,318 | 70,253 | |
Loss before income tax expenses and share of results of equity method investees | (10,393,705) | (9,118,358) | (4,837,106) | |
Income tax expenses | (36,810) | (24,731) | (25,990) | |
Share of results of equity method investees | 54,740 | 4,117 | 0 | |
Net loss | (10,375,775) | (9,138,972) | (4,863,096) | |
Net loss attributable to ordinary shareholders of XPeng Inc. | (10,375,775) | (9,138,972) | (4,863,096) | |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustment, net of tax | 286,614 | 3,192,573 | (918,168) | |
Total comprehensive loss attributable to XPeng Inc. | (10,089,161) | (5,946,399) | (5,781,264) | |
Comprehensive loss attributable to ordinary shareholders of XPeng Inc. | ¥ (10,089,161) | ¥ (5,946,399) | ¥ (5,781,264) | |
Weighted average number of ordinary shares, Basic | 1,740,921,519 | 1,712,533,564 | 1,642,906,400 | |
Weighted average number of ordinary shares, Diluted | 1,740,921,519 | 1,712,533,564 | 1,642,906,400 | |
Net loss per ordinary share, Basic | ¥ (5.96) | ¥ (5.34) | ¥ (2.96) | |
Net loss per ordinary share, Diluted | ¥ (5.96) | ¥ (5.34) | ¥ (2.96) | |
Vehicle [Member] | ||||
Revenues | ||||
Total revenues | ¥ 28,010,857 | ¥ 24,839,637 | ¥ 20,041,955 | |
Cost of sales | ||||
Total cost of sales | [1] | (28,457,909) | (22,493,122) | (17,733,036) |
Services and others [Member] | ||||
Revenues | ||||
Total revenues | 2,665,210 | 2,015,482 | 946,176 | |
Cost of sales | ||||
Total cost of sales | [1] | ¥ (1,767,003) | ¥ (1,273,606) | ¥ (632,540) |
[1]Share-based compensation was allocated in cost of sales and operating expenses as follows |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Expense | ¥ 550,535 | ¥ 710,486 | ¥ 379,948 |
Cost of Sales [Member] | |||
Share Based Compensation Expense | 3,235 | 3,183 | 0 |
Selling, General and Administrative Expenses [Member] | |||
Share Based Compensation Expense | 206,936 | 282,667 | 154,995 |
Research and Development Expense [Member] | |||
Share Based Compensation Expense | ¥ 340,364 | ¥ 424,636 | ¥ 224,953 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CNY (¥) ¥ in Thousands | Total | DiDis Smart Auto Business [Member] | Volkswagen Group [Member] | Global Offering [Member] | Ordinary Shares [Member] | Ordinary Shares [Member] DiDis Smart Auto Business [Member] | Ordinary Shares [Member] Volkswagen Group [Member] | Ordinary Shares [Member] Global Offering [Member] | Treasury Shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] DiDis Smart Auto Business [Member] | Additional Paid-in Capital [Member] Volkswagen Group [Member] | Additional Paid-in Capital [Member] Global Offering [Member] | Statutory Reserves [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2020 | ¥ 34,429,809 | ¥ 105 | ¥ (4) | ¥ 46,482,512 | ¥ (730,381) | ¥ (11,322,423) | ||||||||||
Beginning balance (Shares) at Dec. 31, 2020 | 1,579,805,666 | (43,044,280) | ||||||||||||||
Share-based compensation, value | 379,948 | 379,948 | ||||||||||||||
Issuance of ordinary shares, value | ¥ 13,118,085 | ¥ 6 | ¥ 13,118,079 | |||||||||||||
Issuance of ordinary shares, shares | 97,083,300 | |||||||||||||||
Issuance of treasury shares, shares | 9,396,714 | (9,396,714) | ||||||||||||||
Issuance of treasury shares, value | ¥ 1 | ¥ (1) | ||||||||||||||
Transfer from treasury shares to outstanding ordinary shares for vested RSUs,shares | 11,075,214 | |||||||||||||||
Transfer from treasury shares Value to outstanding ordinary shares for vested RSUs , value | ¥ 1 | (1) | ||||||||||||||
Issuance of ordinary shares for the vested restricted share Units, value | ¥ 1 | ¥ 3 | (4) | |||||||||||||
Issuance of ordinary shares for the vested restricted share Units, shares | 26,471,648 | 29,494,090 | ||||||||||||||
Foreign currency translation adjustment, net of tax | (918,168) | (918,168) | ||||||||||||||
Issuance of ordinary shares relating to the acquisition, Value | 0 | |||||||||||||||
Net loss | (4,863,096) | (4,863,096) | ||||||||||||||
Appropriations to reserves | ¥ 6,047 | (6,047) | ||||||||||||||
Ending balance at Dec. 31, 2021 | 42,146,578 | ¥ 113 | ¥ (1) | 59,980,534 | 6,047 | (1,648,549) | (16,191,566) | |||||||||
Ending balance (Shares) at Dec. 31, 2021 | 1,712,757,328 | (11,871,690) | ||||||||||||||
Share-based compensation, value | 710,486 | 710,486 | ||||||||||||||
Issuance of treasury shares, shares | 10,614,576 | (10,614,576) | ||||||||||||||
Issuance of treasury shares, value | ¥ 1 | ¥ (1) | ||||||||||||||
Transfer from treasury shares to outstanding ordinary shares for vested RSUs,shares | 17,567,096 | |||||||||||||||
Transfer from treasury shares Value to outstanding ordinary shares for vested RSUs , value | ¥ 1 | (1) | ||||||||||||||
Issuance of ordinary shares for the vested restricted share Units, value | ¥ 0 | ¥ 0 | 0 | |||||||||||||
Issuance of ordinary shares for the vested restricted share Units, shares | 2,030,152 | 0 | ||||||||||||||
Foreign currency translation adjustment, net of tax | 3,192,573 | 3,192,573 | ||||||||||||||
Issuance of ordinary shares relating to the acquisition, Value | 0 | |||||||||||||||
Net loss | (9,138,972) | (9,138,972) | ||||||||||||||
Appropriations to reserves | 378 | (378) | ||||||||||||||
Ending balance at Dec. 31, 2022 | 36,910,665 | ¥ 114 | ¥ (1) | 60,691,019 | 6,425 | 1,544,024 | (25,330,916) | |||||||||
Ending balance (Shares) at Dec. 31, 2022 | 1,725,402,056 | (4,919,170) | ||||||||||||||
Share-based compensation, value | 550,535 | 550,535 | ||||||||||||||
Issuance of ordinary shares, value | ¥ 5,427,397 | ¥ 7 | ¥ 5,427,390 | |||||||||||||
Issuance of ordinary shares, shares | 94,079,255 | |||||||||||||||
Issuance of treasury shares, shares | 8,571,852 | (8,571,852) | ||||||||||||||
Transfer from treasury shares to outstanding ordinary shares for vested RSUs,shares | 10,679,408 | |||||||||||||||
Issuance of ordinary shares for the vested restricted share Units, shares | 599,886 | |||||||||||||||
Foreign currency translation adjustment, net of tax | 286,614 | 286,614 | ||||||||||||||
Issuance of ordinary shares relating to the acquisition, Shares | 58,164,217 | |||||||||||||||
Issuance of ordinary shares relating to the acquisition, Value | 3,087,849 | ¥ 3,268,545 | ¥ 4 | ¥ 3,268,541 | ||||||||||||
Contingent consideration classified as equity relating to the acquisition of DiDi's smart auto business | ¥ 260,546 | ¥ 260,546 | ||||||||||||||
Net loss | (10,375,775) | (10,375,775) | ||||||||||||||
Appropriations to reserves | 53,610 | (53,610) | ||||||||||||||
Ending balance at Dec. 31, 2023 | ¥ 36,328,527 | ¥ 125 | ¥ (1) | ¥ 70,198,031 | ¥ 60,035 | ¥ 1,830,638 | ¥ (35,760,301) | |||||||||
Ending balance (Shares) at Dec. 31, 2023 | 1,886,817,266 | (2,811,614) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net loss | ¥ (10,375,775) | ¥ (9,138,972) | ¥ (4,863,096) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Depreciation of property, plant and equipment | 1,645,760 | 915,481 | 573,247 |
Amortization of intangible assets | 230,501 | 65,714 | 25,875 |
Amortization of right-of-use assets | 182,195 | 379,200 | 229,031 |
Amortization of land use rights | 48,828 | 50,309 | 9,642 |
Loss of disposal of property, plant and equipment | 4,863 | 15,682 | 36,508 |
Loss of disposal of intangible assets | 409 | 0 | 0 |
Impairment of property, plant and equipment | 81,814 | 30,849 | 34,589 |
Impairment of intangible assets | 8,712 | 26,418 | 0 |
Current expected credit loss of accounts and notes receivable | 18,222 | 11,369 | 16,175 |
Current expected credit loss of installment payment receivables | 47,352 | 43,971 | 49,978 |
Current expected credit loss of other current assets | 4,783 | 12,314 | 3,578 |
Inventory write-downs | 1,054,711 | 220,319 | 162,433 |
Exchange (gain) loss from foreign currency transactions | (97,080) | 1,460,151 | (313,580) |
Interest income | (352,179) | (237,657) | (351,926) |
Share-based compensation | 550,535 | 710,486 | 379,948 |
Fair value (gain) loss on derivative assets or derivative liabilities | 410,417 | (59,357) | (79,262) |
Fair value gain on derivative liability relating to the contingent consideration | (29,339) | 0 | 0 |
Investment (gain) loss on long-term investments | 224,364 | (25,062) | (591,506) |
Share of results of equity method investees | (54,740) | (4,117) | 0 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts and notes receivable | 1,138,408 | (1,210,721) | (1,560,777) |
Inventory | (2,358,763) | (2,475,785) | (1,940,225) |
Amounts due from related parties | 34,176 | (14,339) | (32,103) |
Prepayments and other current assets | 329,654 | (219,127) | (652,033) |
Other non-current assets | 150,944 | (23,124) | (68,136) |
Accounts and notes payable | 7,955,933 | 1,860,670 | 7,250,441 |
Deferred tax liabilities | 18,797 | 0 | 0 |
Deferred revenue | 216,694 | 185,961 | 588,904 |
Operating lease liabilities | (172,612) | (380,006) | (237,846) |
Accruals and other liabilities | 1,089,108 | 119,283 | 2,260,378 |
Other non-current liabilities | 443,545 | 237,117 | 187,923 |
Installment payment receivables | (1,473,594) | (776,585) | (2,247,136) |
Amounts due to related parties | 1,433 | (17,736) | 12,857 |
Income taxes payable | (21,912) | 4,918 | 21,528 |
Net cash (used in) provided by operating activities | 956,164 | (8,232,376) | (1,094,591) |
Cash flows from investing activities | |||
(Placement) Maturities of short-term deposits | 5,441,363 | 11,922,171 | (24,899,368) |
Maturities of short-term investments | 524,172 | 1,625,763 | 62,305 |
Placement of long term deposits | (3,128,847) | (3,822,326) | (3,157,891) |
Purchase of property, plant and equipment | (2,096,326) | (4,275,838) | (2,299,698) |
Receipt of government subsidy related to assets | 111,944 | 166,260 | 12,954 |
Maturities of derivative assets or derivative liabilities | 0 | 10,752 | 233,050 |
Purchase of intangible assets | (124,838) | (98,047) | (288,084) |
Disposal of property, plant and equipment | 8,380 | 77,059 | 24,124 |
Purchase of land use rights | (90,341) | (306,014) | (223,113) |
Prepayment for acquisition of assets | 0 | 0 | (23,132) |
Prepayments for subscription of equity securities | 0 | 0 | (50,000) |
Prepayment for acquisition of land use rights | 0 | 0 | (1,507,170) |
Disposal of long-term investments | 0 | 165,000 | 0 |
Cash paid for long-term investments | (188,681) | (618,814) | (959,855) |
Cash acquired relating to a business combination | 684,214 | 0 | 0 |
Cash paid for an asset acquisition, net of cash acquired | (509,872) | 0 | 0 |
Net cash (used in) provided by investing activities | 631,168 | 4,845,966 | (33,075,878) |
Cash flows from financing activities | |||
Proceeds from Global Offering, net of issuance costs | 0 | 0 | 13,146,811 |
Proceeds from issuance of ordinary shares to Volkswagen Group | 5,019,599 | 0 | 0 |
Proceeds from borrowings | 8,271,823 | 6,800,730 | 840,106 |
Repayments of borrowings | (5,162,232) | (681,710) | (982,900) |
Proceeds from debt from third party investors | 0 | 0 | 1,660,000 |
Repayment of debt from third party investors | 0 | (98,000) | 0 |
Repayments of finance lease liabilities | (113,943) | (15,355) | 0 |
Payments of listing expenses | 0 | (1,830) | (36,924) |
Net cash provided by financing activities | 8,015,247 | 6,003,835 | 14,627,093 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (14,576) | 461,740 | (363,276) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 9,588,003 | 3,079,165 | (19,906,652) |
Cash, cash equivalents and restricted cash at beginning of the year | 14,714,046 | 11,634,881 | 31,541,533 |
Cash, cash equivalents and restricted cash at end of the year | 24,302,049 | 14,714,046 | 11,634,881 |
Supplemental disclosure of cash flows information | |||
Cash paid for interest, net of amounts capitalized | (306,656) | (162,470) | (126,090) |
Cash paid for income taxes | 25,727 | 36,071 | 0 |
Acquisition of property, plant and equipment included in liabilities | 1,723,130 | 1,624,432 | 843,732 |
Cash acquired relating to a business combination | 684,214 | 0 | 0 |
Cash paid for an asset acquisition | (710,479) | 0 | 0 |
Cash acquired relating to an asset acquisition | 200,607 | 0 | 0 |
Supplemental disclosure of non-cash investing activities | |||
Ordinary shares issued for the acquisition of DiDi's smart auto business | 3,087,849 | 0 | 0 |
Fair value of contingent consideration relating to the acquisition of DiDi's smart auto business | ¥ 694,357 | ¥ 0 | ¥ 0 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations (a) Principal activities XPeng Inc. (“XPeng” or the “Company”) was incorporated under the laws of the Cayman Islands on December 27, 2018, as an exempted company with limited liability. The Company, its subsidiaries and consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (“VIEs”, also refer to VIE and its subsidiaries as a whole, where appropriate) are collectively referred to as the “Group”. The Group designs, develops and delivers smart electric vehicles. It manufactures all vehicles through its own plants in Zhaoqing, Guangzhou and Wuhan. As of December 31, 2022 and 2023, its primary operations are conducted in the People’s Republic of China (“PRC”). (b) Initial Public Offering and Global Offering In August and December 2020, the Company completed its initial public offering (“IPO”) follow-on (“FO”) In July 2021, the Company completed its global offering (“Global Offering”), (“HKEX”) (c) Principal subsidiaries and VIEs As of December 31, 2023, the Company’s principal subsidiaries and VIEs are as follows: Place of incorporation Date of Equity Principal activities Principal subsidiaries Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. (“Chengxing”) PRC January 09, 2015 100 % Investment holding Guangzhou Xiaopeng Motors Technology Co., Ltd.(“Xiaopeng Technology”) PRC May 12, 2016 100 % Design and technology development Guangzhou Xiaopeng Automobile Manufacturing Co., Ltd. PRC April 07, 2017 100 % Design and technology development Zhaoqing Xiaopeng New Energy Investment Co., Ltd.(“Zhaoqing Xiaopeng New Energy”) (1) PRC February 13, 2020 100 % Manufacturing of vehicles Zhaoqing Xiaopeng Automobile Co., Ltd.(“Zhaoqing XPeng”) PRC May 18, 2017 100 % Manufacturing of battery pack Xiaopeng Motors Sales Co., Ltd. (“Xiaopeng Motors Sales”) PRC January 08, 2018 100 % Vehicle wholesale and retail Beijing Xiaopeng Automobile Co., Ltd.(“Beijing Xiaopeng”) PRC April 28, 2018 100 % Vehicle wholesale and retail, design and technology development Beijing Xiaopeng Automobile Sales Service Co., Ltd. PRC November 09, 2020 100 % Vehicle wholesale and retail Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd. PRC November 18, 2019 100 % Technology development Guangzhou Xiaopeng Smart Charging Technology Co., Ltd. PRC June 22, 2020 100 % Smart charging technology development Xiaopeng Automobile Central China (Wuhan) Co., PRC April 30, 2021 100 % Technology development and vehicle retail Shanghai Xiaopeng Motors Technology Co., Ltd.(“Shanghai Xiaopeng”) PRC February 12, 2018 100 % Technology development and vehicle retail Guangzhou Zhipeng Manufacturing Co., Ltd. PRC January 14, 2021 100 % Manufacturing of vehicles Wuhan Xiaopeng Smart Manufacturing Co., Ltd. PRC August 16, 2021 100 % Manufacturing of battery pack and electric drive system XPeng Huitian Holding Limited BVI October 12, 2020 100 % Investment holding XPeng Dogotix Holding Limited BVI January 05, 2021 100 % Investment holding Dogotix Inc. BVI October 09, 2023 100 % Investment holding XPeng (Hong Kong) Limited Hong Kong February 12, 2019 100 % Investment holding (1) On February 13, 2020, Zhaoqing Xiaopeng New Energy was established by (i) Zhaoqing XPeng, which is a wholly owned subsidiary of the Company, and (ii) Zhaoqing Kunpeng Motor Technology Co., Ltd. (“Zhaoqing Kunpeng”), which is jointly owned by two shareholders of the Company. Each of Zhaoqing XPeng and Zhaoqing Kunpeng subscribed for 50% of the equity interest of Zhaoqing Xiaopeng New Energy, with Zhaoqing Kunpeng’s capital contribution representing an amount of RMB0 Yuan. Zhaoqing Xiaopeng New Energy holds a license for the manufacture of EVs and smart EVs which was approved by the Ministry of Industry and Information Technology ( “ On February 13, 2020, Zhaoqing XPeng and Zhaoqing Kunpeng entered into a share transfer agreement, among which Zhaoqing Kunpeng agreed to transfer the 50% of the equity interest in Zhaoqing Xiaopeng New Energy to Zhaoqing XPeng at the price of the higher of (i) RMB1 Yuan or (ii) the capital injection actually paid by Zhaoqing Kunpeng upon the earlier of (i) the removal of the PRC foreign investment restrictions in the whole-unit vehicle industry; or (ii) December 31, 2022. Effective from January 1, 2022, the PRC foreign investment restrictions in the whole-unit vehicle industry were removed. Therefore, on January 4, 2022, Zhaoqing Kunpeng transferred its 50% equity interest in Zhaoqing Xiaopeng New Energy to Zhaoqing XPeng for a total cash consideration of RMB1 Yuan, after which Zhaoqing Xiaopeng New Energy become the Company’s indirect wholly owned subsidiary. This transfer did not affect the continued consolidation of financial statements of Zhaoqing Xiaopeng New Energy by the Company. (2) The English names of the subsidiaries and VIEs represent the best effort by the management of the Company in translating its Chinese names as they do not have official English name. Place of incorporation Date of Principal activities VIEs Guangzhou Zhipeng IoV Technology Co., Ltd. (“Zhipeng IoV”) (Note 1(c)(i)) PRC May 23, 2018 Business of development and the operation of an Internet of Vehicles network Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (“Yidian Chuxing”) (Note 1(c)(ii)) PRC May 24, 2018 Business of provision of online-hailing services through online platform Guangzhou Xintu Technology Co., Ltd. (“Xintu Technology”) (Note 1(c)(i)) PRC April 27, 2021 Surveying and mapping Guangdong Intelligent Insurance Agency Co., Ltd. (“GIIA”, formerly known as Qingdao Miaobao Insurance Agency Co., Ltd.) (Note 1(c)(iii)) PRC July 22, 2022 Insurance agency VIEs’ subsidiary Jiangsu Zhipeng Kongjian Information Technology Co., Ltd. (“Zhipeng Kongjian”, formerly known as Jiangsu Zhitu Technology Co., Ltd., a subsidiary of Xintu Technology) (Note 1(c)(i)) PRC June 23, 2021 Surveying and mapping (i) Zhipeng IoV which is primarily engaged in the business of development and the operation of an Internet of Vehicles network was established by two shareholders of the Company (the “Zhipeng IoV’s Nominee Shareholders”) on May 23, 2018. On May 28, 2018, Xiaopeng Technology, Zhipeng IoV, and Zhipeng IoV’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Technology to exercise the equity owner’s rights over Zhipeng IoV. These agreements provide the Company, as the only shareholder of Xiaopeng Technology, with a controlling financial interest under ASC 810 in Zhipeng IoV to direct the activities that most significantly impact Zhipeng IoV’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Zhipeng IoV. Management concluded that Zhipeng IoV is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of Zhipeng IoV and shall consolidate the financial results of Zhipeng IoV in the Group’s consolidated financial statements under U.S. GAAP. On April 27, 2021, Zhipeng IoV established Xintu Technology and became the only shareholder of Xintu Technology. On June 23, 2021, Xintu Technology acquired 100% of the equity interest of Zhipeng Kongjian which possesses surveying and mapping qualification certificate, which is determined to be an asset acquisition. On August 12, 2021, Guangzhou Kuntu Technology Co., Ltd. (“Kuntu Technology”), a company controlled by the Zhipeng IoV’s Nominee Shareholders, acquired 100% of the equity interest of Xintu Technology from Zhipeng IoV. On the same day, Xiaopeng Technology, Xintu Technology and Kuntu Technology entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Technology to exercise the equity owner’s rights over Xintu Technology. These agreements provide the Company, as the only shareholder of Xiaopeng Technology, with a controlling financial interest under ASC 810 in Xintu Technology to direct the activities that most significantly impact Xintu Technology’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Xintu Technology. Management concluded that Xintu Technology is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of Xintu Technology and shall consolidate the financial results of Xintu Technology in the Group’s consolidated financial statements under U.S. GAAP. As of December 31, 2023, Xintu Technology did not have significant operations, nor any material assets or liabilities. On September 6, 2021, Xiaopeng Technology (wholly owned by the Company) acquired 50% equity interests in Zhipeng IoV from Zhipeng IoV’s Nominee Shareholders. At the same time, the aforementioned contractual agreements had been modified to reflect the change of equity interests in Zhipeng IoV. Xiaopeng Technology, Zhipeng IoV, and Zhipeng IoV’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Technology to exercise the equity owner’s rights over Zhipeng IoV. These agreements, coupled with its 50% equity interest, results in the Company, being the VIE’s primary beneficiary, with a controlling financial interest under ASC 810 in Zhipeng IoV, to direct the activities that most significantly impact Zhipeng IoV’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Zhipeng IoV. Accordingly, the Company continued to consolidate the financial results of Zhipeng IoV under U.S. GAAP. As of December 31, 2023, Zhipeng IoV did not have significant operations, nor any material assets or liabilities. (ii) Yidian Chuxing which is primarily engaged in the business of provision of online-hailing services through online platform was established by two shareholders of the Company (the “Yidian Chuxing’s Nominee Shareholders”) on May 24, 2018. On May 28, 2018, Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd, (“Xiaopeng Chuxing”), Yidian Chuxing, and Yidian Chuxing’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Chuxing to exercise the equity owner’s rights over Yidian Chuxing. These agreements provide the Company, as the only shareholder of Xiaopeng Chuxing, with a controlling financial interest under ASC 810 in Yidian Chuxing to direct the activities that most significantly impact Yidian Chuxing’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Yidian Chuxing. Management concluded that Yidian Chuxing is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of Yidian Chuxing and shall consolidate the financial results of Yidian Chuxing in the Group’s consolidated financial statements under U.S. GAAP. On September 10, 2021, Xiaopeng Chuxing (wholly owned by the Company) acquired 50% equity interests in Yidian Chuxing from Yidian Chuxing’s Nominee Shareholders. At the same time, the aforementioned contractual agreements have been modified to reflect the change of equity interests in Yidian Chuxing. Xiaopeng Chuxing, Yidian Chuxing, and Yidian Chuxing’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Chuxing to exercise the equity owner’s rights over Yidian Chuxing. These agreements, coupled with its 50% equity interest, results in the Company, being the VIE’s primary beneficiary, with a controlling financial interest under ASC 810 in Yidian Chuxing, to direct the activities that most significantly impact Yidian Chuxing’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Yidian Chuxing. Accordingly, the Company continued to consolidate the financial results of Yidi a (iii) GIIA, primarily engaged in the business of insurance agency services and established in 2007, was acquired by Guangzhou Xuetao Enterprise Management Co., Ltd. (“Guangzhou Xuetao”), a company jointly established by the former senior vice president of the Company and his spouse (the “GIIA’s Nominee Shareholders”). On July 22, 2022, Xiaopeng Motors Sales (wholly owned by the Company), Guangzhou Xuetao and GIIA’s Nominee Shareholders entered into a cooperation agreement that Guangzhou Xuetao irrevocably authorized Xiaopeng Motors Sales to exercise the 100% equity owner’s rights over GIIA. The agreement provides the Company, as the only shareholder of Xiaopeng Motors Sales, with a controlling financial interest under ASC 810 in GIIA to direct the activities that most significantly impact GIIA’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from GIIA. As a result of this contractual arrangement, management concluded that GIIA is a VIE of the Company and the Company is the ultimate primary beneficiary of GIIA and shall consolidate the financial results of GIIA in the Group’s consolidated financial statements under U.S. GAAP. As of December 31, 2023, GIIA did not have significant operations, nor any material assets or liabilities. Subsequently, this cooperation agreement was terminated and the new contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney, were entered into among GIIA, Xiaopeng Motors Sales, Guangzhou Xuetao and a new nominee shareholder who is the Group’s general counsel on January 31, 2024. Upon the effective date of these new contractual agreements, the Company remains the ultimate primary beneficiary of GIIA and continues to consolidate the financial results of GIIA. (d) Liquidity The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB4,863,096, RMB9,138,972 and RMB10,375,775 for the years ended December 31, 2021, 2022 and 2023, respectively. Accumulated deficit amounted to RMB25,330,916 and RMB35,760,301 as of December 31, 2022 and 2023, respectively. Net cash used in operating activities was approximately RMB1,094,591 and RMB8,232,376 for the years ended December 31, 2021 and 2022, respectively. Net cash provided by operating activities was approximately RMB956,164 for the year ended December 31, 2023. The Group’s liquidity is based on its ability to enhance its operating cash flow position, obtain capital financing from equity interest investors and borrow funds to fund its general operations, research and development activities and capital expenditures. The Group’s ability to continue as a going concern is dependent on management’s ability to execute its business plan successfully, which includes increasing market acceptance of the Group’s products to boost its sales volume to achieve economies of scale while applying more effective marketing strategies and cost control measures to better manage operating cash flow position and obtaining funds from outside sources of financing to generate positive financing cash flows. With the completion of its IPO and FO on NYSE in August and December 2020, the Group received the net proceeds, after deducting the underwriting discounts and commissions, fees and offering expenses, of RMB11,409,248 and RMB15,980,227, respectively. In July 2021, with the completion of its Global Offering on HKEX, the Group further received the net proceeds, after deducting the underwriting discounts and commissions, of Hong Kong doll a . In December, 2023, with the completion of the strategic minority investment by Volkswagen Group (“Volkswagen”), the Group received the net proceeds, after deducting related costs and expenses, of RMB5,019,599. As of December 31, 2023, the Group’s balance of cash and cash equivalents, restricted cash, excluding RMB6,308 restricted as to withdrawal or use for legal disputes, short-term deposits, short-term investments, and current portion of long-term deposits was RMB41,888,851. Management has concluded that its existing balance of cash and cash equivalents, short-term deposits, short-term investments and current portion of long-term deposits as of December 31, 2023, provide the Group with sufficient liquidity to meet its working capital requirements and contractual (including debt) obligations for the next twelve months following the issuance of the consolidated financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) to reflect the financial position, results of operations and cash flows of the Group. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company is the ultimate primary beneficiary. All transactions and balances among the Company, its subsidiaries and VIEs have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power: has the power to appoint or remove the majority of the members of the board of directors (the “Board”): to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investees under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Company’s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements primarily include, but are not limited to, the determination of performance obligations and allocation of transaction price to those performance obligations, the determination of warranty cost, lower of cost and net realizable value of inventory, losses on purchase commitments relating to inventory, assessment for impairment of long-lived assets and intangible assets, useful lives and residual values of long-lived assets and finite-lived intangible assets, determination of the fair value of derivative liability relating to the contingent consideration in business combination, fair value of assets and liabilities acquired or assumed in business combination, fair value of assets and liabilities acquired or assumed in asset acquisition, recoverability of receivables, valuation of deferred tax assets, determination of share-based compensation expenses, determination of the fair value of derivative assets or liabilities arising from forward exchange contracts, determination of the fair value of debt investments accounted for under the fair value option model as well as subsequent adjustments for equity investments without readily determinable fair values and not accounted for by the equity method. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. (d) Functional currency and foreign currency translation The Company uses Renminbi (“RMB”) as its reporting currency. The functional currencies of the Company and its subsidiaries which are incorporated in the Cayman Islands, British Virgin Islands, United States, Hong Kong and other regions is United States dollars (“US$”) or their respective local currencies, while the functional currencies of the other subsidiaries and VIEs which are incorporated in the PRC are RMB. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters. Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary re-measured The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income or loss in the consolidated statements of comprehensive loss, and the accumulated currency translation adjustments are presented as a component of accumulated other comprehensive income or loss in the consolidated statements of changes in shareholders’ equity. (e) Business combinations and goodwill The Group accounts for business combinations under ASC 805, Business Combinations. Business combinations are recorded using the acquisition method of accounting, and the transaction consideration of an acquisition is determined based upon the aggregate fair value at the date of exchange of the assets transferred, liabilities incurred, and equity instruments issued, including any consideration contingent upon future events as defined. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of the total transaction consideration over the aggregate fair value of the acquired identifiable net assets is recorded as goodwill. If the total transaction consideration is less than the fair values of the net assets of the subsidiaries acquired, the difference is recognized directly in the consolidated statements of comprehensive loss. Goodwill is not amortized but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, by performing the quantitative test through comparing each reporting unit’s fair value to its carrying value, including goodwill. No impairment provision was made related to the Group’s goodwill for the year ended December 31, 2023. (f) Fair value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level I — Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. Level II —Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level II valuation techniques. Level III —Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term deposits, short-term investments, accounts and notes receivable, installment payment receivables, long-term deposits, restricted long-term deposits, long-term investments, finance lease receivables, other assets, accounts and notes payable, short-term borrowings, finance lease liabilities, operating lease liabilities, accruals and other liabilities, derivative liability and long-term borrowings. As of December 31, 2022 and 2023, the carrying values of these financial instruments, except for other non-current non-current non-current non-current Financial assets and liabilities that are measured at fair value on a recurring basis consist of short-term investments, equity investments with readily determinable fair values, debt investments that are accounted for under the fair value option model and derivative liabilities. Equity investments with readily determinable fair values (Note 13) are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements. All of the Group’s short-term investments, which are comprised primarily of structured deposits, bank financial products, are classified within Level II of the fair value hierarchy because they are floating income products linked to currency exchange rate, gold market price or benchmark interest rates. These instruments are not valued using quoted market prices, but can be valued based on other observable inputs, such as interest rates and currency rates. The Group has debt investments that are accounted for under the fair value option model (Note 13), and a derivative liability relating to certain contingent consideration (Note 5), which are initially measured at fair value with changes in fair value in the subsequent periods recognized through earnings. Such debt investments and derivative liability are classified within Level III of the fair value hierarchy, as there is little or no observable market data to determine the respective fair values. Under these circumstances, the Group has adopted certain valuation techniques using unobservable inputs to measure their respective fair values. (g) Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. Cash and cash equivalents as reported in the consolidated statements of cash flows are presented separately on the consolidated balance sheets as follows: As of December 31, 2022 As of December 31, 2023 Amount RMB equivalent Amount RMB equivalent Cash and cash equivalents: RMB 13,230,745 13,230,745 13,597,107 13,597,107 US$ 194,588 1,355,226 1,021,773 7,236,909 HK$ 9,256 8,268 4,218 3,823 Others not applicable 13,535 not applicable 289,324 Total 14,607,774 21,127,163 As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents were held in reputable financial institutions located in the PRC, Hong Kong and United States. (h) Restricted cash Restricted cash primarily represents bank deposits for letters of guarantee, bank notes and others amounted to RMB84,371 and RMB3,168,578 as of December 31, 2022 and 2023, respectively. In addition, restricted cash includes certain deposits, amounting to RMB21,901 and RMB6,308, as of December 31, 2022 and 2023, respectively, that are restricted due to legal disputes. (i) Short-term and long-term deposits Short-term deposits represent time deposits placed with banks with original maturities between three months and one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss during the years presented. As of December 31, 2022 and 2023, substantially all of the Group’s short-term deposits amounting to RMB14,921,688 and RMB9,756,979, respectively, had been placed in reputable financial institutions in the PRC. Long-term deposits represent time deposits placed with banks with original maturities more than one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss during the years presented. As of December 31, 2022 and 2023, substantially all of the Group’s long-term deposits amounting to RMB7,353,916 and RMB10,090,341, respectively, had been placed in reputable financial institutions in the PRC, out of which, RMB427,466 and RMB7,054,915 will be due within one year and are classified to “Long-term deposits, current portion”, respectively. (j) Current expected credit losses The Group’s accounts and notes receivable, other current assets, installment payment receivables and finance lease receivables (Note 18) are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables, other current assets, installment payment receivables and finance lease receivables, which include size, types of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions and supportable forecasts of future economic conditions in assessing the lifetime expected credit losses. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter end based on the Group’s specific facts and circumstances. For the years ended December 31, 2021, 2022 and 2023, the Group recorded RMB69,731, RMB67,654 and RMB70,357 in expected credit loss expense in selling, general and administrative expenses, respectively. As of December 31, 2022, the expected credit loss provision recorded in current and non-current non-current Accounts and notes receivable are amounts due from large-volume buyers for vehicle sales in the ordinary course and amounts due from government subsidies that are collected on behalf of customers. Installment payment receivables primarily consist of the aggregate receivables of the installment payments for vehicles or batteries due from customers. The Group classified its installment payment receivables into different categories from performing to non-performing The Group considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations. The Group has made specific credit loss provisions on a case-by-case The Group’s expected credit loss of cash and cash equivalents, restricted cash, time deposit in bank, notes receivable and finance lease receivables, within the scope of ASC Topic 326 were immaterial. The following table summarizes the activity in the allowance for credit losses related to accounts receivable, other current assets and installment payment receivables, for the years ended December 31, 2021, 2022 and 2023 : For the Year Ended Balance as of December 31, 2020 12,507 Current period provision 69,731 Write-offs (15,142 ) Balance as of December 31, 2021 67,096 For the Year Ended Balance as of December 31, 2021 67,096 Current period provision 67,654 Write-offs (13,043 ) Balance as of December 31, 2022 121,707 For the Year Ended Balance as of December 31, 2022 121,707 Current period provision 70,357 Write-offs (41,281 ) Balance as of December 31, 2023 150,783 (k) Short-term investments For investments in financial instruments with a variable interest rate indexed to the performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected as “Interest income” (l) Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the standard cost basis and includes all costs to acquire and other costs to bring the inventories to their present condition, which approximates actual cost using the monthly weighted average method. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Inventory write-downs of RMB162,433, RMB220,319 and RMB1,054,711 were recognized in cost of sales for the years ended December 31, 2021, 2022 and 2023, respectively. (m) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant and equipment are depreciated primarily using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease terms or the estimated useful lives, which range from two ten Estimated useful lives Buildings 20 years Machinery and equipment 15 months to 10 years Charging infrastructure 5 years Vehicles 4 to 5 years Computer and electronic equipment 3 years Others 2 to 5 years Depreciation for molds and toolings is computed using the units-of-production The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Construction in progress represents property, plant and equipment under construction and pending installation and is stated at cost less accumulated impairment losses, if any. Completed assets are transferred to their respective asset classes and depreciation begins when an asset is ready for its intended use. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest expense on construction-in-progress The gain or loss on the disposal of property, plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. Losses on the disposal of property, plant and equipment amounting to RMB36,508, RMB15,682 and RMB4,863 were recognized in operating expenses during the years ended December 31, 2021, 2022 and 2023, respectively. (n) Intangible assets, net Intangible assets consist of manufacturing license, surveying and mapping qualification, insurance agency qualification, license plate, software, license of maintenance and overhauls, vehicle model technology under development (“VMTUD”), vehicle platform technology (“VPT”), robotics platform technology and other intangible assets. Intangible assets with finite lives, including software, license of maintenance and overhaul, VPT, robotics platform technology and other intangible assets, are carried at acquisition cost less accumulated amortization and impairment, if any. Finite lived intangible assets are tested for impairment if impairment indicators arise. Amortization of intangible assets with finite lives are computed using the straight-line method over the estimated useful lives as below: Estimated useful lives Software 2 to 10 years License of maintenance and overhauls 26 months VPT 10 years Robotics platform technology 10 years Others 5 to 10 years The Group estimates the useful life of the software to be 2 to 10 years, VPT and robotics platform technology to be 10 years, based on the contract terms, expected technical obsolescence and innovations and industry experience of such intangible assets. The Group estimates the useful life of the license of maintenance and overhaul to be 26 months based on the contract The estimated useful lives of intangible assets with finite lives are reassessed if circumstances occur that indicate the original estimated useful lives may have changed. Intangible assets that have indefinite useful lives are manufacturing license, surveying and mapping qualification, insurance agency qualification, license plates and VMTUD, as of December 31, 2023. No useful life was determined in the contract terms when the Group acquired the manufacturing license, surveying and mapping qualification, insurance agency qualification and license plates. The Group expects that such intangible assets are unlikely to be terminated and will continue to be renewed as a matter of course based on industry experience, and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of such intangible assets to be indefinite. The VMTUD acquired through business combination was considered indefinite-lived until the completion of the associated research and development efforts and a determination related to commercial feasibility. At such time, the Group will determine the related useful life and method of amortization. Research and development expenditures that are incurred after the acquisition, including those for completing the research and development activities, are expensed as incurred. The Group evaluates indefinite-lived intangible assets annually as of each balance sheet date to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized, but tested for impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Company calculates the fair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Company recognizes an impairment loss in an amount equal to that excess. In consideration of the growing electronic vehicle industry in China, the Group’s improving sales performance, the stable macroeconomic conditions in China and the Group’s future manufacturing plans, the Company determined that it is not likely that the manufacturing license, surveying and mapping qualification certificate, insurance agency qualification certificate, license plates and VMTUD were impaired as of December 31, 2022 and 2023. As such, no impairment of indefinite-lived intangible assets was recognized for the years ended December 31, 2021, 2022 and 2023. (o) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 49.5 to 50 years that represent the terms of land use rights certificate. (p) Long-term investments Equity Method Investments The Group applies the equity method to account for its equity investments, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a controlling financial interest. Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group continually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination include current economic and market conditions, the financial condition and operating performance of the equity method investees, and other company specific information. The Group’s long-term investments also include other equity investments, over which the Group has neither significant influence nor control, and debt investments. Equity Investments with Readily Determinable Fair Values Equity investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements. Equity Investments without Readily Determinable Fair Values The Group elected to record equity investments without readily determinable fair values using the measurement alternative at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring basis, and report changes in the carrying value of the equity investments in current earnings. Changes in the carrying value of the equity investments are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known. Debt Investments The Group elected to account for certain debt investments under the fair value option model including convertible bonds and preferred stock redeemable merely by the passage of time and at the option of the Group as a holder. The fair value option model permits the irrevocable election on an instrument-by-instrument (q) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will affect the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Fair value is determined using anticipated cash flows discounted at a rate commensurate with the risk involved. (r) Warranties The Group provided a manufacturer’s standard warranty on all vehicles sold. The Group accrued for a warranty reserve for the vehicles sold by the Group, which included the Group’s best estimate of the future costs to be incurred in order to repair or replace items under warranties and recalls when identified. These estimates were made based on actual claims incurred to date and an estimate of the nature, frequency and magnitude of future claims with reference made to the past claim history. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the Group’s historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other non-current The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide greater quality assurance to customers and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees. The Group also provides extended lifetime warranty which is sold separately through a vehicle sales contract. The extended lifetime warranty is an incremental service offered to customers and is considered a separate performance obligation distinct from other promises and should be accounted for in accordance with ASC 606. (s) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred upon delivery to customers. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: • provides all of the benefits received and consumed simultaneously by the customer; • creates and enhances an asset that the customer controls as the Group performs; or • does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price in accordance with ASC 606. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, dependin |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, In December 2023, the FASB issued ASU No. 2023-09, |
Concentration and Risks
Concentration and Risks | 12 Months Ended |
Dec. 31, 2023 | |
Concentration Risk [Abstract] | |
Concentration and Risks | 4. Concentration and Risks (a) Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term deposits, short-term investments, long-term deposits and restricted long-term deposits. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents, restricted cash, short-term deposits, short-term investments, long-term deposits and restricted long-term deposits were placed with certain reputable financial institutions in the PRC and overseas. Management chooses these institutions because of their reputations and track records for stability, and their known large cash reserves, and management periodically reviews these institutions’ reputations, track records, and reported reserves. Management expects that any additional institutions that the Group uses for its cash and bank deposits would be chosen with similar criteria for soundness. Bank failure is uncommon in the PRC and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents, restricted cash, short-term deposits, short-term investments, long-term deposits and restricted long-term deposits are financially sound based on publicly available information. (b) Foreign currency exchange rate risk The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The Group’s overseas financing activities are denominated in U.S. dollars. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combination | 5. Business Combination On August 27, 2023, the Company entered into a share purchase agreement (“SPA”) with DiDi Global Inc. (“DiDi”) and Da Vinci Auto Co. Limited (“Target HoldCo”, a direct and wholly - The Group believe s On November 13, 2023, the closing of the acquisition has been completed and the Company acquired an 100% equity interest in Xiaoju Group with a total purchase consideration of RMB3,782,206, after which Xiaoju Group became wholly-owned subsidiaries of the Company. The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s common share of US$7.83 per share as of the acquisition date: As of acquisition date Fair value of ordinary shares issued on the acquisition date (i) 3,087,849 Fair value of contingent consideration related to SOP Milestone (ii) 260,546 Fair value of contingent consideration related to Earn-Out (iii) 433,811 Total Consideration 3,782,206 (i) The Company issued 58,164,217 Class A ordinary shares to DiDi on the acquisition date. A portion of the fair value for the shares issued, in the amount of RMB180,696 was attributed to a prepayment for subsequent technical support and advertising services to be provided by DiDi to the Group. Accordingly, this amount was not included in the total consideration of the acqu i (ii) SOP Milestone refers to the start of production (“SOP”) of the new vehicle model (“Qualified New Model”) specified in the SPA for sales and delivery to ordinary customers. The acquisition of DiDi’s smart auto business includes a contingent consideration arrangement that requires an additional 4,636,447 Class A ordinary shares to be issued to DiDi if the SOP Milestone is met, which was classified as equity. In estimating the acquisition date fair value of the contingent consideration related to the SOP Milestone, the Company anticipated that the SOP Milestone would be met and the Company will issue these additional 4,636,447 Class A ordinary shares to DiDi upon the date of the SOP. (iii) The acquisition of DiDi’s smart auto business also includes a contingent consideration arrangement that requires additional Class A ordinary shares to be issued to DiDi based on (i) the aggregate delivery volume of the Qualified New Model within the 13-month Earn-Out 12-month Earn- O “Earn-Out Earn-Out acquisition The Group estimated Earn-Out , acquisition Earn-Out , The acquisition was accounted for as a business combination. The Group made estimates and judgements in determining the fair values of the assets acquired and liabilities assumed with the assistance from an independent valuation firm. The consideration was allocated on the acquisition date as follows: As of acquisition date Intangible assets - VPT (Note 10) 2,586,911 - VMTUD (Note 10) 609,170 - Software 9,570 Cash and cash equivalents 684,214 Prepayments and other current assets 254,402 Property and equipment, net 113,818 Deferred tax assets 453,125 Other non-current 127,256 Accounts and notes payable (30,473 ) Accruals and other liabilities (255,483 ) Deferred tax liabilities (804,410 ) Goodwill 34,106 Total 3,782,206 The Group estimated the fair value of acquired VPT using the relief from royalty method. The value is estimated as the present value of the after-tax in-process earnings The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, including synergies which result from the assembled work force and the benefits of the strategic partnership with DiDi. None of the goodwill recognized is expected to be deductible for income tax purposes. Pro forma information of the acquisition The following unaudited pro forma information summarizes the results of operations for the years ended December 31, 2022 and 2023 of the Group as if the acquisition had occurred on January 1, 2022. The unaudited pro forma information includes: (i) amortization associated with estimates for the acquired intangible assets and corresponding deferred tax asset and liability; (ii) removal of the transaction costs related to the acquisition and (iii) the associated tax impact on these unaudited pro forma adjustments. The following pro forma financial information is presented for informational purpose only and is not necessarily indicative of the results that would have occurred had the acquisition been completed on January 1, 2022, nor is it indicative of future operating results. For the year ended December 31, 2022 2023 Pro forma net revenues 26,855,119 30,856,674 Pro forma net loss (12,035,550 ) (14,066,681 ) Since the acquisition date, Xiaoju Group contributed nil to the Group’s consolidated revenue and RMB47,655 to the Group’s consolidated net loss for the year ended December 31,2023, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments ASC 820, Fair Value Measurements, states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Fair value measurements on a recurring basis Assets and liabilities that were measured at fair value on a recurring basis were as follows: As of December 31, 2022 As of December 31, 2023 Fair Value Level I Level II Level III Fair Value Level I Level II Level III Assets Short-term investments (i) 1,262,129 — 1,262,129 — 781,216 — 781,216 — Debt investments (ii) 1,626,131 — — 1,626,131 1,228,595 — — 1,228,595 Equity investments with readily determinable fair values (iii) 112,641 112,641 — — 104,972 104,972 — — 3,000,901 112,641 1,262,129 1,626,131 2,114,783 104,972 781,216 1,228,595 Liability Derivative liability relating to the contingent consideration (iv) — — — — 393,473 — — 393,473 (i) Short-term investments are investments in financial instruments with variable interest rates and maturity dates within one year. Fair value of short-term investments is estimated based on the quoted prices of similar financial products provided by banks at the end of each period (Level II). (ii) Debt investments do not have readily determinable market values and are categorized as Level III in the fair value hierarchy. The Group uses a combination of valuation methodologies, including the equity allocation model, market and income approaches based on the Group’s best estimate, which are determined by using information including but not limited to the pricing of recent rounds of financing of the investees, future cash flow forecasts, liquidity factors and multiples of comparable companies. (iii) Equity investments with readily determinable fair values are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements. (iv) Derivative liability relating to the contingent consideration is valued based on (i) the quoted prices in active markets at the reporting date and (ii) an estimation on potential issuance of the Company’s ordinary shares relating to the contingent consideration from business combination. The Group classifies the valuation techniques that use these inputs as Level III of fair value measurements. Fair value measurements on a non-recurring The Group measures investments without readily determinable fair value (Note 13(i)) on a non-recurring |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 7. Inventory Inventory consisted of the following: As of December 31, 2022 2023 Finished goods 3,059,567 3,661,299 Raw materials 1,449,596 1,834,082 Work-in-process 12,210 30,831 Total 4,521,373 5,526,212 Finished goods primarily consist of vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at its delivery and service centers and charging piles. Raw materials primarily consist of materials for volume production as well as spare parts used for aftersales services. Work-in-process For the years ended December 31, 2021, 2022 and 2023, write-downs of inventories to net realizable value, recognized in cost of sales, amounted to RMB162,433, RMB220,319 and RMB1,054,711, ( models), respectively. For the impact of accelerated depreciation and loss on purchase commitments due to the cessation of production and upgrades of certain models, please refer to Note 9(iii) and Note 15, respectively. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepayments and Other Current Assets | 8. Prepayments and Other Current Assets Prepayments and other current assets consisted of the following: As of December 31, 2022 2023 Deductible input value-added tax 1,359,581 1,521,488 Prepayments 587,289 395,022 Deposits 92,023 125,451 Receivables from third party online payment service providers 38,201 36,939 Finance lease receivables, current portion, net (Note 18) — 11,100 Others 388,990 399,339 Total 2,466,084 2,489,339 Prepayments primarily consist of prepayments for raw materials, marketing and consulting services provided by suppliers. Deposits primarily consist of deposits for short-term leases and the deposits to suppliers for guarantee of procurement. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 9. Property, Plant and Equipment, Net Property, plant and equipment, net, consisted of the following: As of December 31, 2022 2023 Machinery and equipment 2,589,709 4,647,957 Buildings (i)(ii) 2,206,923 4,125,849 Molds and toolings 1,505,876 2,179,681 Vehicles 867,434 898,607 Leasehold improvements 681,341 695,972 Construction in process (i) 3,858,358 663,640 Computer and electronic equipment 282,082 388,071 Charging infrastructure 369,994 385,832 Others 130,864 226,905 Sub-total 12,492,581 14,212,514 Less: Accumulated depreciation (iii) (1,788,193 ) (3,151,019 ) Less: Impairment (iv) (97,643 ) (107,010 ) Property, plant and equipment, net 10,606,745 10,954,485 The Group recorded depreciation expenses of RMB573,247, RMB915,481 and RMB1,645,760 for the years ended December 31, 2021, 2022 and 2023, respectively. (i) Construction in progress primarily consists of the construction of Guangzhou Xiaopeng technology park (ii) The Group entered into a lease contract with Guangzhou GET New Energy Technology Co., Ltd. (“Guangzhou GET New Energy”) to lease the plant and underlying land use right of Guangzhou manufacturing plant and further had an obligation to purchase the plant and underlying land use right at the construction cost at the end of lease term. On July 1, 2022, the lease commencement date, the lease asset for the plant was recorded with the amount of RMB1,001,820, being the present value of the lease payment and the exercise price of the purchase obligation (Note 18). (iii) For the year ended of December 31, 2023, the Company completed an assessment of the estimated units of production of certain molds and toolings and the useful lives of certain production facilities, all of which can only be used for certain vehicle production. The Company’s assessment in 2023, which considered the planned cessation or upgraded of certain vehicle production, indicated that certain production facilities directly used for certain vehicle production will not be used for the period of time originally estimated. As a result, the Company changed its estimates of useful lives for the certain production facilities as well as its estimates of the production volume of certain molds and toolings. These changes in estimates are accounted for on a prospective basis with an acceleration of recorded depreciation expense for impacted production facilities and molds and toolings. The Company recorded an accelerated depreciation expense of RMB295,930 related to these changes in estimates for the year ended December 31, 2023. (iv) The accumulated impairment loss was RMB97,643 and RMB107,010 as of December 31, 2022 and 2023, respectively, primarily due to the upgrade of vehicles. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 10. Intangible Assets, Net Intangible assets, net consisted of the following: As of December 31, 2022 As of December 31, 2023 Gross Accumulated Impairment (iv) Net Carrying Gross Accumulated Impairment (iv) Net Carrying Amount Finite-lived intangible assets VPT (i) — — — — 2,586,911 (43,115 ) — 2,543,796 Robotics platform technology (ii) — — — — 777,711 (19,443 ) — 758,268 Software 389,409 (120,766 ) (26,418 ) 242,225 542,335 (287,943 ) (35,130 ) 219,262 License of maintenance and overhauls 2,290 (2,290 ) — — 2,290 (2,290 ) — — Others (iii) — — — — 12,033 (417 ) — 11,616 Total finite-lived intangible assets 391,699 (123,056 ) (26,418 ) 242,225 3,921,280 (353,208 ) (35,130 ) 3,532,942 Indefinite-lived intangible assets VMTUD (i) — — — — 609,170 — — 609,170 Manufacturing license 494,000 — — 494,000 494,000 — — 494,000 Surveying and mapping qualification 250,000 — — 250,000 250,000 — — 250,000 Others (iii) 56,747 — — 56,747 62,880 — — 62,880 Total indefinite-lived intangible assets 800,747 — — 800,747 1,416,050 — — 1,416,050 Total intangible assets 1,192,446 (123,056 ) (26,418 ) 1,042,972 5,337,330 (353,208 ) (35,130 ) 4,948,992 The Group recorded amortization expense of RMB25,875, RMB65,714 and RMB230,501 for the years ended December 31, 2021, 2022 and 2023, respectively. Total future amortization expenses for finite-lived intangible assets were estimated as follows: Within 1 year 478,432 Between 1 and 2 years 387,426 Between 2 and 3 years 358,742 Between 3 and 4 years 345,978 Between 4 and 5 years 340,744 Thereafter 1,621,620 Total 3,532,942 (i) The useful life of VPT acquired in the business combination of Xiaoju Group (Note 5) is assessed to . The VMTUD acquired through business combination is considered indefinite-lived until the completion of the associated research and development efforts and a determination related to commercial feasibility. At such time, the Group will determine the related useful life and method of amortization. Research and development expenditures that are incurred after the acquisition, including those for completing the research and development activities, are expensed as incurred (ii) Dogotix Inc. (“Dogotix”) is primarily engaged in research and development of robots with human-robot interaction functions since 2021. On September 29, 2023, the Group entered into share purchase agreements to acquire 74.82% of the equity interest approximated to December 31 , (iii) As of December 31, 2023, other finite-lived intangible assets included trademarks, domain names and patents amounting to RMB2,626, RMB2,554 and RMB6,436, respectively. As of December 31, 2022, other indefinite-lived intangible assets included license plate amounting to RMB34,747 and insurance agency qualification amounting to RMB22,000. As of December 31, 2023, other indefinite-lived intangible assets included license plate amounting to RMB40,880 and insurance agency qualification amounting to RMB22,000. (iv) Impairment losse , |
Land Use Rights, Net
Land Use Rights, Net | 12 Months Ended |
Dec. 31, 2023 | |
Land and Land Improvements [Abstract] | |
Land Use Rights, Net | 11. Land Use Rights, Net Land use rights and related accumulated amortization consisted of the following: As of December 31, 2022 2023 Land use rights 2,822,757 2,913,098 Less: Accumulated amortization (74,903 ) (123,731 ) Total land use rights, net 2,747,854 2,789,367 For the years ended December 31, 2022 and 2023, the Group acquired land use rights of RMB2,202,692 and RMB90,341, respectively, to build plants and buildings for its manufacturing of vehicles and daily operation. The Group entered into a lease contract with Guangzhou GET New Energy to lease the plant and underlying land use right of Guangzhou manufacturing plant and further had an obligation to purchase the plant and underlying land use right at the construction cost at the end of lease term. On July 1, 2022, the lease commencement date, the right of use asset for the land was recorded with the amount of RMB389,508, being the present value of the lease payment and the exercise price of the purchase obligation(Note 18). The Group recorded amortization expenses for land use rights of RMB9,642, RMB50,309 and RMB48,828 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Installment Payment Receivables
Installment Payment Receivables, Net | 12 Months Ended |
Dec. 31, 2023 | |
Lessor Disclosure [Abstract] | |
Installment Payment Receivables, Net | 12. Installment Payment Receivables, Net Installment payment receivables relating to the installment payments for vehicles and batteries from customers consisted of the following: As of December 31, 2022 2023 Current portion of installment payment receivables, net 1,294,665 1,881,755 Non-current 2,188,643 3,027,795 Total 3,483,308 4,909,550 Installment payment receivables consisted of the following: As of December 31, 2022 2023 Current portion of installment payment receivables 1,328,283 1,929,463 Non-current 2,243,169 3,102,488 Allowance for doubtful accounts (88,144 ) (122,401 ) Total 3,483,308 4,909,550 The Group recognized interest income resulting from installment payment sales of RMB89,895, RMB204,765 and RMB278,199 for the years ended December 31, 2021, 2022 and 2023, respectively. Payment maturity analysis of installment payment receivables for vehicles and batteries for each of the next five years and a reconciliation of the gross receivables to the present value are as follows: As of December 31, 2023 Within 1 year 1,985,380 Between 1 and 2 years 1,553,474 Between 2 and 3 years 1,088,336 Between 3 and 4 years 677,517 Between 4 and 5 years 313,795 Thereafter 1,586 Total receivables of installment payments 5,620,088 Less: Unrealized finance income (588,137 ) Installment payment receivables, gross 5,031,951 Less: Allowance for installment payment receivables (122,401 ) Installment payment receivables, net 4,909,550 |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Long-term Investments [Abstract] | |
Long-Term Investments | 13. Long-term investments Long-term investments consisted of the following: Equity investments (i) Equity investments (ii) Debt (iii) Equity method (iv) Total Balance as of December 31, 2020 1,000 — — — 1,000 Additions 209,900 — 749,955 — 959,855 Investment gain — — 591,506 — 591,506 Foreign currency translation (546 ) — (2,639 ) — (3,185 ) Balance as of December 31, 2021 210,354 — 1,338,822 — 1,549,176 Equity investments (i) Equity investments (ii) Debt (iii) Equity method (iv) Total Balance as of December 31, 2021 210,354 — 1,338,822 — 1,549,176 Additions — 191,981 209,451 329,045 730,477 Investment gain(loss) 95,752 (78,282 ) 7,592 — 25,062 Share of results of equity method investees (iv) — — — 4,117 4,117 Changes from equity investment to debt investment (iii) (116,129 ) — 116,129 — — Disposals (Note 26(5)) — — (165,000 ) — (165,000 ) Foreign currency translation 1,023 (1,058 ) 119,137 32,098 151,200 Balance as of December 31, 2022 191,000 112,641 1,626,131 365,260 2,295,032 Equity investments (i) Equity investments (ii) Debt (iii) Equity method (iv) Total Balance as of December 31, 2022 191,000 112,641 1,626,131 365,260 2,295,032 Additions — — — 127,018 127,018 Changes from debt investments to equity investments without readily determinable fair values (i) 57,832 — (57,832 ) — — Investment loss (50,826 ) (7,989 ) (165,549 ) — (224,364 ) Share of results of equity method investees (iv) — — — 54,740 54,740 Transfer (iii) — — (204,836 ) — (204,836 ) Foreign currency translation — 320 30,681 6,342 37,343 Balance as of December 31, 2023 198,006 104,972 1,228,595 553,360 2,084,933 (i) Equity investments without readily determinable fair values In December 2021, the Group acquired a minority common equity interest in a company, engaged in manufacturing of batteries for new energy vehicles for a total cash consideration of RMB190,000. The equity interests in common stock do not have readily determinable fair values because the investee is a privately held company. Accordingly, the Group elected to use the measurement alternative under ASC 321 to measure such investment. In April 2022, the Group acquired a minority preferred equity interest in a company engaged in research, development, production and sales of batteries for new energy vehicles for a total cash consideration of RMB50,000, which were redeemable merely by the passage of time at the option of the Group as a holder. Accordingly, the Group elected to account for this investment under the fair value option model. In May 2023, upon completion of the modification in the investee’s shareholding structure, the preferred shares held by the Group were converted into common shares, which do not have readily determinable fair values because the investee is a privately held company. Accordingly, the Group reclassified this investment from debt securities to equity securities at the fair value of RMB57,832 upon the modification, and elected to use the measurement alternative under ASC 321 to measure this investment. The difference in the carrying value and the fair value of this investment immediately before the modification was immaterial. For equity investments accounted for using the measurement alternative as of December 31, 2023, the Company recorded cumulative upward adjustments of RMB39,107 and cumulative downward adjustments due to impairments of RMB89,933. For these investments, the Company recorded upward adjustments of RMB39,107 and downward adjustments due to impairments (ii) Equity investments with readily determinable fair values In December 2021, the Group prepaid RMB50,000 as a subscription for a minority equity interest in common shares of a company engaged in research, development, production and sales of semiconductors, which was converted into common shares in January 2022. In October 2022, the Group paid HK$156,982 (equivalent to RMB141,981 as of the injection date) to acquire a minority equity interest in common shares of a company engaged in research, development, production and sales of batteries for new energy vehicles. The minority equity interests in common shares have readily determinable fair values because the investees are listed companies and the Group does not have the ability to exercise significant influence over these investments. Accordingly, the Group accounted for them at fair value based on the quoted prices in active markets. (iii) Debt investments Investment in HT Flying Car Inc. (“Huitian”) Huitian is a company incorporated in the Cayman Islands with limited liability and is mainly engaged in research, development, production and sales of flying vehicles. In January 2021, the Group acquired minority preferred equity interests of Huitian (“Huitian’s Series Angel preferred shares”), a related party of the Group, for a total consideration of RMB24,551 during Huitian’s Angel round of fund raising. The equity interests were not considered to be in-substance In October 2021, the Group further invested US$90,000, equivalent to RMB574,146 as of the injection date, into Huitian during Huitian’s A round of fund raising. Among this investment, US$70,000 was in form of preferred shares (“Huitian’s Series A preferred shares”) and US$20,000 was in form of a convertible bond. Concurrently, Huitian’s Series Angel preferred shares previously acquired by the Group in January 2021 were modified to align with the terms of the newly invested Huitian’s Series A preferred shares. The Group concluded that both Huitian’s Series Angel and Series A preferred shares investment are debt securities since Huitian’s Series Angel (with now modified terms) and Series A preferred shares held by the Group are redeemable merely by the passage of time and redeemable at the option of the Group. In anticipation of the change in accounting model applicable to Huitian’s Series Angel preferred shares as a result of the modification, the Group opted to change its measurement accounting policy relating to Huitian’s Series Angel preferred shares as permitted by ASC 321, and elected to measure the original Huitian’s Series Angel preferred shares at fair value immediately before the modification (discussed in the preceding paragraph). The difference of RMB591,506 between the carrying value and the fair value of Huitian’s Series Angel preferred shares immediately before the modification was recognized in earnings. The Group then reclassified Huitian’s Series Angel preferred shares from equity securities to debt securities upon the modification. The modified Huitian’s Series Angel preferred shares investment together with the new Series A preferred shares investment will be measured on an ongoing basis at fair value with changes recognized in earnings. In addition, the convertible bond (acquired in October 2021) held by the Group in Huitian was also accounted for under the fair value option model. Investment in Dogotix Dogotix is a company incorporated in the Cayman Islands with limited liability and is mainly engaged in research and development of robots with human-robot interaction function. In April 2021, the Group acquired minority preferred equity interests of Dogotix (“Dogotix’s Series Angel preferred shares”), a related party of the Group, for a total cash consideration of RMB19,900 during Dogotix’s Angel round of fund raising. The equity interests were not considered to be in-substance The investment is considered as equity securities that do not have readily determinable fair values given that it is a privately held company. Accordingly, the Group elected to use the measurement alternative under ASC 321 to measure such investment. In October 2021, the Group acquired Dogotix’s convertible bonds in the amount of US$6,440 (equivalent to RMB41,258 as of the injection date) and elected to account for this investment at fair value option model. In July 2022, the Group further invested US$14,000 (equivalent to RMB94,451 as of the injection date) into Dogotix’s preferred shares during its A round of fund raising (“Dogotix’s Series A preferred shares”). Concurrently, Dogotix’s Series Angel preferred shares previously acquired by the Group in 2021 were modified to align with the terms of the newly invested Dogotix’s Series A preferred shares. The Group concluded that both Dogotix’s Series Angel and Series A preferred shares investment are debt securities since Dogotix’s Series Angel (with now modified terms) and Series A preferred shares held by the Group are redeemable merely by the passage of time and redeemable at the option of the Group. In addition, the convertible bond (acquired in October 2021) held by the Group in Dogotix was converted into Series A preferred shares in July 2022 and accounted for as debt investments under the fair value option model. In anticipation of the change in accounting model applicable to Dogotix’s Series Angel preferred shares as a result of the modification, the Group opted to change its measurement accounting policy relating to Dogotix’s Series Angel preferred shares as permitted by ASC 321, and elected to measure the original Dogotix’s Series Angel preferred shares at fair value immediately before the modification (discussed in the preceding paragraph). The difference of RMB95,752 between the carrying value and the fair value of Dogotix’s Series Angel preferred shares immediately before the modification was recognized in earnings. The Group then reclassified Dogotix’s Series Angel preferred shares amounting to RMB116,129 from equity securities to debt securities upon the modification. The modified Dogotix’s Series Angel preferred shares investment together with the new Series A preferred shares investment will be measured on an ongoing basis at fair value with changes recognized in earnings. On October 9, 2023, the Group completed the acquisition of the remaining equity interest in Dogotix and Dogotix became a wholly owned subsidiary of the Group (Note 10(ii)). Upon the completion of the acquisition, the fair value of the previously held equity interest in Dogotix, classified as a debt investment amounting to RMB , was derecognized and Dogotix was consolidated within the Group’s financial position and results. Other principal debt investments In December 2021, the Group acquired minority preferred equity interests of a company engaged in research, development, production and sales of LiDAR for a total cash consideration of RMB100,000. Subsequently, the Group disposed of this debt investment for a cash consideration of RMB100,000 to a related party in April 2022 (Note 26(5)). In January 2022, the Group acquired minority preferred equity interests of a company engaged in research, development, production and sales of semiconductors for a total cash consideration of RMB65,000. Subsequently, the Group disposed of this debt investment for a cash consideration of RMB65,000 to a related party in October 2022 (Note 26(5)). The preferred shares held by the Group in connection with above each investment are debt securities as they become redeemable merely by the passage of time and are redeemable at the option of the Group as a holder. Accordingly, the Group elected to account for these investments under the fair value option model. (iv) Equity Method Investments In March 2022, the Company and other third party investors jointly set up an offshore investment fund (“Fund”), named Rockets Capital L. P., Based on the Company’s assessment under ASC 810-10-15-14, 323-30 |
