0001193125-21-118515 | 20-F | XBRL Viewer

Fair value gain on derivative liabilities

^[1]

(447,609)

(2,920,649)

(1,164,569)

(642,541)

Total operating expenses

^[1]

(712,116)

(4,646,555)

(3,234,727)

(1,693,760)

Other income

13,307

86,830

12,294

1,487

Loss from operations

(658,045)

(4,293,736)

(3,780,574)

(1,694,634)

Interest income

20,389

133,036

88,843

65,376

Interest expenses

(3,441)

(22,451)

(32,017)

(5,822)

208,739

1,362,025

27,679

254,361

Other non-operating (loss) income, net

13,849

90,364

4,397

(18,104)

Loss before income tax expenses

(418,509)

(2,730,762)

(3,691,672)

(1,398,823)

Income tax expenses

(187)

(1,223)

(1)

(418,696)

(2,731,985)

(3,691,673)

(1,398,823)

Deemed dividend due to extinguishment of Preferred Shares

(330,689)

(2,157,744)

(961,050)

(705,329)

(43,136)

Deemed dividend due to modification of Preferred Shares

(41,485)

Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares

(66,091)

Deemed contribution from repurchase of Preferred Shares

9,969

Net loss attributable to ordinary shareholders of XPeng Inc.

(749,385)

(4,889,729)

(4,642,754)

(2,254,864)

Foreign currency translation adjustment, net of nil tax

(418,696)

(2,731,985)

(3,691,673)

(1,398,823)

Other comprehensive loss

(111,024)

(724,433)

(2,968)

(2,980)

Total comprehensive loss attributable to XPeng Inc.

(529,720)

(3,456,418)

(3,694,641)

(1,401,803)

Deemed dividend due to extinguishment of Preferred Shares

(330,689)

(2,157,744)

(961,050)

(705,329)

(43,136)

Deemed dividend due to modification of Preferred Shares

(41,485)

Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares

(66,091)

Deemed contribution from repurchase of Preferred Shares

9,969

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

$ (860,409)

¥ (5,614,162)

¥ (4,645,722)

¥ (2,257,844)

Weighted average number of ordinary shares used in computing net loss per ordinary share

Basic and diluted

754,270,914

349,450,580

330,176,070

Net loss per ordinary share attributable to ordinary shareholders

Basic and diluted | (per share)

$ (0.99)

¥ (6.48)

¥ (13.29)

¥ (6.83)

Vehicle [Member]

Revenues

Total revenues

$ 850,077

¥ 5,546,754

¥ 2,171,231

¥ 4,153

Cost of sales

Total cost of sales

(819,997)

(5,350,479)

(2,733,531)

(8,220)

Service, Other [Member]

Revenues

Total revenues

45,604

297,567

149,988

5,553

Cost of sales

Total cost of sales

$ (34,920)

¥ (227,853)

¥ (145,829)

¥ (3,847)

[1]	Share-based compensation was allocated in operating expenses as follows:

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Share Based Compensation Expense		¥ 996,417
Selling, General and Administrative Expenses [Member]
Share Based Compensation Expense	$ 103,910	678,014	¥ 517	¥ 1,630
Research and Development Expense [Member]
Share Based Compensation Expense	$ 48,798	¥ 318,403	¥ 0	¥ 0

