Exhibit 99.1

 

XPENG Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

 

•

Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.96 billion (US$5.75 billion) as of December 31, 2024

 

•

Quarterly total revenues were RMB16.11 billion, a 59.4% increase quarter-over-quarter

 

•

Quarterly gross margin was 14.4%, an increase of 8.2 percentage points over the same period of 2023

 

•

Quarterly vehicle margin was 10.0%, an increase of 5.9 percentage points over the same period of 2023

 

•

Full year vehicle deliveries reached 190,068, a 34.2% increase year-over-year

 

•

Full year revenues reached RMB40.87 billion, a 33.2% increase year-over-year

 

•

Full year gross margin was 14.3%, an increase of 12.8 percentage points year-over-year

GUANGZHOU, China, March 18, 2025 — XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2024.

Operational and Financial Highlights for the Three Months Ended December 31, 2024

 

		2024Q4				2024Q3				2024Q2				2024Q1				2023Q4				2023Q3
Total deliveries			91,507				46,533				30,207				21,821				60,158				40,008

 

•

Total deliveries of vehicles were 91,507 for the fourth quarter of 2024, representing an increase of 52.1% from 60,158 in the corresponding period of 2023.

 

•

XPENG’s physical sales network had a total of 690 stores, covering 226 cities as of December 31, 2024.

 

•

XPENG self-operated charging station network reached 1,920 stations, including 928 XPENG S4 and S5 ultra-fast charging stations as of December 31, 2024.

 

•

Total revenues were RMB16.11 billion (US$2.21 billion) for the fourth quarter of 2024, representing an increase of 23.4% from the same period of 2023, and an increase of 59.4% from the third quarter of 2024.

 

•

Revenues from vehicle sales were RMB14.67 billion (US$2.01 billion) for the fourth quarter of 2024, representing an increase of 20.0% from the same period of 2023, and an increase of 66.8% from the third quarter of 2024.

 

•

Gross margin was 14.4% for the fourth quarter of 2024, compared with 6.2% for the same period of 2023 and 15.3% for the third quarter of 2024.

 

•

Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 10.0% for the fourth quarter of 2024, compared with 4.1% for the same period of 2023 and 8.6% for the third quarter of 2024.

 

1

 

•

Net loss was RMB1.33 billion (US$0.18 billion) for the fourth quarter of 2024, compared with RMB1.35 billion for the same period of 2023 and RMB1.81 billion for the third quarter of 2024. Excluding share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.39 billion (US$0.19 billion) for the fourth quarter of 2024, compared with RMB1.77 billion for the same period of 2023 and RMB1.53 billion for the third quarter of 2024.

 

•

Net loss attributable to ordinary shareholders of XPENG was RMB1.33 billion (US$0.18 billion) for the fourth quarter of 2024, compared with RMB1.35 billion for the same period of 2023 and RMB1.81 billion for the third quarter of 2024. Excluding share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.39 billion (US$0.19 billion) for the fourth quarter of 2024, compared with RMB1.77 billion for the same period of 2023 and RMB1.53 billion for the third quarter of 2024.

 

•

Basic and diluted net loss per American depositary share (ADS) were both RMB1.40 (US$0.19) and basic and diluted net loss per ordinary share were both RMB0.70 (US$0.10) for the fourth quarter of 2024. Each ADS represents two Class A ordinary shares.

 

•

Non-GAAP basic and diluted net loss per ADS were both RMB1.47 (US$0.20) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.73 (US$0.10) for the fourth quarter of 2024.

 

•

Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.96 billion (US$5.75 billion) as of December 31, 2024, compared with RMB45.70 billion as of December 31, 2023 and RMB35.75 billion as of September 30, 2024. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.

Key Financial Results

(in RMB billions, except for percentage)

 

		For the Three Months Ended												% Changei
		December 31,				September 30,				December 31,
		2024				2024				2023				YoY				QoQ
Vehicle sales			14.67				8.80				12.23				20.0	%			66.8	%
Vehicle margin			10.0	%			8.6	%			4.1	%			5.9pts				1.4pts
Total revenues			16.11				10.10				13.05				23.4	%			59.4	%
Gross profit			2.32				1.54				0.81				187.2	%			50.8	%
Gross margin			14.4	%			15.3	%			6.2	%			8.2pts				-0.9pts
Net loss			1.33				1.81				1.35				-1.3	%			-26.4	%
Non-GAAP net loss			1.39				1.53				1.77				-21.5	%			-9.2	%
Net loss attributable to ordinary shareholders			1.33				1.81				1.35				-1.3	%			-26.4	%
Non-GAAP net loss attributable to ordinary shareholders			1.39				1.53				1.77				-21.5	%			-9.2	%
Comprehensive loss attributable to ordinary shareholders			0.90				2.09				1.57				-42.9	%			-57.2	%

 

 

i	Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

 

2

 

Management Commentary

“In the fourth quarter of 2024, we achieved a series of notable results that reflect holistic upgrade in our capabilities to grow scale. We are well-positioned to significantly expand our market share in the Smart EV industry both in China and globally,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “I believe that AI will accelerate the development of L3 and L4 autonomous driving in the automotive sector. We are committed to building XPENG into an AI-empowered global automotive company and a smart technology brand beloved by users worldwide.”

“With deliveries hitting new highs and ongoing progress in technology-driven cost reductions, our vehicle gross margin further improved to 10%, marking six consecutive quarters of improvement. The company’s overall gross margin remains stable at the mid-teens level,” added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. “In 2025, with the launch of more attractive new products, we are confident in maintaining our investment in R&D while continuing to enhance profitability and free cash flow.”

Recent Developments

Deliveries in January and February 2025

 

•

Total deliveries were 30,350 vehicles in January 2025.

 

•

Total deliveries were 30,453 vehicles in February 2025.

 

•

As of February 28, 2025, year-to-date total deliveries were 60,803 vehicles.

XPENG and Volkswagen Group China to Jointly Build One of the Largest Super-Fast Charging Networks in China

On January 6, 2025, XPENG and the Volkswagen Group China announced the entry of a memorandum of understanding (“MOU”) for strategic collaboration on super-fast charging networks in China. Under the MOU, XPENG and the Volkswagen Group China will jointly build one of the largest super-fast charging networks in China.

Unaudited Financial Results for the Three Months Ended December 31, 2024

Total revenues were RMB16.11 billion (US$2.21 billion) for the fourth quarter of 2024, representing an increase of 23.4% from RMB13.05 billion for the same period of 2023 and an increase of 59.4% from RMB10.10 billion for the third quarter of 2024.