Other Non-current Assets
Other Non-current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Other Non-current Assets | 14. Other Non-current Other non-current As of December 31, 2022 2023 Finance lease receivables, non-current portion, net (Note 18) — 205,118 Deposits (i) 151,914 120,354 Prepayments for purchase of property and equipment 47,258 118,945 Non-current portion of prepayments for advertising and technical support services (Note 5) — 87,656 Goodwill (Note 5) — 34,106 Others 2,099 9,971 Total 201,271 576,150 (i) Deposits primarily consist of deposits for offices and retail and service centers whose lease expiration dates are not within one year. |
Accruals and Other Liabilities
Accruals and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accruals and Other Liabilities | 15. Accruals and Other Liabilities Accruals and other liabilities consisted of the following: As of December 31, 2022 2023 Payables for purchase of property, plant and equipment 1,624,432 1,723,130 Payables for R&D expenses 1,023,344 1,085,353 Employee compensation payables 729,806 939,023 Accrued expenses 417,396 598,423 Debt from a third party investor(Note 1 7 — 541,918 Deposits from third parties 386,412 501,197 Payables for marketing events 483,059 368,163 Tax payables 51,147 350,263 Accrued cost of purchase commitments (i) — 285,519 Warranty provisions 216,260 219,988 Advance from customers 113,730 100,281 Refundable deposit from customers 26,806 61,717 Interest payables 39,082 44,526 Others 472,355 760,694 Total 5,583,829 7,580,195 Accrued expenses primarily included receipts of goods and services that the Group had not been invoiced yet. As the Group are invoiced for these goods and services, this balance will decrease and accounts payable will increase. (i) For the year ended December 31, 2023, in response to the planned cessation of the G3i and upgrades of certain models, the Group recorded the loss on purchase commitments mainly related to raw materials that are specifically related to these models with amount of RMB285,519. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | 16. Borrowings Borrowings consisted of the following: As of December 31, 2022 2023 Current Short-term borrowings: Bank loans (i) 2,419,210 3,889,100 Long-term borrowings, current portion: Bank loans (ii) 124,500 934,976 Asset-backed securities (iii) 637,359 185,864 Asset-backed notes (iv) — 242,995 Total current borrowings 3,181,069 5,252,935 Non-Current Long-term borrowings: Bank loans (ii) 4,328,880 5,562,837 Other loans (ii) 100,000 — Asset-backed securities (iii) 184,177 — Asset-backed notes (iv) — 87,945 Total non-current 4,613,057 5,650,782 Total borrowings 7,794,126 10,903,717 (i) Short-term bank loans As of December 31, 2022, the Group had short-term borrowings from banks in the PRC of RMB2,419,210 in aggregate. The effective interest rate of these borrowings was 3.53% per annum. As of December 31, 2023, the Group had short-term borrowings from banks in the PRC of RMB3,889,100 in aggregate. The effective interest rate of these borrowings was 2.62% per annum. Certain short-term bank loans were collateralized by pledges of long-term deposits with carrying values of RMB203,777 as of December 31, 2023, which are classified as “Restricted long-term deposits”. (ii) Long-term bank and other loans In May 2017, Zhaoqing XPeng obtained a facility, specified for financing the expenditures of the construction of Zhaoqing manufacturing plant, of up to RMB1,600,000 from Zhaoqing High-tech Zone Construction Investment Development Co., Ltd. (“Zhaoqing High-tech Zone”). In December 2020, RMB800,000 out of the RMB1,600,000 borrowings from Zhaoqing High-tech Zone was repaid and concurrently a borrowing equivalent to RMB800,000 was obtained from a bank in the PRC, with a maturity date from December 18, 2020 to December 17, 2028. In 2021, the principal amount of RMB700,000 out of the RMB800,000 loans from Zhaoqing High-tech Zone had been repaid before the original due date, and the remaining RMB100,000 loans had been repaid on December 25, 2023 before the maturity date. Moreover, the Group received subsidies from the local government for interest expenses incurred associated with the borrowings. For the years ended December 31, 2021, 2022 and 2023, upon the acceptance of subsidy application by the local government, the Group recognized the subsidies to reduce the interest expenses capitalized in the construction costs of Zhaoqing manufacturing plant or to reduce the related interest expenses as incurred, if any. As a result, the balance of the loans due to Zhaoqing High-tech Zone amounted to RMB100,000 and nil as of December 31, 2022 and 2023, respectively. The bank loans amounted to RMB784,000 and RMB776,000 as of December 31, 2022 and 2023, respectively. The effective interest rate of the loans from Zhaoqing High-tech Zone was 4.90% as of December 31, 2022. The effective interest rate of the loans from the bank was 4.98% per annum as of December 31, 2022 and December 31, 2023, respectively. The principal amount of RMB8,000 and RMB8,000 of the bank loans will be due within one year and was classified to “Long-term borrowings, current portion” as of December 31, 2022 and 2023, respectively. In July 2021, Guangzhou Xiaopeng New Energy Automobile Co., Ltd. obtained a facility, specified for financing the expenditures of the construction of Guangzhou manufacturing plant, of up to RMB1,120,000 from a bank in the PRC. As of December 31, 2022 and 2023, RMB797,980 and RMB838,858 had been drawn from the bank with an effective interest rate of 5.30% and 4.99% per annum, respectively. For the years ended December 31, 2021, 2022 and 2023, the Group recognized the subsidies to reduce the interest expenses capitalized in the construction costs of Guangzhou manufacturing plant or to reduce the related interest expenses as incurred, upon the acceptance of subsidy application by the local government, if any. As of December 31, 2022 and 2023, the principal amount of nil and RMB10,000 of the bank loans will be due within one year and was classified to “Long-term borrowings, current portion”, respectively. In September 2021, Wuhan Xiaopeng obtained a facility, specified for financing the expenditures of the construction of Wuhan manufacturing plant, of up to RMB3,000,000 from a syndicate of banks in the PRC. As of December 31, 2022 and 2023, RMB1,706,400 and RMB2,035,520 had been drawn from the banks with effective interest rates of 4.35% and 4.47% per annum, respectively. For the years ended December 31, 2021, 2022 and 2023, the Group recognized the subsidies to reduce the interest expenses capitalized in the construction costs of Wuhan manufacturing plant, upon the acceptance of subsidy application by the local government, if any. As of December 31, 2022 and 2023, the principal amount of nil and RMB101,776 of the bank loans will be due within one year and was classified to “Long-term borrowings, current portion”, respectively. In March 2023 and September 2022, Zhaoqing XPeng obtained facilities, specified for financing the expenditures of operations, from banks in the PRC. As of December 31, 2022 and 2023, the bank loans were RMB768,000 and RMB1,398,200 with effective interest rates of 3.35% and 3.14% per annum, respectively, among which RMB76,800 and RMB673,400 will be due within one year and were classified to “Long-term borrowings, current portion”, respectively. In September 2023 and September 2022, Zhaoqing Xiaopeng New Energy obtained facilities, specified for financing the expenditures of operations, from banks in the PRC. As of December 31, 2022 and 2023, the bank loans were RMB397,000 and RMB1,253,125 with effective interest rates of 3.35% and 3.06% per annum, respectively, among which RMB39,700 and RMB124,300 will be due within one year and were classified to “Long-term borrowings, current portion”, respectively. In September 2023, Guangzhou Xiaopeng Automobile Finance Leasing Co . ”. In November 2023, Guangzhou Pengyue Automobile Development Co., Ltd. obtained a facility, specified for financing the expenditures of operations, of up to RMB2,350,000 from a syndicate of banks in the PRC. As of December 31, 2023, RMB21,110 had been drawn from the banks with effective interest rates of 3.75% per annum. Certain of the Group’s banking facilities are subject to the fulfillment of certain financial covenants, including the current ratio and liabilities to assets ratio tests, which are commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants, the drawn down facilities would become payable on demand. The Group regularly monitors its compliance with these covenants. As of December 31, 2022 and 2023, none of the covenants relating to drawn down facilities had been breached. Certain long-term bank loans are collateralized by a pledge of certain buildings and land use rights in the PRC with carrying values of RMB846,854 and RMB2,280,419 as of December 31, 2022 and 2023, respectively. As of December 31, 2023, long-term deposits of RMB564,122 were collateralized as pledges for certain long-term bank loans, which are classified as “Restricted long-term deposits”. (iii) Asset-backed securities (“ABS”) In February and November 2022, the Group entered into asset-backed securitization arrangements with third-party financial institutions and set up two securitization vehicles to issue senior debt securities to third party investors, which are collateralized by installment payment receivables (the “transferred financial assets”). The Group also acts as a servicer to provide management, administration and collection services on the transferred financial assets and has the power to direct the activities that most significantly impact the securitization vehicles. The economic interests are retained by the Group in the form of subordinated interests as well as its obligation to absorb losses under certain circumstances. As a result, the Group consolidated the securitization vehicles. The proceeds from the issuance of debt securities are reported as securitization debt. The securities were repaid as collections on the underlying collateralized assets occur and the amounts were included in “Long-term borrowings, current portion” or “Long-term borrowings” according to the contractual maturities of the debt securities. The ABS issued in February 2022 has matured in September 2023. As of December 31, 2022, the balance of current and non-current non-current (iv) Asset-backed notes (“ABN”) In August 2023, the Group entered into asset-backed notes by issuing senior debt notes to third party investors, which are collateralized by installment payment receivables (the “transferred financial assets”). The Group also acts as a servicer to provide management, administration and collection services on the transferred financial assets and has the power to direct the activities that most significantly impact the securitization vehicles. The economic interests are retained by the Group in the form of subordinated interests as well as its obligation to absorb losses under certain circumstances. As a result, the Group consolidated the securitization vehicles. The proceeds from the issuance of debt notes are reported as securitization debt. The notes were repaid as collections on the underlying collateralized assets occur and the amounts were included in “Long-term borrowings, current portion” or “Long-term borrowings” according to the contractual maturities. As of December 31, 2023, the balance of current and non-current The aggregate carrying value of the borrowings approximates fair value as of December 31, 2022 and 2023, respectively. The interest rates under the loan agreements with the banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level II. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Non-Current Liabilities | 17. Other Non-Current Other non-current As of December 31, 2022 2023 Debt from third party investors (i) 1,763,062 1,276,145 Warranty provisions (ii) 424,802 789,005 Deposits from a third party (iii) — 148,991 Government grants 318,242 122,513 Total 2,506,106 2,336,654 (i) The debt from third party investors consisted of the following three financing arrangements: 1) Financing in an amount of RMB160 million from Guangzhou GET Investment Holdings Co., Ltd. (“Guangzhou GET Investment”) In December 2020, Chengxing and Guangzhou Xiaopeng Automotive Investment Co., Ltd. (“Guangzhou Xiaopeng Investment”), subsidiaries of the Group, entered into a partnership agreement with Guangzhou GET Investment to set up a limited liability partnership entity (the “Kunpeng Chuangye LLP”) whose operating period is designed for 9 years since the date of the registration of its business license. Chengxing, Guangzhou Xiaopeng Investment and Guangzhou GET Investment subscribed for RMB200,000, RMB10 and RMB160,000 paid in capital in Kunpeng Chuangye LLP in return for 55.5540%, 0.0028% and 44.4432% of the equity interests, respectively. The consideration of RMB160 million was paid by Guangzhou GET Investment to Kunpeng Chuangye LLP in January 2021. Pursuant to the investment agreement, Guangzhou GET Investment does not have substantive participating rights in Kunpeng Chuangye LLP nor it is able to transfer their interest in Kunpeng Chuangye LLP to other third party. During the 9-year 9-year The interest payable for the investment by Guangzhou GET Investment was calculated at an interest rate of 4% per annum and it amounted to RMB6,233 and RMB6,233 as of December 31, 2022 and 2023, respectively. The interest of RMB6,400 and RMB6,400 was repaid to Guangzhou GET Investment by the Group for the years ended December 31, 2022 and 2023, respectively. 2) Financing in an amount of RMB500 million from Guangdong Yuecai Industry Investment Fund Partnership (Limited Partnership) (“Guangdong Utrust”) Pursuant to the share purchase agreement, dated March 12, 2021, signed among Chengxing, Chengxing’s shareholders (i.e. Guangdong Xiaopeng Motors Technology Co., Ltd. and Guangdong Xiaopeng Automobile Industry Holdings Co., Ltd., both of which are wholly owned subsidiaries of the Company) and Guangdong Utrust, Guangdong Utrust subscribed for common stock newly issued by Chengxing at a consideration of RMB500 million. Immediately after the share subscription, Guangdong Utrust began to hold 0.3067% of equity interest in Chengxing. The consideration of RMB500 million was paid by Guangdong Utrust on March 16, 2021 (“Initial Capital Injection Date of Guangdong Utrust”). Pursuant to the terms of the investment agreement, conditional upon any entity affiliated with Chengxing being granted a public offering approval by any stock exchange (“Relevant Listing Approval”) within 3 years after the Initial Capital Injection Date of Guangdong Utrust, Guangdong Utrust is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase the shares of Chengxing held by it for cash, such that it could choose to use any part of the relevant funds, subject to the consent of Guangdong Xiaopeng Motors Technology Co., Ltd., to participate in the international placing tranche of such public offering. Under the share purchase agreement, no guaranteed allocation of such public offering shares will be granted to Guangdong Utrust. The amount to be paid by Guangdong Xiaopeng Motors Technology Co., Ltd. for such purchase is to be calculated with reference to the consideration paid by Guangdong Utrust, i.e. RMB500 million and an interest at a rate of 6% or 3% per annum which may apply to the entire RMB500 million, or a portion thereof, pursuant to the terms of the share purchase agreement. Upon the third anniversary of the Initial Capital Injection Date of Guangdong Utrust, if Guangdong Utrust, Guangdong Xiaopeng Motors Technology Co., Ltd. and Chengxing fail to reach an agreement on the terms of such public offering arrangement or no relevant entity has obtained the Relevant Listing Approval, Guangdong Xiaopeng Motors Technology Co., Ltd. is entitled to request Guangdong Utrust to sell, or Guangdong Utrust is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase, the common stock in Chengxing held by Guangdong Utrust at a price of RMB500 million plus interest calculated at an interest rate of 3% per annum. In addition, pursuant to the terms of the arrangement, Guangdong Utrust does not have substantive participating rights in Chengxing. The investment by Guangdong Utrust is accounted for as a liability with interest expenses amortized through the period as the risks and rewards of owning the 0.3067% of equity interest in Chengxing have been retained by the Group and the substance of the transaction is that Guangdong Utrust is providing financing to Chengxing. On June 11, 2021, Guangdong Utrust notified Chengxing that it irrevocably undertakes not to exercise the rights under the share purchase agreement to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase the shares of Chengxing held by it in connection with the proposed listing of the Company on the Stock Exchange. The interest payable for the investment by Guangdong Utrust was calculated at an interest rate of 3% per annum and it amounted to RMB26,856 and RMB41,918 as of December 31, 2022 and 2023, respectively. As of December 31, 2023, the principal amount of RMB500,000 and interest of RMB41,918 will be due within one year and were classified to “Accruals and Other Liabilities”. 3) Financing in an amount of RMB1,000 million from Guangzhou GET Investment Pursuant to the share purchase agreement, dated March 30, 2021, signed among Chengxing, Chengxing’s shareholders and Guangzhou GET Investment, Guangzhou GET Investment subscribed for common stock newly issued by Chengxing at a consideration of RMB1,000 million. Immediately after the share subscription, Guangzhou GET Investment began to hold 1.0640% of equity interest in Chengxing. The consideration of RMB1,000 million was paid by Guangzhou GET Investment on March 31, 2021 (“Initial Capital Injection Date of Guangzhou GET Investment”). Pursuant to the terms of the agreement, conditional upon the disclosure of any plan of any potential onshore listing by any entity affiliated with Chengxing on any stock exchange in the PRC within 5 years after the Initial Capital Injection Date of Guangzhou GET Investment, Guangzhou GET Investment is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase the shares of Chengxing held by it for cash, such that it could use the relevant funds to participate in such potential onshore public offering. Under the share purchase agreement, no guaranteed allocation of such public offering shares will be granted to Guangzhou GET Investment. The amount to be paid by Guangdong Xiaopeng Motors Technology Co., Ltd. for such purchase is to be calculated with reference to the consideration paid by Guangzhou GET Investment, i.e. RMB1,000 million and an interest at a rate of 4% or 6% per annum pursuant to the terms of the share purchase agreement. Upon the fifth anniversary of the Initial Capital Injection Date of Guangzhou GET Investment, if Guangzhou GET Investment, Guangdong Xiaopeng Motors Technology Co., Ltd. and Chengxing fail to reach an agreement on the terms of such potential onshore listing in the PRC, or such relevant entity cannot successfully become listed in the PRC, Guangdong Xiaopeng Motors Technology Co., Ltd. is entitled to request Guangzhou GET Investment to sell, or Guangzhou GET Investment is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase, the common stock in Chengxing held by Guangzhou GET Investment at a price of RMB1,000 million plus interest calculated at the rate of 4% per annum. In addition, pursuant to the terms of the arrangement, Guangzhou GET Investment does not have substantive participating rights in Chengxing. The investment by Guangzhou GET Investment is accounted for as a liability with interest expenses amortized through the period as the risks and rewards of owning the 1.0640% of equity interest in Chengxing have been retained by the Group and the substance of the transaction is that Guangzhou GET Investment is providing financing to Chengxing. The interest payable for the investment by Guangzhou GET Investment was calculated at an interest rate of 4% per annum and it amounted to RMB69,973 and RMB109,912 as of December 31, 2022 and 2023, respectively. (ii) Movement of accrued warranty is as following: For the Year Ended December 31, 2021 2022 2023 Accrued warranty - beginning of the year 111,351 371,140 641,062 Warranty costs incurred (32,352 ) (61,551 ) (228,674 ) Provision for warranty 292,141 331,473 596,605 Accrued warranty - end of year 371,140 641,062 1,008,993 Less: Current portion of warranty (105,068 ) (216,260 ) (219,988 ) Non-current 266,072 424,802 789,005 (iii) Deposits from a third party represent the refundable deposit for the finance lease cooperation in which the Group serves as the lessor (Note 18). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases Disclosure [Abstract] | |
Leases | 18. Leases As a lessee The Group has entered into various operating lease agreements for certain land use rights, offices, retail and service centers, warehouses for finished goods, parking areas for charging infrastructure, and factories for R&D activities which are substantially located in PRC. In 2022, the Group also entered into a finance lease agreement for the Guangzhou manufacturing plant. The Group determines if an arrangement is a lease, or contains a lease, at inception and records the leases in the consolidated financial statements upon lease commencement, which is the date when the lessor makes the underlying asset available for use by the lessee. The Group’s leases, where the Group is the lessee, may include options to extend the lease term and options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Group will exercise such options. The Group entered into a cooperation agreement and supplementary agreements (collectively “Guangzhou Cooperation Agreements” The Group entered into a lease contract with Guangzhou GET New Energy to lease the plant and underlying land use right of Guangzhou manufacturing plant with an annual lease payment of RMB57,900 from July 2022 to June 2029, and further obtained an obligation to purchase the plant and underlying land use right at the construction cost of RMB1,300,000 at the end of lease term. Further construction cost amounting to RMB30,670 will be paid subsequently according to the payment schedule. The lease payment made before the lease commencement date was RMB60,443. The initial direct cost made and the incentive received on or before the lease commencement date were immaterial. The lease of the land use right or a purchased land use right , under normal operative terms , can only be classified as an operating lease under U.S. GAAP. As the Group has an obligation to purchase the plant at cost and the assets are designed for the use of the Group, so the obligation is reasonably certain to be exercised, and accordingly, the lease of the plant was classified as a finance lease and recognized as property, plant and equipment of the Group. Therefore, on the lease commencement date, the land use right and property, plant and equipment for the plant amounted RMB389,508 and RMB1,001,820, respectively, being the present value of the lease payment and the exercise price of the purchase obligation. The balances for the leases where the Group is the lessee are presented as follows within the consolidated balance sheets: As of December 31, 2022 2023 Operating lease Land use rights, net 393,561 401,901 Right-of-use 1,954,618 1,455,865 Total operating lease assets 2,348,179 1,857,766 Operating lease liabilities - current 490,811 365,999 Operating lease liabilities - non current 1,854,576 1,490,882 Total operating lease liabilities 2,345,387 1,856,881 As of December 31, 2022 2023 Finance lease Property, plant and equipment, at cost 1,001,820 1,001,820 Accumulated depreciation (25,046 ) (75,137 ) Property, plant and equipment, net 976,774 926,683 Finance lease liabilities - current 128,279 34,382 Finance lease liabilities - non current 797,743 777,697 Total finance lease liabilities 926,022 812,079 The components of lease expense are as follows within the consolidated statements of comprehensive loss: For the Year Ended December 31, 2021 2022 2023 Operating lease expense: Operating lease expense 340,744 595,032 540,688 Short-term lease expense 102,901 265,800 231,467 Total operating lease expenses 443,645 860,832 772,155 Finance lease expense: Amortization expense — 25,046 50,091 Interest expense — 22,846 40,205 Total finance lease expenses — 47,892 90,296 Total lease expenses 443,645 908,724 862,451 Short-term leases primarily consist of the parking areas and pop-up Amortization expense of finance lease, operating lease expense and short-term lease expense are recognized as cost of sales, selling, general and administrative expenses and research and development expenses. Interest expense on finance lease liabilities is recognized over the lease term as “Interest expenses”. Other information related to operating leases where the Group is the lessee is as follows: For the Year Ended December 31, 2021 2022 2023 Weighted-average remaining lease term Operating leases 5.3 years 5.1 years 4.6 years Finance leases — 6.6 years 5.6 years Land use rights — 49.5 years 49.0 years Weighted-average discount rate Operating leases 4.71 % 4.78 % 4.85 % Finance leases — 4.90 % 4.90 % Land use rights — 4.90 % 4.90 % Because most of the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The Group elected to use the collateralized borrowing rate based on a similar borrowing terms and amount with associated lease. Supplemental cash flow information related to leases where the Group is the lessee is as follows: For the Year Ended December 31, 2021 2022 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases 289,456 486,260 268,290 Operating cash outflows from finance leases (interest payments) — 22,846 40,205 Financing cash outflows from finance leases — 15,355 113,943 Leased assets obtained in exchange for operating lease liabilities net of decrease in leased assets for early terminations 1,329,021 1,162,151 (316,558 ) Leased assets obtained in exchange for finance lease liabilities — 1,001,820 — As of December 31, 2023, the maturities of the Group’s lease liabilities (excluding short-term leases) are as follows: As of December 31, 2023 Finance Lease Operating Lease Within 1 year 59,371 444,268 Between 1 and 2 years 31,767 324,645 Between 2 and 3 years 31,767 276,070 Between 3 and 4 years 34,835 188,382 Between 4 and 5 years 31,767 155,199 Thereafter 825,955 797,075 Total minimum lease payments 1,015,462 2,185,639 Less: Interest (203,383 ) (328,758 ) Present value of lease obligations 812,079 1,856,881 Less: Current portion (34,382 ) (365,999 ) Non - current portion of lease obligations 777,697 1,490,882 As a lessor The Group provided a lease of a factory to a third party in December 2023 with a lease term of . The lease did not contain any contingent rental income clauses. Initial direct costs were insignificant for all periods presented. No residual value guarantees, variable lease provision and options to purchase the underlying asset was contained in the lease arrangement. The lease of the factory was classified as a sales-type lease as the lease term represents a significant portion of the remaining economic useful life of the underlying asset. Therefore, on the lease commencement date, the Group derecognized the underlying asset in the amount of RMB194,284, and recognized accordingly the net investment in the lease in the amount of RMB216,218, which represents the present value of the lease receivables and the amount that a lessor expects to derive from the underlying asset following the end of the lease term. The Group also recorded a related gain of RMB2,116 in “Selling, general and administrative expenses” in the consolidated statements of comprehensive loss for the year ended December 31, 2023. The balances for the factory lease where the Group is the lessor are presented as follows within the consolidated balance sheets: As of December 31, 2022 2023 Other current assets Finance lease receivables, current portion, net — 11,100 Other non-current Finance lease receivables, non-current — 205,118 Total Finance lease receivables, net — 216,218 The net investment in the sales-type lease consisted of: As of December 31, 2021 2022 2023 Total minimum lease payments receivable — — 240,023 Unguaranteed residuals — — 27,736 Less: Unearned income — — (51,541 ) Net investment in lease payments receivable — — 216,218 Current portion — — 11,100 Non-current portion — — 205,118 Future minimum lease payments to be received for the sales-type lease for the five succe e As of December 31, 2023 Within 1 year 20,002 Between 1 and 2 years 16,001 Between 2 and 3 years 16,001 Between 3 and 4 years 16,001 Between 4 and 5 years 16,001 Thereafter 156,017 Total minimum lease payments receivable 240,023 Unguaranteed 27,736 Less: Unearned income (51,541 ) Net investment in sales-type lease 216,218 |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 19. Revenues Revenues by source consisted of the following: For the Year Ended December 31, 2021 2022 2023 Vehicle sales 20,041,955 24,839,637 28,010,857 Services and others 946,176 2,015,482 2,665,210 Total 20,988,131 26,855,119 30,676,067 |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | 20. Deferred Revenue The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue. For the Year Ended December 31, 2021 2022 2023 Deferred revenue - beginning of year 308,384 897,288 1,083,249 Additions 19,339,153 24,344,226 28,513,918 Recognition (18,750,249 ) (24,158,265 ) (28,297,224 ) Deferred revenue - end of year 897,288 1,083,249 1,299,943 Less: Deferred revenue, current portion (418,227 ) (389,243 ) (630,997 ) Deferred revenue, non-current 479,061 694,006 668,946 Deferred revenue represents the transaction price allocated to the performance obligations that are not yet satisfied, which primarily arises from the undelivered vehicles, charging piles, free battery charging within 4 years or 100,000 kilometers, the extended lifetime warranty, option between household charging pile and charging card, services of lifetime free battery charging in XPeng-branded charging station, lifetime warranty of battery as well as vehicle internet connection services, with unrecognized deferred revenue balance of RMB897,288, RMB1,083,249 and RMB1,299,943 as of December 31, 2021, 2022 and 2023, respectively. The Group expects that 49% of the transaction price allocated to unsatisfied performance obligations which were accounted for as deferred revenue as of December 31, 2023 will be recognized as revenue during the period from January 1, 2024 to December 31, 2024. The remaining 51% will be substantially recognized during the period from January 1, 2025 to December 31, 2033. |
Manufacturing in Collaboration