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)	IPO [Member] CNY (¥)	Follow On Offering [Member] CNY (¥)	Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Ordinary Shares [Member] CNY (¥) shares	Ordinary Shares [Member] IPO [Member] CNY (¥) shares	Ordinary Shares [Member] Follow On Offering [Member] CNY (¥) shares	Treasury Shares [Member] CNY (¥) shares	Additional Paid-in Capital [Member] CNY (¥)	Additional Paid-in Capital [Member] IPO [Member] CNY (¥)	Additional Paid-in Capital [Member] Follow On Offering [Member] CNY (¥)	Accumulated Other Comprehensive Loss [Member] CNY (¥)	Accumulated Deficit [Member] CNY (¥)	Accumulated Deficit [Member] IPO [Member] CNY (¥)	Accumulated Deficit [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)
Beginning balance at Dec. 31, 2017		¥ (39,800)				¥ 26			¥ (7)	¥ 363,789			¥ 0	¥ (403,608)
Beginning balance (Shares) at Dec. 31, 2017 \| shares						400,061,875			(103,240,000)
Share-based compensation, value		1,630								1,630			0
Share-based compensation, shares \| shares									26,666,675
Issuance of ordinary shares, value						¥ 2			¥ (2)
Issuance of ordinary shares, shares \| shares						37,202,575			(37,202,575)
Accretion on Convertible Redeemable Preferred Shares to redemption value as of the completion of the Initial Public Offering ("IPO")		(705,329)								(325,494)				(379,835)
Deemed dividend due to extinguishment of Preferred Shares		(43,136)								(43,136)
Deemed dividend due to modification of Preferred Shares		(41,485)								(41,485)
Reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares		44,698				¥ 2				44,696
Reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares,Shares \| shares						25,925,500
Deemed contribution from repurchase of Preferred Shares		0
Foreign currency translation adjustment		(2,980)											(2,980)
Net loss		(1,398,823)												(1,398,823)
Ending balance at Dec. 31, 2018		(2,185,225)				¥ 30			¥ (9)	0			(2,980)	(2,182,266)
Ending balance (Shares) at Dec. 31, 2018 \| shares						463,189,950			(113,775,900)
Share-based compensation, value		517								517
Share-based compensation, shares \| shares									13,333,325
Accretion on Convertible Redeemable Preferred Shares to redemption value as of the completion of the Initial Public Offering ("IPO")		(961,050)								(10,486)				(950,564)
Deemed dividend due to extinguishment of Preferred Shares		0
Deemed dividend due to modification of Preferred Shares		0
Deemed contribution from repurchase of Preferred Shares		9,969								9,969
Foreign currency translation adjustment		(2,968)											(2,968)
Net loss		(3,691,673)												(3,691,673)
Ending balance at Dec. 31, 2019		(6,830,430)			¥ (2,074)	¥ 30			¥ (9)	0			(5,948)	(6,824,503)		¥ (2,074)
Ending balance (Shares) at Dec. 31, 2019 \| shares						463,189,950			(100,442,575)
Issuance of Ordinary Shares for the vested Restricted Share Units, shares \| shares						14,850,560
Ending balance at Jan. 01, 2020																2,074
Beginning balance at Dec. 31, 2019		(6,830,430)			¥ (2,074)	¥ 30			¥ (9)	0			(5,948)	(6,824,503)		¥ (2,074)
Beginning balance (Shares) at Dec. 31, 2019 \| shares						463,189,950			(100,442,575)
Share-based compensation, value		57,875							¥ 1	57,874
Issuance of ordinary shares, value			¥ 11,409,248	¥ 15,980,227		¥ 5	¥ 16	¥ 7	¥ (5)		¥ 11,409,232	¥ 15,980,220
Issuance of ordinary shares, shares \| shares						60,687,680	229,386,666	110,400,000	(60,687,680)
Accretion on Convertible Redeemable Preferred Shares to redemption value as of the completion of the Initial Public Offering ("IPO")	$ (330,689)	(2,157,744)	¥ (2,157,744)								¥ (393,883)				¥ (1,763,861)
Deemed dividend due to extinguishment of Preferred Shares	0	0
Deemed dividend due to modification of Preferred Shares	0	0
Deemed contribution from repurchase of Preferred Shares	0	0
Repurchase of Ordinary Shares, value						¥ (9)			¥ 9
Repurchase of Ordinary Shares, shares \| shares						(100,442,575)			100,442,575
Issuance of Ordinary Shares for the vested Restricted Share Units, value						¥ 1				(1)
Share-based compensation due to vesting of Restricted Shares, shares \| shares									17,643,400
Share-based compensation due to vesting of Restricted Share Units		544,659								544,659
The immediate vesting of Restricted Share Units upon grant date		393,883								393,883
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO, value		18,490,583				¥ 55				18,490,528
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO, shares \| shares						801,733,385
Foreign currency translation adjustment	(111,024)	(724,433)											(724,433)
Net loss	(418,696)	(2,731,985)												(2,731,985)
Ending balance at Dec. 31, 2020	$ 5,276,600	¥ 34,429,809				¥ 105			¥ (4)	¥ 46,482,512			¥ (730,381)	¥ (11,322,423)
Ending balance (Shares) at Dec. 31, 2020 \| shares						1,579,805,666			(43,044,280)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Cash flows from operating activities
Net loss	$ (418,696)	¥ (2,731,985)	¥ (3,691,673)	¥ (1,398,823)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property, plant and equipment	46,433	302,974	125,453	53,527
Amortization of intangible assets	3,091	20,169	7,681	3,546
Amortization of right-of-use assets	16,777	109,473	88,208	34,500
Amortization of land use right	816	5,323	5,323	4,058
Loss of disposal of property, plant and equipment	945	6,167	1,191	30,275
Impairment of property, plant and equipment	9,694	63,251	79,185	0
Impairment of accounts receivable	953	6,216	3,812	0
Impairment of finance lease receivables	529	3,454	833	0
Impairment of other current assets	57	369	0	0
Inventory write-downs	14,193	92,612	109,505	0
Foreign exchange losses (gains)	(12,442)	(81,181)	(8,363)	11,807
Interest income	(10,065)	(65,676)	(66,782)	(55,885)
Share-based compensation	152,708	996,417	517	1,630
Fair value gain on derivative liabilities	(208,739)	(1,362,025)	(27,679)	(254,361)
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	(91,327)	(595,908)	(504,618)	(35,390)
Inventory	(150,425)	(981,521)	(394,295)	(137,877)
Amounts due from related parties	3,360	21,923	4,351	(26,956)
Prepayments and other current assets	(121,512)	(792,863)	(418,103)	(277,651)
Other non-current assets	(4,722)	(30,808)	(5,616)	(24,737)
Accounts and notes payable	637,211	4,157,799	739,053	176,817
Deferred revenue	34,159	222,886	83,132	2,366
Lease liabilities	(16,572)	(108,134)	(84,626)	(4,376)
Accruals and other liabilities	110,800	722,967	520,547	324,815
Other non-current liabilities	40,909	266,932	26,155	0
Finance lease receivables	(61,485)	(401,190)	(156,634)	0
Amounts due to related parties	1,745	11,384	678	0
Income taxes payable	185	1,209	0	0
Net cash used in operating activities	(21,420)	(139,766)	(3,562,765)	(1,572,715)
Cash flows from investing activities
(Placement) maturities of term deposits	(150,176)	(979,897)	759,975	(759,975)
Placement(maturities) of short-term investments	(359,723)	(2,347,191)	1,905,210	(1,863,447)
Purchase of property, plant and equipment	(123,535)	(806,067)	(1,831,593)	(770,339)
Receipt of government subsidy related to assets	37,370	243,838	83,201	2,007
Purchase of intangible assets	(65,301)	(426,089)	(76,760)	(47,479)
Disposal of property, plant and equipment	3,756	24,505	263	489
Purchase of land use right	0	0	0	(191,580)
Prepayment for acquisition of assets	0	0	(100,000)	0
Prepayment for acquisition of land use rights	(19,963)	(130,260)
Disposal of equity investment in a company	2,452	16,000	0	0
Cash paid for long-term investment	(153)	(1,000)	0	0
Net cash (used in) provided by investing activities	(675,273)	(4,406,161)	740,296	(3,630,324)
Cash flows from financing activities
Proceeds from issuance of convertible redeemable Preferred Shares	1,116,100	7,282,554	2,678,612	5,854,200
Proceeds from IPO, net of issurance cost	1,748,718	11,410,386	0	0
Proceeds from FO, net of issurance cost	2,450,407	15,988,903
Proceeds from borrowings	157,599	1,028,335	1,620,000	1,200,000
Repayment of borrowings	(211,553)	(1,380,385)	(748,060)	(320,000)
Loans from a related party	162,978	1,063,434	0	0
Repayment of loans to a related party	(162,978)	(1,063,434)	0	0
Repurchase of Preferred Shares	0	0	(55,000)	0
Proceeds from noncontrolling interests	0	0	98,010	0
Net cash provided by financing activities	5,261,271	34,329,793	3,593,562	6,734,200
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(99,629)	(650,076)	5,125	(14,782)
Net increase in cash, cash equivalents and restricted cash	4,464,949	29,133,790	776,218	1,516,379
Cash, cash equivalents and restricted cash at beginning of the year	369,003	2,407,743	1,631,525	115,146
Cash, cash equivalents and restricted cash at end of the year	4,833,952	31,541,533	2,407,743	1,631,525
Supplemental disclosure of cash flows information
Cash paid for interest, net of amounts capitalized	(11,662)	(76,093)	(26,406)	(29,697)
Acquisition of property, plant and equipment included in liabilities	$ 36,033	¥ 235,117	¥ 762,151	¥ 69,360

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2020

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 in 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 and develops smart electric vehicles. It delivered its first model of smart electric vehicles, G3, commercially in December 2018. The Group manufactures G3 through strategic collaboration with a third-party vehicle’s manufacturer. The Group delivered its second model of smart electric vehicles, a four-door sports sedan, P7, since May 2020. The Group manufactures P7 through its own manufacturing plant in Zhaoqing. As of December 31, 2019 and 2020, its primary operations are conducted in the People’s Republic of China (“PRC”).

(b) History of the Group and Reorganization

The Group commenced its operation through Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. (“Chengxing”) since 2015, Chengxing was founded by Mr. Heng Xia, Mr. Tao He and Mr. Xiaopeng He (collectively the ‘‘Founders’’), and subsequently obtained financing from various third party investors (collectively ‘‘Third Party Investors’’) from 2016 through 2018.

In preparation for its IPO, the Group completed a reorganization (the ‘‘Reorganization’’) in September 2019, which involved the following steps:

•

On December 27, 2018, the Company was established under the laws of the Cayman Islands as an exempted company with limited liability.

•

On January 7, 2019, XPeng Limited was incorporated in British Virgin Islands as a wholly owned subsidiary of the Company.

•

On February 21, 2019, XPeng (HK) Limited was incorporated in Hong Kong as a wholly owned subsidiary of XPeng Limited.

•

On June 21, 2019, Guangdong Xiaopeng Motors Technology Co., Ltd. (‘‘WFOE’’) was established as a wholly owned subsidiary of XPeng (HK) Limited in the PRC.

•

On September 2019, the Company issued 17,897,478 ordinary shares, 2,021,635 Series A Preferred Shares, 1,859,082 Series

A-1

Preferred Shares, 23,343 Series

A-2

Preferred Shares, 3,198,839 Series B Preferred Shares, 4,361,678 Series

B-1

Preferred Shares, 1,045,497 Series

B-2

Preferred Shares, 3,183,626 Series C Preferred Shares and 7,612,147 warrants in aggregate, to the existing shareholders of Chengxing, based on their respective equity interests in Chengxing. Concurrently, as a transitional arrangement and part of the Reorganization, a series of contractual agreements were entered into among WFOE, Chengxing and its existing shareholders, including the exclusive business cooperation agreement, the equity pledge agreement, the exclusive option agreement and the power of attorney. Consequently, WFOE became the primary beneficiary of Chengxing. In May 2020, Guangdong Xiaopeng Motors Technology Co., Ltd exercised its rights under the contractual arrangement and purchased 100% of Chengxing. Consequently, Chengxing became an indirect wholly owned subsidiary of XPeng Inc.

The equity interests held by the existing shareholders in the Company after the Reorganization are the same as the equity interests held by them in Chengxing before the Reorganization. Out of the equity interests issued, 43.44%, 38.09% and 18.47% were in the form of ordinary shares, Preferred Shares and warrants, respectively.