Revenues from vehicle sales were RMB14.67 billion (US$2.01 billion) for the fourth quarter of 2024, representing an increase of 20.0% from RMB12.23 billion for the same period of 2023, and an increase of 66.8% from RMB8.80 billion for the third quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

 

3

 

Revenues from services and others were RMB1.43 billion (US$0.20 billion) for the fourth quarter of 2024, representing an increase of 74.4% from RMB0.82 billion for the same period of 2023 and an increase of 9.7% from RMB1.31 billion for the third quarter of 2024. The year-over-year increase was mainly attributable to the increased revenue from technical research and development services (“technical R&D services”) related to the platform and software strategic technical collaboration, as well as electrical/electronic architecture (“EEA”) technical collaboration with the Volkswagen Group. The quarter-over-quarter increase was mainly attributable to the increased revenue of maintenance services and auto financing services.

Cost of sales was RMB13.78 billion (US$1.89 billion) for the fourth quarter of 2024, representing an increase of 12.6% from RMB12.24 billion for the same period of 2023 and an increase of 61.0% from RMB8.56 billion for the third quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above.

Gross margin was 14.4% for the fourth quarter of 2024, compared with 6.2% for the same period of 2023 and 15.3% for the third quarter of 2024.

Vehicle margin was 10.0% for the fourth quarter of 2024, compared with 4.1% for the same period of 2023 and 8.6% for the third quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the cost reduction.

Services and others margin was 59.6% for the fourth quarter of 2024, compared with 38.2% for the same period of 2023 and 60.1% for the third quarter of 2024. The year-over-year increase was primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services.

Research and development expenses were RMB2.01 billion (US$0.27 billion) for the fourth quarter of 2024, representing an increase of 53.4% from RMB1.31 billion for the same period of 2023 and an increase of 22.9% from RMB1.63 billion for the third quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB2.28 billion (US$0.31 billion) for the fourth quarter of 2024, representing an increase of 17.5% from RMB1.94 billion for the same period of 2023 and an increase of 39.3% from RMB1.63 billion for the third quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher commission to the franchised stores driven by higher sales volume.

Other income, net was RMB0.20 billion (US$0.03 billion) for the fourth quarter of 2024, representing a decrease of 44.3% from RMB0.35 billion for the same period of 2023 and an increase of 392.2% from RMB0.04 billion for the third quarter of 2024. The year-over-year decrease and quarter-over-quarter increase were primarily due to the fluctuation in government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.20 billion (US$0.03 billion) for the fourth quarter of 2024, compared with gain of RMB0.03 billion for the same period of 2023 and loss of RMB0.16 billion for the third quarter of 2024. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. (“DiDi”)’s smart auto business.

 

4

 

Loss from operations was RMB1.56 billion (US$0.21 billion) for the fourth quarter of 2024, compared with RMB2.05 billion for the same period of 2023 and RMB1.85 billion for the third quarter of 2024.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.62 billion (US$0.22 billion) for the fourth quarter of 2024, compared with RMB1.92 billion for the same period of 2023 and RMB1.57 billion for the third quarter of 2024.

Net loss was RMB1.33 billion (US$0.18 billion) for the fourth quarter of 2024, compared with RMB1.35 billion for the same period of 2023 and RMB1.81 billion for the third quarter of 2024.

Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.39 billion (US$0.19 billion) for the fourth quarter of 2024, compared with RMB1.77 billion for the same period of 2023 and RMB1.53 billion for the third quarter of 2024.

Net loss attributable to ordinary shareholders of XPENG was RMB1.33 billion (US$0.18 billion) for the fourth quarter of 2024, compared with RMB1.35 billion for the same period of 2023 and RMB1.81 billion for the third quarter of 2024.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.39 billion (US$0.19 billion) for the fourth quarter of 2024, compared with RMB1.77 billion for the same period of 2023 and RMB1.53 billion for the third quarter of 2024.

Basic and diluted net loss per ADS were both RMB1.40 (US$0.19) for the fourth quarter of 2024, compared with RMB1.51 for the fourth quarter of 2023 and RMB1.91 for the third quarter of 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB1.47 (US$0.20) for the fourth quarter of 2024, compared with RMB1.98 for the fourth quarter of 2023 and RMB1.62 for the third quarter of 2024.

Balance Sheets

As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB41.96 billion (US$5.75 billion), compared with RMB45.70 billion as of December 31, 2023 and RMB35.75 billion as of September 30, 2024.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2024

Total revenues were RMB40.87 billion (US$5.60 billion) for fiscal year of 2024, representing an increase of 33.2% from RMB30.68 billion for the prior year.

Revenues from vehicle sales were RMB35.83 billion (US$4.91 billion) for fiscal year of 2024, representing an increase of 27.9% from RMB28.01 billion for the prior year. The year-over-year increase was mainly attributable to higher deliveries.

 

5

 

Revenues from services and others were RMB5.04 billion (US$0.69 billion) for fiscal year of 2024, representing an increase of 89.0% from RMB2.67 billion for the prior year. The year-over-year increase was mainly attributable to the increased revenue from technical R&D services related to the platform and software strategic technical collaboration, as well as EEA technical collaboration with the Volkswagen Group.

Cost of sales was RMB35.02 billion (US$4.80 billion) for fiscal year of 2024, representing an increase of 15.9% from RMB30.22 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.

Gross margin was 14.3% for fiscal year of 2024, compared with 1.5% for the prior year.

Vehicle margin was 8.3% for fiscal year of 2024, compared with negative 1.6% for the prior year. The year-over-year increase was primarily attributable to the cost reduction.

Services and others margin was 57.2% for fiscal year of 2024, compared with 33.7% for the prior year. The year-over-year increase was primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services.

Research and development expenses were RMB6.46 billion (US$0.88 billion) for fiscal year of 2024, representing an increase of 22.4% from RMB5.28 billion for the prior year. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB6.87 billion (US$0.94 billion) for fiscal year of 2024, representing an increase of 4.8% from RMB6.56 billion for the prior year. The year-over-year increase was primarily attributable to the higher commission to the franchised stores driven by higher sales volume and higher marketing, promotional and advertising expenses to support vehicle sales.

Other income, net was RMB0.59 billion (US$0.08 billion) for fiscal year of 2024, representing an increase of 26.6% from RMB0.47 billion for the prior year. The year-over-year increase was primarily due to the increase in government subsidies.

Fair value gain on derivative liability relating to the contingent consideration was gain of RMB0.23 billion (US$0.03 billion) for fiscal year of 2024, compared with gain of RMB0.03 billion for the prior year. This non-cash gain resulted from the fair value change of the contingent consideration related to the acquisition of DiDi’s smart auto business.

Loss from operations was RMB6.66 billion (US$0.91 billion) for fiscal year of 2024, compared with RMB10.89 billion for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB6.42 billion (US$0.88 billion) for fiscal year of 2024, compared with RMB10.37 billion for the prior year.

Net loss was RMB5.79 billion (US$0.79 billion) for fiscal year of 2024, compared with RMB10.38 billion for the prior year.