Manufacturing in Collaboration with Haima Auto | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Manufacturing in Collaboration with Haima Auto | 21. Manufacturing in Collaboration with Haima Auto On March 31, 2017, the Group entered into a contract arrangement with Haima Auto for the manufacture of vehicles. The agreement was expired on December 31, 2021, and such agreements were renewable by mutual consent. Pursuant to the arrangement, starting from 2018, Haima Auto provides an annual production capacity of 50,000 units, for the manufacturing of G3. While Haima is in charge of the day-to-day per-vehicle In consideration of commercial development needs, the Group and Haima came to a mutual consent that the former agreement would not be renewed and signed a transitional agreement in August 2021 for the termination of the manufacturing of vehicles in Haima plant and the corresponding relocation arrangements. As a result of the transitional and relocation agreement, relocation and disposal costs were incurred and borne by the Group, of which RMB132,856 was recognized as other operating expenses for the year ended December 31, 2021. The relocation and disposal costs of RMB96,031 were or will be incurred in the form of cash, while the remaining amounts were non-cash. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Ordinary Shares | 22. Ordinary Shares As of December 31, 2020, 971,341,066 Class A ordinary shares had been issued, 928,296,786 Class A ordinary shares outstanding, 429,846,136 Class B ordinary shares and 178,618,464 Class C ordinary shares had been issued and outstanding. The Group issued 35,868,362 Class A ordinary shares for the year ended December 31, 2021, out of which, 26,471,648 Class A ordinary shares are outstanding and transferred to employees for the vested RSUs and 9,396,714 Class A ordinary shares are treasury shares held by XPeng Inc. XPeng Inc. and XPeng Fortune Holding Limited transferred 40,569,304 Class A treasury shares to employees for the vested RSUs for the year ended December 31, 2021. The Company completed its Global Offering, including the Hong Kong Public Offering and the International Offering, on July 7, 2021. In connection with the Global Offering, 97,083,300 new Class A ordinary shares of the Group were issued and allotted at the offer price of HK$165 per Class A ordinary share. All Class B ordinary shares held by an executive director of the Company and all Class C ordinary shares were converted into Class A ordinary shares on a one-on-one Upon the completion of the extraordinary general meeting held on December 8, 2021, the Company authorized 9,250,000,000 Class A ordinary shares and 750,000,000 Class B ordinary shares of par value US$0.00001. As of December 31, 2021, 1,302,911,192 Class A ordinary shares had been issued, out of which, 1,291,039,502 Class A ordinary shares were outstanding, and 409,846,136 Class B ordinary shares had been issued and outstanding. The Group issued 12,644,728 Class A ordinary shares for the year ended December 31, 2022, out of which, 2,030,152 Class A ordinary shares are outstanding and transferred to employees for the vested RSUs and 10,614,576 Class A ordinary shares are treasury shares held by XPeng Inc. XPeng Inc. and XPeng Fortune Holding Limited transferred 17,567,096 Class A treasury shares to employees and independent directors for the vested RSUs for the year ended December 31, 2022. 61,137,879 Class B ordinary shares held by an executive director of the Company were converted into Class A ordinary shares on a one-on-one basis upon his resignation took effect. As of December 31, 2022, 1,376,693,799 Class A ordinary shares had been issued, out of which, 1,371,774,629 Class A ordinary shares were outstanding, and 348,708,257 Class B ordinary shares had been issued and outstanding. The Group issued 9,171,738 Class A ordinary shares for the year ended December 31, 2023, out of which, 599,886 Class A ordinary shares are outstanding and transferred to employee s XPeng Inc. XPeng Inc. and XPeng Fortune Holding Limited transferred 10,679,408 Class A treasury shares to employees and independent directors for the vested RSUs for the year ended December 31, 2023. On November 13, 2023, the Group allotted and issued 58,164,217 Class A ordinary shares as the purchase consideration to DiDi for completing the closing of acquisition of DiDi’s smart auto business (Note 5) . On July 26, 2023, the Group and Volkswagen entered into a forward share purchase agreement, pursuant to which the Group would issue a number of Class A ordinary shares that equal to the lower of 4.99% of its total share number as of five business days prior to the closing date and 94,666,666 to Volkswagen at the purchase price of US$7.5 per share in cash. The number of shares to be issued is subject to certain adjustments, which preclude the forward contract from meeting the “fixed-for-fixed” 815-40 t . As of December 31, 2023, 1,538,109,009 Class A ordinary shares had been issued, out of which, 1,535,297,395 Class A ordinary shares were outstanding, and 348,708,257 Class B ordinary shares had been issued and outstanding. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | 23. Share-based Compensation On June 28, 2020, the board of directors of the Company approved the 2019 Equity Incentive Plan (“2019 Plan”) with 161,462,100 Class A ordinary shares reserved. Options, restricted shares, RSUs, dividend equivalents, share appreciation rights and share payments may be granted under the 2019 Plan. One RSU represents a right relating to one Class A ordinary share of the Group with a par value of US$0.00001 per share. The RSUs primarily include both service and performance conditions. For service condition, vesting schedules include: (i) 25% of the RSUs shall become vested on each anniversary of the vesting commencement date for four years thereafter; (ii) 40% of the RSUs shall become vested on the grant date and 15% of the RSUs become vested on each anniversary of the vesting commencement date for four years thereafter; (iii) 25% of the RSUs shall become vested on the first anniversary of the vesting commencement date, and the remaining 75% of the RSUs shall become vested in equal installments on each quarterly anniversary of the vesting commencement date for three The RSUs granted prior to the completion of the IPO are measured at the grant date fair value of the awards and recognized as expense using the graded vesting method, net of estimated forfeitures, if any, over the requisite service period. Subsequent to the completion of the IPO, RSUs with only a service condition to employees under the 2019 Plan are vested on a straight-line basis net of estimated forfeitures, if any, over the requisite service period. RSUs with both service and performance conditions are recognized as expenses using the graded vesting method, net of estimated forfeitures, if any, over the requisite service period, when the performance condition is concluded to be probable to achieve. A summary of the Group’s RSU activity for the years ended December 31, 2021, 2022 and 2023 follows: Number of restricted Weighted average grant date fair value RMB Outstanding as of December 31, 2020 48,288,134 14.20 Granted 7,086,500 132.02 Vested (18,577,032 ) 11.51 Forfeited (2,937,374 ) 43.23 Outstanding as of December 31, 2021 33,860,228 38.75 Expected to vest as of December 31, 2021 30,900,145 Number of restricted Weighted average grant RMB Outstanding as of December 31, 2021 33,860,228 38.75 Granted (i) 28,010,128 68.29 Vested (19,564,802 ) 37.27 Forfeited (6,309,648 ) 81.29 Outstanding as of December 31, 2022 35,995,906 59.72 Expected to vest as of December 31, 2022 33,116,233 Number of restricted Weighted average grant RMB Outstanding as of December 31, 2022 35,995,906 59.72 Granted 15,177,322 39.31 Vested (11,276,824 ) 55.66 Forfeited (10,701,587 ) 51.52 Outstanding as of December 31, 2023 (i) 29,194,817 54.42 Expected to vest as of December 31, 2023 (i) 24,487,867 Share-based compensation expense amounting to RMB379,948, RMB710,486 and RMB550,535 was recognized for RSUs for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2023, there was RMB987,535 of unrecognized compensation expense relating to the RSUs. Excluding the 2022 Performance Based Award mentioned below, the expense is expected to be recognized over a weighted average period of 1.62 years. For the years ended December 31, 2021, 2022 and 2023, nil, 21,994 and 12,922 RSUs with no condition were granted to the Company’s independent directors and the RSUs were vested upon granted, respectively. (i) 2022 Performance Based Award In November 2022, the board of directors of the Company granted 8.02 million RSUs to certain employees (“2022 Award”) under 2019 Plan. The 2022 Award consists of five vesting tranches with both service and performance conditions. Such employees are required to provide continued services through the achievement of the performance conditions which were different for each vesting tranche. The Group will recognize the compensation cost when the performance conditions become probable of achievement. One of the five tranches of the 2022 Award had achieved the necessary performance condition as of December 31, 2023 and become probable to vest the 2022 Award nil |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxation | 24. Taxation (a) Income taxes Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. BVI XPeng Limited is exempted from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. United States The applicable income tax rate of United States where the Company’s subsidiaries having significant operations for the years ended December 31, 2021, 2022 and 2023 is 27.98%, which is a blended state and federal rate. PRC The PRC Enterprise Income Tax Law (“EIT Law”), which became effective on January 1, 2008, applies a uniform enterprise income tax (“EIT”) rate of 25% to both foreign-invested enterprises (“FIEs”) and domestic enterprises. Certified High and New Technology Enterprises (“HNTE”) are entitled to a favorable statutory tax rate of 15%, but need to re-apply Xiaopeng Technology applied for the HNTE qualification and received approval in December 2022. Xiaopeng Technology is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2022 through 2024. Zhaoqing XPeng applied for the HNTE qualification and received approval in December 2020 and renewed in December 2023. Zhaoqing XPeng is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2023 through 2025. Beijing Xiaopeng applied for the HNTE qualification and received approval in December 2020. This enterprise is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2020 through 2022. Since the qualification was expired in 2023, this enterprise applies tax rate of 25% for the year 2023. Shanghai Xiaopeng applied for the HNTE qualification and received approval in December 2022. Shanghai Xiaopeng is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2022 through 2024. Shenzhen Pengxing Smart Research Co., Ltd. (“Shenzhen Pengxing Research”) applied for the HNTE qualification and received approval in October 2023. Shenzhen Pengxing Research is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2023 through 2025. Under the EIT Law enacted by the National People’s Congress of the PRC, dividends generated after January 1, 2008 and payable by a foreign investment enterprise in the PRC to its foreign investors who are non-resident In accordance with accounting guidance, all undistributed earnings are presumed to be transferred to the parent company and are subject to the withholding taxes. All FIEs are subject to the withholding tax from January 1, 2008. The presumption may be overcome if the Group has sufficient evidence to demonstrate that the undistributed earnings will be re-invested The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC According to relevant policies promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in R&D activities are entitled to claim an additional tax deduction amounting to 75% or 100% of qualified R&D expenses incurred in determining its tax assessable profits for that year (“Super Deduction”). The additional deduction of 100% or 75% of qualified R&D expenses can only be claimed directly in the annual EIT filling and subject to the approval from the relevant tax authorities. Composition of income tax expenses for the years presented are as follows: For the Year Ended December 31, 2021 2022 2023 Current income tax expenses 25,990 24,731 18,014 Deferred income tax expenses — — 18,796 Income tax expenses 25,990 24,731 36,810 Reconciliations of the income tax expense s s For the Year Ended December 31, 2021 2022 2023 Loss before income tax s e (4,837,106 ) (9,118,358 ) (10,393,705 ) Income tax credit computed at the PRC statutory income tax r 25 (i) (1,209,277 ) (2,279,590 ) (2,598,426 ) Effect of preferential tax rate (ii) 254,061 202,968 29,362 Tax-free (25,000 ) (14,000 ) (33,657 ) Effect of change in tax rate 33,454 16,554 (79,401 ) Effect of different tax rate of different jurisdictions (323,601 ) 322,514 114,036 Effect of additional deduction for qualified R&D expenses (217,395 ) (515,288 ) (1,184,717 ) Non-deductible 163,980 92,906 (230,127 ) Other adjustments (iii) — — (494,696 ) Changes in valuation allowance 1,349,768 2,198,667 4,514,436 Income tax expense s 25,990 24,731 36,810 (i) The PRC statutory income tax rate is used because the majority of the Group’s operations are based in the PRC. (ii) The effect of preferential tax rate resulted in a deduction of the income tax credit computed at the PRC statutory income tax rate of 25%. (iii) Other adjustments include acquisition of subsidiaries resulted in RMB536,974 of the income tax credit. (b) Deferred tax The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not 25 As of December 31, 2021 2022 2023 Deferred tax assets Net operating loss carry-forwards 3,051,082 5,026,589 10,189,606 Government grants 41,565 72,674 41,713 Impairment of long-lived assets 12,239 17,372 29,660 Inventory reserve 7,221 55,397 69,730 Accruals and others 452,612 591,354 457,366 Lease s — — 502,799 Valuation allowance (3,564,719 ) (5,763,386 ) (10,277,822 ) Sub-total — — 1,013,052 As of December 31, 2021 2022 2023 Deferred tax liabilities Lease s — — (509,441 ) Acquired intangible assets — — (907,629 ) Sub-total — — (1,417,070 ) Total deferred tax liabilities, net — — (404,018 ) Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years. Movement of valuation allowance is as follow: For the Year Ended December 31, 2021 2022 2023 Valuation allowance Balance at beginning of the year 2,214,951 3,564,719 5,763,386 Additions 1,511,434 2,221,222 3,990,147 Acquisition of subsidiaries — — 536,974 Loss utilized and expired (128,212 ) (6,001 ) (92,086 ) Effect of change in tax rate (33,454 ) (16,554 ) 79,401 Balance at end of the year 3,564,719 5,763,386 10,277,822 For the years ended December 31, 2021, 2022 and 2023, with the growth of its business performance, some subsidiaries of the Group are generating profits and utilized tax losses brought forward from prior years. The Group has tax losses arising in Mainland China of RMB45,422,967 that will expire in one to ten years for deduction against future taxable profits. Loss expiring in 2024 823,867 Loss expiring in 2025 1,651,343 Loss expiring in 2026 3,524,998 Loss expiring in 2027 6,477,329 Loss expiring in 2028 19,490,587 Loss expiring in 2029 4,163,914 Loss expiring in 2030 1,354,404 Loss expiring in 2031 1,997,693 Loss expiring in 2032 3,220,655 Loss expiring in 2033 2,718,177 Total 45,422,967 The Group has tax losses arising in Hong Kong and Others of RMB1,234,180 that will not expire for deduction against future taxable profit. Hong Kong 671,655 Others 562,525 Total 1,234,180 Uncertain Tax Positions The Group did not identify any significant unrecognized tax benefits for the years ended December 2021, 2022 and 2023. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expenses and it also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2023. In general, the PRC tax authorities mandate a period of up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2019 through 2023 remain subject to the review to be performed by the relevant PRC tax authorities. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 25. Loss Per Share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2021, 2022 and 2023 as follows: For the Year Ended December 31, 2021 2022 2023 Numerator: Net loss (4,863,096 ) (9,138,972 ) (10,375,775 ) Net loss attributable to ordinary shareholders of XPeng Inc. (4,863,096 ) (9,138,972 ) (10,375,775 ) Denominator: Weighted average number of ordinary shares outstanding-basic and diluted 1,642,906,400 1,712,533,564 1,740,921,519 Basic and diluted net loss per share attributable to ordinary shareholders of XPeng Inc. (2.96 ) (5.34 ) (5.96 ) For the years ended December 31, 2021, 2022 and 2023, the Company had potential ordinary shares, including non-vested non-vested nil nil nil a n d |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 26. Related parties The principal related parties with which the Group had transactions during the years presented are as follows: Name of Entity or Individual Relationship with the Company Mr. Xiaopeng He Principal Shareholder of the Company, Chairman of the Board and Chief Executive Officer Mr. Hongdi Brian Gu Honorary Vice Chairman of the Board and President Mr. Tao He (4) Former Senior Vice President HT Flying Car Inc. A Company Significantly Influenced by the Principal Shareholder HT Flying Car (Hong Kong) Limited A Company Significantly Influenced by the Principal Shareholder Guangzhou Huitian Aerospace Technology Co., Ltd. (1) A Company Significantly Influenced by the Principal Shareholder Guangdong Huitian Aerospace Technology Co., Ltd. (1) A Company Significantly Influenced by the Principal Shareholder Guangzhou Zhongpeng Investment and Development Co., Ltd. A Company Controlled by the Principal Shareholder Rockets Capital L.P. (2) A Partnership Significantly Influenced by the Company Dogotix (3) A Company Significantly Influenced by the Principal Shareholder Dogotix (Hong Kong) Limited (3) A Company Significantly Influenced by the Principal Shareholder PX Robotics Inc. (“PX Robotics”) (3) A Company Significantly Influenced by the Principal Shareholder Shenzhen Pengxing Smart Co., Ltd. (“Shenzhen Pengxing”) (3) A Company Significantly Influenced by the Principal Shareholder Shenzhen Pengxing Research (3) A Company Significantly Influenced by the Principal Shareholder Guangzhou Xuetao (4) A Company Jointly Controlled by the former Senior Vice President XProbot Holdings Limited (“XProbot Holdings”) A Company Controlled by the Principal Shareholder (1) Since January 2021, Guangzhou Huitian and Guangdong Huitian were controlled by the principal shareholder. In October 2021, upon the completion of Huitian’s A round of fund raising, Guangzhou Huitian and Guangdong Huitian became significantly influenced by the principal shareholder. (2) As of December 31, 2023, the principal shareholder and the President are the shareholders of the General Partner of Rockets Capital L.P. and the President is entitled to appoint one of three directors of the General Partner. The Group, together with its related parties, can exercise significant influence over Rockets Capital L.P . (3) Since April 2021, Dogotix, Dogotix (Hong In September 2023, the Group entered into an equity transfer agreement for the acquisition of the 74.82% equity shares of Dogotix. Upon the completion of the acquisition, Dogotix, Dogotix (Hong (4) Mr. Tao He joined the Company as senior vice president in January 2015 and was appointed as director in March 2020. In July 2021, he resigned from the directorship with effect from the Global Offering. Since June 2022, he established and jointly controlled Guangzhou Xuetao with 50% equity interests. He had resigned from senior vice president since April 2023. (5) Major transactions with related parties: (i) Non-trade For the years ended December 31, 2021, 2022 and 2023, the interest expenses on the payable due to a company jointly controlled by the former senior vice president was nil, RMB1,021 and RMB2,402, respectively. For the years ended December 31, 2021, 2022 and 2023 , , 3 For the year ended December 31, 2023, the consideration related to the acquisition of Dogotix was paid to a company controlled by the principal shareholder amounted to RMB344,019. (ii) Trade in nature For the years ended December 31, 2021, 2022 and 2023, the rental expenses to a company controlled by the principal shareholder amounted to RMB10,150, For the years ended December 31, 2021, 2022 and 2023, the operation support service provided to companies controlled by the principal shareholder amounted to RMB36,857, RMB31,293 and nil, respectively. For the years ended December 31, 2021, 2022 and 2023, the operation support service provided to companies significantly influenced by the principal shareholder amounted to RMB2,300, RMB20,210 and RMB14,823, respectively. For the year ended December 31, 2021, the purchase of fixed assets, the purchase of services, the rental income and the sales income from the companies controlled by the principal shareholder amounted to RMB698, RMB101, RMB862 and RMB140, respectively. For the year ended December 31, 2022, the purchase of fixed assets, the purchase of service and the rental income from the companies controlled by the principal shareholder amounted to nil, nil and RMB55, respectively. For the year ended December 31, 2021, the purchase of fixed assets, the purchase of services, the rental income from the companies significantly influenced by the principal shareholder amounted to RMB2,793, RMB54 and RMB40, respectively. For the year ended December 31, 2022, the purchase of fixed assets, the purchase of services, the rental income and the sales income from the companies significantly influenced by the principal shareholder amounted to RMB3,752, RMB663, RMB534 and RMB (6) Amounts due from related parties: As of December 31, 2022, amounts due from related parties represents the receivables for operation support service and sales of goods amounting to RMB44,755 and RMB2,369, respectively, to the companies significantly influenced by the principal shareholder. As of December 31, 2023, amounts due from related parties represents the receivables for operation support service and sales of goods amounting to RMB12,566 and RMB382, respectively, to the companies significantly influenced by the principal shareholder. (7) Amounts due to related parties: As of December 31, 2022, amounts due to related parties represents: (i) the payables for assets purchased amounting to RMB978 to the companies significantly influenced by the principal shareholder, and (ii) the payable due to a company jointly controlled by the former senior vice president amounting to RMB28,470, and (iii) the payable for investment amounting to RMB61,663 to a partnership significantly influenced by the Company, which was subsequently paid in January 2023. As of December 31, 2023, amounts due to related parties represents: (i) the payable due to a company jointly controlled by the former senior vice president amounted to RMB30,872, and (ii) the advances from the companies significantly influenced by the principal shareholder amounted to RMB8. (8) As of December 31, 2022 and 2023, there was an investment commitment of RMB658,160 and RMB541,186 to a partnership significantly influenced by the Company, respectively (Note 2 7 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 27. Commitments and Contingencies (a) Capital commitments Capital expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows: As of December 31, 2022 2023 Investments 658,160 541,186 Property, plant and equipment 1,721,666 191,690 Total 2,379,826 732,876 (b) Purchase commitments Purchase expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows: As of December 31, 2022 2023 Purchase commitments on purchase of raw materials (i) 2,046,326 2,118,392 (i) Such amount excludes purchase commitments related to certain models which have been upgraded or where production has ceased. Losses on such commitments |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Net Assets [Abstract] | |
Restricted Assets Disclosure | 28. Restricted Net Assets The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries, consolidated VIEs and VIEs’ subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries. In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual after-tax As a result of these PRC laws and regulations that require annual appropriations of 10% of net after-tax The restricted portion was RMB59,145,690 and RMB77,141,231 as of December 31, 2022 and 2023, respectively. Therefore in accordance with Rules 4-08 S-X, 2 9 |
Company Financial Statements (P
Company Financial Statements (Parent Company Only) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Financial Statements | 29. Company Financial Statements (Parent Company Only) The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X 4-08 The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with notes to consolidated financial statements of the Company. As of December 31, 2022 and 2023, except for the investment commitment disclosed in Note 27(a), the Company did not have significant capital and other commitments, or guarantees. Condensed Balance Sheets As of December 31, 2022 2023 ASSETS Current assets Cash and cash equivalents 951,656 5,187,597 Short-term deposits 12,145,309 7,906,283 Long-term deposits, current portion — 1,852,070 Prepayments and other current assets 36,541 46,685 Total current assets 13,133,506 14,992,635 Non-current Investments in subsidiaries and VIEs 21,997,908 21,126,723 Long-term deposits 1,416,782 — Long-term investments 431,028 618,629 Total non-current 23,845,718 21,745,352 Total assets 36,979,224 36,737,987 LIABILITIES Current liabilities Amount due to a related party 61,663 — Accruals and other liabilities 6,896 15,987 Total current liabilities 68,559 15,987 Non-current liabilities Derivative liability — 393,473 Total non-current liabilities — 393,473 Total liabilities 68,559 409,460 As of December 31, 2022 2023 SHAREHOLDERS’ EQUITY Class A Ordinary shares 92 103 Class B Ordinary shares 21 21 Additional paid-in 60,691,019 70,198,031 Statutory and other reserves 6,425 60,035 Accumulated deficit (25,330,916 ) (35,760,301 ) Accumulated other comprehensive income 1,544,024 1,830,638 Total shareholders’ equity 36,910,665 36,328,527 Total liabilities and shareholders’ equity 36,979,224 36,737,987 Condensed Statements of Comprehensive Loss For the Year Ended December 31, 2021 2022 2023 Operating expenses Selling, general and administrative expenses (8,966 ) (22,896 ) (28,511 ) Total operating expenses (8,966 (22,896 ) (28,511 ) Fair value gain on derivative liability relating to the contingent consideration — — 29,339 (Loss) gain from operations (8,966 (22,896 ) 828 Interest income 208,463 314,668 601,475 Equity in loss of subsidiaries and VIEs (5,696,578 ) (7,074,057 ) (10,165,831 ) Other non-operating income, net 84,620 35,867 17,718 Exchange gain (loss) from foreign currency transactions 470,103 (2,380,873 ) (473,467 ) Investment loss on long-term investments — (75,155 ) (821 ) Fair value gain (loss) on derivative assets or derivative liabilities 79,262 59,357 (410,417 ) Loss before income tax expenses and share of results of equity method investees (4,863,096 ) (9,143,089 ) (10,430,515 ) Income tax expenses — — — Share of results of equity method investees — 4,117 54,740 Net loss (4,863,096 ) (9,138,972 ) (10,375,775 ) Net loss attributable to ordinary shareholders of XPeng Inc. (4,863,096 (9,138,972 ) (10,375,775 ) Net loss (4,863,096 ) (9,138,972 ) (10,375,775 ) Other comprehensive (loss) income Foreign currency translation adjustment, net of tax (918,168 ) 3,192,573 286,614 Total comprehensive loss attributable to XPeng Inc. (5,781,264 (5,946,399 ) (10,089,161 ) Comprehensive loss attributable to ordinary shareholders of XPeng Inc. (5,781,264 ) (5,946,399 ) (10,089,161 ) Condensed Statements of Cash Flows For the Year Ended December 31, 2021 2022 2023 Cash flows from operating activities 232,625 175,195 520,066 Cash flows from investing activities (Placement) maturities of term deposits (14,607,257 ) 3,099,780 4,164,149 Investment in equity investees (19,015,285 ) (6,934,426 ) (5,306,987 ) Cash paid for long-term investments — (409,363 ) (188,681 ) Maturities of derivative assets or derivative liabilities 233,050 10,752 — Net cash used in investing activities (33,389,492 ) (4,233,257 ) (1,331,519 ) Cash flows from financing activities Proceeds from Global Offering, net of issuance cost 13,146,811 — — Payments of listing expenses (36,924 ) (1,830 ) — Proceeds from issuance of ordinary shares to Volkswagen — — 5,019,599 Net cash provided by (used in) financing activities 13,109,887 (1,830 ) 5,019,599 Effects of exchange rate changes on cash, cash equivalents and restricted cash (316,835 ) 500,454 27,795 Net (decrease) increase in cash, cash equivalents and restricted cash (20,363,815 ) (3,559,438 ) 4,235,941 Cash, cash equivalents and restricted cash at beginning of the year 24,874,909 4,511,094 951,656 Cash, cash equivalents and restricted cash at end of the year 4,511,094 951,656 5,187,597 (i) Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and VIEs. For the Company only condensed financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries and VIEs” and shares in the subsidiaries and VIEs’ loss are presented as “Equity in loss of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 30. Subsequent events (i) Strategic Technical Collaboration and Joint Sourcing Program with Volkswagen On February 29, 2024, XPeng and Volkswagen entered into a Master Agreement on Platform and Software strategic technical collaboration (“Master Agreement”) to provide technical services for Volkswagen to develop B-class battery electric vehicles. As part of the Master Agreement, both parties also entered into a Joint Sourcing Program, targeting to jointly reduce the cost of the platform. (ii) Issuance of Auto Leasing ABS In March 2024, the Company, through its wholly owned subsidiary, completed the launch of an ABS amounting to RMB1,016,000 by issuing debt securities to investors. (iii) End of Production of the P5 In the first quarter of 2024, the Company determined to cease the production of the P5 by the end of June 2024, which will result in a potentially material charge to the Group’s consolidated statement of comprehensive loss for the quarter ended March 31, 2024. Management is still assessing the financial impact as of the issuance date of the 2023 consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) to reflect the financial position, results of operations and cash flows of the Group. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Principles of consolidation | (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company is the ultimate primary beneficiary. All transactions and balances among the Company, its subsidiaries and VIEs have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power: has the power to appoint or remove the majority of the members of the board of directors (the “Board”): to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investees under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Company’s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. |
Use of estimates | (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements primarily include, but are not limited to, the determination of performance obligations and allocation of transaction price to those performance obligations, the determination of warranty cost, lower of cost and net realizable value of inventory, losses on purchase commitments relating to inventory, assessment for impairment of long-lived assets and intangible assets, useful lives and residual values of long-lived assets and finite-lived intangible assets, determination of the fair value of derivative liability relating to the contingent consideration in business combination, fair value of assets and liabilities acquired or assumed in business combination, fair value of assets and liabilities acquired or assumed in asset acquisition, recoverability of receivables, valuation of deferred tax assets, determination of share-based compensation expenses, determination of the fair value of derivative assets or liabilities arising from forward exchange contracts, determination of the fair value of debt investments accounted for under the fair value option model as well as subsequent adjustments for equity investments without readily determinable fair values and not accounted for by the equity method. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. |
Functional currency and foreign currency translation | (d) Functional currency and foreign currency translation The Company uses Renminbi (“RMB”) as its reporting currency. The functional currencies of the Company and its subsidiaries which are incorporated in the Cayman Islands, British Virgin Islands, United States, Hong Kong and other regions is United States dollars (“US$”) or their respective local currencies, while the functional currencies of the other subsidiaries and VIEs which are incorporated in the PRC are RMB. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters. Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary re-measured The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income or loss in the consolidated statements of comprehensive loss, and the accumulated currency translation adjustments are presented as a component of accumulated other comprehensive income or loss in the consolidated statements of changes in shareholders’ equity. |
Business combinations and goodwill | (e) Business combinations and goodwill The Group accounts for business combinations under ASC 805, Business Combinations. Business combinations are recorded using the acquisition method of accounting, and the transaction consideration of an acquisition is determined based upon the aggregate fair value at the date of exchange of the assets transferred, liabilities incurred, and equity instruments issued, including any consideration contingent upon future events as defined. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of the total transaction consideration over the aggregate fair value of the acquired identifiable net assets is recorded as goodwill. If the total transaction consideration is less than the fair values of the net assets of the subsidiaries acquired, the difference is recognized directly in the consolidated statements of comprehensive loss. Goodwill is not amortized but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, by performing the quantitative test through comparing each reporting unit’s fair value to its carrying value, including goodwill. No impairment provision was made related to the Group’s goodwill for the year ended December 31, 2023. |
Fair value | (f) Fair value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level I — Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. Level II —Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level II valuation techniques. Level III —Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term deposits, short-term investments, accounts and notes receivable, installment payment receivables, long-term deposits, restricted long-term deposits, long-term investments, finance lease receivables, other assets, accounts and notes payable, short-term borrowings, finance lease liabilities, operating lease liabilities, accruals and other liabilities, derivative liability and long-term borrowings. As of December 31, 2022 and 2023, the carrying values of these financial instruments, except for other non-current non-current non-current non-current Financial assets and liabilities that are measured at fair value on a recurring basis consist of short-term investments, equity investments with readily determinable fair values, debt investments that are accounted for under the fair value option model and derivative liabilities. Equity investments with readily determinable fair values (Note 13) are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements. All of the Group’s short-term investments, which are comprised primarily of structured deposits, bank financial products, are classified within Level II of the fair value hierarchy because they are floating income products linked to currency exchange rate, gold market price or benchmark interest rates. These instruments are not valued using quoted market prices, but can be valued based on other observable inputs, such as interest rates and currency rates. The Group has debt investments that are accounted for under the fair value option model (Note 13), and a derivative liability relating to certain contingent consideration (Note 5), which are initially measured at fair value with changes in fair value in the subsequent periods recognized through earnings. Such debt investments and derivative liability are classified within Level III of the fair value hierarchy, as there is little or no observable market data to determine the respective fair values. Under these circumstances, the Group has adopted certain valuation techniques using unobservable inputs to measure their respective fair values. |
Cash and cash equivalents | (g) Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. Cash and cash equivalents as reported in the consolidated statements of cash flows are presented separately on the consolidated balance sheets as follows: As of December 31, 2022 As of December 31, 2023 Amount RMB equivalent Amount RMB equivalent Cash and cash equivalents: RMB 13,230,745 13,230,745 13,597,107 13,597,107 US$ 194,588 1,355,226 1,021,773 7,236,909 HK$ 9,256 8,268 4,218 3,823 Others not applicable 13,535 not applicable 289,324 Total 14,607,774 21,127,163 As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents were held in reputable financial institutions located in the PRC, Hong Kong and United States. |
Restricted cash | (h) Restricted cash Restricted cash primarily represents bank deposits for letters of guarantee, bank notes and others amounted to RMB84,371 and RMB3,168,578 as of December 31, 2022 and 2023, respectively. In addition, restricted cash includes certain deposits, amounting to RMB21,901 and RMB6,308, as of December 31, 2022 and 2023, respectively, that are restricted due to legal disputes. |
Short-term and long term deposits | (i) Short-term and long-term deposits Short-term deposits represent time deposits placed with banks with original maturities between three months and one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss during the years presented. As of December 31, 2022 and 2023, substantially all of the Group’s short-term deposits amounting to RMB14,921,688 and RMB9,756,979, respectively, had been placed in reputable financial institutions in the PRC. Long-term deposits represent time deposits placed with banks with original maturities more than one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss during the years presented. As of December 31, 2022 and 2023, substantially all of the Group’s long-term deposits amounting to RMB7,353,916 and RMB10,090,341, respectively, had been placed in reputable financial institutions in the PRC, out of which, RMB427,466 and RMB7,054,915 will be due within one year and are classified to “Long-term deposits, current portion”, respectively. |
Current expected credit losses | (j) Current expected credit losses The Group’s accounts and notes receivable, other current assets, installment payment receivables and finance lease receivables (Note 18) are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables, other current assets, installment payment receivables and finance lease receivables, which include size, types of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions and supportable forecasts of future economic conditions in assessing the lifetime expected credit losses. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter end based on the Group’s specific facts and circumstances. For the years ended December 31, 2021, 2022 and 2023, the Group recorded RMB69,731, RMB67,654 and RMB70,357 in expected credit loss expense in selling, general and administrative expenses, respectively. As of December 31, 2022, the expected credit loss provision recorded in current and non-current non-current Accounts and notes receivable are amounts due from large-volume buyers for vehicle sales in the ordinary course and amounts due from government subsidies that are collected on behalf of customers. Installment payment receivables primarily consist of the aggregate receivables of the installment payments for vehicles or batteries due from customers. The Group classified its installment payment receivables into different categories from performing to non-performing The Group considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations. The Group has made specific credit loss provisions on a case-by-case The Group’s expected credit loss of cash and cash equivalents, restricted cash, time deposit in bank, notes receivable and finance lease receivables, within the scope of ASC Topic 326 were immaterial. The following table summarizes the activity in the allowance for credit losses related to accounts receivable, other current assets and installment payment receivables, for the years ended December 31, 2021, 2022 and 2023 : For the Year Ended Balance as of December 31, 2020 12,507 Current period provision 69,731 Write-offs (15,142 ) Balance as of December 31, 2021 67,096 For the Year Ended Balance as of December 31, 2021 67,096 Current period provision 67,654 Write-offs (13,043 ) Balance as of December 31, 2022 121,707 For the Year Ended Balance as of December 31, 2022 121,707 Current period provision 70,357 Write-offs (41,281 ) Balance as of December 31, 2023 150,783 |
Short-term investments | (k) Short-term investments For investments in financial instruments with a variable interest rate indexed to the performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected as “Interest income” |
Inventory | (l) Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the standard cost basis and includes all costs to acquire and other costs to bring the inventories to their present condition, which approximates actual cost using the monthly weighted average method. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Inventory write-downs of RMB162,433, RMB220,319 and RMB1,054,711 were recognized in cost of sales for the years ended December 31, 2021, 2022 and 2023, respectively. |