Prior to the Reorganization, the shareholders of Chengxing included individual shareholders and institutional shareholders. Pursuant to laws applicable to PRC residents and entities incorporated in the PRC, PRC individuals should complete registration of its outbound investments (i.e. the foreign exchange registration under State Administration of Foreign Exchange (“SAFE”) Circular 37), and PRC institutional investors should complete its statutory filings and foreign exchange registrations for outbound investment (i.e. ODI) respectively, before such PRC residents or entities’ can legally own offshore investments or equity interests in offshore entities. As such, all PRC individual shareholders and PRC institutional shareholders of Chengxing shall complete their relevant registrations and/or statutory filings, as appropriate, before they can, in accordance with applicable PRC laws, hold directly or indirectly the ordinary shares of the Company, which is incorporated under the laws of the Cayman Islands. The warrants are to reflect the holder’s (indirect) rights, obligations and interest in the Company as if the holders are holding Preferred Shares of the Company before the holders complete their necessary registration for outbound investment to exercise their warrants into Preferred Shares of the Company. Once the holders complete the necessary registration for outbound investment, the holders are required to exercise the warrants immediately at a nil price per share. The warrants are transferrable by the holder subject to approval of the Company’s board of directors. Accordingly, the warrants are accounted for and presented based on the terms on the underlying Preferred Shares that the warrants are exercisable into (see Note 19).

The shareholders and their respective equity interest in the Company remain the same immediately before and after the Reorganization. Further, the Company, being the holding company after the Reorganization, is a newly established shell company. Accordingly, the Company determined that the Reorganization lacks substance and should be treated as a

non-substantive

merger with no change in the basis of assets, liabilities and shareholders’ deficits of Chengxing.

These consolidated financial statements are presented as if the Group Reorganization had already taken place as of the beginning of the period covered by these financial statements.

On March 20, 2020, the Company completed a 1:25 share split of all of its ordinary and Preferred Shares of the Company. All shares and per share amounts presented in the consolidated financial statements have been retrospectively adjusted to reflect the share split.

In August and December 2020, the Company completed its IPO and FO on the New York Stock Exchange (“NYSE”) (Note 20).

As of December 31, 2020, the Company’s principal subsidiaries and VIEs are as follows:

Place of

incorporation

Date of

incorporation

or acquisition

Equity
interest held

Principal activities

Principal subsidiaries

Chengxing

(1)

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

Manufacturing of vehicles

Zhaoqing Xiaopeng New Energy Investment Co., Ltd.

PRC

February 02, 2020

100

Manufacturing of vehicles

Zhaoqing Xiaopeng Automobile Co., Ltd.(“Zhaoqing XPeng”)

PRC

May 18, 2017

100

Manufacturing of vehicles

Xiaopeng Automobile Sales Co., Ltd.

PRC

January 08, 2018

100

Vehicle wholesale and retail

Beijing Xiaopeng Automobile Co., Ltd.

PRC

April 28, 2018

100

Vehicle wholesale and retail, design and technology development

Shenzhen Xiaopeng Automobile Sales Service Co., Ltd.

PRC

August 06, 2018

100

Vehicle wholesale and retail

Shanghai Xiaopeng Automobile Sales Service Co., Ltd.

PRC

October 10, 2018

100

Vehicle wholesale and retail

Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd

PRC

November 18, 2019

100

Technology development

Xiaopeng Automobile Service Co., Ltd.

PRC

February 12, 2018

100

Adminstrative center

XSense. AI, Inc.

United States

November 27, 2018

100

Technology development

XMotors. AI, Inc.

United States

January 05, 2018

100

Technology development

XPeng (Hong Kong) Limited

Hong Kong

February 12, 2019

100

Investment holding

(1)

As a transitional arrangement and part of the Reorganization, a series of contractual agreements were entered into among WFOE, Chengxing and its existing shareholders, including the exclusive business cooperation agreement, the equity pledge agreement, the exclusive option agreement and the power of attorney. Consequently, WFOE became the primary beneficiary of Chengxing. In May 2020, Guangdong Xiaopeng Motors Technology Co., Ltd exercised its rights under the contractual arrangement and purchased 100% of Chengxing. Consequently, Chengxing became an indirect wholly owned subsidiary of XPeng Inc.

Place of

incorporation

Date of

incorporation

or acquisition

Economic

interest held

Principal activities

VIEs

Guangzhou Zhipeng IoV Technology Co., Ltd.(Zhipeng IoV)

PRC

May 23, 2018

100

Ride-hailing

services and operating the related mobile app

Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd.(Yidian Chuxing)

PRC

May 24, 2018

100

Mobile apps and providing value-added services

Zhipeng IoV was established by two shareholders of the Company (the “Zhipeng IoV’s Nominee Shareholders”) in May 23, 2018. In 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 effective control over 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. As of December 31, 2020, Zhipeng IoV did not have significant operations, nor any material assets or liabilities.

Yidian Chuxing was established by two shareholders of the Company (the “Yidian Chuxing‘s Nominee Shareholders”) in May 24, 2018. In 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 effective control over 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. As of December 31, 2020, Yidian Chuxing did not have significant operations, nor any material assets or liabilities.

(d)

Liquidity

The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB1,398,823 , RMB3,691,673 and RMB2,731,985 for the years ended December 31, 2018, 2019 and 2020, respectively. Accumulated deficit amounted to RMB6,824,503 and RMB11,322,423 as of December 31, 2019 and 2020, respectively. Net cash used in operating activities was approximately RMB1,572,715, RMB3,562,765 and RMB139,766 for the years ended December 31, 2018, 2019 and 2020, respectively.

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. In August and December 2020, with the completion of its IPO and FO on NYSE, the Group received the net proceeds of RMB11,410,386 and RMB15,988,903, respectively. As of December 31, 2020, the Group’s balance of cash and cash equivalents, restricted cash, excluding RMB35,585 restricted as to withdrawal or use for legal disputes, short-term deposits and short-term investments was RMB35,306,556.

Management has concluded, after giving consideration to its plans as noted above, the net proceeds received upon completion of IPO and FO, and existing balance of cash and cash equivalents as of December 31, 2020, that the Group has sufficient funds for sustainable operations and it will be able to meet its payment obligations from operations and debt related commitments for the next twelve months from 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 Accounting Policies

12 Months Ended

Dec. 31, 2020

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 investee 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.

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, mezzanine equity 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, assessment for impairment of long-lived assets and intangible assets, recoverability of receivables, valuation of deferred tax assets, determination of share-based compensation expenses as well as redemption value of the Preferred Shares.

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 United States or in Hong Kong are United States dollars (“US$”), while the functional currencies of the other subsidiaries and VIEs in the Group 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

items that are measured in terms of historical cost in foreign currency are

re-measured

using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss.

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 loss in the consolidated statements of comprehensive loss, and the accumulated currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of total shareholders’ (deficit) equity.

(e) Convenience translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2020, or at any other rate.

(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 receivable, financial lease receivables, other assets, accounts and notes payable, short-term borrowings, lease liabilities, accruals and other liabilities and long-term borrowings. As of December 31, 2019 and 2020, the carrying values of these financial instruments, except for other

non-current

assets, long-term borrowings and

non-current

portion for lease liabilities, are approximated to their fair values due to the short-term maturity of these instruments.

Financial assets that are measured at fair value on a recurring basis consist of short-term investments and derivative assets. All of its short-term investments and derivative assets, which are comprised primarily of structured deposits, bank financial products and a forward exchange contract, are classified within Level II of the fair value hierarchy because they are floating income products linked to currency exchange rate, gold and benchmark interest rate. They 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 derivative liabilities that are measured at fair value. The derivative liabilities are used to account for the redemption right that met the definition of a derivative and are classified within level III at the fair value hierarchy as the Company adopted the equity allocation model with unobservable inputs for which there little or no market data to determine the fair value.

(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 statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,2019				As of December 31,2020
	Amount		RMB equivalent		Amount		RMB equivalent
Cash and cash equivalents:
RMB		772,435		772,435		4,428,120		4,428,120
US$		167,732		1,168,754		3,793,451		24,781,268
HKD		6,418		5,742		—		—

Total				1,946,931				29,209,388

As of December 31, 2019 and 2020, substantially all of the Group’s cash and cash equivalents were held in reputable financial institutions located in the PRC, Hong Kong and the United States.