 

6

 

Non-GAAP net loss, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB5.55 billion (US$0.76 billion) for fiscal year of 2024, compared with RMB9.44 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB5.79 billion (US$0.79 billion) for fiscal year of 2024, compared with RMB10.38 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB5.55 billion (US$0.76 billion) for fiscal year of 2024, compared with RMB9.44 billion for the prior year.

Basic and diluted net loss per ADS were both RMB6.12 (US$0.84) for fiscal year of 2024, compared with RMB11.92 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB5.87 (US$0.80) for fiscal year of 2024, compared with RMB10.85 for the prior year.

Business Outlook

For the first quarter of 2025, the Company expects:

 

•

Deliveries of vehicles to be between 91,000 and 93,000, representing a year-over-year increase of approximately 317.0% to 326.2%.

 

•

Total revenues to be between RMB15.0 billion and RMB15.7 billion, representing a year-over-year increase of approximately 129.1% to 139.8%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 18, 2025 (8:00 PM Beijing/Hong Kong Time on March 18, 2025).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

 

Event Title:		XPENG Fourth Quarter and Fiscal Year 2024 Earnings Conference Call
Pre-registration link:		https://s1.c-conf.com/diamondpass/10044942-kinyg.html

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

 

7

 

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until March 25, 2025, by dialing the following telephone numbers:

 

United States:		+1-855-883-1031
International:		+61-7-3107-6325
Hong Kong, China:		800-930-639
Mainland China:		400-120-9216
Replay Access Code:		10044942

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

 

8

 

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: ir@xiaopeng.com

Jenny Cai

Piacente Financial Communications

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: xpeng@tpg-ir.com

For Media Enquiries

PR Department

XPeng Inc.

E-mail: pr@xiaopeng.com

Source: XPeng Inc.

 

9

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		As of December 31
		2023				2024				2024
		RMB				RMB				US$
ASSETS
Current assets
Cash and cash equivalents			21,127,163				18,586,274				2,546,309
Restricted cash			3,174,886				3,153,390				432,013
Short-term deposits			9,756,979				12,931,757				1,771,643
Restricted short-term deposits			—				110,699				15,166
Short-term investments			781,216				751,290				102,926
Long-term deposits, current portion			7,054,915				452,326				61,968
Accounts and notes receivable, net			2,716,216				2,449,629				335,598
Installment payment receivables, net, current portion			1,881,755				2,558,756				350,548
Inventory			5,526,212				5,562,922				762,117
Amounts due from related parties			12,948				43,714				5,989
Prepayments and other current assets			2,489,339				3,135,312				429,535
Total current assets			54,521,629				49,736,069				6,813,812
Non-current assets:
Long-term deposits			3,035,426				4,489,036				614,995
Restricted long-term deposits			767,899				1,487,688				203,812
Property, plant and equipment, net			10,954,485				11,521,863				1,578,489
Right-of-use assets, net			1,455,865				1,261,663				172,847
Intangible assets, net			4,948,992				4,610,469				631,632
Land use rights, net			2,789,367				2,744,424				375,985
Installment payment receivables, net			3,027,795				4,448,416				609,430
Long-term investments			2,084,933				1,963,194				268,956
Other non-current assets			576,150				443,283				60,730
Total non-current assets			29,640,912				32,970,036				4,516,876
Total assets			84,162,541				82,706,105				11,330,688

 

10

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		As of December 31
		2023				2024				2024
		RMB				RMB				US$
LIABILITIES
Current liabilities
Short-term borrowings			3,889,100				4,609,123				631,447
Accounts and notes payable			22,210,431				23,080,481				3,162,013
Amounts due to related parties			30,880				9,364				1,283
Operating lease liabilities, current portion			365,999				324,496				44,456
Finance lease liabilities, current portion			34,382				41,940				5,746
Deferred revenue, current portion			630,997				1,275,716				174,772
Long-term borrowings, current portion			1,363,835				1,858,613				254,629
Accruals and other liabilities			7,580,195				8,650,636				1,185,132
Income taxes payable			5,743				14,514				1,988
Total current liabilities			36,111,562				39,864,883				5,461,466
Non-current liabilities
Long-term borrowings			5,650,782				5,664,518				776,036
Operating lease liabilities			1,490,882				1,345,852				184,381
Finance lease liabilities			777,697				777,697				106,544
Deferred revenue			668,946				822,719				112,712
Derivative liability			393,473				167,940				23,008
Deferred tax liabilities			404,018				341,932				46,844
Other non-current liabilities			2,336,654				2,445,776				335,070
Total non-current liabilities			11,722,452				11,566,434				1,584,595
Total liabilities			47,834,014				51,431,317				7,046,061
SHAREHOLDERS’ EQUITY
Class A Ordinary shares			103				104				14
Class B Ordinary shares			21				21				3
Additional paid-in capital			70,198,031				70,671,685				9,681,981
Statutory and other reserves			60,035				95,019				13,017
Accumulated deficit			(35,760,301	)			(41,585,549	)			(5,697,197	)
Accumulated other comprehensive income			1,830,638				2,093,508				286,809
Total shareholders’ equity			36,328,527				31,274,788				4,284,627
Total liabilities and shareholders’ equity			84,162,541				82,706,105				11,330,688

 

11

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		Three Months Ended
		December 31,				September 30,				December 31,				December 31,
		2023				2024				2024				2024
		RMB				RMB				RMB				US$
Revenues
Vehicle sales			12,228,314				8,795,011				14,671,128				2,009,936
Services and others			822,116				1,306,699				1,433,968				196,453
Total revenues			13,050,430				10,101,710				16,105,096				2,206,389
Cost of sales
Vehicle sales			(11,732,955	)			(8,039,240	)			(13,200,594	)			(1,808,474	)
Services and others			(508,003	)			(521,022	)			(579,725	)			(79,422	)
Total cost of sales			(12,240,958	)			(8,560,262	)			(13,780,319	)			(1,887,896	)
Gross profit			809,472				1,541,448				2,324,777				318,493
Operating expenses
Research and development expenses			(1,307,745	)			(1,633,071	)			(2,006,463	)			(274,884	)
Selling, general and administrative expenses			(1,936,503	)			(1,633,196	)			(2,275,400	)			(311,729	)
Total operating expenses			(3,244,248	)			(3,266,267	)			(4,281,863	)			(586,613	)
Other income, net			352,391				39,908				196,436				26,912
Fair value gain (loss) on derivative liability relating to the contingent consideration			29,339				(162,185	)			204,637				28,035
Loss from operations			(2,053,046	)			(1,847,096	)			(1,556,013	)			(213,173	)
Interest income			342,780				318,021				301,177				41,261
Interest expense			(73,225	)			(83,461	)			(94,001	)			(12,878	)
Fair value gain on derivative liability			561,415				—				—				—
Investment (loss) gain on long-term investments			(185,318	)			(216,768	)			10,069				1,379
Exchange gain (loss) from foreign currency transactions			46,362				47,565				(104,994	)			(14,384	)
Other non-operating income, net			27,364				6,444				94,093				12,891
Loss before income tax (expenses) benefit and share of results of equity method investees			(1,333,668	)			(1,775,295	)			(1,349,669	)			(184,904	)
Income tax (expenses) benefit			(21,754	)			(7,025	)			44,092				6,041
Share of results of equity method investees			7,807				(25,400	)			(24,396	)			(3,342	)
Net loss			(1,347,615	)			(1,807,720	)			(1,329,973	)			(182,205	)
Net loss attributable to ordinary shareholders of XPeng Inc.			(1,347,615	)			(1,807,720	)			(1,329,973	)			(182,205	)