Property, plant and equipment, net | (m) Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant and equipment are depreciated primarily using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease terms or the estimated useful lives, which range from two ten Estimated useful lives Buildings 20 years Machinery and equipment 15 months to 10 years Charging infrastructure 5 years Vehicles 4 to 5 years Computer and electronic equipment 3 years Others 2 to 5 years Depreciation for molds and toolings is computed using the units-of-production The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Construction in progress represents property, plant and equipment under construction and pending installation and is stated at cost less accumulated impairment losses, if any. Completed assets are transferred to their respective asset classes and depreciation begins when an asset is ready for its intended use. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest expense on construction-in-progress The gain or loss on the disposal of property, plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. Losses on the disposal of property, plant and equipment amounting to RMB36,508, RMB15,682 and RMB4,863 were recognized in operating expenses during the years ended December 31, 2021, 2022 and 2023, respectively. |
Intangible assets, net | (n) Intangible assets, net Intangible assets consist of manufacturing license, surveying and mapping qualification, insurance agency qualification, license plate, software, license of maintenance and overhauls, vehicle model technology under development (“VMTUD”), vehicle platform technology (“VPT”), robotics platform technology and other intangible assets. Intangible assets with finite lives, including software, license of maintenance and overhaul, VPT, robotics platform technology and other intangible assets, are carried at acquisition cost less accumulated amortization and impairment, if any. Finite lived intangible assets are tested for impairment if impairment indicators arise. Amortization of intangible assets with finite lives are computed using the straight-line method over the estimated useful lives as below: Estimated useful lives Software 2 to 10 years License of maintenance and overhauls 26 months VPT 10 years Robotics platform technology 10 years Others 5 to 10 years The Group estimates the useful life of the software to be 2 to 10 years, VPT and robotics platform technology to be 10 years, based on the contract terms, expected technical obsolescence and innovations and industry experience of such intangible assets. The Group estimates the useful life of the license of maintenance and overhaul to be 26 months based on the contract The estimated useful lives of intangible assets with finite lives are reassessed if circumstances occur that indicate the original estimated useful lives may have changed. Intangible assets that have indefinite useful lives are manufacturing license, surveying and mapping qualification, insurance agency qualification, license plates and VMTUD, as of December 31, 2023. No useful life was determined in the contract terms when the Group acquired the manufacturing license, surveying and mapping qualification, insurance agency qualification and license plates. The Group expects that such intangible assets are unlikely to be terminated and will continue to be renewed as a matter of course based on industry experience, and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of such intangible assets to be indefinite. The VMTUD acquired through business combination was considered indefinite-lived until the completion of the associated research and development efforts and a determination related to commercial feasibility. At such time, the Group will determine the related useful life and method of amortization. Research and development expenditures that are incurred after the acquisition, including those for completing the research and development activities, are expensed as incurred. The Group evaluates indefinite-lived intangible assets annually as of each balance sheet date to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized, but tested for impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Company calculates the fair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Company recognizes an impairment loss in an amount equal to that excess. In consideration of the growing electronic vehicle industry in China, the Group’s improving sales performance, the stable macroeconomic conditions in China and the Group’s future manufacturing plans, the Company determined that it is not likely that the manufacturing license, surveying and mapping qualification certificate, insurance agency qualification certificate, license plates and VMTUD were impaired as of December 31, 2022 and 2023. As such, no impairment of indefinite-lived intangible assets was recognized for the years ended December 31, 2021, 2022 and 2023. |
Land use rights, net | (o) Land use rights, net Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 49.5 to 50 years that represent the terms of land use rights certificate. |
Long-term investments | (p) Long-term investments Equity Method Investments The Group applies the equity method to account for its equity investments, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a controlling financial interest. Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group continually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination include current economic and market conditions, the financial condition and operating performance of the equity method investees, and other company specific information. The Group’s long-term investments also include other equity investments, over which the Group has neither significant influence nor control, and debt investments. Equity Investments with Readily Determinable Fair Values Equity investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements. Equity Investments without Readily Determinable Fair Values The Group elected to record equity investments without readily determinable fair values using the measurement alternative at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring basis, and report changes in the carrying value of the equity investments in current earnings. Changes in the carrying value of the equity investments are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known. Debt Investments The Group elected to account for certain debt investments under the fair value option model including convertible bonds and preferred stock redeemable merely by the passage of time and at the option of the Group as a holder. The fair value option model permits the irrevocable election on an instrument-by-instrument |
Impairment of long-lived assets | (q) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will affect the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Fair value is determined using anticipated cash flows discounted at a rate commensurate with the risk involved. |
Warranties | (r) Warranties The Group provided a manufacturer’s standard warranty on all vehicles sold. The Group accrued for a warranty reserve for the vehicles sold by the Group, which included the Group’s best estimate of the future costs to be incurred in order to repair or replace items under warranties and recalls when identified. These estimates were made based on actual claims incurred to date and an estimate of the nature, frequency and magnitude of future claims with reference made to the past claim history. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the Group’s historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other non-current The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide greater quality assurance to customers and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees. The Group also provides extended lifetime warranty which is sold separately through a vehicle sales contract. The extended lifetime warranty is an incremental service offered to customers and is considered a separate performance obligation distinct from other promises and should be accounted for in accordance with ASC 606. |
Revenue recognition | (s) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred upon delivery to customers. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: • provides all of the benefits received and consumed simultaneously by the customer; • creates and enhances an asset that the customer controls as the Group performs; or • does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price in accordance with ASC 606. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information, the data utilized, and considering the Group’s pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may affect the revenue recognition. The discount provided in the contract are allocated by the Group to all performance obligations as conditions under ASC 606-10-32-37 When either party to a contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group’s contract liabilities primarily result from the multiple performance obligations identified in the vehicle sales contract, which are recorded as deferred revenue and recognized as revenue based on the consumption of the services or the delivery of the goods. Vehicle sales The Group generates revenue from sales of electric vehicles, together with a number of embedded products and services through a contract. There are multiple distinct performance obligations explicitly stated in a sales contract including sales of vehicle, free battery charging within 4 years or 100,000 kilometers, extended lifetime warranty, option between household charging pile and charging card, vehicle internet connection services, services of lifetime free battery charging in XPeng-branded supercharging stations and lifetime warranty of battery, which are defined by the Group’s sales policy and accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when the Group transfers the control of vehicle to a customer. Car buyers in the PRC were entitled to government subsidies when they purchase electric vehicles before December 31, 2022. For efficiency purpose and better customer service, the Group or Zhengzhou Haima Automobile Co., Ltd. (“Haima Auto”) applies for and collect such government subsidies on behalf of the customers. Accordingly, customers only pay the amount after deducting government subsidies. The Group determined that the government subsidies should be considered as part of the transaction price because the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group due to the buyer’s fault such as refusal or delay of providing the relevant application information. The new energy vehicle subsidies had expired since January 1, 2023. In the instance that some eligible customers select to pay by installments for vehicles or batteries under an auto financing program provided to the customers by the Group, such arrangement contains a significant financing component and as a result, the transaction price is adjusted to reflect the impact of time value of the transaction price using an applicable discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The Group allocates the financing amount to all performance obligations proportionately based on their relative selling prices, as conditions prescribed under ASC 606-10-32-37 Receivables related to the vehicle and battery installment payments are recognized as installment payment receivables. The difference between the gross receivable and the respective present value is recorded as unrealized finance income. Interest income resulting from arrangements with a significant financing component is presented as other sales. The overall contract price of electric vehicle and related products/services is allocated to each distinct performance obligation based on the relative estimated standalone selling price. The revenue for sales of the vehicle and household charging pile is recognized at a point in time, when the control of the vehicle is transferred to the customer and the charging pile is installed at customer’s designated location. For vehicle internet connection service, the Group recognizes the revenue using a straight-line method. For the extended lifetime warranty and lifetime battery warranty, given limited operating history and lack of historical data, the Group recognizes revenue over time based on a straight-line method initially. The Group will continue monitoring the cost patterns periodically and adjust the timing of revenue recognition, as necessary, in order to reflect differences between actual costs incurred versus the straight line cost attribution. For the free battery charging within 4 years or 100,000 kilometers and charging card to be consumed to exchange for charging services, the Group considers that a measure of progress based on usage best reflects the performance, as it is typically a promise to deliver the underlying service rather than a promise to stand ready. For the services of lifetime free battery charging in XPeng-branded supercharging stations, the Group recognizes the revenue over time based on a straight-line method during the expected useful life of the vehicle. Initial refundable deposits for intention orders and non-refundable XPILOT, the Group’s intelligent driving system, provides assisted driving and parking functions tailored for different driving behaviors and road conditions in China. A customer can subscribe for XPILOT by either making a lump sum payment or paying annual installments over a three-year period, or purchasing a vehicle equipped with XPILOT. Revenue related to XPILOT is recognized at a point in time when intelligent driving functionality of XPILOT is delivered and transferred to the customers. Other services The Group provides other services to customers including services embedded in a sales contract, supercharging service, maintenance service, technical support services, auto financing services and others. Revenue from services embedded in a sales contract included free battery charging within 4 100,000 Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that lifetime roadside assistance, traffic ticket inquiry service, courtesy car service, on-site Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligation if they are immaterial in the context of the contract and the relative standalone fair value individually and in aggregate is less than 1% of the contract price, namely the lifetime roadside assistance, traffic ticket inquiry service, courtesy car service, on-site Customer Upgrade Program In the third quarter of 2019, due to the upgrade of the G3 vehicle from the 2019 version (“G3 2019”) to its 2020 version (“G3 2020”), the Group voluntarily offered all owners of G3 2019 the options to either receive loyalty points, valid for 5 years from the grant date, which can be redeemed for goods or services, or obtain an enhanced trade-in As both options provide a material right (a significant discount on future goods or services) for no consideration to existing customers with unfulfilled performance obligations, the Group considers this arrangement to be a modification of the existing contracts with customers. Further, as the customers did not pay for these additional rights, the contract modification is accounted for as a termination of the original contract and commencement of a new contract, which will be accounted for prospectively. The material right from the loyalty points or the trade-in For the material right attached with loyalty points, the Group estimated the probability of points redemption when determining the standalone selling price. Due to the fact that most merchandises can be redeemed without requiring a significant amount of points, as compared with the amount of points granted to the customers, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as a separate performance obligation is recorded as a contract liability (deferred revenue) and revenue will be recognized when future goods or services are transferred. The Group will continue to monitor forfeiture rate data and will apply and update the estimated forfeiture rate at each reporting period. According to the terms of the trade-in trade-in trade-in trade-in 120-day trade-in trade-in trade-in trade-in trade-in trade-in trade-in trade-in trade-in trade-in trade-in trade-in |
Cost of sales | (t) Cost of sales Vehicle Cost of vehicle revenue includes direct parts, materials, labor costs and manufacturing overheads (including depreciation of assets associated with the production) and reserves for estimated warranty expenses. Cost of vehicle revenue also includes charges to write-down the carrying value of the inventories when it exceeds its estimated net realizable value and to provide for on-hand Services and others Cost of services and others revenue generally includes cost of direct parts, materials, labor costs, installment costs, costs associated with providing non-warranty |
Research and development expenses | (u) Research and development expenses All costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses consist primarily of employee compensation for those employees engaged in R&D activities, design and development expenses with new technology, materials and supplies and other R&D related expenses. For the years ended December 31, 2021, 2022 and 2023, R&D expenses were RMB4,114,267, RMB5,214,836 and RMB5,276,574, respectively. |
Selling, general and administrative expenses | (v) Selling, general and administrative expenses Sales and marketing expenses consist primarily of employee compensation and marketing, promotional and advertising expenses. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. For the years ended December 31, 2021, 2022 and 2023, advertising costs were RMB873,256, RMB577,569 and RMB413,832, respectively, and total sales and marketing expenses were RMB4,276,366, RMB5,028,958 and RMB5,013,734, respectively. General and administrative expenses consist primarily of employee compensation for employees involved in general corporate functions and those not specifically dedicated to R&D activities, depreciation and amortization expenses, legal, and other professional services fees, lease and other general corporate related expenses. For the years ended December 31, 2021, 2022 and 2023, general and administrative expenses were RMB1,029,067, RMB1,659,288 and RMB1,545,208, respectively. |
Employee benefits | (w) Employee benefits Full-time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, work-related injury benefits, maternity insurance, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. There are no forfeited contribution that may be used by the Group as the employer to reduce the existing level of contributions. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB466,444, RMB766,915 and RMB750,002 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Government grants | (x) Government grants Government grants relating to interest expense already capitalized are accounted for as a reduction in such a capitalized amount with the subsidy benefit reflected over the related asset useful life through reduced depreciation expense. Government grants relating to interest expense (not capitalized) are initially recognized as other non-current Government grants relating to the purchase or construction of property, plant and equipment and intangible assets are accounted for as a reduction in such a capitalized amount with the subsidy benefit reflected over the useful life of related asset through reduced depreciation expenses. Government grants requiring the performance of certain other business related activities or other required conditions are deferred and recognized in profit or loss when all applicable conditions have been met. Nonrefundable grants received without further performance or conditions are recognized immediately as other income upon receipt. |
Other income, net | (y) Other income, net For the year ended December 31, 2021, other income, net mainly represents other subsidies that are recognized upon receipt in profit or loss of RMB350,596, as further performance by the Group is not required, offset partially by relocation and disposal cost of RMB132,856 related to the Haima Plant (Note 2 1 For the year ended December 31, 2021, other subsidies recognized in other income mainly consisted of government subsidies of RMB214,486 to subsidize its repayment of the long-term borrowings of RMB700,000 due to Zhaoqing High-tech Zone before the original due date (Note 16). For the years ended December 31, 2022 and 2023, other income, net mainly represents government subsidies that are recognized upon receipt in profit or loss of RMB109,168 and RMB465,588, respectively, as further performance by the Group is not required. |
Income taxes | (z) Income taxes Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the consolidated financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized. Uncertain tax positions The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses in its consolidated statements of comprehensive loss. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Group did not have any significant unrecognized uncertain tax positions. |
Share-based compensation | (aa) Share-based compensation The Group grants restricted share units (“RSUs”), restricted shares and share options (collectively, “Share-based Awards”) to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Share-based Awards are measured at the grant date fair value of the awards and recognized as expenses using the graded vesting method or straight-line method, net of estimated forfeitures, if any, over the requisite service period. For awards with performance conditions, the Company would recognize compensation cost if and when it concludes that it is probable that the performance condition will be achieved. The fair value of the RSUs granted prior to the completion of the IPO was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment requires complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of the RSUs granted subsequent to the completion of the IPO is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive Share-based Awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. |
Statutory and other reserves | (ab) Statutory and other reserves The Group’s subsidiaries and the VIEs established in the PRC are required to make appropriations to certain non-distributable In accordance with the laws applicable to PRC’s Foreign Investment Enterprises, the Group’s subsidiaries registered as wholly owned foreign enterprises have to make appropriations from its after-tax after-tax In addition, in accordance with the Company Laws of the PRC, the VIEs of the Company registered as PRC domestic companies must make appropriations from its after-tax non-distributable after-tax The use of the general reserve fund, statutory surplus fund and discretionary surplus fund is restricted to the offsetting of losses or increasing capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to staff and for the collective welfare of employees. No reserves are allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. In accordance with PRC law, manufacturing enterprises have to make appropriations for the safety production reserve, pursuant to the policies promulgated by the Ministry of Finance and the Ministry of Emergency Management of the State. For the years ended December 31, 2021, 2022 and 2023, appropriations to the general reserve fund , and safety production reserve |
Comprehensive loss | (ac) Comprehensive loss The Group applies ASC 220, Comprehensive Income, with respect to reporting and presentation of comprehensive loss and its components in a full set of financial statements. Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Group’s comprehensive loss includes net loss and other comprehensive income or loss, which primarily consists of the foreign currency translation adjustment that has been excluded from the determination of net loss. |
Leases | (ad) Leases In February 2016, the FASB issued ASC 842, Leases, to require lessees to recognize all leases, with certain exceptions, on the balance sheets, while recognition on the statement of operations will remain similar to lease accounting under ASC 840. Subsequently, the FASB issued ASU No. 2018-10, No. 2018-11, No. 2018-20, 2019-01, No. 2016-02. (a) As a lessee The Group early adopted the ASUs as of January 1, 2018 using the cumulative effect adjustment approach. Upon adoption, the Group elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Group to carry forward the historical determination of contracts as leases, lease classification and not reassess initial direct costs for historical lease arrangements. In addition, the Group also elected the practical expedient to apply consistently to all of the Group’s leases to use hindsight in determining the lease term (that is, when considering lessee options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of the Group’s right-of-use The Group recognized lease assets and lease liabilities related to substantially all of the Group’s lease arrangements in the consolidated balance sheets. Operating lease assets are included within “Land use rights, net” and “Right-of-use The Group has lease agreements with lease and non-lease non-lease The Group has elected not to present short-term leases on the consolidated balance sheets as these leases have a lease term of 12 months or less at commencement date of the lease and do not include options to purchase or renew that the Group is reasonably certain to exercise. The Group recognizes lease expenses for such short-term lease generally on a straight-line basis over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Group’s leases do not provide an implicit rate of return, the Group uses the Group’s incremental borrowing rate based on the information available at adoption date or lease commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Group’s understanding of what its credit rating would be to borrow and resulting interest the Group would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. (b) As a lessor The Group provides vehicle leasing services to customers under operating lease. The Group recognizes the lease payments as vehicle leasing income in profit or loss over the lease term on a straight-line basis. The vehicle leasing income was immaterial for the years ended December 31, 2021, 2022 and 2023, respectively. The Group classifies i. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ii. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. iii. The lease term is for the major part of the remaining economic life of the underlying asset. iv. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. v. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. For a sales-type lease, when collectability is probable at lease commencement, the Group derecognizes the underlying asset, recognizes the net investment in the lease which is the sum of the lease receivable and the ungu a non-current The Group provides a 15-year a related to this lease amounted to . |
Dividends | (af) Dividends Dividends are recognized when declared. No dividend was declared for the years ended December 31, 2021, 2022 and 2023, respectively. |
Earnings (losses) per share | (ag) Earnings (losses) per share Basic earnings (losses) per share is computed by dividing net income (loss) attributable to holders of ordinary shares, by the weighted average number of ordinary shares outstanding during the period using the two-class two-class |
Segment reporting | (ah) Segment reporting ASC 280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280, the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for internal reporting. As the Group’s long-lived assets are substantially located in the PRC, no segment geographical information is presented. |
Accounts and notes payable | (ae) Accounts and notes payable Accounts and notes payable represent the amount due to the suppliers by the Group for the purchase of raw materials. The Group normally receives credit terms of 0 days to 180 days from its suppliers. Accounts payable were RMB7,269,757 and RMB13,491,144 as of December 31, 2022 and 2023, respectively. Notes payable, which were pledged by bank deposits (note 2(h)), were RMB6,953,099 and RMB8,719,287 as of December 31, 2022 and 2023, respectively. |
Organization and Nature of Op_2
Organization and Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Company's Principal Subsidiaries and VIEs | As of December 31, 2023, the Company’s principal subsidiaries and VIEs are as follows: Place of incorporation Date of Equity Principal activities Principal subsidiaries Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. (“Chengxing”) PRC January 09, 2015 100 % Investment holding Guangzhou Xiaopeng Motors Technology Co., Ltd.(“Xiaopeng Technology”) PRC May 12, 2016 100 % Design and technology development Guangzhou Xiaopeng Automobile Manufacturing Co., Ltd. PRC April 07, 2017 100 % Design and technology development Zhaoqing Xiaopeng New Energy Investment Co., Ltd.(“Zhaoqing Xiaopeng New Energy”) (1) PRC February 13, 2020 100 % Manufacturing of vehicles Zhaoqing Xiaopeng Automobile Co., Ltd.(“Zhaoqing XPeng”) PRC May 18, 2017 100 % Manufacturing of battery pack Xiaopeng Motors Sales Co., Ltd. (“Xiaopeng Motors Sales”) PRC January 08, 2018 100 % Vehicle wholesale and retail Beijing Xiaopeng Automobile Co., Ltd.(“Beijing Xiaopeng”) PRC April 28, 2018 100 % Vehicle wholesale and retail, design and technology development Beijing Xiaopeng Automobile Sales Service Co., Ltd. PRC November 09, 2020 100 % Vehicle wholesale and retail Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd. PRC November 18, 2019 100 % Technology development Guangzhou Xiaopeng Smart Charging Technology Co., Ltd. PRC June 22, 2020 100 % Smart charging technology development Xiaopeng Automobile Central China (Wuhan) Co., PRC April 30, 2021 100 % Technology development and vehicle retail Shanghai Xiaopeng Motors Technology Co., Ltd.(“Shanghai Xiaopeng”) PRC February 12, 2018 100 % Technology development and vehicle retail Guangzhou Zhipeng Manufacturing Co., Ltd. PRC January 14, 2021 100 % Manufacturing of vehicles Wuhan Xiaopeng Smart Manufacturing Co., Ltd. PRC August 16, 2021 100 % Manufacturing of battery pack and electric drive system XPeng Huitian Holding Limited BVI October 12, 2020 100 % Investment holding XPeng Dogotix Holding Limited BVI January 05, 2021 100 % Investment holding Dogotix Inc. BVI October 09, 2023 100 % Investment holding XPeng (Hong Kong) Limited Hong Kong February 12, 2019 100 % Investment holding (1) On February 13, 2020, Zhaoqing Xiaopeng New Energy was established by (i) Zhaoqing XPeng, which is a wholly owned subsidiary of the Company, and (ii) Zhaoqing Kunpeng Motor Technology Co., Ltd. (“Zhaoqing Kunpeng”), which is jointly owned by two shareholders of the Company. Each of Zhaoqing XPeng and Zhaoqing Kunpeng subscribed for 50% of the equity interest of Zhaoqing Xiaopeng New Energy, with Zhaoqing Kunpeng’s capital contribution representing an amount of RMB0 Yuan. Zhaoqing Xiaopeng New Energy holds a license for the manufacture of EVs and smart EVs which was approved by the Ministry of Industry and Information Technology ( “ On February 13, 2020, Zhaoqing XPeng and Zhaoqing Kunpeng entered into a share transfer agreement, among which Zhaoqing Kunpeng agreed to transfer the 50% of the equity interest in Zhaoqing Xiaopeng New Energy to Zhaoqing XPeng at the price of the higher of (i) RMB1 Yuan or (ii) the capital injection actually paid by Zhaoqing Kunpeng upon the earlier of (i) the removal of the PRC foreign investment restrictions in the whole-unit vehicle industry; or (ii) December 31, 2022. Effective from January 1, 2022, the PRC foreign investment restrictions in the whole-unit vehicle industry were removed. Therefore, on January 4, 2022, Zhaoqing Kunpeng transferred its 50% equity interest in Zhaoqing Xiaopeng New Energy to Zhaoqing XPeng for a total cash consideration of RMB1 Yuan, after which Zhaoqing Xiaopeng New Energy become the Company’s indirect wholly owned subsidiary. This transfer did not affect the continued consolidation of financial statements of Zhaoqing Xiaopeng New Energy by the Company. (2) The English names of the subsidiaries and VIEs represent the best effort by the management of the Company in translating its Chinese names as they do not have official English name. Place of incorporation Date of Principal activities VIEs Guangzhou Zhipeng IoV Technology Co., Ltd. (“Zhipeng IoV”) (Note 1(c)(i)) PRC May 23, 2018 Business of development and the operation of an Internet of Vehicles network Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (“Yidian Chuxing”) (Note 1(c)(ii)) PRC May 24, 2018 Business of provision of online-hailing services through online platform Guangzhou Xintu Technology Co., Ltd. (“Xintu Technology”) (Note 1(c)(i)) PRC April 27, 2021 Surveying and mapping Guangdong Intelligent Insurance Agency Co., Ltd. (“GIIA”, formerly known as Qingdao Miaobao Insurance Agency Co., Ltd.) (Note 1(c)(iii)) PRC July 22, 2022 Insurance agency VIEs’ subsidiary Jiangsu Zhipeng Kongjian Information Technology Co., Ltd. (“Zhipeng Kongjian”, formerly known as Jiangsu Zhitu Technology Co., Ltd., a subsidiary of Xintu Technology) (Note 1(c)(i)) PRC June 23, 2021 Surveying and mapping |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents as reported in the consolidated statements of cash flows are presented separately on the consolidated balance sheets as follows: As of December 31, 2022 As of December 31, 2023 Amount RMB equivalent Amount RMB equivalent Cash and cash equivalents: RMB 13,230,745 13,230,745 13,597,107 13,597,107 US$ 194,588 1,355,226 1,021,773 7,236,909 HK$ 9,256 8,268 4,218 3,823 Others not applicable 13,535 not applicable 289,324 Total 14,607,774 21,127,163 |
Summary of Accounts Receivable, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses related to accounts receivable, other current assets and installment payment receivables, for the years ended December 31, 2021, 2022 and 2023 : For the Year Ended Balance as of December 31, 2020 12,507 Current period provision 69,731 Write-offs (15,142 ) Balance as of December 31, 2021 67,096 For the Year Ended Balance as of December 31, 2021 67,096 Current period provision 67,654 Write-offs (13,043 ) Balance as of December 31, 2022 121,707 For the Year Ended Balance as of December 31, 2022 121,707 Current period provision 70,357 Write-offs (41,281 ) Balance as of December 31, 2023 150,783 |
Summary of Useful Lives of Property Plant and Equipment | Estimated useful lives Buildings 20 years Machinery and equipment 15 months to 10 years Charging infrastructure 5 years Vehicles 4 to 5 years Computer and electronic equipment 3 years Others 2 to 5 years |
Summary of Finite Lived Intangible Assets Useful Lives | Amortization of intangible assets with finite lives are computed using the straight-line method over the estimated useful lives as below: Estimated useful lives Software 2 to 10 years License of maintenance and overhauls 26 months VPT 10 years Robotics platform technology 10 years Others 5 to 10 years |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Summary of Business Acquistion Equity Intererests Issued or Issuable | The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s common share of US$7.83 per share as of the acquisition date: As of acquisition date Fair value of ordinary shares issued on the acquisition date (i) 3,087,849 Fair value of contingent consideration related to SOP Milestone (ii) 260,546 Fair value of contingent consideration related to Earn-Out (iii) 433,811 Total Consideration 3,782,206 |
Summary of the Assets Acquired and Liabilities Assumed | The acquisition was accounted for as a business combination. The Group made estimates and judgements in determining the fair values of the assets acquired and liabilities assumed with the assistance from an independent valuation firm. The consideration was allocated on the acquisition date as follows: As of acquisition date Intangible assets - VPT (Note 10) 2,586,911 - VMTUD (Note 10) 609,170 - Software 9,570 Cash and cash equivalents 684,214 Prepayments and other current assets 254,402 Property and equipment, net 113,818 Deferred tax assets 453,125 Other non-current 127,256 Accounts and notes payable (30,473 ) Accruals and other liabilities (255,483 ) Deferred tax liabilities (804,410 ) Goodwill 34,106 Total 3,782,206 |
Summary of Pro forma financial information | For the year ended December 31, 2022 2023 Pro forma net revenues 26,855,119 30,856,674 Pro forma net loss (12,035,550 ) (14,066,681 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments Financial Assets And Liabilities Balance Sheet Groupings [Abstract] | |