(h)	Restricted cash

Restricted cash primarily represents bank deposits for letter of credit, bank notes and a forward exchange contract amounted to RMB425,812 and RMB2,296,560 as of December 31, 2019 and 2020, respectively. And deposits, amounted to RMB35,000 and RMB35,585, that are restricted due to legal disputes as of December 31, 2019 and 2020, respectively.

(i) Short-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, 2020, substantially all of the Group’s short-term deposits amounting to RMB979,897 are placed in a reputable financial institution in PRC.

(j) Current expected credit losses

In 2016, the FASB issued ASU

No. 2016-13,

“Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Group adopted this ASC Topic 326 and several associated ASUs on January 1, 2020 using a modified retrospective approach with a cumulative-effect increase of RMB2,074 recorded in accumulated deficit.

The Group’s accounts receivable, other current assets and finance lease receivables 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 and finance lease receivables which include size, type 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, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. For the year ended December 31, 2020, the Group recorded RMB10,039 expected credit loss expense in selling, general and administrative expenses. As of December 31, 2020, the expected credit loss provision for the current and

non-current

assets are RMB8,220 and RMB4,287 respectively.

The Group typically does not carry significant accounts receivable related to vehicle sales and related sales as customer payments are due prior to vehicle delivery, except for amounts of vehicle sales in relation to government subsidy to be collected from government on behalf of customers. Other current assets primarily consist of other receivables. Financial lease receivables primarily consist of the aggregate of the minimum lease receivable at the inception of the lease and the initial direct costs. The Group recorded a provision for current expected credit losses.

The following table summarizes the activity in the allowance for credit losses related to accounts receivable, other current assets and finance lease receivables for the year ended December 31, 2020:


	For the Year Ended
	December 31, 2020
Balance as of December 31, 2019		4,645
Adoption of ASC Topic 326		2,074

Balance as of January 1, 2020		6,719
Current period provision		10,039
Write-offs		(4,251	)

Balance as of December 31, 2020		12,507

Allowance for the accounts receivable, other current assets and finance lease receivables recognized for the year ended December 31, 2019 was 3,812, nil and 833.

(k) Short-term investment

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 in the consolidated statements of comprehensive loss. The Group’s short-term investments in financial instruments were RMB407,844 and RMB2,820,711 as of December 31, 2019 and 2020, respectively.

(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 location and condition, which approximates actual cost on 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 RMB109,505 and RMB92,612 were recognized in cost of sales for the years ended December 31, 2019 and 2020.

(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 life of the asset. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful lives, which range from two to ten years, of the related assets. Salvage value rate is determined to 0% based on the economic value of the property, plant and equipment at the end of the estimated useful lives as a percentage of the original cost.


	Estimated useful lives
Buildings		20 years
Machinery and equipment		5 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 mold and tooling is computed using the

units-of-production

method whereby capitalized costs are amortized over the total estimated productive life of the related assets.

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

is included within property, plant and equipment and is amortized over the life of the related assets.

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 statement of comprehensive loss. The loss on the disposal of property, plant and equipment amounting to RMB30,275, RMB1,191 and RMB6,167 were recognized in operating expenses during the years ended December 31, 2018, 2019 and 2020, respectively.

(n) Intangible assets, net

Intangible assets consist of manufacturing license, license plate, software and license of maintenance and overhauls. Intangible assets with finite lives, including software and license of maintenance and overhaul, 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

The estimated useful lives of intangible assets with finite lives are reassessed if circumstances occur that indicate the original estimated useful lives have changed.

Intangible assets that have indefinite useful life were manufacturing license and license plate as of December 31, 2020. The Group evaluates indefinite-lived intangible assets each reporting period 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 the carrying value of the assets may not be recoverable.

(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 50 years that represent the terms of land use rights certificate.

(p) 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 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.

(q) Warranties

The Group provides a manufacturer’s standard warranty on all vehicles sold. The Group accrues a warranty reserve for the vehicles sold by the Group, which includes the Group’s best estimate of the projected costs to repair or replace items under warranties and recalls when identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. 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

liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of cost of sales in the consolidated statements of comprehensive loss.

The Group considers the standard warranty is not providing incremental service to customers rather an assurance to the quality of the vehicle, and therefore is not a separate performance obligation and should be accounted for in accordance with ASC 460, Guarantees. The Group also provides extended lifetime warranty embedded through a vehicle sales contract. The extended lifetime warranty is likely incremental service provided to the customer to differentiate with other peer companies, as such, the lifetime warranty is a separate performance obligation distinct from other promises and should be accounted for in accordance with ASC 606.

(r) 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

are not met.

When either party to a contract has performed, the Group presents the contract in the consolidated balance sheet 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 are primarily resulted from the multiple performance obligations identified in the vehicle sales contract, which is 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. The Group identifies the customers who purchase the vehicle as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of vehicle, free charging within 4 years or 100,000 kilometers, extended lifetime warranty, option between household charging pile and charging card, vehicle internet connection services, and services of lifetime free charging in XPeng-branded super charging stations and lifetime warranty of battery which are 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 are entitled to government subsidies when they purchase electric vehicles. 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 application information.

The overall contract price 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 warranty of battery, given limited operating history and lack of historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available. For the free 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 (rather than a time-based method) best reflects the performance as it’s typically a promise to deliver the underlying service rather than a promise to stand ready. For the services of lifetime free charging in XPeng-branded super charging station, the Group recognize the revenue over time based on straight-line method during the expected useful life of the vehicle.

Initial refundable deposits for intention orders and

non-refundable

deposits for vehicle reservations received from customers prior to vehicle purchase agreements signed are recognized as refundable deposits from customers (accruals and other liabilities) and advances from customers (accruals and other liabilities). When vehicle purchase agreements are signed, the consideration for the vehicle and all embedded services must be paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding to those unperformed obligations. At the same time, advances from customers are classified as contract liability (deferred revenue) as part of the consideration.

XPILOT, the Group’s autonomous driving system, provides assisted driving and parking functions tailored for driving behavior and road conditions in China. The Group plans to roll out XPILOT 3.0 in January 2021. A customer can subscribe for XPILOT 3.0 by either making a lump sum payment or paying annual installments for a three-year period. XPILOT 3.0 will feature several new functions, including a navigation guided pilot for highway driving and advanced automated parking. Revenue related to XPILOT 3.0 is recognized at a point in time when autonomous driving functionality of XPILOT 3.0 is activated and transferred to the customers.

Other services

The Group provides variable other services to customers including services embedded in a sales contract, supercharging service, maintenance service, ride hailing services and vehicle leasing service.

Services embedded in a sales contract may include free charging within 4 years or 100,000 kilometers, extended lifetime warranty, option between household charging pile and charging card, vehicle internet connection services, lifetime warranty of battery and services of free charging services in XPeng-branded charging station. Other services also include supercharging service and maintenance service. These services are recognized under ASC 606.

The Group provides ride hailing services with smart commuting solutions to customers by using the Group’s self-owned G3 vehicles and hiring and training drivers managed by third party agents via service agreement. The Group believes it acts as a principle in the ride hailing services as it controls a specified good or service before it is transferred to the customers. The revenue for ride hailing services is recognized overtime in a period when the ride hailing services is consumed under ASC 606.

Revenue from vehicle leasing service to customers under operating lease and finance lease are recognized under ASC 842.

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

troubleshooting and parts replacement service, are not performance obligations considering these services are value-added services to enhance customer experience rather than critical items for vehicle driving and forecasted that usage of these five services will be very limited. The Group also performs an estimation on the stand-alone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of foresaid services are insignificant individually and in aggregate, representing less than 1% of vehicle gross selling price and aggregate fair value of each individual promise.

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 stand-alone 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

troubleshooting and parts replacement service. Related costs are then accrued instead.