 

12

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		Three Months Ended
		December 31,				September 30,				December 31,				December 31,
		2023				2024				2024				2024
		RMB				RMB				RMB				US$
Net loss			(1,347,615	)			(1,807,720	)			(1,329,973	)			(182,205	)
Other comprehensive loss
Foreign currency translation adjustment, net of tax			(222,618	)			(284,343	)			433,820				59,433
Total comprehensive loss attributable to XPeng Inc.			(1,570,233	)			(2,092,063	)			(896,153	)			(122,772	)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.			(1,570,233	)			(2,092,063	)			(896,153	)			(122,772	)
Weighted average number of ordinary shares used in computing net loss per ordinary share
Basic and diluted			1,787,655,242				1,893,857,778				1,898,086,802				1,898,086,802
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted			(0.75	)			(0.95	)			(0.70	)			(0.10	)
Weighted average number of ADS used in computing net loss per share
Basic and diluted			893,827,621				946,928,889				949,043,401				949,043,401
Net loss per ADS attributable to ordinary shareholders
Basic and diluted			(1.51	)			(1.91	)			(1.40	)			(0.19	)

 

13

 

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		Three Months Ended
		December 31,				September 30,				December 31,				December 31,
		2023				2024				2024				2024
		RMB				RMB				RMB				US$
Loss from operations			(2,053,046	)			(1,847,096	)			(1,556,013	)			(213,173	)
Fair value gain on derivative liability relating to the contingent consideration			(29,339	)			162,185				(204,637	)			(28,035	)
Share-based compensation expenses			167,036				113,963				143,675				19,683
Non-GAAP loss from operations			(1,915,349	)			(1,570,948	)			(1,616,975	)			(221,525	)
Net loss			(1,347,615	)			(1,807,720	)			(1,329,973	)			(182,205	)
Fair value (gain) loss on derivative liability relating to the contingent consideration			(29,339	)			162,185				(204,637	)			(28,035	)
Fair value gain on derivative liability			(561,415	)			—				—				—
Share-based compensation expenses			167,036				113,963				143,675				19,683
Non-GAAP net loss			(1,771,333	)			(1,531,572	)			(1,390,935	)			(190,557	)
Net loss attributable to ordinary shareholders			(1,347,615	)			(1,807,720	)			(1,329,973	)			(182,205	)
Fair value (gain) loss on derivative liability relating to the contingent consideration			(29,339	)			162,185				(204,637	)			(28,035	)
Fair value gain on derivative liability			(561,415	)			—				—				—
Share-based compensation expenses			167,036				113,963				143,675				19,683
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.			(1,771,333	)			(1,531,572	)			(1,390,935	)			(190,557	)

 

14

 

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP

AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		Three Months Ended
		December 31,				September 30,				December 31,				December 31,
		2023				2024				2024				2024
		RMB				RMB				RMB				US$
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share
Basic and diluted			1,787,655,242				1,893,857,778				1,898,086,802				1,898,086,802
Non-GAAP net loss per ordinary share
Basic and diluted			(0.99	)			(0.81	)			(0.73	)			(0.10	)
Weighted average number of ADS used in calculating Non-GAAP net loss per share
Basic and diluted			893,827,621				946,928,889				949,043,401				949,043,401
Non-GAAP net loss per ADS
Basic and diluted			(1.98	)			(1.62	)			(1.47	)			(0.20	)

 

15

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		For the Year Ended December 31
		2023				2024				2024
		RMB				RMB				US$
Revenues
Vehicle sales			28,010,857				35,829,402				4,908,608
Services and others			2,665,210				5,036,907				690,053
Total revenues			30,676,067				40,866,309				5,598,661
Cost of sales
Vehicle sales			(28,457,909	)			(32,866,163	)			(4,502,646	)
Services and others			(1,767,003	)			(2,154,378	)			(295,149	)
Total cost of sales			(30,224,912	)			(35,020,541	)			(4,797,795	)
Gross profit			451,155				5,845,768				800,866
Operating expenses
Research and development expenses			(5,276,574	)			(6,456,734	)			(884,569	)
Selling, general and administrative expenses			(6,558,942	)			(6,870,644	)			(941,274	)
Total operating expenses			(11,835,516	)			(13,327,378	)			(1,825,843	)
Other income, net			465,588				589,227				80,724
Fair value gain on derivative liability relating to the contingent consideration			29,339				234,245				32,091
Loss from operations			(10,889,434	)			(6,658,138	)			(912,162	)
Interest income			1,260,162				1,374,525				188,309
Interest expense			(268,666	)			(343,982	)			(47,125	)
Fair value loss on derivative liability			(410,417	)			—				—
Investment loss on long-term investments			(224,364	)			(261,991	)			(35,893	)
Exchange gain (loss) from foreign currency transactions			97,080				(49,543	)			(6,787	)
Other non-operating income, net			41,934				108,154				14,817
Loss before income tax (expenses) benefit and share of results of equity method investees			(10,393,705	)			(5,830,975	)			(798,841	)
Income tax (expenses) benefit			(36,810	)			69,780				9,560
Share of results of equity method investees			54,740				(29,069	)			(3,982	)
Net loss			(10,375,775	)			(5,790,264	)			(793,263	)
Net loss attributable to ordinary shareholders of XPeng Inc.			(10,375,775	)			(5,790,264	)			(793,263	)

 

16

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		For the Year Ended December 31
		2023				2024				2024
		RMB				RMB				US$
Net loss			(10,375,775	)			(5,790,264	)			(793,263	)
Other comprehensive income
Foreign currency translation adjustment, net of tax			286,614				262,870				36,013
Total comprehensive loss attributable to XPeng Inc.			(10,089,161	)			(5,527,394	)			(757,250	)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.			(10,089,161	)			(5,527,394	)			(757,250	)
Weighted average number of ordinary shares used in computing net loss per ordinary share
Basic and diluted			1,740,921,519				1,891,357,212				1,891,357,212
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted			(5.96	)			(3.06	)			(0.42	)
Weighted average number of ADS used in computing net loss per share
Basic and diluted			870,460,760				945,678,606				945,678,606
Net loss per ADS attributable to ordinary shareholders
Basic and diluted			(11.92	)			(6.12	)			(0.84	)