Summary of fair value of the financial instruments that are measured at fair value on a recurring basis | Assets and liabilities that were measured at fair value on a recurring basis were as follows: As of December 31, 2022 As of December 31, 2023 Fair Value Level I Level II Level III Fair Value Level I Level II Level III Assets Short-term investments (i) 1,262,129 — 1,262,129 — 781,216 — 781,216 — Debt investments (ii) 1,626,131 — — 1,626,131 1,228,595 — — 1,228,595 Equity investments with readily determinable fair values (iii) 112,641 112,641 — — 104,972 104,972 — — 3,000,901 112,641 1,262,129 1,626,131 2,114,783 104,972 781,216 1,228,595 Liability Derivative liability relating to the contingent consideration (iv) — — — — 393,473 — — 393,473 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | Inventory consisted of the following: As of December 31, 2022 2023 Finished goods 3,059,567 3,661,299 Raw materials 1,449,596 1,834,082 Work-in-process 12,210 30,831 Total 4,521,373 5,526,212 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Summary of Prepayments And Other Current Assets | Prepayments and other current assets consisted of the following: As of December 31, 2022 2023 Deductible input value-added tax 1,359,581 1,521,488 Prepayments 587,289 395,022 Deposits 92,023 125,451 Receivables from third party online payment service providers 38,201 36,939 Finance lease receivables, current portion, net (Note 18) — 11,100 Others 388,990 399,339 Total 2,466,084 2,489,339 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net, consisted of the following: As of December 31, 2022 2023 Machinery and equipment 2,589,709 4,647,957 Buildings (i)(ii) 2,206,923 4,125,849 Molds and toolings 1,505,876 2,179,681 Vehicles 867,434 898,607 Leasehold improvements 681,341 695,972 Construction in process (i) 3,858,358 663,640 Computer and electronic equipment 282,082 388,071 Charging infrastructure 369,994 385,832 Others 130,864 226,905 Sub-total 12,492,581 14,212,514 Less: Accumulated depreciation (iii) (1,788,193 ) (3,151,019 ) Less: Impairment (iv) (97,643 ) (107,010 ) Property, plant and equipment, net 10,606,745 10,954,485 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following: As of December 31, 2022 As of December 31, 2023 Gross Accumulated Impairment (iv) Net Carrying Gross Accumulated Impairment (iv) Net Carrying Amount Finite-lived intangible assets VPT (i) — — — — 2,586,911 (43,115 ) — 2,543,796 Robotics platform technology (ii) — — — — 777,711 (19,443 ) — 758,268 Software 389,409 (120,766 ) (26,418 ) 242,225 542,335 (287,943 ) (35,130 ) 219,262 License of maintenance and overhauls 2,290 (2,290 ) — — 2,290 (2,290 ) — — Others (iii) — — — — 12,033 (417 ) — 11,616 Total finite-lived intangible assets 391,699 (123,056 ) (26,418 ) 242,225 3,921,280 (353,208 ) (35,130 ) 3,532,942 Indefinite-lived intangible assets VMTUD (i) — — — — 609,170 — — 609,170 Manufacturing license 494,000 — — 494,000 494,000 — — 494,000 Surveying and mapping qualification 250,000 — — 250,000 250,000 — — 250,000 Others (iii) 56,747 — — 56,747 62,880 — — 62,880 Total indefinite-lived intangible assets 800,747 — — 800,747 1,416,050 — — 1,416,050 Total intangible assets 1,192,446 (123,056 ) (26,418 ) 1,042,972 5,337,330 (353,208 ) (35,130 ) 4,948,992 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Total future amortization expenses for finite-lived intangible assets were estimated as follows: Within 1 year 478,432 Between 1 and 2 years 387,426 Between 2 and 3 years 358,742 Between 3 and 4 years 345,978 Between 4 and 5 years 340,744 Thereafter 1,621,620 Total 3,532,942 |
Land Use Rights, Net (Tables)
Land Use Rights, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Land and Land Improvements [Abstract] | |
Summary of Land Use Rights And Related Accumulated Amortization | Land use rights and related accumulated amortization consisted of the following: As of December 31, 2022 2023 Land use rights 2,822,757 2,913,098 Less: Accumulated amortization (74,903 ) (123,731 ) Total land use rights, net 2,747,854 2,789,367 |
Installment Payment Receivabl_2
Installment Payment Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessor Disclosure [Abstract] | |
Summary of Sales Type Lease Net Investment In Lease Before Allowance For Credit Loss | Installment payment receivables relating to the installment payments for vehicles and batteries from customers consisted of the following: As of December 31, 2022 2023 Current portion of installment payment receivables, net 1,294,665 1,881,755 Non-current 2,188,643 3,027,795 Total 3,483,308 4,909,550 |
Summary of Sales Type Net Investment In Lease Gross Allowance For Credit Loss And Net | Installment payment receivables consisted of the following: As of December 31, 2022 2023 Current portion of installment payment receivables 1,328,283 1,929,463 Non-current 2,243,169 3,102,488 Allowance for doubtful accounts (88,144 ) (122,401 ) Total 3,483,308 4,909,550 |
Summary of Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Payment maturity analysis of installment payment receivables for vehicles and batteries for each of the next five years and a reconciliation of the gross receivables to the present value are as follows: As of December 31, 2023 Within 1 year 1,985,380 Between 1 and 2 years 1,553,474 Between 2 and 3 years 1,088,336 Between 3 and 4 years 677,517 Between 4 and 5 years 313,795 Thereafter 1,586 Total receivables of installment payments 5,620,088 Less: Unrealized finance income (588,137 ) Installment payment receivables, gross 5,031,951 Less: Allowance for installment payment receivables (122,401 ) Installment payment receivables, net 4,909,550 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Long Term Investments [Abstract] | |
Schedule of Long-term investments | Long-term investments consisted of the following: Equity investments (i) Equity investments (ii) Debt (iii) Equity method (iv) Total Balance as of December 31, 2020 1,000 — — — 1,000 Additions 209,900 — 749,955 — 959,855 Investment gain — — 591,506 — 591,506 Foreign currency translation (546 ) — (2,639 ) — (3,185 ) Balance as of December 31, 2021 210,354 — 1,338,822 — 1,549,176 Equity investments (i) Equity investments (ii) Debt (iii) Equity method (iv) Total Balance as of December 31, 2021 210,354 — 1,338,822 — 1,549,176 Additions — 191,981 209,451 329,045 730,477 Investment gain(loss) 95,752 (78,282 ) 7,592 — 25,062 Share of results of equity method investees (iv) — — — 4,117 4,117 Changes from equity investment to debt investment (iii) (116,129 ) — 116,129 — — Disposals (Note 26(5)) — — (165,000 ) — (165,000 ) Foreign currency translation 1,023 (1,058 ) 119,137 32,098 151,200 Balance as of December 31, 2022 191,000 112,641 1,626,131 365,260 2,295,032 Equity investments (i) Equity investments (ii) Debt (iii) Equity method (iv) Total Balance as of December 31, 2022 191,000 112,641 1,626,131 365,260 2,295,032 Additions — — — 127,018 127,018 Changes from debt investments to equity investments without readily determinable fair values (i) 57,832 — (57,832 ) — — Investment loss (50,826 ) (7,989 ) (165,549 ) — (224,364 ) Share of results of equity method investees (iv) — — — 54,740 54,740 Transfer (iii) — — (204,836 ) — (204,836 ) Foreign currency translation — 320 30,681 6,342 37,343 Balance as of December 31, 2023 198,006 104,972 1,228,595 553,360 2,084,933 |
Other Non-current Assets (Table
Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Summary of Other Non-current Assets | Other non-current As of December 31, 2022 2023 Finance lease receivables, non-current portion, net (Note 18) — 205,118 Deposits (i) 151,914 120,354 Prepayments for purchase of property and equipment 47,258 118,945 Non-current portion of prepayments for advertising and technical support services (Note 5) — 87,656 Goodwill (Note 5) — 34,106 Others 2,099 9,971 Total 201,271 576,150 |
Accruals and Other Liabilities
Accruals and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Summary of Accruals And Other Liabilities | Accruals and other liabilities consisted of the following: As of December 31, 2022 2023 Payables for purchase of property, plant and equipment 1,624,432 1,723,130 Payables for R&D expenses 1,023,344 1,085,353 Employee compensation payables 729,806 939,023 Accrued expenses 417,396 598,423 Debt from a third party investor(Note 1 7 — 541,918 Deposits from third parties 386,412 501,197 Payables for marketing events 483,059 368,163 Tax payables 51,147 350,263 Accrued cost of purchase commitments (i) — 285,519 Warranty provisions 216,260 219,988 Advance from customers 113,730 100,281 Refundable deposit from customers 26,806 61,717 Interest payables 39,082 44,526 Others 472,355 760,694 Total 5,583,829 7,580,195 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary Of Borrowings | Borrowings consisted of the following: As of December 31, 2022 2023 Current Short-term borrowings: Bank loans (i) 2,419,210 3,889,100 Long-term borrowings, current portion: Bank loans (ii) 124,500 934,976 Asset-backed securities (iii) 637,359 185,864 Asset-backed notes (iv) — 242,995 Total current borrowings 3,181,069 5,252,935 Non-Current Long-term borrowings: Bank loans (ii) 4,328,880 5,562,837 Other loans (ii) 100,000 — Asset-backed securities (iii) 184,177 — Asset-backed notes (iv) — 87,945 Total non-current 4,613,057 5,650,782 Total borrowings 7,794,126 10,903,717 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Summary of Other non-current liabilities | Other non-current As of December 31, 2022 2023 Debt from third party investors (i) 1,763,062 1,276,145 Warranty provisions (ii) 424,802 789,005 Deposits from a third party (iii) — 148,991 Government grants 318,242 122,513 Total 2,506,106 2,336,654 (i) The debt from third party investors consisted of the following three financing arrangements: |
Summary of movements of accrued warranty | (ii) Movement of accrued warranty is as following: For the Year Ended December 31, 2021 2022 2023 Accrued warranty - beginning of the year 111,351 371,140 641,062 Warranty costs incurred (32,352 ) (61,551 ) (228,674 ) Provision for warranty 292,141 331,473 596,605 Accrued warranty - end of year 371,140 641,062 1,008,993 Less: Current portion of warranty (105,068 ) (216,260 ) (219,988 ) Non-current 266,072 424,802 789,005 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Schedule of Balance Sheet Information Related to Leases | The balances for the leases where the Group is the lessee are presented as follows within the consolidated balance sheets: As of December 31, 2022 2023 Operating lease Land use rights, net 393,561 401,901 Right-of-use 1,954,618 1,455,865 Total operating lease assets 2,348,179 1,857,766 Operating lease liabilities - current 490,811 365,999 Operating lease liabilities - non current 1,854,576 1,490,882 Total operating lease liabilities 2,345,387 1,856,881 As of December 31, 2022 2023 Finance lease Property, plant and equipment, at cost 1,001,820 1,001,820 Accumulated depreciation (25,046 ) (75,137 ) Property, plant and equipment, net 976,774 926,683 Finance lease liabilities - current 128,279 34,382 Finance lease liabilities - non current 797,743 777,697 Total finance lease liabilities 926,022 812,079 |
Summary of Components of Operating Lease Expense | The components of lease expense are as follows within the consolidated statements of comprehensive loss: For the Year Ended December 31, 2021 2022 2023 Operating lease expense: Operating lease expense 340,744 595,032 540,688 Short-term lease expense 102,901 265,800 231,467 Total operating lease expenses 443,645 860,832 772,155 Finance lease expense: Amortization expense — 25,046 50,091 Interest expense — 22,846 40,205 Total finance lease expenses — 47,892 90,296 Total lease expenses 443,645 908,724 862,451 |
Schedule of Other Information Related to Operating Leases | Other information related to operating leases where the Group is the lessee is as follows: For the Year Ended December 31, 2021 2022 2023 Weighted-average remaining lease term Operating leases 5.3 years 5.1 years 4.6 years Finance leases — 6.6 years 5.6 years Land use rights — 49.5 years 49.0 years Weighted-average discount rate Operating leases 4.71 % 4.78 % 4.85 % Finance leases — 4.90 % 4.90 % Land use rights — 4.90 % 4.90 % |
Summary of Cash Flow Information Related to Leases | Supplemental cash flow information related to leases where the Group is the lessee is as follows: For the Year Ended December 31, 2021 2022 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases 289,456 486,260 268,290 Operating cash outflows from finance leases (interest payments) — 22,846 40,205 Financing cash outflows from finance leases — 15,355 113,943 Leased assets obtained in exchange for operating lease liabilities net of decrease in leased assets for early terminations 1,329,021 1,162,151 (316,558 ) Leased assets obtained in exchange for finance lease liabilities — 1,001,820 — |
Summary of Maturities of The Group's Operating Lease Liabilities | As of December 31, 2023, the maturities of the Group’s lease liabilities (excluding short-term leases) are as follows: As of December 31, 2023 Finance Lease Operating Lease Within 1 year 59,371 444,268 Between 1 and 2 years 31,767 324,645 Between 2 and 3 years 31,767 276,070 Between 3 and 4 years 34,835 188,382 Between 4 and 5 years 31,767 155,199 Thereafter 825,955 797,075 Total minimum lease payments 1,015,462 2,185,639 Less: Interest (203,383 ) (328,758 ) Present value of lease obligations 812,079 1,856,881 Less: Current portion (34,382 ) (365,999 ) Non - current portion of lease obligations 777,697 1,490,882 |
Schedule Of Balance Sheet Information Of Lessor Related To Leases | The balances for the factory lease where the Group is the lessor are presented as follows within the consolidated balance sheets: As of December 31, 2022 2023 Other current assets Finance lease receivables, current portion, net — 11,100 Other non-current Finance lease receivables, non-current — 205,118 Total Finance lease receivables, net — 216,218 |
Schedule Of Net Investment In sale Type Leases Receivable | The net investment in the sales-type lease consisted of: As of December 31, 2021 2022 2023 Total minimum lease payments receivable — — 240,023 Unguaranteed residuals — — 27,736 Less: Unearned income — — (51,541 ) Net investment in lease payments receivable — — 216,218 Current portion — — 11,100 Non-current portion — — 205,118 |
Sales Type And Direct Financing Leases Lease Receivable Maturity | Future minimum lease payments to be received for the sales-type lease for the five succe e As of December 31, 2023 Within 1 year 20,002 Between 1 and 2 years 16,001 Between 2 and 3 years 16,001 Between 3 and 4 years 16,001 Between 4 and 5 years 16,001 Thereafter 156,017 Total minimum lease payments receivable 240,023 Unguaranteed 27,736 Less: Unearned income (51,541 ) Net investment in sales-type lease 216,218 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Summary of Revenues | Revenues by source consisted of the following: For the Year Ended December 31, 2021 2022 2023 Vehicle sales 20,041,955 24,839,637 28,010,857 Services and others 946,176 2,015,482 2,665,210 Total 20,988,131 26,855,119 30,676,067 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure | The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue. For the Year Ended December 31, 2021 2022 2023 Deferred revenue - beginning of year 308,384 897,288 1,083,249 Additions 19,339,153 24,344,226 28,513,918 Recognition (18,750,249 ) (24,158,265 ) (28,297,224 ) Deferred revenue - end of year 897,288 1,083,249 1,299,943 Less: Deferred revenue, current portion (418,227 ) (389,243 ) (630,997 ) Deferred revenue, non-current 479,061 694,006 668,946 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share based Compensation [Line Items] | |
Summary of Restricted Stock and Restricted Stock Unit, Activity | A summary of the Group’s RSU activity for the years ended December 31, 2021, 2022 and 2023 follows: Number of restricted Weighted average grant date fair value RMB Outstanding as of December 31, 2020 48,288,134 14.20 Granted 7,086,500 132.02 Vested (18,577,032 ) 11.51 Forfeited (2,937,374 ) 43.23 Outstanding as of December 31, 2021 33,860,228 38.75 Expected to vest as of December 31, 2021 30,900,145 Number of restricted Weighted average grant RMB Outstanding as of December 31, 2021 33,860,228 38.75 Granted (i) 28,010,128 68.29 Vested (19,564,802 ) 37.27 Forfeited (6,309,648 ) 81.29 Outstanding as of December 31, 2022 35,995,906 59.72 Expected to vest as of December 31, 2022 33,116,233 Number of restricted Weighted average grant RMB Outstanding as of December 31, 2022 35,995,906 59.72 Granted 15,177,322 39.31 Vested (11,276,824 ) 55.66 Forfeited (10,701,587 ) 51.52 Outstanding as of December 31, 2023 (i) 29,194,817 54.42 Expected to vest as of December 31, 2023 (i) 24,487,867 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Composition of Income Tax Expenses | Composition of income tax expenses for the years presented are as follows: For the Year Ended December 31, 2021 2022 2023 Current income tax expenses 25,990 24,731 18,014 Deferred income tax expenses — — 18,796 Income tax expenses 25,990 24,731 36,810 |
Summary of Reconciliations of the Income Tax Expenses | Reconciliations of the income tax expense s s For the Year Ended December 31, 2021 2022 2023 Loss before income tax s e (4,837,106 ) (9,118,358 ) (10,393,705 ) Income tax credit computed at the PRC statutory income tax r 25 (i) (1,209,277 ) (2,279,590 ) (2,598,426 ) Effect of preferential tax rate (ii) 254,061 202,968 29,362 Tax-free (25,000 ) (14,000 ) (33,657 ) Effect of change in tax rate 33,454 16,554 (79,401 ) Effect of different tax rate of different jurisdictions (323,601 ) 322,514 114,036 Effect of additional deduction for qualified R&D expenses (217,395 ) (515,288 ) (1,184,717 ) Non-deductible 163,980 92,906 (230,127 ) Other adjustments (iii) — — (494,696 ) Changes in valuation allowance 1,349,768 2,198,667 4,514,436 Income tax expense s 25,990 24,731 36,810 (i) The PRC statutory income tax rate is used because the majority of the Group’s operations are based in the PRC. (ii) The effect of preferential tax rate resulted in a deduction of the income tax credit computed at the PRC statutory income tax rate of 25%. (iii) Other adjustments include acquisition of subsidiaries resulted in RMB536,974 of the income tax credit. |
Summary of Components of Deferred Tax Assets | As of December 31, 2021 2022 2023 Deferred tax assets Net operating loss carry-forwards 3,051,082 5,026,589 10,189,606 Government grants 41,565 72,674 41,713 Impairment of long-lived assets 12,239 17,372 29,660 Inventory reserve 7,221 55,397 69,730 Accruals and others 452,612 591,354 457,366 Lease s — — 502,799 Valuation allowance (3,564,719 ) (5,763,386 ) (10,277,822 ) Sub-total — — 1,013,052 As of December 31, 2021 2022 2023 Deferred tax liabilities Lease s — — (509,441 ) Acquired intangible assets — — (907,629 ) Sub-total — — (1,417,070 ) Total deferred tax liabilities, net — — (404,018 ) |
Summary of Movement in Valuation Allowance | Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years. Movement of valuation allowance is as follow: For the Year Ended December 31, 2021 2022 2023 Valuation allowance Balance at beginning of the year 2,214,951 3,564,719 5,763,386 Additions 1,511,434 2,221,222 3,990,147 Acquisition of subsidiaries — — 536,974 Loss utilized and expired (128,212 ) (6,001 ) (92,086 ) Effect of change in tax rate (33,454 ) (16,554 ) 79,401 Balance at end of the year 3,564,719 5,763,386 10,277,822 |
Summary of Tax Loss Carryforwards | The Group has tax losses arising in Mainland China of RMB45,422,967 that will expire in one to ten years for deduction against future taxable profits. Loss expiring in 2024 823,867 Loss expiring in 2025 1,651,343 Loss expiring in 2026 3,524,998 Loss expiring in 2027 6,477,329 Loss expiring in 2028 19,490,587 Loss expiring in 2029 4,163,914 Loss expiring in 2030 1,354,404 Loss expiring in 2031 1,997,693 Loss expiring in 2032 3,220,655 Loss expiring in 2033 2,718,177 Total 45,422,967 Hong Kong 671,655 Others 562,525 Total 1,234,180 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share, Basic and Diluted | Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2021, 2022 and 2023 as follows: For the Year Ended December 31, 2021 2022 2023 Numerator: Net loss (4,863,096 ) (9,138,972 ) (10,375,775 ) Net loss attributable to ordinary shareholders of XPeng Inc. (4,863,096 ) (9,138,972 ) (10,375,775 ) Denominator: Weighted average number of ordinary shares outstanding-basic and diluted 1,642,906,400 1,712,533,564 1,740,921,519 Basic and diluted net loss per share attributable to ordinary shareholders of XPeng Inc. (2.96 ) (5.34 ) (5.96 ) |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Related Parties and Nature of Relationship | The principal related parties with which the Group had transactions during the years presented are as follows: Name of Entity or Individual Relationship with the Company Mr. Xiaopeng He Principal Shareholder of the Company, Chairman of the Board and Chief Executive Officer Mr. Hongdi Brian Gu Honorary Vice Chairman of the Board and President Mr. Tao He (4) Former Senior Vice President HT Flying Car Inc. A Company Significantly Influenced by the Principal Shareholder HT Flying Car (Hong Kong) Limited A Company Significantly Influenced by the Principal Shareholder Guangzhou Huitian Aerospace Technology Co., Ltd. (1) A Company Significantly Influenced by the Principal Shareholder Guangdong Huitian Aerospace Technology Co., Ltd. (1) A Company Significantly Influenced by the Principal Shareholder Guangzhou Zhongpeng Investment and Development Co., Ltd. A Company Controlled by the Principal Shareholder Rockets Capital L.P. (2) A Partnership Significantly Influenced by the Company Dogotix (3) A Company Significantly Influenced by the Principal Shareholder Dogotix (Hong Kong) Limited (3) A Company Significantly Influenced by the Principal Shareholder PX Robotics Inc. (“PX Robotics”) (3) A Company Significantly Influenced by the Principal Shareholder Shenzhen Pengxing Smart Co., Ltd. (“Shenzhen Pengxing”) (3) A Company Significantly Influenced by the Principal Shareholder Shenzhen Pengxing Research (3) A Company Significantly Influenced by the Principal Shareholder Guangzhou Xuetao (4) A Company Jointly Controlled by the former Senior Vice President XProbot Holdings Limited (“XProbot Holdings”) A Company Controlled by the Principal Shareholder |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Capital expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements | Capital expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows: As of December 31, 2022 2023 Investments 658,160 541,186 Property, plant and equipment 1,721,666 191,690 Total 2,379,826 732,876 |
Summary of Purchase expenditures not recognized in the consolidated financial statements | Purchase expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows: As of December 31, 2022 2023 Purchase commitments on purchase of raw materials (i) 2,046,326 2,118,392 (i) Such amount excludes purchase commitments related to certain models which have been upgraded or where production has ceased. Losses on such commitments |
Company Financial Statements _2
Company Financial Statements (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets As of December 31, 2022 2023 ASSETS Current assets Cash and cash equivalents 951,656 5,187,597 Short-term deposits 12,145,309 7,906,283 Long-term deposits, current portion — 1,852,070 Prepayments and other current assets 36,541 46,685 Total current assets 13,133,506 14,992,635 Non-current Investments in subsidiaries and VIEs 21,997,908 21,126,723 Long-term deposits 1,416,782 — Long-term investments 431,028 618,629 Total non-current 23,845,718 21,745,352 Total assets 36,979,224 36,737,987 LIABILITIES Current liabilities Amount due to a related party 61,663 — Accruals and other liabilities 6,896 15,987 Total current liabilities 68,559 15,987 Non-current liabilities Derivative liability — 393,473 Total non-current liabilities — 393,473 Total liabilities 68,559 409,460 As of December 31, 2022 2023 SHAREHOLDERS’ EQUITY Class A Ordinary shares 92 103 Class B Ordinary shares 21 21 Additional paid-in 60,691,019 70,198,031 Statutory and other reserves 6,425 60,035 Accumulated deficit (25,330,916 ) (35,760,301 ) Accumulated other comprehensive income 1,544,024 1,830,638 Total shareholders’ equity 36,910,665 36,328,527 Total liabilities and shareholders’ equity 36,979,224 36,737,987 |
Condensed Statements of Comprehensive Loss | Condensed Statements of Comprehensive Loss For the Year Ended December 31, 2021 2022 2023 Operating expenses Selling, general and administrative expenses (8,966 ) (22,896 ) (28,511 ) Total operating expenses (8,966 (22,896 ) (28,511 ) Fair value gain on derivative liability relating to the contingent consideration — — 29,339 (Loss) gain from operations (8,966 (22,896 ) 828 Interest income 208,463 314,668 601,475 Equity in loss of subsidiaries and VIEs (5,696,578 ) (7,074,057 ) (10,165,831 ) Other non-operating income, net 84,620 35,867 17,718 Exchange gain (loss) from foreign currency transactions 470,103 (2,380,873 ) (473,467 ) Investment loss on long-term investments — (75,155 ) (821 ) Fair value gain (loss) on derivative assets or derivative liabilities 79,262 59,357 (410,417 ) Loss before income tax expenses and share of results of equity method investees (4,863,096 ) (9,143,089 ) (10,430,515 ) Income tax expenses — — — Share of results of equity method investees — 4,117 54,740 Net loss (4,863,096 ) (9,138,972 ) (10,375,775 ) Net loss attributable to ordinary shareholders of XPeng Inc. (4,863,096 (9,138,972 ) (10,375,775 ) Net loss (4,863,096 ) (9,138,972 ) (10,375,775 ) Other comprehensive (loss) income Foreign currency translation adjustment, net of tax (918,168 ) 3,192,573 286,614 Total comprehensive loss attributable to XPeng Inc. (5,781,264 (5,946,399 ) (10,089,161 ) Comprehensive loss attributable to ordinary shareholders of XPeng Inc. (5,781,264 ) (5,946,399 ) (10,089,161 ) |
Consolidated Statements of Cash Flows | Condensed Statements of Cash Flows For the Year Ended December 31, 2021 2022 2023 Cash flows from operating activities 232,625 175,195 520,066 Cash flows from investing activities (Placement) maturities of term deposits (14,607,257 ) 3,099,780 4,164,149 Investment in equity investees (19,015,285 ) (6,934,426 ) (5,306,987 ) Cash paid for long-term investments — (409,363 ) (188,681 ) Maturities of derivative assets or derivative liabilities 233,050 10,752 — Net cash used in investing activities (33,389,492 ) (4,233,257 ) (1,331,519 ) Cash flows from financing activities Proceeds from Global Offering, net of issuance cost 13,146,811 — — Payments of listing expenses (36,924 ) (1,830 ) — Proceeds from issuance of ordinary shares to Volkswagen — — 5,019,599 Net cash provided by (used in) financing activities 13,109,887 (1,830 ) 5,019,599 Effects of exchange rate changes on cash, cash equivalents and restricted cash (316,835 ) 500,454 27,795 Net (decrease) increase in cash, cash equivalents and restricted cash (20,363,815 ) (3,559,438 ) 4,235,941 Cash, cash equivalents and restricted cash at beginning of the year 24,874,909 4,511,094 951,656 Cash, cash equivalents and restricted cash at end of the year 4,511,094 951,656 5,187,597 |
Organization and Nature of Op_3
Organization and Nature of Operations - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2021 HKD ($) | Dec. 31, 2020 CNY (¥) | Aug. 31, 2020 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 HKD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Jul. 22, 2022 | Sep. 10, 2021 | Sep. 06, 2021 | Aug. 12, 2021 | Jun. 23, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Net loss | ¥ (10,375,775) | ¥ (9,138,972) | ¥ (4,863,096) | |||||||||
Accumulated deficit | 35,760,301 | 25,330,916 | ||||||||||
Cash from operations | 956,164 | (8,232,376) | ¥ (1,094,591) | |||||||||
Cash, cash equivalents, and short-term investments | 21,127,163 | 14,607,774 | ||||||||||
Cash and cash equivalents | 21,127,163 | ¥ 14,607,774 | ||||||||||
Xintu Technology [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Equity interest acquired, percentage | 100% | |||||||||||
Kuntu Technology [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Equity interest acquired, percentage | 100% | |||||||||||
Xiaopeng Technology [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Equity interest acquired, percentage | 50% | |||||||||||
Xiaopeng Chuxing [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Equity interest acquired, percentage | 50% | |||||||||||
Global Offering on HKEX [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Proceeds From Global Public Offering After Deducting Underwriting Discounts And Commissions | $ | $ 15,823,315 | |||||||||||
Proceeds from Sale and Maturity of Other Investments | $ | $ 5,019,599 | |||||||||||
Guangzhou Xuetao [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Equity interest acquired, percentage | 100% | |||||||||||
IPO [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Proceeds from initial public offering, net of issuance costs | ¥ 11,409,248 | |||||||||||
Public Offering [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Proceeds from FO, net of issurance cost | ¥ 15,980,227 | |||||||||||
Unsecured Debt [Member] | ||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||||
Cash, cash equivalents, and short-term investments | 6,308 | |||||||||||
Cash and cash equivalents | ¥ 41,888,851 |
Organization and Nature of Op_4
Organization and Nature of Operations - Summary of Company's Principal Subsidiaries and VIEs (Detail) - Variable Interest Entity VIE Activities [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. ("Chengxing") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Jan. 09, 2015 |
Equity interest held | 100% |
Principal activities | Investment holding |
Guangzhou Xiaopeng Motors Technology Co., Ltd.("Xiaopeng Technology") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | May 12, 2016 |
Equity interest held | 100% |
Principal activities | Design and technology development |
Guangzhou Xiaopeng Automobile Manufacturing Co., Ltd. [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Apr. 07, 2017 |
Equity interest held | 100% |
Principal activities | Design and technology development |
Zhaoqing Xiaopeng New Energy Investment Co., Ltd.("Zhaoqing Xiaopeng New Energy") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Feb. 13, 2020 |
Equity interest held | 100% |
Principal activities | Manufacturing of vehicles |
Zhaoqing Xiaopeng Automobile Co., Ltd.("Zhaoqing XPeng") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | May 18, 2017 |
Equity interest held | 100% |
Principal activities | Manufacturing of battery pack |
Xiaopeng Motors Sales Co., Ltd. ("Xiaopeng Motors Sales") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Jan. 08, 2018 |
Equity interest held | 100% |
Principal activities | Vehicle wholesale and retail |
Beijing Xiaopeng Automobile Co., Ltd.("Beijing Xiaopeng") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Apr. 28, 2018 |
Equity interest held | 100% |
Principal activities | Vehicle wholesale and retail, design and technology development |
Beijing Xiaopeng Automobile Sales Service Co., Ltd. [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Nov. 09, 2020 |
Equity interest held | 100% |
Principal activities | Vehicle wholesale and retail |
Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd. [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Nov. 18, 2019 |
Equity interest held | 100% |
Principal activities | Technology development |
Guangzhou Xiaopeng Smart Charging Technology Co., Ltd. [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Jun. 22, 2020 |
Equity interest held | 100% |
Principal activities | Smart charging technology development |
Xiaopeng Automobile Central China (Wuhan) Co.,Ltd.("Wuhan Xiaopeng") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Apr. 30, 2021 |
Equity interest held | 100% |
Principal activities | Technology development and vehicle retail |
Shanghai Xiaopeng Motors Technology Co., Ltd.("Shanghai Xiaopeng") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Feb. 12, 2018 |
Equity interest held | 100% |
Principal activities | Technology development and vehicle retail |
Guangzhou Zhipeng Manufacturing Co., Ltd. [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Jan. 14, 2021 |
Equity interest held | 100% |
Principal activities | Manufacturing of vehicles |
Wuhan Xiaopeng Smart Manufacturing Co., Ltd. [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Aug. 16, 2021 |
Equity interest held | 100% |
Principal activities | Manufacturing of battery pack and electric drive system |
XPeng Huitian Holding Limited [Member] | VIRGIN ISLANDS, BRITISH | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Oct. 12, 2020 |
Equity interest held | 100% |
Principal activities | Investment holding |
XPeng Dogotix Holding Limited [Member] | VIRGIN ISLANDS, BRITISH | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Jan. 05, 2021 |
Equity interest held | 100% |
Principal activities | Investment holding |
Dogotix Inc. [Member] | VIRGIN ISLANDS, BRITISH | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Oct. 09, 2023 |
Equity interest held | 100% |
Principal activities | Investment holding |
XPeng (Hong Kong) Limited [Member] | HONG KONG | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Date of incorporation or acquisition | Feb. 12, 2019 |
Equity interest held | 100% |
Principal activities | Investment holding |
Guangzhou Zhipeng IoV Technology Co., Ltd. ("Zhipeng IoV") [member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
VIE -Date of incorporation or acquisition | May 23, 2018 |
VIA -Principal activities | Business of development and the operation of an Internet of Vehicles network |
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. ("Yidian Chuxing") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
VIE -Date of incorporation or acquisition | May 24, 2018 |
VIA -Principal activities | Business of provision of online-hailing services through online platform |
Guangzhou Xintu Technology Co., Ltd. ("Xintu Technology") [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
VIE -Date of incorporation or acquisition | Apr. 27, 2021 |
VIA -Principal activities | Surveying and mapping |
Guangdong Intelligent Insurance Agency Co., Ltd. ("GIIA", formerly known as Qingdao Miaobao Insurance Agency Co., Ltd.) [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
VIE -Date of incorporation or acquisition | Jul. 22, 2022 |
VIA -Principal activities | Insurance agency |
Jiangsu Zhipeng Kongjian Information Technology Co., Ltd. ("Zhipeng Kongjian", formerly known as Jiangsu Zhitu Technology Co., Ltd., a subsidiary of Xintu Technology) [Member] | CHINA [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
VIE -Date of incorporation or acquisition | Jun. 23, 2021 |
VIA -Principal activities | Surveying and mapping |
Organization and Nature of Op_5
Organization and Nature of Operations - Summary of Company's Principal Subsidiaries and VIEs (Parenthetical) (Detail) ¥ in Thousands | 12 Months Ended | |||||
Jan. 04, 2022 CNY (¥) | Feb. 13, 2020 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Feb. 13, 2020 $ / shares | |
Capital contribution representing a notional amount | ¥ 0 | ¥ 0 | ¥ 50,000 | |||
Zhaoqing Xpeng [Member] | Variable Interest Entity VIE Activities [Member] | ||||||
Percentage of Equity interest subscribed | 50% | |||||
Zhaoqing Kunpeng [Member] | ||||||
Capital contribution representing a notional amount | ¥ 0 | |||||
Percentage of Equity Interest Transferred | 50% | |||||
Cash Consideration | ¥ 1 | |||||
Zhaoqing Kunpeng [Member] | Variable Interest Entity VIE Activities [Member] | ||||||
Percentage of Equity interest subscribed | 50% | |||||
Zhaoqing Kunpeng [Member] | Share Transfer Agreement [Member] | ||||||
Percentage of equity interest agreed to transfer as per agreement | 50% | |||||
Share price | $ / shares | $ 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) Kilometers | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Accounting Policies [Line Items] | ||||
Restricted cash | ¥ 3,174,886 | ¥ 106,272 | ||
Allowance for credit loss on accounts receivable charged to income statement | 70,357 | 67,654 | ¥ 69,731 | |
Allowance for credit loss on accounts receivable current | 76,090 | 67,181 | ||
Allowance for credit loss on accounts receivable non current | 74,693 | 54,526 | ||
Short-term investments | 781,216 | 1,262,129 | ||
Inventory write-downs | 1,054,711 | 220,319 | 162,433 | |
Research and development expenses | [1] | 5,276,574 | 5,214,836 | 4,114,267 |
Advertising costs | 413,832 | 577,569 | 873,256 | |
Selling and marketing expenses total | 5,013,734 | 5,028,958 | 4,276,366 | |
Employer contribution to defined contribution plan | 750,002 | 766,915 | 466,444 | |
Dividend declared | 0 | 0 | 0 | |
General and Administrative Expense | 1,545,208 | 1,659,288 | 1,029,067 | |
Short-term deposits | 9,756,979 | 14,921,688 | ||
Long-term deposits | 10,090,341 | 7,353,916 | ||
Long-term deposits current | 7,054,915 | 427,466 | ||
Impairment of indefinite-lived intangible assets | 0 | 0 | 0 | |
Other income other subsidies | ¥ 465,588 | 109,168 | 350,596 | |
Relocation and disposal costs | 132,856 | |||
Other income government subsidies | 214,486 | |||
Advance repayment of long term borrowing | 700,000 | |||
Extended product warranty description | extended warranty of 10 years or 200,000 kilometers, basic maintenance service of 6 times in 4 years | |||
Lessor, sales-type lease, term of contract | 15 years | |||
Sales-type lease, lease receivable | ¥ 240,023 | |||
Accounts payable | 13,491,144 | 7,269,757 | ||
Notes payable | ¥ 8,719,287 | 6,953,099 | ||
License Of Maintenance And Overhauls [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 26 months | |||
Robotics Platform Technology [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
VPT [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Bank Deposits for Letter of Credit Bank Notes and a Forward Exchange Contract [Member] | ||||
Accounting Policies [Line Items] | ||||
Restricted cash | ¥ 3,168,578 | 84,371 | ||
Deposits Restriction Subject to Settlement of Dispute [Member] | ||||
Accounting Policies [Line Items] | ||||
Restricted cash | ¥ 6,308 | 21,901 | ||
General Reserve Fund [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of the after tax profits allocatable to statutory general reserve fund | 10% | |||
Appropriations to general reserve fund and statutory surplus fund | ¥ 53,610 | 378 | 6,047 | |
Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Land use rights amortisation period | 49 years 6 months | |||
Credit derivative, term | 0 days | |||
Minimum [Member] | Software and Software Development Costs [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Minimum [Member] | Others [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Minimum [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Minimum [Member] | General Reserve Fund [Member] | ||||
Accounting Policies [Line Items] | ||||
Statutory reserves as a percentage of the reserved capital of the company | 50% | |||
Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Land use rights amortisation period | 50 years | |||
Credit derivative, term | 180 days | |||
Maximum [Member] | Software and Software Development Costs [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Maximum [Member] | Others [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Maximum [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
CHINA | ||||
Accounting Policies [Line Items] | ||||
Short-term deposits | ¥ 9,756,979 | 14,921,688 | ||