Customer Upgrade Program

In the third quarter of 2019, due to the upgrade of the latest vehicle model, G3 2020, the Group voluntarily offered all owners of G3 2019 model the options to either receive loyalty points, valid for 5 years since the grant date, which can be redeemed for goods or services, or obtain an enhanced

trade-in

right contingent on a future purchase starting from the 34th month of the original purchase date but only if they purchase a new vehicle from the Group. The owners of G3 2019 model had to choose one of the two options within 30 days after receiving the notice. Anyone who did not make the choice before the date was deemed abandoning the options. At the time the offers were made, the Group still had unfulfilled performance obligations for services to the owners of G3 2019 model associated with their original purchase. The Group considered this offering is to improve the satisfaction of the owners of G3 2019 model but was not the result of any defects or resolving past claims regarding the G3 2019 model.

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 the additional rights, the contract modification is accounted for as the 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

right shall be considered in the reallocation of the remaining consideration from the original contracts among the promised goods or services not yet transferred at the date of the contract modification. This reallocation is based on the relative stand-alone selling prices of these various goods and services.

For the material right from loyalty points, the Group estimated the probability of points redemption when determining the stand-alone selling price. Since the fact that most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to 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

program, owners of G3 2019 who elected the

trade-in

right have the option to trade in their G3 2019 at a fixed predetermined percentage of its original G3 2019 purchase price (the “guaranteed

trade-in

value”) starting from the 34th month of the original purchase date but only if they purchase a new vehicle from the Group. Such

trade-in

right is valid for 120 days. That is, if the owner of a G3 2019 does not purchase a new vehicle within that

120-day

period, the

trade-in

right expires. The guaranteed

trade-in

value will be deducted from the retail selling price of the new vehicle purchase. The customer cannot exercise the

trade-in

right on a stand-alone basis solely as a function of their original purchase of the G3 2019 and this program, and therefore, the Group does not believe the substance of the program is a repurchase feature that provides the customer with a unilateral right of return. Rather, the

trade-in

right and purchase of a new vehicle are linked as part of a single transaction to provide a loyalty discount to existing customers. The Group believes the guaranteed

trade-in

value will be greater than the expected market value of the G3 2019 at the time the

trade-in

rights become exercisable, and therefore, the excess value is essentially a sales discount on the new vehicle purchase. The Group estimated the potential forfeiture rate based on the market expectation of the possibility of the future buying and applied the forfeiture rate when determining the stand-alone selling price at the date of the contract modification. The amount allocated to the

trade-in

right as a separate performance obligation is recorded as a contract liability (deferred revenue) and revenue will be recognized when the

trade-in

right is exercised and a new vehicle is purchased. The Group will continue to reassess the reasonableness of the forfeiture rate applied in the subsequent reporting periods.

(s) Cost of sales

Vehicle

Cost of vehicle revenue includes direct parts, material, labor cost and manufacturing overhead (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

inventories that are either obsolete or in excess of forecasted demand, and impairment charge of property, plant and equipment.

Services and others

Cost of services and others revenue generally includes cost of direct part, material, labor costs, installment costs, costs associated with providing

non-warranty

after-sales service and depreciation of associated assets used for providing the services.

Cost of ride hailing services revenue also includes agent and service fee paid to third party agents and revenue sharing fee to a third party data supporting entity.

(t) 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, 2018, 2019 and 2020, R&D expenses were RMB1,051,219, RMB2,070,158 and RMB1,725,906 respectively.

(u) 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. Selling costs are expenses as incurred. For the years ended December 31, 2018, 2019 and 2020, advertising costs were RMB58,326 and RMB168,170 and RMB517,135 respectively, and total sales and marketing expenses were RMB317,109, RMB668,602 and RMB1,737,765 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, 2018, 2019 and 2020, general and administrative expenses were RMB325,432, RMB495,967 and RMB1,182,884 respectively.

(v) 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. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB104,201, RMB215,046 and RMB152,361 for the years ended December 31, 2018, 2019 and 2020, respectively.

(w) Government grants

The Group’s PRC based subsidiaries received government subsidies from certain local governments. The Group’s government subsidies consist of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as land fulfillment costs and production and capacity subsidies related to the manufacturing plant construction of Zhaoqing XPeng (“Zhaoqing manufacturing plant”). Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group, receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The Group recorded specific subsidies as other

non-current

liabilities when received or reduced interest expense. The specific subsidies are amortized over the depreciation period of associated assets to reduce their depreciation cost. Other subsidies are recognized as other income upon receipt as further performance by the Group is not required.

(x) 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 sheet 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, 2018, 2019 and 2020. As of December 31, 2019 and 2020, the Group did not have any significant unrecognized uncertain tax positions.

Adoption of ASU

2016-16

In October 2016, the FASB issued ASU

2016-16,

Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). This standard requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time of transfer. This standard requires a modified retrospective approach to adoption. The Company adopted ASU

2016-16

as of January 1, 2018 using a modified retrospective transition method, no reclassification of prepaid income taxes related to asset transfers that occurred prior to adoption from other current and

non-current

assets to opening retained earnings. There was no material impact on the Company’s consolidated financial statements.

(y) 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 graded vesting method or straight-line method, net of estimated forfeitures, if any, over the requisite service period. For awards with performance conditions, 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 and restricted shares granted prior to the completion of the IPO were 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 share options granted prior to the completion of the IPO is estimated on the grant or offering date using the Binomial option-pricing model. 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.

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.

Share options granted to employees:

Since 2015, Chengxing has granted options to certain directors, executive officers and employees. The options granted are exercisable only upon the completion of an IPO or change in control.

Share options granted to employees includes both service condition and performance condition. Employees are required to provide continued service through the satisfaction of the occurrence of change of control or an IPO to retain the award since no share option would be vested prior to the occurrence of the Liquidity Event even though the service condition has been satisfied. Given the vesting of the share options granted is contingent upon the occurrence of the Liquidity Event, there is no share-based compensation expense to be recognized until the date of consummation of Liquidity Event.

On June 28, 2020, the board of directors of the Company approved the 2019 Equity Incentive Plan (“ESOP 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 ESOP Plan.

In June 2020, the Group agreed with the participants to cancel the existing stock options granted during the period between 2015 and the first quarter of 2020 along with a concurrent grant of a replacement RSUs (“Replacement”).

Restricted share units granted to employees:

Prior to the completion of the IPO, RSUs granted to employees include both service condition and performance condition. Employees are required to provide continued service through the satisfaction of the occurrence of Liquidity Event to retain the award since no RSU would be vested prior to the occurrence of the Liquidity Event even though the service condition has been satisfied. The Group also granted RSUs in 2020 with only performance condition and the RSUs would be vested upon the occurrence of Liquidity Event. Given the vesting of these two types of RSUs granted is contingent upon the occurrence of the Liquidity Event, there is no share-based compensation expense to be recognized until the date of consummation of Liquidity Event. In July 2020, RSUs vested immediately upon grant date were granted to employees and the share-based compensation expense were recognized immediately on the grant date.

Subsequent to the completion of the IPO, the Group granted RSUs with only service condition to employees and the share-based compensation expense were recognized over the vesting period using straight-line method.

Restricted shares granted to two

co-founders:

In the years ended December 31, 2018, 2019, two

co-founders

have agreed that their founders’ shares would be subject to requisite service conditions that shall vest in a certain period. The restricted shares require future requisite service and it does not contain a market or performance condition that must be satisfied before the grant date. Accordingly, no share-based compensation expenses would be recognized prior to the grant date but would be recognized based on the fair value of the shares at the grant date over the requisite service period.

A change in any of the terms or conditions of restricted shares granted to two

co-founders

is accounted for as a modification of the awards. The cumulative amount of share-based compensation expenses that would be recognized is the original grant-date fair value of the award plus any incremental fair value resulting from the modification. The Group calculates incremental compensation expense of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified at the modification date. For vested restricted shares, the Group recognizes incremental compensation cost in the period when the modification occurs. For restricted shares not being fully vested, the Group recognizes the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original awards over the remaining requisite service period after modification.

As of December 31, 2019, all the restricted shares of two

co-founders

have been vested.

(z) Statutory reserve

The Group’s subsidiaries and VIEs established in the PRC are required to make appropriations to certain

non-distributable

reserve funds.