 

17

 

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP

AND NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

		For the Year Ended December 31
		2023				2024				2024
		RMB				RMB				US$
Loss from operations			(10,889,434	)			(6,658,138	)			(912,162	)
Fair value gain on derivative liability relating to the contingent consideration			(29,339	)			(234,245	)			(32,091	)
Share-based compensation expenses			550,535				473,655				64,890
Non-GAAP loss from operations			(10,368,238	)			(6,418,728	)			(879,363	)
Net loss			(10,375,775	)			(5,790,264	)			(793,263	)
Fair value gain on derivative liability relating to the contingent consideration			(29,339	)			(234,245	)			(32,091	)
Fair value loss on derivative liability			410,417				—				—
Share-based compensation expenses			550,535				473,655				64,890
Non-GAAP net loss			(9,444,162	)			(5,550,854	)			(760,464	)
Net loss attributable to ordinary shareholders			(10,375,775	)			(5,790,264	)			(793,263	)
Fair value gain on derivative liability relating to the contingent consideration			(29,339	)			(234,245	)			(32,091	)
Fair value loss on derivative liability			410,417				—				—
Share-based compensation expenses			550,535				473,655				64,890
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.			(9,444,162	)			(5,550,854	)			(760,464	)
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share
Basic and diluted			1,740,921,519				1,891,357,212				1,891,357,212
Non-GAAP net loss per ordinary share
Basic and diluted			(5.42	)			(2.93	)			(0.40	)
Weighted average number of ADS used in calculating Non-GAAP net loss per share
Basic and diluted			870,460,760				945,678,606				945,678,606
Non-GAAP net loss per ADS
Basic and diluted			(10.85	)			(5.87	)			(0.80	)

 

18

Exhibit 99.2

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

 

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)

(Stock Code: 9868)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED DECEMBER 31, 2024

XPeng Inc. (“XPENG” or the “Company”, HKEX stock code: 9868 and NYSE symbol: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced the unaudited financial results of the Company and its subsidiaries and consolidated affiliated entities (the “Group”) for the year ended December 31, 2024 (the “Reporting Period”).

OPERATIONAL AND FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2024

 

•

Total deliveries of vehicles were 190,068 in 2024, representing an increase of 34.2% from 141,601 in 2023.

 

•

XPENG’s physical sales network had a total of 690 stores, covering 226 cities as of December 31, 2024.

 

•

XPENG self-operated charging station network reached 1,920 stations, including 928 XPENG S4 and S5 ultra-fast charging stations as of December 31, 2024.

 

•

Total revenues were RMB40.87 billion for the year ended December 31, 2024, representing an increase of 33.2% from RMB30.68 billion for the year ended December 31, 2023.

 

•

Revenues from vehicle sales were RMB35.83 billion for the year ended December 31, 2024, representing an increase of 27.9% from RMB28.01 billion for the year ended December 31, 2023.

 

•

Gross margin was 14.3% for the year ended December 31, 2024, compared with 1.5% for the year ended December 31, 2023.

 

•

Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 8.3% for the year ended December 31, 2024, compared with negative 1.6% for the year ended December 31, 2023.

 

1

•

Net loss was RMB5.79 billion for the year ended December 31, 2024, compared with RMB10.38 billion for the year ended December 31, 2023. Excluding share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB5.55 billion for the year ended December 31, 2024, compared with RMB9.44 billion for the year ended December 31, 2023.

 

•

Net loss attributable to ordinary shareholders of XPENG was RMB5.79 billion for the year ended December 31, 2024, compared with RMB10.38 billion for the year ended December 31, 2023. Excluding share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB5.55 billion for the year ended December 31, 2024, compared with RMB9.44 billion for the year ended December 31, 2023.

 

•

Basic and diluted net loss per American depositary share (ADS) were both RMB6.12 for fiscal year 2024, compared with RMB11.92 for the prior year. Basic and diluted net loss per ordinary share were both RMB3.06 for fiscal year 2024, compared with RMB5.96 for the prior year. Each ADS represents two Class A ordinary shares.

 

•

Non-GAAP basic and diluted net loss per ADS were both RMB5.87 for fiscal year 2024, compared with RMB10.85 for the prior year. Non-GAAP basic and diluted net loss per ordinary share were both RMB2.93 for fiscal year 2024, compared with RMB5.42 for the prior year.

 

•

Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.96 billion as of December 31, 2024, compared with RMB45.70 billion as of December 31, 2023. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.

MANAGEMENT COMMENTARY

“In the fourth quarter of 2024, we achieved a series of notable results that reflect holistic upgrade in our capabilities to grow scale. We are well-positioned to significantly expand our market share in the Smart EV industry both in China and globally,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “I believe that AI will accelerate the development of L3 and L4 autonomous driving in the automotive sector. We are committed to building XPENG into an AI-empowered global automotive company and a smart technology brand beloved by users worldwide.”

“With deliveries hitting new highs and ongoing progress in technology-driven cost reductions, our vehicle gross margin further improved to 10%, marking six consecutive quarters of improvement. The company’s overall gross margin remains stable at the mid-teens level,” added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. “In 2025, with the launch of more attractive new products, we are confident in maintaining our investment in R&D while continuing to enhance profitability and free cash flow.”

RECENT DEVELOPMENTS

Deliveries in January and February 2025

 

•

Total deliveries were 30,350 vehicles in January 2025.

 

•

Total deliveries were 30,453 vehicles in February 2025.

 

•

As of February 28, 2025, year-to-date total deliveries were 60,803 vehicles.

 

2

XPENG and Volkswagen Group China to Jointly Build One of the Largest Super-Fast Charging Networks in China

On January 6, 2025, XPENG and the Volkswagen Group China announced the entry of a memorandum of understanding (“MOU”) for strategic collaboration on super-fast charging networks in China. Under the MOU, XPENG and the Volkswagen Group China will jointly build one of the largest super-fast charging networks in China.

UNAUDITED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

Total revenues were RMB40.87 billion for fiscal year of 2024, representing an increase of 33.2% from RMB30.68 billion for the prior year.

Revenues from vehicle sales were RMB35.83 billion for fiscal year of 2024, representing an increase of 27.9% from RMB28.01 billion for the prior year. The year-over-year increase was mainly attributable to higher deliveries.

Revenues from services and others were RMB5.04 billion for fiscal year of 2024, representing an increase of 89.0% from RMB2.67 billion for the prior year. The year-over-year increase was mainly attributable to the increased revenue from technical research and development services (“technical R&D services”) related to the platform and software strategic technical collaboration, as well as electrical/electronic architecture (“EEA”) technical collaboration with the Volkswagen Group.

Cost of sales was RMB35.02 billion for fiscal year of 2024, representing an increase of 15.9% from RMB30.22 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.

Gross margin was 14.3% for fiscal year of 2024, compared with 1.5% for the prior year.