Customer Upgrade Programme [Member] | ||||
Accounting Policies [Line Items] | ||||
Period of validity of loyalty scheme offered | 5 years | |||
Period within which customers have to accept the loyalty scheme offered | 30 days | |||
Vehicles [Member] | ||||
Accounting Policies [Line Items] | ||||
Product warranty period | 4 years | |||
Distance for the vehicle used for which warranty is given | Kilometers | 100,000 | |||
Cost of Sales [Member] | ||||
Accounting Policies [Line Items] | ||||
Inventory write-downs | ¥ 1,054,711 | 220,319 | 162,433 | |
Operating Expense [Member] | ||||
Accounting Policies [Line Items] | ||||
Gain loss on the disposal of propery plant and equipment | ¥ 4,863 | ¥ 15,682 | ¥ 36,508 | |
[1]Share-based compensation was allocated in cost of sales and operating expenses as follows |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) |
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, and Short-term Investments | ¥ 21,127,163 | ¥ 14,607,774 | ||
China, Yuan Renminbi [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, and Short-term Investments | 13,597,107 | $ 13,597,107 | 13,230,745 | $ 13,230,745 |
United States of America, Dollars [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, and Short-term Investments | 7,236,909 | 1,021,773 | 1,355,226 | 194,588 |
Hong Kong, Dollars [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, and Short-term Investments | 3,823 | $ 4,218 | 8,268 | $ 9,256 |
Other Currency [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash, Cash Equivalents, and Short-term Investments | ¥ 289,324 | ¥ 13,535 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Account Receivable and Allowance for Credit Loss (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Beginning balance | ¥ 121,707 | ¥ 67,096 | ¥ 12,507 |
Current period provision | 70,357 | 67,654 | 69,731 |
Write-offs | (41,281) | (13,043) | (15,142) |
Ending balance | ¥ 150,783 | ¥ 121,707 | ¥ 67,096 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies -Summary of Useful Lives of Property Plant and Equipment (Detail) | Dec. 31, 2023 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Charging Infrastructure [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer And Electronic Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 months |
Minimum [Member] | Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Minimum [Member] | Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies -Summary of Finite Lived Intangible Assets Useful Lives (Detail) | Dec. 31, 2023 |
License Of Maintenance And Overhauls [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 26 months |
VPT [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Robotics Platform Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Maximum [Member] | Software [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Maximum [Member] | Others [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Minimum [Member] | Software [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 2 years |
Minimum [Member] | Others [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Business Combination - Summary
Business Combination - Summary of Business Acquistion Equity Intererests Issued or Issuable (Detail) - Xiaoju Group [Member] - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Nov. 13, 2023 | Dec. 31, 2023 | |
Business Combination [Line items] | ||
Fair value of ordinary shares issued on the acquisition date (i) | ¥ 3,087,849 | |
Total Consideration | ¥ 3,782,206 | 3,782,206 |
SOP Milestone [Member] | ||
Business Combination [Line items] | ||
Fair value of contingent consideration related to SOP Milestone (ii) | 260,546 | |
Earn Out Period Milestone [Member] | ||
Business Combination [Line items] | ||
Fair value of contingent consideration related to Earn-Out Period Milestone (iii) | ¥ 433,811 |
Business Combination - Summar_2
Business Combination - Summary of Business Acquistion Equity Intererests Issued or Issuable (Parenthetical) (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Nov. 13, 2023 CNY (¥) units shares | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 $ / shares | Nov. 13, 2023 USD ($) shares | |
Business Combination [Line items] | ||||||
Business combination gain loss due to changes in fair value of contingent consideration liability | ¥ (29,339) | ¥ 0 | ¥ 0 | |||
Xiaoju Group [Member] | ||||||
Business Combination [Line items] | ||||||
Share price | $ / shares | $ 7.83 | |||||
Xiaoju Group [Member] | Common Class A [Member] | ||||||
Business Combination [Line items] | ||||||
Business combination equity interests issued or issuable shares | shares | 58,164,217 | |||||
Payment towards technical support and advisory services | ¥ 180,696 | |||||
Xiaoju Group [Member] | Common Class A [Member] | Start of production milestone [Member] | ||||||
Business Combination [Line items] | ||||||
Business combination equity interests issued or issuable shares | shares | 4,636,447 | |||||
Xiaoju Group [Member] | Common Class A [Member] | Earn out period milestone [Member] | ||||||
Business Combination [Line items] | ||||||
Number of units to be delivered based on which shares will be issued contingently | units | 100,000 | |||||
Business combination shares to be issued contingently minimum | shares | 0 | 0 | ||||
Business combination shares to be issued contingently maximum | shares | 28,331,126 | 28,331,126 | ||||
Business combination contingent consideration arrangements range of outcomes value low | $ | $ 0 | |||||
Business combination contingent consideration arrangements range of outcomes value high | ¥ 1,592,071 | |||||
Business combination contingent consideration liability | 393,473 | |||||
Business combination gain loss due to changes in fair value of contingent consideration liability | 29,339 | |||||
Xiaoju Group [Member] | Common Class A [Member] | Earn out period milestone [Member] | Maximum [Member] | ||||||
Business Combination [Line items] | ||||||
Business combination contingent consideration arrangements, change in range of outcomes contingent consideration, liability, value, high | 1,463,821 | |||||
Xiaoju Group [Member] | Common Class A [Member] | Earn out period milestone [Member] | Minimum [Member] | ||||||
Business Combination [Line items] | ||||||
Business combination contingent consideration arrangements, change in range of outcomes contingent consideration, liability, value, low | ¥ 0 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - Xiaoju Group [Member] - CNY (¥) ¥ in Thousands | 2 Months Ended | 12 Months Ended | |
Nov. 13, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Business Combination [Line items] | |||
Business combination equity interests percentage | 100% | ||
Business combination total consideration | ¥ 3,782,206 | ¥ 3,782,206 | |
Business acquistion revenue of acquiree since acquistion date | ¥ 0 | ||
Business acquistion earnings loss of acquiree since acquisition date | ¥ 47,655 |
Business Combination - Summar_3
Business Combination - Summary of the Assets Acquired and Liabilities Assumed (Detail) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Business Combination [Line items] | |
Goodwill | ¥ 34,106 |
Xiaoju Group [Member] | |
Business Combination [Line items] | |
Business combination cash and cash equivalents | 684,214 |
Business combination prepayments and other current assets | 254,402 |
Business combination property and equipment, net | 113,818 |
Business combination deferred tax assets | 453,125 |
Business combination other non-current assets | 127,256 |
Business combination accounts and notes payable | (30,473) |
Accruals and other liabilities | (255,483) |
Deferred tax liabilities | (804,410) |
Goodwill | 34,106 |
Total | 3,782,206 |
VPT [Member] | Xiaoju Group [Member] | |
Business Combination [Line items] | |
Business combination intangible assets acquired | 2,586,911 |
VMTUD [Member] | Xiaoju Group [Member] | |
Business Combination [Line items] | |
Business combination intangible assets acquired | 609,170 |
Software [Member] | Xiaoju Group [Member] | |
Business Combination [Line items] | |
Business combination intangible assets acquired | ¥ 9,570 |
Business Combination - Summar_4
Business Combination - Summary of Pro forma financial information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Combinations [Abstract] | ||
Pro forma net revenues | ¥ 30,856,674 | ¥ 26,855,119 |
Pro forma net loss | ¥ (14,066,681) | ¥ (12,035,550) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Value of the Financial Instruments that are Measured at Fair Value on a Recurring Basis (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Short-term investments(i) (Note 2(k)) | ¥ 781,216 | ¥ 1,262,129 |
Debt investments(ii) (Note 13) | 1,228,595 | 1,626,131 |
Equity investments with readily determinable fair values(iii) (Note 13) | 104,972 | 112,641 |
Long-term Debt, Fair Value | 2,114,783 | 3,000,901 |
Liabilities | ||
Derivative liability relating to the contingent consideration(iv) (Note 5) | 393,473 | 0 |
Level I [Member] | ||
Assets | ||
Short-term investments(i) (Note 2(k)) | 0 | 0 |
Debt investments(ii) (Note 13) | 0 | 0 |
Equity investments with readily determinable fair values(iii) (Note 13) | 104,972 | 112,641 |
Long-term Debt, Fair Value | 104,972 | 112,641 |
Liabilities | ||
Derivative liability relating to the contingent consideration(iv) (Note 5) | 0 | 0 |
Level II [Member] | ||
Assets | ||
Short-term investments(i) (Note 2(k)) | 781,216 | 1,262,129 |
Debt investments(ii) (Note 13) | 0 | 0 |
Equity investments with readily determinable fair values(iii) (Note 13) | 0 | 0 |
Long-term Debt, Fair Value | 781,216 | 1,262,129 |
Liabilities | ||
Derivative liability relating to the contingent consideration(iv) (Note 5) | 0 | 0 |
Level III [Member] | ||
Assets | ||
Short-term investments(i) (Note 2(k)) | 0 | 0 |
Debt investments(ii) (Note 13) | 1,228,595 | 1,626,131 |
Equity investments with readily determinable fair values(iii) (Note 13) | 0 | 0 |
Long-term Debt, Fair Value | 1,228,595 | 1,626,131 |
Liabilities | ||
Derivative liability relating to the contingent consideration(iv) (Note 5) | ¥ 393,473 | ¥ 0 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | ¥ 3,661,299 | ¥ 3,059,567 |
Raw materials | 1,834,082 | 1,449,596 |
Work-in-process | 30,831 | 12,210 |
Total | ¥ 5,526,212 | ¥ 4,521,373 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory [Line Items] | |||
Inventory write-downs | ¥ 1,054,711 | ¥ 220,319 | ¥ 162,433 |
Raw Materials [Member] | |||
Inventory [Line Items] | |||
Inventory write-downs | ¥ 77,310 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Summary of Prepayments and Other Current Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Deductible input value-added tax | ¥ 1,521,488 | ¥ 1,359,581 |
Prepayments | 395,022 | 587,289 |
Deposits | 125,451 | 92,023 |
Receivables from third party online payment service providers | 36,939 | 38,201 |
Finance lease receivables, current portion, net (Note 18) | 11,100 | |
Others | 399,339 | 388,990 |
Total | ¥ 2,489,339 | ¥ 2,466,084 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | ¥ 14,212,514 | ¥ 12,492,581 |
Less: Accumulated depreciation | (3,151,019) | (1,788,193) |
Property, plant and equipment, net | 10,954,485 | 10,606,745 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,647,957 | 2,589,709 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,125,849 | 2,206,923 |
Molds and toolings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,179,681 | 1,505,876 |
Less: Impairment | (107,010) | (97,643) |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 898,607 | 867,434 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 695,972 | 681,341 |
Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 663,640 | 3,858,358 |
Computer And Electronic Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 388,071 | 282,082 |
Charging Infrastructure [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 385,832 | 369,994 |
Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | ¥ 226,905 | ¥ 130,864 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expenses | ¥ 1,645,760 | ¥ 915,481 | ¥ 573,247 | |
Finance Lease, Liability | 812,079 | 926,022 | ||
Accelarated depreciation on property plant and equipment | 295,930 | |||
Construction In Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Interest expenses capitalized | 107,415 | 84,998 | ¥ 10,598 | |
Tools, Dies And Molds [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Accumulated impairment loss | ¥ (107,010) | ¥ (97,643) | ||
Property, Plant and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finance Lease, Liability | ¥ 1,001,820 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets, Net (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | ¥ 3,921,280 | ¥ 391,699 |
Accumulated amortization | (353,208) | (123,056) |
Impairment Amount | (35,130) | (26,418) |
Total | 3,532,942 | 242,225 |
Indefinite-lived intangible assets | 1,416,050 | 800,747 |
Total intangible assets Gross Carrying Amount | 5,337,330 | 1,192,446 |
Total intangible assets - Accumulated amortization | (353,208) | (123,056) |
Total intangible assets - Impairment Amount | (35,130) | (26,418) |
Total intangible assets - Net Carrying Amount | 4,948,992 | 1,042,972 |
VMTUD [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 609,170 | |
Total | 609,170 | |
Manufacturing License [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 494,000 | 494,000 |
Total | 494,000 | 494,000 |
Surveying And Mapping Qualification [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 250,000 | 250,000 |
Total | 250,000 | 250,000 |
Others [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 62,880 | 56,747 |
Total | 62,880 | 56,747 |
VPT [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 2,586,911 | |
Accumulated amortization | (43,115) | |
Total | 2,543,796 | |
Robotics Platform Technology [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 777,711 | |
Accumulated amortization | (19,443) | |
Total | 758,268 | |
Software and Software Development Costs [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 542,335 | 389,409 |
Accumulated amortization | (287,943) | (120,766) |
Impairment Amount | (35,130) | (26,418) |
Total | 219,262 | 242,225 |
License Of Maintenance And Overhauls [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 2,290 | 2,290 |
Accumulated amortization | (2,290) | ¥ (2,290) |
Others [Member] | ||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 12,033 | |
Accumulated amortization | (417) | |
Total | ¥ 11,616 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Intangible Assets, Net (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite lived intangible assets amortisation expense | ¥ 230,501 | ¥ 65,714 | ¥ 25,875 |
Intangible Assets, Net - Sche_3
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Within 1 year | ¥ 478,432 | |
Between 1 and 2 years | 387,426 | |
Between 2 and 3 years | 358,742 | |
Between 3 and 4 years | 345,978 | |
Between 4 and 5 years | 340,744 | |
Thereafter | 1,621,620 | |
Total | ¥ 3,532,942 | ¥ 242,225 |
Intangible Assets, Net - Addit
Intangible Assets, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Sep. 29, 2023 CNY (¥) | Sep. 29, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Cash consideration | ¥ 509,872 | ¥ 0 | ¥ 0 | |||
Indefinite-lived intangible assets | 1,416,050 | 800,747 | ||||
Other finite lived intangible assets net | ¥ 3,532,942 | 242,225 | ||||
VPT [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Finite lived intangible assets useful live | 10 years | |||||
Impairment of finite lived intangible assets | ¥ 0 | |||||
Other finite lived intangible assets net | 2,543,796 | |||||
Software and Software Development Costs [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Impairment of finite lived intangible assets | ¥ 8,712 | ¥ 26,418 | ||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Income (Loss) Attributable to Parent | Net Income (Loss) Attributable to Parent | Net Income (Loss) Attributable to Parent | |||
Other finite lived intangible assets net | ¥ 219,262 | ¥ 242,225 | ||||
License Plates [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Indefinite-lived intangible assets | 40,880 | 34,747 | ||||
Insurance Agency Qualification [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Indefinite-lived intangible assets | 22,000 | ¥ 22,000 | ||||
Trademarks [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Other finite lived intangible assets net | 2,626 | |||||
Internet Domain Names [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Other finite lived intangible assets net | 2,554 | |||||
Patents [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Other finite lived intangible assets net | ¥ 6,436 | |||||
Dogotix [Member] | ||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items] | ||||||
Cash consideration | ¥ 710,000 | $ 98,960 | ||||
Finite lived intangible assets useful live | 10 years | 10 years | ||||
Impairment of finite lived intangible assets | $ | $ 0 | |||||
Business acquisition equity interest percentage | 74.82% | 74.82% | ||||
Business combination equity interest in acquiree percentage | 25.18% | 25.18% | ||||
Business combination step acquistion equity interest in acquiree fair value | ¥ 205,000 | |||||
Business combination consideration transferred including equity interest in acquiree held prior to combination | 915,000 | |||||
Finite lived intangible assets acquired | ¥ 778,000 |
Land Use Rights, Net - Summary
Land Use Rights, Net - Summary of Land Use Rights and Related Accumulated Amortization (Detail) - Use Rights [Member] - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Land Use Rights Finite Lived [Line Items] | ||
Land use rights | ¥ 2,913,098 | ¥ 2,822,757 |
Less: Accumulated amortization | (123,731) | (74,903) |
Total | ¥ 2,789,367 | ¥ 2,747,854 |
Land Use Rights, Net - Addition
Land Use Rights, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2022 | |
Schedule Of Land Use Rights Finite Lived [Line Items] | ||||
Prepayment for acquisition of land use rights | ¥ 0 | ¥ 0 | ¥ 1,507,170 | |
Land right of use asset | ¥ 389,508 | |||
Land [Member] | ||||
Schedule Of Land Use Rights Finite Lived [Line Items] | ||||
Amortization of land use rights | 48,828 | 50,309 | ¥ 9,642 | |
Plants and Buildings [Member] | CHINA | ||||
Schedule Of Land Use Rights Finite Lived [Line Items] | ||||
Prepayment for acquisition of land use rights | ¥ 90,341 | ¥ 2,202,692 |
Installment Payment Receivabl_3
Installment Payment Receivables, Net - Summary of sales type lease net investment in lease before allowance or credit loss (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Sales-Type Lease, Net Investment in Lease, before Allowance for Credit Loss, Alternative [Abstract] | ||
Current portion of installment payment receivables, net | ¥ 1,881,755 | ¥ 1,294,665 |
Non-current portion of installment payment receivables, net | 3,027,795 | 2,188,643 |
Installment payment receivables - net | ¥ 4,909,550 | ¥ 3,483,308 |
Installment Payment Receivabl_4
Installment Payment Receivables, Net -Summary of Installment payment receivables consisted of the following (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | ¥ (122,401) | |
Installment payment receivables - net | 4,909,550 | ¥ 3,483,308 |
Interest Income [Member] | ||
Current portion of installment payment receivables | 1,929,463 | 1,328,283 |
Non-current portion of installment payment receivables | 3,102,488 | 2,243,169 |
Allowance for doubtful accounts | (122,401) | (88,144) |
Installment payment receivables - net | ¥ 4,909,550 | ¥ 3,483,308 |
Installment Payment Receivabl_5
Installment Payment Receivables, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Income [Member] | |||
Interest income | ¥ 278,199 | ¥ 204,765 | ¥ 89,895 |
Installment Payment Receivabl_6
Installment Payment Receivables, Net - Summary of sales-type and direct financing leases, lease receivable, maturity (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
Within 1 year | ¥ 1,985,380 | |
Between 1 and 2 years | 1,553,474 | |
Between 2 and 3 years | 1,088,336 | |
Between 3 and 4 years | 677,517 | |
Between 4 and 5 years | 313,795 | |
Thereafter | 1,586 | |
Total receivables of installment payments | 5,620,088 | |
Less: Unrealized finance income | (588,137) | |
Installment payment receivables, gross | 5,031,951 | |
Less: Allowance for installment payment receivables | (122,401) | |
Installment payment receivables - net | ¥ 4,909,550 | ¥ 3,483,308 |
Long-Term Investments - Schedul
Long-Term Investments - Schedule of Long-term investments (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of LongTermInvestments [Line Items] | |||
Beginning balance | ¥ 2,295,032 | ¥ 1,549,176 | ¥ 1,000 |
Additons | 127,018 | 730,477 | 959,855 |
Investment gain(loss) | (224,364) | 25,062 | 591,506 |
Disposals (Note 26(5)) | 0 | (165,000) | 0 |
Share of results of equity method investees | 54,740 | 4,117 | 0 |
Transfer | (204,836) | ||
Foreign currency translation | 37,343 | 151,200 | (3,185) |
Ending balance | 2,084,933 | 2,295,032 | 1,549,176 |
Equity Securities [Member] | |||
Schedule Of LongTermInvestments [Line Items] | |||
Beginning balance | 191,000 | 210,354 | 1,000 |
Additons | 0 | 0 | 209,900 |
Changes from debt investments to equity investments without readily determinable fair values | 57,832 | ||
Investment gain(loss) | (50,826) | 95,752 | 0 |
Changes from equity investment to debt investment | (116,129) | ||
Foreign currency translation | 0 | 1,023 | (546) |
Ending balance | 198,006 | 191,000 | 210,354 |
Equity investments with readily determinable fair values [Member] | |||
Schedule Of LongTermInvestments [Line Items] | |||
Beginning balance | 112,641 | 0 | 0 |
Additons | 0 | 191,981 | 0 |
Investment gain(loss) | (7,989) | (78,282) | 0 |
Foreign currency translation | 320 | (1,058) | 0 |
Ending balance | 104,972 | 112,641 | 0 |
Debt Securities [Member] | |||
Schedule Of LongTermInvestments [Line Items] | |||
Beginning balance | 1,626,131 | 1,338,822 | 0 |
Additons | 0 | 209,451 | 749,955 |
Changes from debt investments to equity investments without readily determinable fair values | (57,832) | ||
Investment gain(loss) | (165,549) | 7,592 | 591,506 |
Changes from equity investment to debt investment | 116,129 | ||
Disposals (Note 26(5)) | 0 | (165,000) | 0 |
Transfer | (204,836) | ||
Foreign currency translation | 30,681 | 119,137 | (2,639) |
Ending balance | 1,228,595 | 1,626,131 | 1,338,822 |
Equity method investments [Member] | |||
Schedule Of LongTermInvestments [Line Items] | |||
Beginning balance | 365,260 | 0 | 0 |
Additons | 127,018 | 329,045 | 0 |
Share of results of equity method investees | 54,740 | 4,117 | |
Foreign currency translation | 6,342 | 32,098 | 0 |
Ending balance | ¥ 553,360 | ¥ 365,260 | ¥ 0 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 09, 2023 CNY (¥) | Oct. 31, 2022 CNY (¥) | Oct. 31, 2022 HKD ($) | Jul. 31, 2022 CNY (¥) | Apr. 30, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | Mar. 31, 2022 | Jan. 31, 2022 CNY (¥) | Oct. 31, 2021 CNY (¥) | Oct. 31, 2021 USD ($) | Apr. 30, 2021 CNY (¥) | Jan. 31, 2021 CNY (¥) | |
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Equity Method Investments | ¥ 456,063 | $ 69,965 | ¥ 329,045 | $ 51,874 | ||||||||||||||
Other equity investments | 100,000 | |||||||||||||||||
Equity Method Investments, Fair Value Disclosure | ¥ 104,972 | ¥ 112,641 | ||||||||||||||||
Subscription of equity investment | $ | $ 150,000 | |||||||||||||||||
Percentage of financial interests hold by limited partner | 60.70% | 60.70% | 60.70% | 60.70% | ||||||||||||||
Percentage of financial interests | 60.70% | |||||||||||||||||
Percentage of financial interests hold by other third party investors | 39.30% | 39.30% | 39.30% | 39.30% | ||||||||||||||
Equity securities without readily determinable fair value cumulative amount upward adjustment | ¥ 39,107 | |||||||||||||||||
Equity securities without readily determinable fair value cumulative amount downward adjustment | 89,933 | |||||||||||||||||
Equity securities without readily determinable fair value downward adjustment annual amount | 39,107 | |||||||||||||||||
Equity securities without readily determinable fair value upward price adjustment annual amount | 89,933 | |||||||||||||||||
Transfer From Debt Securities Due To Business Acquistion | ¥ (204,836) | |||||||||||||||||
Equity interest in Dogotix [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Transfer From Debt Securities Due To Business Acquistion | ¥ 204,836 | |||||||||||||||||
Preferred Equity [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Payment to acquire equity securities without a readily determinable fair value | ¥ 50,000 | |||||||||||||||||
Long term investments reclassification from debt investments to equity investments without readily determinable far value | 57,832 | |||||||||||||||||
Light Detection and Ranging [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Proceeds from sale of debt instrument | ¥ 100,000 | |||||||||||||||||
Semiconductors [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Other equity investments | ¥ 65,000 | ¥ 65,000 | ||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Prepayment of minority equity interest | ¥ 50,000 | |||||||||||||||||
Payment to acquire minority equity interest | ¥ 141,981 | $ 156,982 | ||||||||||||||||
Dogotix [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Equity Method Investments | ¥ 94,451 | $ 14,000 | ¥ 19,900 | |||||||||||||||
Other equity investments | ¥ 190,000 | |||||||||||||||||
Equity Method Investments, Fair Value Disclosure | 95,752 | |||||||||||||||||
Investments, Fair Value Disclosure | ¥ 41,258 | $ 6,440 | ||||||||||||||||
Changes from equity investment to debt investment | ¥ 116,129 | |||||||||||||||||
Huitian [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Equity Method Investments | 574,146 | 90,000 | ¥ 24,551 | |||||||||||||||
Equity Method Investments, Fair Value Disclosure | ¥ 591,506 | |||||||||||||||||
Huitian [Member] | Convertible Bond [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ | 20,000 | |||||||||||||||||
Huitian [Member] | Preferred Stock [Member] | ||||||||||||||||||
Schedule Of LongTermInvestments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ | $ 70,000 |
Other Non-current Assets - Summ
Other Non-current Assets - Summary of Other Non-current Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent [Abstract] | ||
Finance lease receivables, non-current portion, net | ¥ 205,118 | |
Deposits | 120,354 | ¥ 151,914 |
Prepayments for purchase of property and equipment | 118,945 | 47,258 |
Non-current portion of prepayments for advertising and technical support services | 87,656 | |
Goodwill | 34,106 | |
Others | 9,971 | 2,099 |
Total | ¥ 576,150 | ¥ 201,271 |
Accruals and Other Liabilitie_2
Accruals and Other Liabilities - Summary of Accruals and Other Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Payables for purchase of property, plant and equipment | ¥ 1,723,130 | ¥ 1,624,432 |
Payables for R&D expenses | 1,085,353 | 1,023,344 |
Employee compensation payables | 939,023 | 729,806 |
Debt from a third party investor(Note 18(i)) | 541,918 | 0 |
Deposits from third parties | 501,197 | 386,412 |
Accrued expenses | 598,423 | 417,396 |
Payables for marketing events | 368,163 | 483,059 |
Warranty provisions | 219,988 | 216,260 |
Accrued cost of purchase commitments | 285,519 | 0 |
Advance from customers | 100,281 | 113,730 |
Refundable deposit from customers | 61,717 | 26,806 |
Interest payables | 44,526 | 39,082 |
Tax payables | 350,263 | 51,147 |
Others | 760,694 | 472,355 |
Total | ¥ 7,580,195 | ¥ 5,583,829 |
Accruals and Other Liabilitie_3
Accruals and Other Liabilities - Summary of Accruals and Other Current Liabilities (Parenthetical) (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2023 CNY (¥) | |
Accounts Payable And Accrued Liabilities Current [Line Items] | |
Provision for Loss on Contracts | ¥ 285,519 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term borrowings: | ||
Bank loans | ¥ 3,889,100 | ¥ 2,419,210 |
Long-term borrowings, current portion: | ||
Bank loans | 934,976 | 124,500 |
Asset-backed securities | 185,864 | 637,359 |
Asset-backed notes | 242,995 | 0 |
Total current borrowings | 5,252,935 | 3,181,069 |
Long-term borrowings: | ||
Bank loans | 5,562,837 | 4,328,880 |
Other loans | 0 | 100,000 |
Asset-backed securities | 0 | 184,177 |
Asset-backed notes | 87,945 | 0 |
Total non-current borrowings | 5,650,782 | 4,613,057 |
Total borrowings | ¥ 10,903,717 | ¥ 7,794,126 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||||||
Dec. 25, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2021 | Jul. 31, 2021 | Dec. 31, 2020 | May 31, 2017 | |
Debt Disclosure [Line Items] | |||||||||
Short term borrowings payable to banks | ¥ 2,419,210 | ¥ 3,889,100 | |||||||
Line of credit non current portion | ¥ 100,000 | ¥ 0 | |||||||
Long term line of credit stated interest rate | 4.98% | 4.98% | |||||||
Loans Payable to Bank, Noncurrent | ¥ 4,328,880 | ¥ 5,562,837 | |||||||
Loans Payable to Bank, Current | 124,500 | 934,976 | |||||||
long-term bank loans collateralized | 846,854 | 2,280,419 | |||||||
Asset-backed securities current | 637,359 | 185,864 | |||||||
Asset-backed securities non current | 184,177 | 0 | |||||||
Long-term deposit | 564,122 | ||||||||
Asset Backed Notes Current | 0 | 242,995 | |||||||
Asset Backed Notes Noncurrent | ¥ 0 | 87,945 | |||||||
Zhaoqing Hightech Zone Construction Investment Development Co Ltd [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit non current portion | ¥ 800,000 | ¥ 1,600,000 | |||||||
Long term line of credit stated interest rate | 4.90% | ||||||||
Repayments of Lines of Credit | ¥ 100,000 | ||||||||
Banks In Peoples Republic Of China [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit non current portion | 700,000 | ¥ 800,000 | ¥ 800,000 | ||||||
Line of Credit Facility Expiration Date | December 18, 2020 to December 17, 2028 | ||||||||
Guangzhou Xiaopeng New Energy Automobile Co Ltd [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit maximum borrowing capacity | ¥ 1,120,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ 0 | ¥ 10,000 | |||||||
Proceeds from Long-term Lines of Credit | ¥ 838,858 | 797,980 | |||||||
Debt instrument, interest rate, stated percentage | 5.30% | 4.99% | |||||||
Zhaoqing Hightech Zone [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit non current portion | ¥ 100,000 | ¥ 0 | |||||||
Loans Payable to Bank, Noncurrent | 784,000 | 776,000 | |||||||
Loans Payable to Bank, Current | 8,000 | 8,000 | |||||||
Wuhan Xiaopeng [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit maximum borrowing capacity | ¥ 3,000,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 0 | ¥ 101,776 | |||||||
Proceeds from Long-term Lines of Credit | ¥ 2,035,520 | ¥ 1,706,400 | |||||||
Debt instrument, interest rate, stated percentage | 4.35% | 4.47% | |||||||
Zhaoqing Xpeng [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit maximum borrowing capacity | ¥ 768,000 | ¥ 1,398,200 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ 76,800 | ¥ 673,400 | |||||||
Debt instrument, interest rate, stated percentage | 3.35% | 3.14% | |||||||
Guangzhou Xiaopeng Automobile Finance Leasing Co Ltd [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ 17,500 | ¥ 200,000 | |||||||
Proceeds from Long-term Lines of Credit | ¥ 175,000 | ||||||||
Debt instrument, interest rate, stated percentage | 3.80% | ||||||||
Guangzhou Pengyue Automobile Development Co Ltd [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ 2,350,000 | ||||||||
Proceeds from Long-term Lines of Credit | ¥ 21,110 | ||||||||
Debt instrument, interest rate, stated percentage | 3.75% | ||||||||
Zhaoqing XPeng and Zhaoqing Xiaopeng New Energy [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit maximum borrowing capacity | ¥ 397,000 | ¥ 1,253,125 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | ¥ 39,700 | ¥ 124,300 | |||||||
Debt instrument, interest rate, stated percentage | 3.35% | 3.06% | |||||||
Zhaoqing Xiaopeng Automobile Co Ltd Zhaoqing XPeng [Member] | Line of Credit [Member] | Zhaoqing Hightech Zone Construction Investment Development Co Ltd [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit maximum borrowing capacity | ¥ 1,600,000 | ||||||||
Restricted long term deposits [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Long-term deposit | ¥ 203,777 | ||||||||
Other Short Term Loans Payable To Banks [Member] | |||||||||
Debt Disclosure [Line Items] | |||||||||
Short term debt weighted average effective rate of interest at point of time | 3.53% | 2.62% |
Other Non-Current Liabilities -
Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities, Noncurrent [Abstract] | |||
Debt from third party investors | ¥ 1,276,145 | ¥ 1,763,062 | |
Warranty provisions | 789,005 | 424,802 | ¥ 266,072 |
Deposits from a third party | 148,991 | 0 | |
Government grants | 122,513 | 318,242 | |
Total | ¥ 2,336,654 | ¥ 2,506,106 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||||||
Mar. 30, 2021 | Mar. 12, 2021 | Dec. 31, 2020 | Dec. 20, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Other Liabilities Noncurrent [Line Items] | ||||||||
Interest expense paid | ¥ 268,666 | ¥ 132,192 | ¥ 55,336 | |||||
Guangdong U Trust [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Payment to acquire interest in limited liability partnership | ¥ 41,918 | 26,856 | ||||||
Interest rate on limited liability partnership investment | 3% | |||||||
Principal amount | ¥ 500,000 | |||||||
Interest paid | 41,918 | |||||||
Guangdong U Trust [Member] | Chengxing [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Payable to non controlling interest non current | 500,000 | |||||||
Proceeds from non-controlling interests | 500,000 | |||||||
Guangzhou GET Investment [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Payment to acquire interest in limited liability partnership | ¥ 109,912 | ¥ 69,973 | ||||||
Interest rate on limited liability partnership investment | 4% | 4% | ||||||
Guangzhou GET Investment [Member] | Chengxing [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Proceeds from non-controlling interests | ¥ 1,000,000 | |||||||
Guangdong Yuecai Industry [Member] | Chengxing [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Proceeds from non-controlling interests | ¥ 500,000 | |||||||
Maximum [Member] | Guangdong U Trust [Member] | Chengxing [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Non controlling interest common stock strike price interest rate payable percentage | 6% | |||||||
Minimum [Member] | Guangdong U Trust [Member] | Chengxing [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Non controlling interest common stock strike price interest rate payable percentage | 4% | |||||||
Call Option [Member] | Guangzhou GET Investment [Member] | Chengxing [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Non controlling interest common stock strike price interest rate payable percentage | 4% | |||||||
Chengxing [Member] | Guangdong U Trust [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Proceeds from non-controlling interests | ¥ 500,000 | |||||||
Non controlling interest ownership percentage | 0.3067% | |||||||
Chengxing [Member] | Guangzhou GET Investment [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Payable to non controlling interest non current | ¥ 1,000,000 | |||||||
Proceeds from non-controlling interests | ¥ 1,000,000 | |||||||
Non controlling interest ownership percentage | 1.064% | |||||||
Chengxing [Member] | Maximum [Member] | Guangdong U Trust [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Non controlling interest common stock strike price interest rate payable percentage | 6% | |||||||
Chengxing [Member] | Minimum [Member] | Guangdong U Trust [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Non controlling interest common stock strike price interest rate payable percentage | 3% | |||||||
Chengxing [Member] | Call Option [Member] | Guangdong U Trust [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Non controlling interest strike price redeemable stock redemption requirement | ¥ 500,000 | |||||||
Non controlling interest common stock strike price interest rate payable percentage | 3% | |||||||
Chengxing [Member] | Call Option [Member] | Guangzhou GET Investment [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Non controlling interest strike price redeemable stock redemption requirement | ¥ 1,000,000 | |||||||
Non controlling interest common stock strike price interest rate payable percentage | 4% | |||||||
Guangzhou GET Investment [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Term of the operating agreement with limited liability partnership | 9 years | |||||||
Payment to acquire interest in limited liability partnership | ¥ 6,233 | ¥ 6,233 | ||||||
Interest rate on limited liability partnership investment | 4% | 4% | ||||||
Interest expense paid | ¥ 6,400 | ¥ 6,400 | ||||||
Kunpeng Chuangye LLP [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Term of the operating agreement with limited liability partnership | 9 years | 9 years | ||||||
Kunpeng Chuangye LLP [Member] | Chengxing [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Payment to acquire interest in limited liability partnership | ¥ 200,000 | |||||||
Percentage of investment in limited liability partnership | 55.554% | |||||||
Kunpeng Chuangye LLP [Member] | Guangzhou Xiaopeng Automatic Driving Technology Co Ltd [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Payment to acquire interest in limited liability partnership | 10 | |||||||
Percentage of investment in limited liability partnership | 0.0028% | |||||||
Kunpeng Chuangye LLP [Member] | Guangzhou GET Investment [Member] | ||||||||
Other Liabilities Noncurrent [Line Items] | ||||||||
Payment to acquire interest in limited liability partnership | ¥ 160,000 | ¥ 160,000 | ||||||
Percentage of investment in limited liability partnership | 44.4432% | |||||||
Payable to non controlling interest non current | ¥ 160,000 | ¥ 160,000 | ||||||