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

profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People’s Republic of China (“PRC GAAP”) to reserve funds including general reserve fund, and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the

after-tax

profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of the registered capital of the company. Appropriation to the staff bonus and welfare fund is at the company’s discretion.

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

profit as determined under the PRC GAAP to

non-distributable

reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the

after-tax

profits as determined under the PRC GAAP. Appropriation is not required if the surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company.

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.

During the years ended December 31,2018, 2019 and 2020, there is no statutory reserves.

(aa) 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 loss, which primarily consists of the foreign currency translation adjustment that has been excluded from the determination of net loss.

(ab) Leases

In February 2016, the FASB issued ASC 842, Leases, to require lessees to recognize all leases, with certain exceptions, on the balance sheet, while recognition on the statement of operations will remain similar to lease accounting under ASC 840. Subsequently, the FASB issued ASU

No. 2018-10,

Codification Improvements to Topic 842, Leases, ASU

No. 2018-11,

Targeted Improvements, ASU

No. 2018-20,

Narrow-Scope Improvements for Lessors, and ASU

2019-01,

Codification Improvements, to clarify and amend the guidance in ASU

No. 2016-02.

ASC 842 eliminates real estate-specific provisions and modifies certain aspects of lessor accounting.

(a) As a lessee

(i) Operating lease

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

assets.

The Group includes a

right-of-use

asset and lease liability related to substantially all of the Group’s lease arrangements in the consolidated balance sheets. All of the Group’s leases are operating leases. Operating lease assets are included within

right-of-use

assets, and the corresponding lease liabilities are included within current portion of lease liabilities for the current portion, and within lease liabilities for the long-term portion on the consolidated balance sheet as of December 31, 2019 and 2020.

The Group has lease agreements with lease and

non-lease

components, and has elected to utilize the practical expedient to account for the

non-lease

components together with the associated lease component as a single combined lease component.

The Group has elected not to present short-term leases on the consolidated balance sheet 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.

(b) As a lessor

The Group provides vehicle leasing service to customers under operating lease and finance lease.

(i) 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.

(ii) Finance lease

At the commencement of the lease term, the aggregate of the minimum lease receivable at the inception of the lease and the initial direct costs is recognized as finance lease receivables, and the unguaranteed residual value is recorded at the same time. The difference between the aggregate of the minimum lease receivable, the initial direct costs and the unguaranteed residual value, and the aggregate of their present values is recognized as unearned finance income. The net amount of finance lease receivables less unearned finance income is divided into finance lease receivable – net and current portion of finance lease receivable – net due within one year for presentation.

Finance lease receivables are carried at amortized cost net of loss allowance for finance lease receivables. When determining the loss allowance for a net investment in the lease, the Group takes into consideration the collateral relating to the net investment in the lease. The collateral relating to the net investment in the lease represents the cash flows that the Group would expect to receive (or derive) from the lease receivable and the unguaranteed residual asset during and following the end of the remaining lease term.

Lease income from finance lease is recognized in other revenues using the effective interest method.

(ac) Dividends

Dividends are recognized when declared. No dividends was declared for the years ended December 31, 2018 , 2019 and 2020, respectively.

(ad) Earnings (losses) per share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to holders of ordinary shares, considering the accretion on Preferred Shares to redemption value, deemed dividend due to extinguishment of Preferred Shares, deemed dividend due to modification of Preferred Shares, deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares and deemed contribution from repurchase of Preferred Shares, by the weighted average number of.ordinary shares outstanding during the period using the

two-class

method. Under the

two-class

method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the Preferred Shares using the

if-converted

method, unvested restricted shares, and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.

(ae) 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 geographical segments are presented.

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2020

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

Recently adopted accounting pronouncements

In June 2016, the FASB issued ASU

No. 2016-13,

Measurement of Credit Losses on Financial Instruments, to require financial assets carried at amortized cost to be presented at the net amount expected to be collected based on historical experience, current conditions and forecasts. Subsequently, the FASB issued ASU

No. 2018-19,

Codification Improvements to Topic 326, to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU

No. 2019-04,

ASU

No. 2019-05,

ASU

2019-10

and ASU 2019- 11 to provide additional guidance on the credit losses standard. The ASUs are effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Group adopted the ASU on January 1, 2020, with a cumulative-effect increase of RMB2,074 recorded in accumulated deficit.

In January 2017, the FASB issued ASU

No. 2017-04,

Simplifying the Test for Goodwill Impairment, to simplify the test for goodwill impairment by removing Step 2. An entity will, therefore, perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform a qualitative assessment to determine if the quantitative impairment test is necessary. The ASU is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Adoption of the ASU is prospective. The Group adopted the ASU on January 1, 2020, which did not have a material impact on the consolidated financial statements.

In August 2018, the FASB issued ASU

No. 2018-15,

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that Is a Service Contract. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain

internal-use

software (and hosting arrangements that include an

internal-use

software license). The ASU is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Adoption of the ASU is either retrospective or prospective. The Group adopted the ASU on January 1, 2020, which did not have a material impact on the consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

In December 2019, the FASB issued ASU

No. 2019-12,

Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Group plans to adopt the ASU prospectively on January 1, 2021. The ASU is currently not expected to have a material impact on the consolidated financial statements.

In January 2020, the FASB issued ASU

No. 2020-01,

Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force). The amendments in this update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The ASU is currently not expected to have a material impact on the consolidated financial statements.

In March 2020, the FASB issued ASU

No. 2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU is currently not expected to have a material impact on the consolidated financial statements.

Concentration and Risks

12 Months Ended

Dec. 31, 2020

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 and short-term investment. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2019 and 2020, substantially all of the Group’s cash and cash equivalents, restricted cash, and short-term investments were placed with the PRC and international financial institutions. 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 PRC and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents, restricted cash, short-term deposits and short-term investments 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 oversea 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.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5. 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. Assets and liabilities that were measured at fair value on a recurring basis were as follows:


	As of December 31, 2019								As of December 31, 2020
	Fair Value		Level I		Level II		Level III		Fair Value		Level I		Level II		Level III
Short-term investments		407,844		—		407,844		—		2,820,711		—		2,820,711		—
Derivative assets – a forward exchange contract		—		—		—		—		105,183		—		105,183		—
Derivative liabilities – Preferred Shares (i)		897,091		—		—		897,091		—		—		—		—

(i)

In determining the fair value of derivative liabilities, the Company has adopted the equity allocation model. For purposes of determining the redemption right of Series A,

A-1

and

A-2,

B-1

and

B-2,

and C Preferred Shares, on December 31, 2019, April 10, May 11, May 26 and July 31, 2020 (the issuance date of Series C+ round), the Company

re-performed

the equity allocation model for Series A,

A-1

and

A-2,

B-1

and

B-2,

and C Preferred Shares in scenarios assuming the redemption feature is removed, the difference between the with embedded redemption features scenario and the without embedded redemption features scenario is considered to be value of the redemption features of the Series A,

A-1

and

A-2,

B-1

and

B-2,

and C Preferred Shares. Such approach involves certain significant estimates which are as follows:


Valuation Date	December 2 and December 31, 2019			April 10, 2020			May 11, 2020			May 26, 2020			June 30, 2020			July 31, 2020
Volatility (1)		37.90	%		42.38	%		42.82	%		42.69	%		41.75	%		43.20	%
Risk-free rate (2)		2.65	%		1.10	%		1.05	%		1.03	%		0.97	%		1.38	%
Dividend yield (3)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Time to expiration (4) (in years)		5.37			5.02			4.93			4.89			4.8			4.71

(1)	The volatility is estimated based on the historical share price movement of comparable companies for the period of time close to the expected time to exercise.

(2)	The risk-free rate is based on the market yield of US treasury curve with China country risk premium.

(3)	The dividend yield is estimated by the Company based on its expected dividend policy over the contractual term of the options.

(4)	Time to expiration is the time between valuation date and the redemption or liquidation date.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Prepaid Expense and Other Assets, Current [Abstract]

Inventory

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventory

6. Inventory

Inventory consisted of the following:


	As of December 31,
	2019		2020
Finished goods		328,443		943,945
Raw materials		125,673		387,524
Work-in-process		—		11,556

Total		454,116		1,343,025

Raw materials primarily consist of materials for volume production.