Vehicle margin was 8.3% for fiscal year of 2024, compared with negative 1.6% for the prior year. The year-over-year increase was primarily attributable to the cost reduction.

Services and others margin was 57.2% for fiscal year of 2024, compared with 33.7% for the prior year. The year-over-year increase was primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services.

Research and development expenses were RMB6.46 billion for fiscal year of 2024, representing an increase of 22.4% from RMB5.28 billion for the prior year. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB6.87 billion for fiscal year of 2024, representing an increase of 4.8% from RMB6.56 billion for the prior year. The year-over-year increase was primarily attributable to the higher commission to the franchised stores driven by higher sales volume and higher marketing, promotional and advertising expenses to support vehicle sales.

Other income, net was RMB0.59 billion for fiscal year of 2024, representing an increase of 26.6% from RMB0.47 billion for the prior year. The year-over-year increase was primarily due to the increase in government subsidies.

Fair value gain on derivative liability relating to the contingent consideration was gain of RMB0.23 billion for fiscal year of 2024, compared with gain of RMB0.03 billion for the prior year. This non-cash gain resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. (“DiDi”)’s smart auto business.

 

3

Loss from operations was RMB6.66 billion for fiscal year of 2024, compared with RMB10.89 billion for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB6.42 billion for fiscal year of 2024, compared with RMB10.37 billion for the prior year.

Net loss was RMB5.79 billion for fiscal year of 2024, compared with RMB10.38 billion for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB5.55 billion for fiscal year of 2024, compared with RMB9.44 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB5.79 billion for fiscal year of 2024, compared with RMB10.38 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB5.55 billion for fiscal year of 2024, compared with RMB9.44 billion for the prior year.

Basic and diluted net loss per ADS were both RMB6.12 for fiscal year of 2024, compared with RMB11.92 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB5.87 for fiscal year of 2024, compared with RMB10.85 for the prior year.

Balance Sheets

As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB41.96 billion compared with RMB45.70 billion as of December 31, 2023.

BUSINESS OUTLOOK

For the first quarter of 2025, the Company expects:

 

•

Deliveries of vehicles to be between 91,000 and 93,000, representing a year-over-year increase of approximately 317.0% to 326.2%.

 

•

Total revenues to be between RMB15.0 billion and RMB15.7 billion, representing a year-over-year increase of approximately 129.1% to 139.8%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

 

4

MANAGEMENT DISCUSSION AND ANALYSIS

 

1.	Liquidity and capital resources

The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB5.79 billion and RMB10.38 billion for the years ended December 31, 2024 and 2023, respectively. Accumulated deficit amounted to RMB41.59 billion as of December 31, 2024. Net cash used in operating activities was approximately RMB2.01 billion for the year ended December 31, 2024 and net cash provided by operating activities was approximately RMB0.96 billion 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 initial public offering and follow-on offering on New York Stock Exchange in August and December 2020, the Group received the net proceeds, after deducting the underwriting discounts and commissions, fees and offering expenses, of RMB11.41 billion and RMB15.98 billion, respectively. In July 2021, with the completion of its global offering, including the Hong Kong Public Offering and the International Offering, on Hong Kong Stock Exchange, the Group received the net proceeds, after deducting the underwriting discounts and commissions, of HKD15.82 billion. In December 2023, with the completion of the investment by the Volkswagen Group, the Group received the net proceeds, after deducting related costs and expenses, of RMB5.02 billion.

As of December 31, 2024, the balance of cash and cash equivalents, restricted cash, excluding RMB0.01 billion (December 31, 2023: RMB0.01 billion) restricted as to withdrawal or use for legal disputes, short-term investments and time deposits was RMB41.95 billion (December 31, 2023: RMB45.69 billion).

 

2.	Interest-bearing bank and other borrowings

 

(i)

Short-term bank loans

As of December 31, 2024, the Group’s short-term borrowings from banks in the PRC amounted to RMB4.61 billion in aggregate. The effective interest rate of these borrowings was 2.24% per annum. As of December 31, 2023, short-term borrowings from banks in the PRC amounted to RMB3.89 billion 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 nil and RMB0.20 billion, as of December 31, 2024 and December 31, 2023, respectively, which are classified as “Restricted long-term deposits”.

 

5

(ii)

Long-term bank loans:

 

								As of December 31, 2024																As of December 31, 2023
Ref.		Company		Outstanding loan				Current portion according to the repayment schedule				Long-term portion				Effective interest rate				Outstanding loan				Current portion according to the repayment schedule				Long- term portion				Effective interest rate
1		Zhaoqing Xiaopeng Automobile Co., Ltd.			1.49				0.23				1.26				4.05	%			2.17				0.68				1.49				3.84	%
2		Zhaoqing Xiaopeng New Energy Investment Co., Ltd.			1.24				0.74				0.50				3.04	%			1.25				0.12				1.13				3.06	%
3		Guangzhou Xiaopeng Automobile Finance Leasing Co., Ltd.			0.16				0.02				0.14				3.80	%			0.18				0.02				0.16				3.80	%
4		Guangdong Xiaopeng Motors Technology Co., Ltd.			0.50				0.00				0.50				2.35	%			—				—				—				—
5		Xiaopeng Automobile Central China (Wuhan) Co., Ltd.			2.08				0.18				1.90				3.81	%			2.04				0.10				1.94				4.47	%
6		Guangzhou Pengyue Automobile Development Co., Ltd.			0.32				0.01				0.31				3.43	%			0.02				—				0.02				3.75	%
7		Guangzhou Xiaopeng New Energy Automobile Co., Ltd.			0.83				0.01				0.82				4.56	%			0.84				0.01				0.83				4.99	%
		TOTAL			6.62				1.19				5.43				—				6.50				0.93				5.57				—

As of December 31, 2024, the Group obtained secured borrowings from several banks of RMB6.62 billion in aggregate. The maturity dates ranged from January 2025 to November 2033. As of December 31, 2023, the Group obtained secured borrowings from several banks of RMB6.50 billion in aggregate. The maturity dates ranged from November 2024 to November 2033.

Moreover, the Group received subsidies from the local government for interest expenses incurred associated with the borrowings. As of December 31, 2024 and 2023, the aggregate sum of loans receiving government-subsidized interest amounted to RMB3.67 billion and RMB3.65 billion, respectively. For the years ended December 31, 2024 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, Guangzhou manufacturing plant and Wuhan manufacturing base or to reduce the related interest expenses as incurred, if any.

 

6

(iii)

Asset-backed securities (“ABS”)

In November 2022, March 2024 and October 2024, the Group entered into asset-backed securitization arrangements with third-party financial institutions and set up three 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 will be 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. As of December 31, 2024, the balance of current and non-current portion of the ABS were RMB0.59 billion and RMB0.23 billion, respectively. As of December 31, 2023, the balance of current and non-current portion of the ABS were RMB0.18 billion and nil, respectively.