Interest rate on limited liability partnership investment | 4% |
Other Non-Current Liabilities_3
Other Non-Current Liabilities - Summary of Movements of Accrued Warranty (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Standard Product Warranty Disclosure [Abstract] | |||
Accrued warranty - beginning of the year | ¥ 641,062 | ¥ 371,140 | ¥ 111,351 |
Warranty costs incurred | (228,674) | (61,551) | (32,352) |
Provision for warranty | 596,605 | 331,473 | 292,141 |
Accrued warranty - end of year | 1,008,993 | 641,062 | 371,140 |
Less: Current portion of warranty | (219,988) | (216,260) | (105,068) |
Non-current portion of warranty | ¥ 789,005 | ¥ 424,802 | ¥ 266,072 |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheet Information Related to Leases (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease | ||
Total operating lease assets | ¥ 1,857,766 | ¥ 2,348,179 |
Lease liabilities - current | 365,999 | 490,811 |
Lease liabilities - non current | 1,490,882 | 1,854,576 |
Total operating lease liabilities | 1,856,881 | 2,345,387 |
Finance lease | ||
Property, plant and equipment, at cost | 1,001,820 | 1,001,820 |
Accumulated depreciation | (75,137) | (25,046) |
Property, plant and equipment, net | 926,683 | 976,774 |
Finance lease liabilities - current | 34,382 | 128,279 |
Finance lease liabilities - non current | 777,697 | 797,743 |
Total finance lease liabilities | 812,079 | 926,022 |
Land use rights, net [Member] | ||
Operating Lease | ||
Total operating lease assets | 401,901 | 393,561 |
Right-of-use assets, net [Member] | ||
Operating Lease | ||
Total operating lease assets | ¥ 1,455,865 | ¥ 1,954,618 |
Leases - Summary of Components
Leases - Summary of Components of Operating Lease Expense (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease Expense [Abstract] | |||
Operating lease expense | ¥ 540,688 | ¥ 595,032 | ¥ 340,744 |
Short-term lease expense | 231,467 | 265,800 | 102,901 |
Total operating lease expenses | 772,155 | 860,832 | 443,645 |
Finance Lease Expense [Abstract] | |||
Amortization expense | 50,091 | 25,046 | 0 |
Interest expense | 40,205 | 22,846 | 0 |
Total finance lease expenses | 90,296 | 47,892 | 0 |
Total lease expenses | ¥ 862,451 | ¥ 908,724 | ¥ 443,645 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Operating Leases (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Remaining Lease Term [Abstract] | |||
Operating leases | 4 years 7 months 6 days | 5 years 1 month 6 days | 5 years 3 months 18 days |
Finance leases | 5 years 7 months 6 days | 6 years 7 months 6 days | |
Land use rights | 49 years | 49 years 6 months | |
Weighted Average Discount Rate [Abstract] | |||
Operating leases | 4.85% | 4.78% | 4.71% |
Finance leases | 4.90% | 4.90% | |
Land use rights | 4.90% | 4.90% |
Leases - Summary of Cash Flow I
Leases - Summary of Cash Flow Information Related to Leases (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash outflows from operating leases | ¥ 268,290 | ¥ 486,260 | ¥ 289,456 |
Operating cash outflows from finance leases (interest payments) | 40,205 | 22,846 | 0 |
Financing cash outflows from finance leases | 113,943 | 15,355 | 0 |
Leased assets obtained in exchange for operating lease liabilities net of decrease in leased assets for early terminations | (316,558) | 1,162,151 | 1,329,021 |
Leased assets obtained in exchange for finance lease liabilities | ¥ 0 | ¥ 1,001,820 | ¥ 0 |
Leases - Summary of Maturities
Leases - Summary of Maturities of The Group's Operating Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Lease | ||
Within 1 year | ¥ 59,371 | |
Between 1 and 2 years | 31,767 | |
Between 2 and 3 years | 31,767 | |
Between 3 and 4 years | 34,835 | |
Between 4 and 5 years | 31,767 | |
Thereafter | 825,955 | |
Total minimum lease payments | 1,015,462 | |
Less: Interest | (203,383) | |
Present value of lease obligations | 812,079 | ¥ 926,022 |
Less: Current portion | (34,382) | (128,279) |
Non - current portion of lease obligations | 777,697 | 797,743 |
Operating Lease | ||
Within 1 year | 444,268 | |
Between 1 and 2 years | 324,645 | |
Between 2 and 3 years | 276,070 | |
Between 3 and 4 years | 188,382 | |
Between 4 and 5 years | 155,199 | |
Thereafter | 797,075 | |
Total minimum lease payments | 2,185,639 | |
Less: Interest | (328,758) | |
Present value of lease obligations | 1,856,881 | 2,345,387 |
Less: Current portion | (365,999) | (490,811) |
Non - current portion of lease obligations | ¥ 1,490,882 | ¥ 1,854,576 |
Leases - Schedule Of Balance _2
Leases - Schedule Of Balance Sheet Information Of Lessor Related To Leases (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lessor, Lease, Description [Line Items] | |||
Finance lease receivables, current portion, net | ¥ 1,881,755 | ¥ 1,294,665 | |
Finance lease receivables, non-current portion, net | 3,027,795 | 2,188,643 | |
Total Finance lease receivables, net | 4,909,550 | 3,483,308 | |
Factory [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Finance lease receivables, current portion, net | 11,100 | 0 | ¥ 0 |
Finance lease receivables, non-current portion, net | 205,118 | 0 | 0 |
Total Finance lease receivables, net | ¥ 216,218 | ¥ 0 | ¥ 0 |
Leases - Schedule Of Net Invest
Leases - Schedule Of Net Investment In sale Type Lease Receivable (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lessor, Lease, Description [Line Items] | |||
Net investment in lease payments receivable | ¥ 4,909,550 | ¥ 3,483,308 | |
Current portion | 1,881,755 | 1,294,665 | |
Non-current portion | 3,027,795 | 2,188,643 | |
Factory [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Total minimum lease payments receivable | 240,023 | 0 | ¥ 0 |
Unguaranteed residuals | 27,736 | 0 | 0 |
Less: Unearned income | (51,541) | 0 | 0 |
Net investment in lease payments receivable | 216,218 | 0 | 0 |
Current portion | 11,100 | 0 | 0 |
Non-current portion | ¥ 205,118 | ¥ 0 | ¥ 0 |
Leases - Sales Type And Direct
Leases - Sales Type And Direct Financing Leases Lease Receivable Maturity (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lessor, Lease, Description [Line Items] | |||
Within 1 year | ¥ 1,985,380 | ||
Between 1 and 2 years | 1,553,474 | ||
Between 2 and 3 years | 1,088,336 | ||
Between 3 and 4 years | 677,517 | ||
Between 4 and 5 years | 313,795 | ||
Net investment in sales-type lease | 4,909,550 | ¥ 3,483,308 | |
Factory [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Within 1 year | 20,002 | ||
Between 1 and 2 years | 16,001 | ||
Between 2 and 3 years | 16,001 | ||
Between 3 and 4 years | 16,001 | ||
Between 4 and 5 years | 16,001 | ||
Thereafter | 156,017 | ||
Total minimum lease payments receivable | 240,023 | 0 | ¥ 0 |
Unguaranteed residuals | 27,736 | 0 | 0 |
Less: Unearned income | (51,541) | 0 | 0 |
Net investment in sales-type lease | ¥ 216,218 | ¥ 0 | ¥ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Jul. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2022 | |
Gain on Lease Amount | ||||||
Operating lease payments | ¥ 268,290 | ¥ 486,260 | ¥ 289,456 | |||
Property, plant and equipment, gross | ¥ 14,212,514 | 12,492,581 | ||||
Land right of use asset | ¥ 389,508 | |||||
Lessor, operating lease, term of contract | 15 years | |||||
Net investment in sales-type lease | ¥ 4,909,550 | 3,483,308 | ||||
Factory [Member] | ||||||
Gain on Lease Amount | ||||||
Lessor, operating lease, term of contract | 15 years | |||||
Lessor, operating lease, assumptions and judgments, value of underlying asset, amount | ¥ 194,284 | |||||
Net investment in sales-type lease | 216,218 | ¥ 0 | ¥ 0 | |||
Sales-type Lease, gain | 2,116 | |||||
Guangzhou GET New Energy [Member] | ||||||
Gain on Lease Amount | ||||||
Operating lease payments | ¥ 60,443 | ¥ 57,900 | ||||
Property, plant and equipment, gross | 1,300,000 | 1,001,820 | ||||
Land right of use asset | ¥ 389,508 | |||||
Guangzhou GET New Energy [Member] | Subsequent Paid [Member] | ||||||
Gain on Lease Amount | ||||||
Property, plant and equipment, gross | ¥ 30,670 |
Revenues - Summary of Revenues
Revenues - Summary of Revenues (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | ¥ 30,676,067 | ¥ 26,855,119 | ¥ 20,988,131 |
Vehicle Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 28,010,857 | 24,839,637 | 20,041,955 |
Services And Others [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | ¥ 2,665,210 | ¥ 2,015,482 | ¥ 946,176 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) Kilometers | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Capitalized Contract Cost [Line Items] | ||||
Deferred revenue | ¥ | ¥ 1,299,943 | ¥ 1,083,249 | ¥ 897,288 | ¥ 308,384 |
Performance obligation satisfied over time percentage | 49% | |||
Performance obligation satisfied over time explanation | January 1, 2024 to December 31, 2024 | |||
Remaining performance obligation percentage | 51% | |||
Remaining performance obligation expected timing of satisfaction explanation | January 1, 2025 to December 31, 2033 | |||
Vehicle [Member] | ||||
Capitalized Contract Cost [Line Items] | ||||
Free charging period | 4 years | |||
Free charging kilometers | Kilometers | 100,000 |
Deferred Revenue - Deferred Rev
Deferred Revenue - Deferred Revenue Disclosure (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Revenue Disclosure [Abstract] | |||
Deferred revenue - beginning of year | ¥ 1,083,249 | ¥ 897,288 | ¥ 308,384 |
Additions | 28,513,918 | 24,344,226 | 19,339,153 |
Recognition | (28,297,224) | (24,158,265) | (18,750,249) |
Deferred revenue - end of year | 1,299,943 | 1,083,249 | 897,288 |
Less: Deferred revenue, current portion | (630,997) | (389,243) | (418,227) |
Deferred revenue, non-current portion | ¥ 668,946 | ¥ 694,006 | ¥ 479,061 |
Manufacturing in Collaboratio_2
Manufacturing in Collaboration with Haima Auto - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Mar. 31, 2017 units | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Offsetting Assets [Line Items] | |||||
Other operating expenses | ¥ 132,856 | ||||
Collaborative Arrangement [Member] | |||||
Offsetting Assets [Line Items] | |||||
Payment of termination Fee | ¥ 0 | ||||
Collaborative Arrangement [Member] | Haima Auto [Member] | |||||
Offsetting Assets [Line Items] | |||||
Collaborative arrangement, date of contract | Mar. 31, 2017 | ||||
Collaborative arrangement, expiration date | Dec. 31, 2021 | ||||
Annual production capacity | units | 50,000 | ||||
Other operating expenses | 132,856 | ||||
Relocation and disposal costs | 96,031 | ||||
Payment of termination Fee | ¥ 43,903 | ¥ 43,755 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | |||||||||||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 shares | Jul. 07, 2021 $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2023 $ / shares shares | Dec. 06, 2023 shares | Nov. 13, 2023 shares | Jul. 26, 2023 $ / shares shares | Dec. 08, 2021 $ / shares shares | |
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | |||||||||||
Fair value (gain) loss on derivative assets or derivative liabilities | ¥ | ¥ 410,417 | ¥ (59,357) | ¥ (79,262) | |||||||||
Common Class A [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock shares authorized | 9,250,000,000 | 9,250,000,000 | 9,250,000,000 | |||||||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||||
Common stock shares issued | 1,376,693,799 | 1,302,911,192 | 971,341,066 | 1,302,911,192 | 1,538,109,009 | |||||||
Common stock shares outstanding | 1,371,774,629 | 1,291,039,502 | 928,296,786 | 1,291,039,502 | 1,535,297,395 | |||||||
Stock issued during period shares new issues | 9,171,738 | 12,644,728 | 35,868,362 | |||||||||
Common Class A [Member] | Director [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Conversion of Stock, Shares Converted | 61,137,879 | |||||||||||
Common Class A [Member] | Share Issue Period One [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock shares outstanding | 2,030,152 | 26,471,648 | 26,471,648 | 599,886 | ||||||||
Common Class A [Member] | Global Offering [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Shares issued, price per share | $ / shares | $ 165 | |||||||||||
Stock issued during period shares new issues | 97,083,300 | |||||||||||
Stock Conversion Basis | one-on-one | |||||||||||
Common Class A [Member] | Treasury Stock, Common [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Treasury shares outstanding | 10,614,576 | 9,396,714 | 9,396,714 | 8,571,852 | ||||||||
Common Class A [Member] | XPeng Fortune Holding Limited [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Issuance of ordinary shares for the vested Restricted Share Units ("RSUs") | 10,679,408 | 17,567,096 | 40,569,304 | |||||||||
Common Class A [Member] | Didi [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock shares issued | 58,164,217 | |||||||||||
Common Class A [Member] | Volkswagen [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Shares issued, price per share | $ / shares | $ 7.5 | |||||||||||
Common stock shares issued | 94,079,255 | 94,666,666 | ||||||||||
Percentage of equity shares acquired | 4.99% | |||||||||||
Common Class B [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock shares authorized | 750,000,000 | 750,000,000 | 750,000,000 | |||||||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||||
Common stock shares issued | 348,708,257 | 409,846,136 | 409,846,136 | 348,708,257 | ||||||||
Common stock shares outstanding | 348,708,257 | 409,846,136 | 429,846,136 | 409,846,136 | 348,708,257 | |||||||
Common Class C [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock shares issued | 178,618,464 | |||||||||||
Common stock shares outstanding | 178,618,464 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||||||||
Oct. 31, 2022 shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2023 $ / shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 CNY (¥) | Dec. 08, 2021 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation | ¥ 550,535 | ¥ 710,486 | ¥ 379,948 | ||||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | ||||||||
Share Based Compensation Expense | ¥ 550,535 | ¥ 710,486 | ¥ 379,948 | ||||||
Common Class A [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | |||||||
Common Class A [Member] | Chengxing [Member] | Two Thousand And Nineteen Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 161,462,100 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Nonvested award, excluding option, cost not yet recognized, amount | ¥ 987,535 | ||||||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | ||||||||
Nonvested award, cost not yet recognized, period for Recognition | 1 year 7 months 13 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 15,177,322 | 28,010,128 | 7,086,500 | ||||||
Restricted Stock Units (RSUs) [Member] | Two Thousand And Nineteen Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Nonvested award, excluding option, cost not yet recognized, amount | ¥ 68,376 | ||||||||
Share Based Compensation Expense | ¥ 26,582 | ¥ 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 8,020,000 | ||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based payment award, award vesting rights, percentage | 25% | ||||||||
Share-based payment award, award vesting period | 4 years | ||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based payment award, award vesting rights, percentage | 15% | ||||||||
Share-based payment award, award vesting period | 4 years | ||||||||
Share option vesting rights percentage | 40% | ||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based payment award, award vesting rights, percentage | 75% | ||||||||
Share-based payment award, award vesting period | 3 years | ||||||||
Share option vesting rights percentage | 25% | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation | ¥ 12,922 | ¥ 21,994 | ¥ 0 |
Share-based compensation - Summ
Share-based compensation - Summary of Restricted Stock and Restricted Stock Unit, Activity (Detail) - Restricted Stock Units (RSUs) [Member] - ¥ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding balance | 35,995,906 | 33,860,228 | 48,288,134 |
Granted | 15,177,322 | 28,010,128 | 7,086,500 |
Vested | (11,276,824) | (19,564,802) | (18,577,032) |
Forfeited | (10,701,587) | (6,309,648) | (2,937,374) |
Outstanding balance | 29,194,817 | 35,995,906 | 33,860,228 |
Expected to vest as of December 31, 2020,shares | 24,487,867 | 33,116,233 | 30,900,145 |
Weighted average grant-date | ¥ 59.72 | ¥ 38.75 | ¥ 14.2 |
Granted,Weighted average grant-date | 39.31 | 68.29 | 132.02 |
Vested,Weighted average grant-date | 55.66 | 37.27 | 11.51 |
Forfeited,Weighted average grant-date | 51.52 | 81.29 | 43.23 |
Weighted average grant date fair value | ¥ 54.42 | ¥ 59.72 | ¥ 38.75 |
Taxation - Summary of Compositi
Taxation - Summary of Composition of Income Tax Expenses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current income tax expenses | ¥ 18,014 | ¥ 24,731 | ¥ 25,990 |
Deferred income tax expenses | 18,796 | ||
Income tax expenses | ¥ 36,810 | ¥ 24,731 | ¥ 25,990 |
Taxation - Summary of Reconcili
Taxation - Summary of Reconciliations of the Income Tax Expenses (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Loss before income tax expenses and share of results of equity method investees | ¥ (10,393,705) | ¥ (9,118,358) | ¥ (4,837,106) |
Income tax credit computed at the PRC statutory income tax rate of 25% | (2,598,426) | (2,279,590) | (1,209,277) |
Effect of preferential tax rate | 29,362 | 202,968 | 254,061 |
Tax-free income | (33,657) | (14,000) | (25,000) |
Effect of change in tax rate | (79,401) | 16,554 | 33,454 |
Effect of different tax rate of different jurisdictions | 114,036 | 322,514 | (323,601) |
Effect of additional deduction for qualified R&D expenses | (1,184,717) | (515,288) | (217,395) |
Non-deductible expenses | (230,127) | 92,906 | 163,980 |
Other adjustments | (494,696) | 0 | 0 |
Changes in valuation allowance | 4,514,436 | 2,198,667 | 1,349,768 |
Income tax expenses | ¥ 36,810 | ¥ 24,731 | ¥ 25,990 |
Taxation - Summary of Component
Taxation - Summary of Components of Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Components of Deferred Tax Assets [Abstract] | ||||
Net operating loss carry-forwards | ¥ 10,189,606 | ¥ 5,026,589 | ¥ 3,051,082 | |
Government grants | 41,713 | 72,674 | 41,565 | |
Impairment of long-lived assets | 29,660 | 17,372 | 12,239 | |
Inventory reserve | 69,730 | 55,397 | 7,221 | |
Accruals and others | 457,366 | 591,354 | 452,612 | |
Leases | 502,799 | |||
Valuation allowance | (10,277,822) | (5,763,386) | (3,564,719) | ¥ (2,214,951) |
Sub-total | 1,013,052 | 0 | 0 | |
Components of Deferred Tax Liabilities [Abstract] | ||||
Leases | (509,441) | |||
Acquired intangible assets | (907,629) | 0 | 0 | |
Sub-total | (1,417,070) | |||
Total deferred tax liabilities, net | ¥ (404,018) | ¥ 0 | ¥ 0 |
Taxation - Summary of Movement
Taxation - Summary of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | |||
Balance at beginning of the year | ¥ 5,763,386 | ¥ 3,564,719 | ¥ 2,214,951 |
Balance at end of the year | 10,277,822 | 5,763,386 | 3,564,719 |
Additions [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | 3,990,147 | 2,221,222 | 1,511,434 |
Acquisition of subsidiaries [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | 536,974 | ||
Loss utilized and expired [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | (92,086) | (6,001) | (128,212) |
Effect of change in tax rate [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | ¥ 79,401 | ¥ (16,554) | ¥ (33,454) |
Taxation - Summary of Tax Loss
Taxation - Summary of Tax Loss Carryforwards (Detail) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Operating Loss Carryforwards [Line Items] | |
Loss | ¥ 45,422,967 |
Tax losses | 1,234,180 |
Loss expiring in 2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 823,867 |
Loss expiring in 2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 1,651,343 |
Loss expiring in 2026 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 3,524,998 |
Loss expiring in 2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 6,477,329 |
Loss expiring in 2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 19,490,587 |
Loss expiring in 2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 4,163,914 |
Loss expiring in 2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 1,354,404 |
Loss expiring in 2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 1,997,693 |
Loss expiring in 2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 3,220,655 |
Loss expiring in 2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Loss | 2,718,177 |
United States [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax losses | 562,525 |
Hong Kong [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax losses | ¥ 671,655 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Loss | ¥ 45,422,967 | ||
Tax losses | 1,234,180 | ||
Subsidiaries [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | ¥ 536,974 | ||
Inland Revenue, Hong Kong [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Statutory income tax rate | 16.50% | ||
Tax losses | ¥ 671,655 | ||
United States [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Statutory income tax rate | 27.98% | 27.98% | 27.98% |
Tax losses | ¥ 562,525 | ||
PRC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Statutory income tax rate | 25% | ||
Preferential income tax rate | 25% | ||
Withholding tax rate | 10% | ||
Effective income tax rate reconciliation, tax credit, research, percent | 75% | ||
PRC [Member] | HNTE [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Statutory income tax rate | 25% | ||
Preferential income tax rate | 15% | ||
PRC [Member] | Beneficial Owner [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Withholding tax rate | 5% | ||
Hong Kong and Others [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax losses | ¥ 1,234,180 |
Loss Per Share - Summary of Ear
Loss Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net loss | ¥ (10,375,775) | ¥ (9,138,972) | ¥ (4,863,096) |
Net loss attributable to ordinary shareholders of XPeng Inc. | ¥ (10,375,775) | ¥ (9,138,972) | ¥ (4,863,096) |
Weighted average number of ordinary shares outstanding-Basic | 1,740,921,519 | 1,712,533,564 | 1,642,906,400 |
Weighted average number of ordinary shares outstanding-Diluted | 1,740,921,519 | 1,712,533,564 | 1,642,906,400 |
Net loss per ordinary share, Basic | ¥ (5.96) | ¥ (5.34) | ¥ (2.96) |
Net loss per ordinary share, Diluted | ¥ (5.96) | ¥ (5.34) | ¥ (2.96) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS | 34,385,852 | 39,259,022 | 44,422,384 |
Contigent Share [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS | 0 | 0 | |
Contigent Share [Member] | Maximum [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS | 32,967,573 | ||
Contigent Share [Member] | Minimum [Member] | |||
Impairment Effects on Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS | 0 |
Related Parties - Summary of Re
Related Parties - Summary of Related Parties and Nature of Relationship (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Xiaopeng He [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | Principal Shareholder of the Company, Chairman of the Board and Chief Executive Officer |
Hongdi Brian Gu [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | Honorary Vice Chairman of the Board and President |
Tao He [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | Former Senior Vice President |
HT Flying Car Inc. [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
HT Flying Car (Hong Kong) Limited [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
Guangzhou Huitian Aerospace Technology Co., Ltd. (Guangzhou Huitian) [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
Guangdong Huitian Aerospace Technology Co., Ltd. (Guangdong Huitian) [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
Guangzhou Zhongpeng Investment and Development Co., Ltd. [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Controlled by the Principal Shareholder |
Rockets Capital L.P [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Partnership Significantly Influenced by the Company |
Dogotix [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
Dogotix (HongKong) Limited [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
PX Robotics Inc. ("PX Robotics") [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
Shenzhen Pengxing Smart Co., Ltd. ("Shenzhen Pengxing") [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
Shenzhen Pengxing Research [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Significantly Influenced by the Principal Shareholder |
Guangzhou Xuetao [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Jointly Controlled by the former Senior Vice President |
XProbot Holdings Limited ("XProbot Holdings") [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the company | A Company Controlled by the Principal Shareholder |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Jan. 31, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||||
Interest expense on the loans from a shareholder | ¥ 268,666 | ¥ 132,192 | ¥ 55,336 | |||
Amounts due to a related party | 30,880 | 91,111 | ||||
Purchases from related party | 0 | 3,752 | 2,793 | |||
Rental income from a related party | 306 | 534 | 40 | |||
Purchase of service from related parties | 1,068 | 663 | 54 | |||
Disposal of long-term investments | 0 | 165,000 | 0 | |||
Revenue from related parties | ¥ 30,676,067 | 26,855,119 | 20,988,131 | |||
Revenue, Related Party, Type [Extensible Enumeration] | Related Party [Member] | |||||
Investment commitment | ¥ 541,186 | 658,160 | ||||
Dogotix [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity interest held | 74.82% | |||||
Payments to acquire interest in subsidiaries and affiliates | 344,019 | |||||
Debt Securities [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Disposal of long-term investments | 0 | 165,000 | 0 | |||
Operation Support Service [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 0 | 31,293 | 36,857 | |||
Xiaopeng He [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental expenses to a shareholder | 0 | 0 | 10,150 | |||
Purchases from related party | 0 | 698 | ||||
Rental income from a related party | 55 | 862 | ||||
Purchase of service from related parties | 0 | 0 | 101 | |||
Revenue from related parties | 1,172 | 2,167 | 140 | |||
Xiaopeng He [Member] | Operation Support Service [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases from related party | 14,823 | 20,210 | 2,300 | |||
Tao He [Member] | Variable Interest Entity VIE Activities [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity interest held | 50% | |||||
Related Party [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense on the loans from a shareholder | 2,402 | 1,021 | ¥ 0 | |||
Amounts due to a related party | ¥ 61,663 | |||||
Related Party [Member] | Cost of Sales [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 382 | 2,369 | ||||
Related Party [Member] | Vice President [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due to a related party | 30,872 | 28,470 | ||||
Related Party [Member] | Purchase Of Assets [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due to a related party | 978 | |||||
Related Party [Member] | Operation Support Service [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 12,566 | ¥ 44,755 | ||||
Principal Owner [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Other liabilities | ¥ 8 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Capital Expenditures (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Long-term Purchase Commitment [Line Items] | ||
Long-term Purchase Commitment, Amount | ¥ 732,876 | ¥ 2,379,826 |
Investments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Long-term Purchase Commitment, Amount | 541,186 | 658,160 |
Property, plant and equipment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Long-term Purchase Commitment, Amount | ¥ 191,690 | ¥ 1,721,666 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Purchase Expenditures (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase commitments on purchase of raw materials | ¥ 2,118,392 | ¥ 2,046,326 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Net Assets | ¥ 77,141,231 | ¥ 59,145,690 |
Percentage of after-tax profits for appropriations prior to dividend payment | 10% | |
Maximum [Member] | ||
Percentage of general reserve fund on registered capital | 50% | |
Percentage of statutory surplus fund on registered capital | 50% | |
Minimum [Member] | ||
Percentage of profits after tax to general reserve fund | 10% | |
Percentage of statutory surplus fund on profits after tax | 10% |
Company Financial Statements _3
Company Financial Statements (Parent Company Only) - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Current assets | ||||||
Cash and cash equivalents | ¥ 21,127,163 | ¥ 14,607,774 | ||||
Short-term deposits | 9,756,979 | 14,921,688 | ||||
Long-term deposits, current portion | 7,054,915 | 427,466 | ||||
Prepayments and other current assets | 2,489,339 | 2,466,084 | ||||
Total current assets | 54,521,629 | 43,527,421 | ||||
Non-current assets | ||||||
Investments in subsidiaries and VIEs | 456,063 | $ 69,965 | 329,045 | $ 51,874 | ||
Long-term deposits | 3,035,426 | 6,926,450 | ||||
Long-term investments | 2,084,933 | 2,295,032 | ¥ 1,549,176 | ¥ 1,000 | ||
Total non-current assets | 29,640,912 | 27,963,585 | ||||
Total assets | 84,162,541 | 71,491,006 | ||||
Current liabilities | ||||||
Amount due to a related party | ¥ 30,880 | ¥ 91,111 | ||||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | ||
Accruals and other liabilities | ¥ 7,580,195 | ¥ 5,583,829 | ||||
Total current liabilities | 36,111,562 | 24,114,853 | ||||
Non-current liabilities | ||||||
Derivative liability | 393,473 | 0 | ||||
Total non-current liabilities | 11,722,452 | 10,465,488 | ||||
Total liabilities | 47,834,014 | 34,580,341 | ||||
SHAREHOLDERS' EQUITY | ||||||
Additional paid-in capital | 70,198,031 | 60,691,019 | ||||
Accumulated deficit | (35,760,301) | (25,330,916) | ||||
Accumulated other comprehensive income | 1,830,638 | 1,544,024 | ||||
Total shareholders' equity | 36,328,527 | 36,910,665 | ¥ 42,146,578 | ¥ 34,429,809 | ||
Total liabilities and shareholders' equity | 84,162,541 | 71,491,006 | ||||
Common Class A [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock, Value, Issued | 103 | 92 | ||||
Common Class B [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock, Value, Issued | 21 | 21 | ||||
Parent [Member] | ||||||
Current assets | ||||||
Cash and cash equivalents | 5,187,597 | 951,656 | ||||
Short-term deposits | 7,906,283 | 12,145,309 | ||||
Long-term deposits, current portion | 1,852,070 | 0 | ||||
Prepayments and other current assets | 46,685 | 36,541 | ||||
Total current assets | 14,992,635 | 13,133,506 | ||||
Non-current assets | ||||||
Investments in subsidiaries and VIEs | 21,126,723 | 21,997,908 | ||||
Long-term deposits | 0 | 1,416,782 | ||||
Long-term investments | 618,629 | 431,028 | ||||
Total non-current assets | 21,745,352 | 23,845,718 | ||||
Total assets | 36,737,987 | 36,979,224 | ||||
Current liabilities | ||||||
Amount due to a related party | ¥ 0 | ¥ 61,663 | ||||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | ||
Accruals and other liabilities | ¥ 15,987 | ¥ 6,896 | ||||
Total current liabilities | 15,987 | 68,559 | ||||
Non-current liabilities | ||||||
Derivative liability | 393,473 | 0 | ||||
Total non-current liabilities | 393,473 | 0 | ||||
Total liabilities | 409,460 | 68,559 | ||||
SHAREHOLDERS' EQUITY | ||||||
Additional paid-in capital | 70,198,031 | 60,691,019 | ||||
Statutory and other reserves | 60,035 | 6,425 | ||||
Accumulated deficit | (35,760,301) | (25,330,916) | ||||
Accumulated other comprehensive income | 1,830,638 | 1,544,024 | ||||
Total shareholders' equity | 36,328,527 | 36,910,665 | ||||
Total liabilities and shareholders' equity | 36,737,987 | 36,979,224 | ||||
Parent [Member] | Common Class A [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock, Value, Issued | 103 | 92 | ||||
Parent [Member] | Common Class B [Member] | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common Stock, Value, Issued | ¥ 21 | ¥ 21 |
Company Financial Statements _4
Company Financial Statements (Parent Company Only) - Condensed Statements of Comprehensive Loss (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating expenses | ||||
Selling, general and administrative expenses | [1] | ¥ (6,558,942) | ¥ (6,688,246) | ¥ (5,305,433) |
Total operating expenses | [1] | (11,835,516) | (11,903,082) | (9,419,700) |
(Loss) gain from operations | (10,889,434) | (8,705,523) | (6,579,405) | |
Interest income | 1,260,162 | 1,058,771 | 743,034 | |
Other non-operating income, net | 41,934 | 36,318 | 70,253 | |
Exchange gain (loss) from foreign currency transactions | 97,080 | (1,460,151) | 313,580 | |
Fair value gain (loss) on derivative assets or derivative liabilities | (410,417) | 59,357 | 79,262 | |
Loss before income tax expenses and share of results of equity method investees | (10,393,705) | (9,118,358) | (4,837,106) | |
Income tax expenses | 36,810 | 24,731 | 25,990 | |
Share of results of equity method investees | 54,740 | 4,117 | 0 | |
Net loss | (10,375,775) | (9,138,972) | (4,863,096) | |
Net loss attributable to ordinary shareholders of XPeng Inc. | (10,375,775) | (9,138,972) | (4,863,096) | |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustment, net of tax | 286,614 | 3,192,573 | (918,168) | |
Total comprehensive loss attributable to XPeng Inc. | (10,089,161) | (5,946,399) | (5,781,264) | |
Comprehensive loss attributable to ordinary shareholders of XPeng Inc. | (10,089,161) | (5,946,399) | (5,781,264) | |
Parent [Member] | ||||
Operating expenses | ||||
Selling, general and administrative expenses | (28,511) | (22,896) | (8,966) | |
Total operating expenses | (28,511) | (22,896) | (8,966) | |
Fair value gain on derivative liability relating to the contingent consideration | 29,339 | 0 | 0 | |
(Loss) gain from operations | 828 | (22,896) | (8,966) | |
Interest income | 601,475 | 314,668 | 208,463 | |
Equity in loss of subsidiaries and VIEs | (10,165,831) | (7,074,057) | (5,696,578) | |
Other non-operating income, net | 17,718 | 35,867 | 84,620 | |
Exchange gain (loss) from foreign currency transactions | (473,467) | (2,380,873) | 470,103 | |
Investment loss on long-term investments | (821) | (75,155) | 0 | |
Fair value gain (loss) on derivative assets or derivative liabilities | (410,417) | 59,357 | 79,262 | |
Loss before income tax expenses and share of results of equity method investees | (10,430,515) | (9,143,089) | (4,863,096) | |
Income tax expenses | 0 | 0 | 0 | |
Share of results of equity method investees | 54,740 | 4,117 | 0 | |
Net loss | (10,375,775) | (9,138,972) | (4,863,096) | |
Net loss attributable to ordinary shareholders of XPeng Inc. | (10,375,775) | (9,138,972) | (4,863,096) | |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustment, net of tax | 286,614 | 3,192,573 | (918,168) | |
Total comprehensive loss attributable to XPeng Inc. | (10,089,161) | (5,946,399) | (5,781,264) | |
Comprehensive loss attributable to ordinary shareholders of XPeng Inc. | ¥ (10,089,161) | ¥ (5,946,399) | ¥ (5,781,264) | |
[1]Share-based compensation was allocated in cost of sales and operating expenses as follows |
Company Financial Statements _5
Company Financial Statements (Parent Company Only) - Consolidated Statement of Cash Flows (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ¥ 956,164 | ¥ (8,232,376) | ¥ (1,094,591) |
Cash flows from investing activities | |||
(Placement) maturities of term deposits | 5,441,363 | 11,922,171 | (24,899,368) |
Investment in equity investees | 0 | 0 | (50,000) |
Cash paid for long-term investments | (188,681) | (618,814) | (959,855) |
Maturities of derivative assets or derivative liabilities | 0 | 10,752 | 233,050 |
Net cash (used in) provided by investing activities | 631,168 | 4,845,966 | (33,075,878) |
Cash flows from financing activities | |||
Proceeds from Global Offering, net of issuance cost | 0 | 0 | 13,146,811 |
Payments of listing expenses | 0 | (1,830) | (36,924) |
Net cash provided by financing activities | 8,015,247 | 6,003,835 | 14,627,093 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (14,576) | 461,740 | (363,276) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 9,588,003 | 3,079,165 | (19,906,652) |
Cash, cash equivalents and restricted cash at beginning of the year | 14,714,046 | 11,634,881 | 31,541,533 |
Cash, cash equivalents and restricted cash at end of the year | 24,302,049 | 14,714,046 | 11,634,881 |
Parent [Member] | |||
Cash flows from operating activities | 520,066 | 175,195 | 232,625 |
Cash flows from investing activities | |||
(Placement) maturities of term deposits | 4,164,149 | 3,099,780 | (14,607,257) |
Investment in equity investees | (5,306,987) | (6,934,426) | (19,015,285) |
Cash paid for long-term investments | (188,681) | (409,363) | 0 |
Maturities of derivative assets or derivative liabilities | 0 | 10,752 | 233,050 |
Net cash (used in) provided by investing activities | (1,331,519) | (4,233,257) | (33,389,492) |
Cash flows from financing activities | |||
Proceeds from Global Offering, net of issuance cost | 0 | 0 | 13,146,811 |
Payments of listing expenses | 0 | (1,830) | (36,924) |
Proceeds from issuance of ordinary shares to Volkswagen | 5,019,599 | 0 | 0 |
Net cash provided by financing activities | 5,019,599 | (1,830) | 13,109,887 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 27,795 | 500,454 | (316,835) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 4,235,941 | (3,559,438) | (20,363,815) |
Cash, cash equivalents and restricted cash at beginning of the year | 951,656 | 4,511,094 | 24,874,909 |
Cash, cash equivalents and restricted cash at end of the year | ¥ 5,187,597 | ¥ 951,656 | ¥ 4,511,094 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] ¥ in Thousands | Feb. 29, 2024 Vehicles | Mar. 31, 2024 CNY (¥) |
Subsequent Event [Line Items] | ||
Number of battery vehicles for which services are to be rendered | Vehicles | 2 | |
Issuing debt securities to investors | ¥ | ¥ 1,016,000 |