Work-in-process

primarily consist of P7 in production which will be transferred into production cost when incurred.

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, vehicle parts and charging piles.

For the year ended December 31, 2019, inventory write-downs of RMB109,505 mainly due to the phasing out of G3 2019 model were recognized in cost of sales. For the year ended December 31, 2020, write-downs of inventories to net realizable value amounted to RMB92,612, which were recognized in cost of sales.

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2020

Prepayments and Other Current Assets

7. Prepayments and Other Current Assets

Prepayments and other current assets consisted of the following:


	As of December 31,
	2019		2020
Prepayments		80,699		909,327
Deductible value-added tax input		437,129		521,630
Deposits		188,190		30,006
Amount receivables from issuance of Preferred Shares		279,048		—
Others		98,241		142,323

Total		1,083,307		1,603,286

Prepayments primarily consist of prepayment 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, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

8. Property, Plant and Equipment, Net

Property, plant and equipment, net, consisted of the following:


	As of December 31,
	2019			2020
Machinery and equipment		193,889			1,047,461
Mold and tooling		497,174			938,611
Buildings		—			726,820
Vehicles		230,328			328,555
Construction in process		2,236,775			223,875
Leasehold improvements		191,356			216,923
Computer and electronic equipment		54,044			87,304
Charging infrastructure		39,792			45,835
Others		27,770			57,904

Sub-total		3,471,128			3,673,288

Less: Accumulated depreciation		(161,991	)		(456,319	)
Less: Impairment charges		(79,185	)		(135,467	)

Property, plant and equipment, net		3,229,952			3,081,502

The Group recorded depreciation expenses of RMB53,527, RMB125,453 and RMB302,974 for the years ended December 31, 2018, 2019 and 2020, respectively.

Vehicles represent the rides-qualified vehicles operated by the Group for the ride hailing services, certain vehicles under operating lease arrangement with customers and the vehicles used for the Group’s daily operation.

Construction in progress primarily consists of the construction of Zhaoqing manufacturing plant and mold, tooling, machinery and equipment related to the manufacturing of the Group’s vehicles. During the years ended December 31, 2018, 2019 and 2020, the Group capitalized RMB1,907, RMB38,483 and RMB26,351 of interest, respectively. Subsidies for interest expenses capitalized received from government by the Group were recognized to reduce the interest expenses capitalized in the construction of Zhaoqing manufacturing plant. Subsidies for interest expenses received from government by the Group were recognized to reduce the interest expenses after completion of construction. In April 2020, the completed assets are transferred to their respective assets classes.

The accumulated impairment loss was RMB79,185 and RMB135,467 as of December 31, 2019 and 2020, primarily due to the phasing out of G3 2019 model in 2019 and upgrade of G3 2020 model in 2020.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

9. Intangible Assets, Net

Intangible assets and related accumulated amortization consisted of the following:


	As of December 31, 2019							As of December 31, 2020
	Gross Carrying Amount		Accumulated amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated amortization			Net Carrying Amount
Finite-lived intangible assets
Software		98,402		(10,009	)		88,393		114,118		(29,264	)		84,854
License of maintenance and overhauls		2,290		(1,678	)		612		2,290		(2,290	)		—

Total finite-lived intangible assets		100,692		(11,687	)		89,005		116,408		(31,554	)		84,854

Indefinite-lived intangible assets
Manufacturing license (i)		—		—			—		494,000		—			494,000
License plate		28,927		—			28,927		28,927		—			28,927

Total indefinite-lived intangible assets		28,927		—			28,927		522,927		—			522,927

Total intangible assets		129,619		(11,687	)		117,932		639,335		(31,554	)		607,781

The Group recorded amortization expenses of RMB3,546, RMB7,681 and RMB20,169 for the years ended December 31, 2018, 2019 and 2020, respectively.

Total future amortization expenses for finite-lived intangible assets were estimated as follows:


2021			22,982
2022			19,327
2023			17,098
2024			16,691
2025			8,384
Thereafter			372

Total			84,854

(i) Acquisition and subsequent sale of the 100% equity interest in a company that holds a manufacturing license

On March 12, 2020, the Group entered into a share transfer agreement (the “STA”) to acquire the 100% equity interest in a company (the “Acquiree”) from its shareholders (the “Sellers”) for a total cash consideration of RMB510 million (the “Acquisition”).

In March 2020, as part of the equity purchase, all of the Acquiree’s net assets with a carrying value of RMB8 million which included the manufacturing license were acquired by the Group under the terms of the STA, subject to regulatory approval. In accordance with the STA, on June 6, 2020, immediately after approval from the relevant PRC regulatory authority was granted for the manufacturing license to be transferred from the Acquiree to the Group, the Group sold its 100% equity interest in the Acquiree to the Sellers’ related parties for consideration of RMB16 million, resulting in a sale of all of the Acquiree’s net assets, except for the manufacturing license. Given the acquisition from the Sellers and the subsequent sale to the Sellers’ related parties were in accordance with the terms of the STA, the consideration received of RMB16 million, in substance, represents an adjustment or reduction to the total cash consideration of RMB510 million incurred by the Group for the manufacturing license. The net effect of the series of transactions outlined above is that only the manufacturing license was acquired and retained by the Group. The Group determined that it was the nominee shareholder of the Acquiree during the period from acquisition to the sale of the Acquiree after regulatory approval was obtained for the transfer of the manufacturing license to the Group, approximately three months. During this period, the Group was not entitled to any of the economic results of the Acquiree. In accordance with ASC 810, the Group did not obtain a controlling financial interest in the Acquiree during this period, and accordingly, did not consolidate the financial statements of the Acquiree.

The Acquisition is determined to be an asset acquisition as the Group did not obtain a controlling financial interest in the Acquiree upon closing of the Acquisition in May 2020. On the basis above, the Group accounted for the acquisition of the manufacturing license as an intangible asset with a total cost of RMB494 million. The useful life of the license is assessed as indefinite as there is no limit to the valid period of the license under the relevant PRC laws and regulations.

Out of the initial cash consideration of RMB510 million, RMB100 million was paid in December 2019, RMB100 million was paid in March 2020, RMB100 million was paid in April 2020, RMB100 million was paid in July 2020 and RMB110 million was paid in August 2020. For the repurchase consideration of RMB16 million due from the Sellers’ related parties, RMB10 million was received in June 2020 and 6 million was received in November 2020.

Land Use Rights, Net

12 Months Ended

Dec. 31, 2020

Land and Land Improvements [Abstract]

Land Use Rights, Net

10. Land Use Rights, Net

Land use rights and related accumulated amortization consisted of the following:


	As of December 31,
	2019			2020
Land use rights		264,886			264,886
Less: Accumulated amortization		(9,629	)		(14,952	)

Total land use rights, net		255,257			249,934

In November 2017, February 2018 and May 2018, the Group acquired land use rights to build a factory for manufacturing vehicles of the Group in Zhaoqing city, Guangdong province, PRC.

The Group recorded amortization expenses for land use rights of RMB4,058, RMB5,323 and RMB5,323 for the years ended December 31, 2018, 2019 and 2020, respectively.

Other Non-current Assets

12 Months Ended

Dec. 31, 2020

Other Assets, Noncurrent [Abstract]

Other Non-current Assets

11. Other

Non-current

Assets

Other

non-current

assets consisted of the following:


	As of December 31,
	2019		2020
Prepayment for purchase of land use rights		—		130,260
Long-term deposits		29,316		60,655
Prepayments for purchase of property and equipment		7,159		37,212
Prepayments for acquisition of assets		100,000		—
Others		1,037		506

Total		137,512		228,633

As of December 31, 2019, prepayments for acquisition of assets represented the prepayment amounting to RMB100,000 for an acquisition of a Company that holds a manufactory license.

Long-term deposits primarily consist of deposits for offices and retail and service centers which will not be collectable within one year.