 

(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 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 will be 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, 2024, the balance of current and non-current portion of the ABN were RMB0.08 billion and nil, respectively. As of December 31, 2023, the balance of current and non-current portion of the ABN were RMB0.24 billion and RMB0.09 billion, respectively.

As of December 31, 2024, all of the bank loans and other borrowings of the Group were denominated in RMB and bore fixed and floating interest rate, and the Group had not been in violation of any of the covenants pursuant to the applicable agreement(s) entered with the lenders.

 

7

3.	Pledge of assets

As of December 31, 2024, the Group pledged restricted cash and restricted deposits of RMB4.75 billion (December 31, 2023: RMB3.94 billion) for bank borrowings and the issuance of letter of guarantee, bank notes, legal disputes and others. Certain manufacturing buildings of Guangzhou and Zhaoqing plants and the land use right of the Wuhan base and Guangzhou Xiaopeng technology park and the equipment of Wuhan base were secured for the long-term bank loan with a total appraised value of RMB5.36 billion (December 31, 2023: RMB4.26 billion).

 

4.	Gearing ratio

Gearing ratio equals total debt divided by total equity as of the end of the period. Total debt is defined to include short-term borrowings, current portion of long-term borrowings and long-term borrowings which are all interest-bearing borrowings. As of December 31, 2024, the gearing ratio of the Group was 38.8% (December 31, 2023: 30.0%).

 

5.	Material investments

For the year ended December 31, 2024, the Group did not have any significant investments (including any investment in an investee company with a value of 5% or more of the Group’s total assets as of December 31, 2024). As of December 31, 2024, the Group did not have other plans for material investments and capital assets.

 

6.	Capital commitments and capital expenditure

As of December 31, 2024, the Group had capital commitments amounting to RMB0.31 billion for the acquisition of property, plant and equipment, which was primarily for Guangzhou and Zhaoqing plants and Wuhan base, and RMB0.40 billion for other investments.

 

7.	Contingent liabilities

As of December 31, 2024, the Group did not have any material contingent liabilities.

 

8.	Material acquisitions and disposals

For the year ended December 31, 2024, the Group did not have any material acquisitions and disposals.

 

9.	Risk management

Foreign Exchange Risk

The Group uses Renminbi as its reporting currency. Most of the Group’s revenues and expenses are denominated in Renminbi, while the Group also has certain portion of cash denominated in the U.S. dollar from its financing activities. The functional currency of the Company and subsidiaries in the United States and Hong Kong is the U.S. dollar or HK dollar. The functional currency of subsidiaries in the PRC, the variable interest entity (“VIE”) and the VIE’s subsidiaries is the Renminbi. The Group’s exposure to U.S. dollars exchanges rate fluctuation mainly arises from the Renminbi-denominated cash and cash equivalents and other receivables held by the Group and its subsidiaries whose functional currency is U.S. dollars and the U.S.

 

8

dollar-denominated other receivables held by the Group and its subsidiaries whose functional currency is Renminbi. The Group may enter into hedging transactions in an effort to reduce its exposure to foreign currency exchange risk. During the year ended December 31, 2024, the Group did not enter into any foreign exchange forward contracts. As of December 31, 2024, the Group did not hold any foreign exchange forward contracts for hedging purposes.

To the extent that the Group needs to convert U.S. dollars into Renminbi for its operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount that the Group receives from the conversion. Conversely, if the Group decides to convert Renminbi into U.S. dollars for the purpose of making payments for dividends on its Class A ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amounts available to the Group.

Interest Rate Risk

The Group’s interest rate risk arises from investments and borrowings. Investments in both fixed rate and floating rate interest-earning instruments carry a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than expected if interest rates fall. Borrowings in both fixed rate and floating rate carry a degree of interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk, while borrowings issued at variable rates expose the Group to cash flow interest rate risk.

The Group had not used any financial instrument to hedge its exposure to interest rate risk.

 

10.	Employees and remuneration policies

The following table sets forth the breakdown of the Group’s employees by function as of December 31, 2024:

 

Function		Number of Employees
Research and development			6,200
Sales and marketing			4,888
Manufacturing			3,702
General and administration			83
Operation			491
Total			15,364

The Group primarily recruits the employees through recruitment agencies, on-campus job fairs, referrals, and online channels including the Company’s corporate website and social networking platforms. The Group has adopted a training policy, pursuant to which technology, corporate culture, leadership and other trainings are regularly provided to the Group’s employees by internal speakers and third-party consultants.

 

9

The Group offers its employees competitive compensation packages and a dynamic work environment that encourages initiative. The Group participates in various government statutory employee benefit plans, including social insurance, namely pension insurance, medical insurance, unemployment insurance, work-related injury insurance and maternity insurance, and housing funds. In addition, the Group purchased employer’s liability insurance and additional commercial health insurance to increase insurance coverage of its employees.

OTHER INFORMATION

Purchase, sale or redemption of the Company’s listed securities

On February 19, 2024, the Company issued 34,874 Class A ordinary shares to satisfy the restricted share units (the “RSUs”) pursuant to the 2019 equity incentive plan approved and adopted in June 2020, as amended and restated in August 2020 and June 2021 (the “2019 Equity Incentive Plan”)

On March 25, 2024, the Company issued 2,070,152 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On April 10, 2024, the Company issued 650,000 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On June 20, 2024, the Company issued 2,646,192 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On July 5, 2024, the Company issued 293,558 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On August 13, 2024, the Company allotted and issued 4,636,447 Class A ordinary shares as the SOP consideration shares to DiDi pursuant to the share purchase agreement as disclosed in the announcement of the Company dated August 28, 2023.

On September 23, 2024, the Company issued 2,008,310 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On October 2, 2024, the Company issued 32,070 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On December 18, 2024, the Company issued 1,228,750 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares) during the Reporting Period.

The Company did not have any treasury shares (within the meaning of the Listing Rules) as at December 31, 2024.

 

10

Compliance with Corporate Governance Code

The Company’s corporate governance practices are based on the principles and code provisions set forth in the Corporate Governance Code (the “CG Code”) contained in Appendix C1 to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the “Listing Rules”).

Pursuant to code provision C.2.1 of part 2 of the CG Code as set out in Appendix C1 to the Listing Rules, companies listed on the Hong Kong Stock Exchange are expected to comply with, but may choose to deviate from the requirement that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. The Company does not have a separate role for chairman and chief executive officer and Mr. Xiaopeng He currently performs these two roles. The board of directors (the “Directors”) of the Company (the “Board”) believes that vesting the roles of both chairman and chief executive officer in the same person has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board considers that the balance of power and authority for the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively.

Other than the above, the Company has complied with the code provisions set out in part 2 of the CG Code during the Reporting Period.

Compliance with Code for Securities Transactions

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Listing Rules as its code of conduct regarding directors’ securities transactions. Having made specific enquiries to all of the Directors, all Directors confirmed that they have fully complied with all relevant requirements set out in the Model Code during the Reporting Period.

Important Events after the Reporting Period

Save as disclosed in this announcement, no important events affecting the Group occurred since December 31, 2024 and up to the date of this announcement.

 

11

Scope of work of PricewaterhouseCoopers

The unaudited financial information disclosed in this announcement is preliminary. The figures in respect of the Group’s unaudited condensed consolidated balance sheets, unaudited condensed consolidated statement of comprehensive loss and the related notes thereto for the year ended December 31, 2024 as set out in the preliminary announcement have been agreed by the Group’s auditor, PricewaterhouseCoopers, to the amounts set out in the Group’s draft consolidated financial statements for the year ended December 31, 2024. The work performed by PricewaterhouseCoopers in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no opinion or assurance conclusion has been expressed by PricewaterhouseCoopers on the preliminary announcement.

Audit committee review of financial statements

Our audit committee of the Board (the “Audit Committee”) reviews the adequacy of our internal controls to ensure that our internal control system is effective in identifying, managing and mitigating risks involved in our business operations. The Audit Committee currently consists of three members, namely Mr. Donghao Yang, Mr. Ji-Xun Foo and Mr. HongJiang Zhang. Mr. Donghao Yang and Mr. HongJiang Zhang are independent non-executive Directors and Mr. Ji-Xun Foo is a non-executive Director. Mr. Donghao Yang is the chairman of the Audit Committee.

The Audit Committee has reviewed the unaudited condensed consolidated financial statements and annual results of the Group for the year ended December 31, 2024. The Audit Committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control with members of senior management and the external auditor of the Company, PricewaterhouseCoopers.

Final dividend

The Board does not recommend the distribution of a final dividend for the year ended December 31, 2024.

Publication of annual results and annual report

This announcement is published on the website of the Hong Kong Stock Exchange at http://www.hkexnews.hk and on the website of the Company at http://ir.xiaopeng.com. The 2024 annual report of the Company containing all the information required by the Listing Rules will be dispatched to the shareholders (if applicable) and will be made available on the websites of the Company and the Hong Kong Stock Exchange in due course.

 

12

Appreciation

The Group would like to express its appreciation to all the staff for their outstanding contribution towards the Group’s development. The Board wishes to sincerely thank the management for their dedication and diligence, which are the key factors for the Group to continue its success in future. Also, the Group wishes to extend its gratitude for the continued support from its shareholders, customers, and business partners. The Group will continue to deliver sustainable business development, so as to create more values for all its shareholders.

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Annual Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

 

13

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

				By order of the Board
				XPeng Inc.
				Xiaopeng He
				Chairman

Hong Kong, Tuesday, March 18, 2025

As at the date of this announcement, the board of directors of the Company comprises Mr. Xiaopeng He as an executive Director, Mr. Ji-Xun Foo as a non-executive Director, and Mr. Donghao Yang, Ms. Fang Qu and Mr. HongJiang Zhang as independent non-executive Directors.

 

*	For identification purpose only

 

14

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT

OF COMPREHENSIVE LOSS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

						For the Year Ended December 31
		Note				2024				2023
						RMB				RMB
Revenues
Vehicle sales			3				35,829,402				28,010,857
Services and others			3				5,036,907				2,665,210
Total revenues			3				40,866,309				30,676,067
Cost of sales
Vehicle sales							(32,866,163	)			(28,457,909	)
Services and others							(2,154,378	)			(1,767,003	)
Total cost of sales							(35,020,541	)			(30,224,912	)
Gross profit							5,845,768				451,155
Operating expenses
Research and development expenses							(6,456,734	)			(5,276,574	)
Selling, general and administrative expenses							(6,870,644	)			(6,558,942	)
Total operating expenses							(13,327,378	)			(11,835,516	)
Other income, net							589,227				465,588
Fair value gain on derivative liability relating to the contingent consideration							234,245				29,339
Loss from operations							(6,658,138	)			(10,889,434	)
Interest income							1,374,525				1,260,162
Interest expenses							(343,982	)			(268,666	)
Fair value loss on derivative liability							—				(410,417	)
Investment loss on long-term investments							(261,991	)			(224,364	)
Exchange (loss) gain from foreign currency transactions							(49,543	)			97,080
Other non-operating income, net							108,154				41,934
Loss before income tax benefit (expenses) and share of results of equity method investees							(5,830,975	)			(10,393,705	)
Income tax benefit (expenses)			4				69,780				(36,810	)
Share of results of equity method investees							(29,069	)			54,740
Net loss							(5,790,264	)			(10,375,775	)
Net loss attributable to ordinary shareholders of XPeng Inc.							(5,790,264	)			(10,375,775	)

 

15

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT

OF COMPREHENSIVE LOSS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

						For the Year Ended
						December 31
		Note				2024				2023
						RMB				RMB
Net loss							(5,790,264	)			(10,375,775	)
Other comprehensive income
Foreign currency translation adjustment, net of tax							262,870				286,614
Total comprehensive loss attributable to XPeng Inc.							(5,527,394	)			(10,089,161	)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.							(5,527,394	)			(10,089,161	)
Weighted average number of ordinary shares used in computing net loss per ordinary share
Basic and diluted			5				1,891,357,212				1,740,921,519
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted			5				(3.06	)			(5.96	)
Weighted average number of ADS used in computing net loss per share
Basic and diluted							945,678,606				870,460,760
Net loss per ADS attributable to ordinary shareholders
Basic and diluted							(6.12	)			(11.92	)

 

16

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

						As of December 31,
		Note				2024				2023
						RMB				RMB
ASSETS
Current assets
Cash and cash equivalents							18,586,274				21,127,163
Restricted cash							3,153,390				3,174,886
Short-term deposits							12,931,757				9,756,979
Restricted short-term deposits							110,699				—
Short-term investments							751,290				781,216
Long-term deposits, current portion							452,326				7,054,915
Accounts and notes receivable, net			6				2,449,629				2,716,216
Installment payment receivables, net, current portion							2,558,756				1,881,755
Inventory							5,562,922				5,526,212
Amounts due from related parties							43,714				12,948
Prepayments and other current assets							3,135,312				2,489,339
Total current assets							49,736,069				54,521,629
Non-current assets
Long-term deposits							4,489,036				3,035,426
Restricted long-term deposits							1,487,688				767,899
Property, plant and equipment, net							11,521,863				10,954,485
Right-of-use assets, net							1,261,663				1,455,865
Intangible assets, net							4,610,469				4,948,992
Land use rights, net							2,744,424				2,789,367
Installment payment receivables, net							4,448,416				3,027,795
Long-term investments							1,963,194				2,084,933
Other non-current assets							443,283				576,150
Total non-current assets							32,970,036				29,640,912
Total assets							82,706,105				84,162,541

 

17