Accruals and Other Liabilities

12 Months Ended

Dec. 31, 2020

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accruals and Other Liabilities

12. Accruals and Other Liabilities

Accruals and other liabilities consisted of the following:


	As of December 31,
	2019		2020
Payables for purchase of property, plant and equipment		831,644		596,527
Payables for marketing events		83,552		362,570
Employee compensation payable		199,515		326,081
Refundable deposit from customers		9,557		213,928
Payable for R&D expenses		257,473		197,751
Accrued expenses		107,712		145,174
Deposits from third parties		62,696		108,301
Noncontrolling interests		98,010		98,010
Interest payables		23,315		61,997
Warranty		8,380		31,594
Advances from customers		37,478		5,437
Others		36,663		108,795

Total		1,755,995		2,256,165

Accrued expenses primarily reflected 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 reduce and accounts payable will increase.

(i) On September 19, 2019, the Group entered into a partnership agreement with Guangzhou Industrial Transformation and Upgrading Development Fund Co., Limited (“Industrial Fund”) and Shenzhen Antuo Hengyuan Fund management Co., Limited (“Shenzhen Antuo”) to set up a limited liability partnership entity (the “Kunpeng Kechuang LLP”). Industrial Fund and Shenzhen Antuo subscribed for RMB98,000 and RMB10 paid in capital in Kunpeng Kechuang LLP with 24.5% and 0.0025%, of the shares, respectively. On October 22, 2019 and October 24, 2019, Industrial Fund and Shenzhen Antuo injected RMB98,000 and RMB10 in cash to Kunpeng Kechuang LLP, respectively. Pursuant to the investment agreement, Industrial Fund and Shenzhen Antuo do not have substantive participating rights to Kunpeng Kechuang LLP nor are able to transfer their interest in Kunpeng Kuchuang LLP to other third party. In addition, at any time within three years the Group is entitled to upon its request or is obligated to upon Industrial Fund’s request to purchase from Industrial Fund all of its interest in Kunpeng Kechuang LLP at its investment amount paid plus interest calculated at the current annual interest rate of the

3-year

Treasury Bond in the PRC. Upon exit of Industrial Fund, Kunpeng Kechuang LLP will be dissolved and Shenzhen Antuo will be entitled to its investment amount paid amounted to RMB10. As such, the Group consolidates Kunpeng Kechuang LLP. The investments by Industrial Fund and Shenzhen Antuo are accounted for as a liability because liability classification is required when the Group enters into a purchased call and written put with the noncontrolling interests holders, and the put and call have the same fixed exercise price and exercise date.

Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

13. Borrowings

Borrowings consisted of the following:


	As of December 31,
	2019		2020
Current
Short-term borrowings:
Bank loans		419,950		127,900

		419,950		127,900
Current portion of long-term borrowings		60,000		45,000

Total current borrowings		479,950		172,900

Non-Current
Long-term borrowings:
Bank loans		90,000		845,000
Other loans		1,600,000		800,000

Total non-current borrowings		1,690,000		1,645,000

Total borrowings		2,169,950		1,817,900

As of December 31, 2019, the Group obtained short-term borrowings from five banks of RMB419,950 in aggregate. The effective interest rate of these borrowings is 3.92% to 4.57% per annum.

As of December 31, 2020, the Group obtained short-term borrowings from three banks of RMB127,900 in aggregate. The effective interest rate of these borrowings is 4.17% to 4.99% per annum.

As of December 31, 2019, the Group entered into long-term loan agreements with a bank in PRC of total principals of RMB150,000, subject to a fixed interest rate of 4.99% per annum, and with a maturity date from January 22, 2020 to November 20, 2022. As of December 31, 2019, the principal amount of RMB60,000 was due within 12 months after the reporting period and presented as current liabilities in the consolidated balance sheet. As of December 31, 2020, the principal amount of RMB45,000 was due within 12 months after the reporting period and presented as current liabilities in the consolidated balance sheet.

In May 2017, Zhaoqing XPeng obtained a facility, specified for 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”). As of December 31, 2019, the aggregated drawdown amounted to RMB1,600,000. In December 2020, RMB800,000 out of the RMB1,600,000 borrowings from Zhaoqing High-tech Zone was repaid and concurrently a borrowing equivalently amounting to RMB800,000 was obtained from a bank in PRC, with a maturity date from December 18, 2020 to December 17, 2028. As of December 31, 2020, the effective interest rate of the RMB800,000 loans from Zhaoqing High-tech Zone and the RMB800,000 bank loans is 4.90% and 4.98% per annum, respectively. For the remaining RMB800,000 loans from Zhaoqing High-tech Zone, RMB200,000 matures on January 31, 2027 and RMB600,000 matures on January 31, 2028. Moreover, the Group received subsidies from government for interest expenses incurred associated with borrowings. For the years ended December 31, 2018, 2019 and 2020, upon the acceptance of subsidy application by government, the Group recognized the subsidies to reduce the interest expenses capitalized in the construction of Zhaoqing manufacturing plant or reduce related interest expenses as incurred if any.

Certain of the Group’s banking facilities are subject to the fulfillment of covenants relating to certain of the Group’s consolidated statement of financial position performance and results, as 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, 2019 and 2020, none of the covenants relating to drawn down facilities had been breached.

The carrying value of the borrowings approximates its fair value as of December 31, 2019 and 2020. 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

12 Months Ended

Dec. 31, 2020

Other Liabilities, Noncurrent [Abstract]

Other Non-Current Liabilities

14. Other

Non-Current

Liabilities

Other

non-current

liabilities consisted of the following:


	As of December 31,
	2019		2020
Government grants		46,798		217,682
Warranty		26,217		79,757

Total		73,015		297,439

The government grants primarily represented the government subsidies for interest expenses to be incurred associated with the borrowings.

Movement of accrued warranty is as following:


	For the Year Ended December 31,
	2018			2019			2020
Accrued warranty - beginning of year		—			73			34,597
Warranty costs incurred		—			(575	)		(925	)
Provision for warranty		73			35,099			77,679

Accrued warranty - end of year		73			34,597			111,351
Less: Current portion of warranty		(11	)		(8,380	)		(31,594	)

Non-current portion of warranty		62			26,217			79,757

Leases

12 Months Ended

Dec. 31, 2020

Leases Disclosure [Abstract]

Leases

15. Leases

(a) As a lessee

The Group has entered into various

non-cancellable

operating lease agreements for certain offices, retail and service centers, warehouses for finished goods, parking area for charging infrastructure and factories for R&D activities which are substantially located in PRC. The Group determines if an arrangement is a lease, or contains a lease, at inception and record 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 balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheet:


	As of December 31,
	2019		2020
Operating lease right-of-use assets		440,097		461,184

Lease liabilities - current		90,740		119,565
Lease liabilities - non current		361,404		352,501

Total operating lease liabilities		452,144		472,066

The components of operating lease expense are as follows within the consolidated statements of comprehensive loss:


	For the Year Ended December 31,
	2018		2019		2020
Operating lease expense		44,476		107,850		125,867
Short-term lease expense		5,398		15,033		30,201

Total lease expense		49,874		122,883		156,068

Short-term leases represent the parking area leases with a term of 12 months or less.

Both operating lease expense and short-term lease expense are recognized as cost of sales, selling, general and administrative expenses and research and development expenses.

Other information related to operating leases where the Group is the lessee is as follows:


	For the Year Ended December 31,
	2018			2019			2020
Weighted-average remaining lease term		6.3 years			5.4 years			4.0 years
Weighted-average discount rate		4.74	%		4.48	%		4.43	%

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.

Supplemental cash flow information related to leases where the Group is the lessee is as follows:


	For the Year Ended December 31,
	2018		2019		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		23,750		84,975		132,440
Leased assets obtained in exchange for operating lease liabilities		224,851		186,181		130,560

As of December 31, 2020, the maturities of the Group’s operating lease liabilities (excluding short-term leases) are as follows:


	As of December 31,
	2020
2021		138,024
2022		137,068
2023		76,266
2024		50,832
2025		40,541
Thereafter		89,725

Total minimum lease payments		532,456
Less: Interest		(60,390	)

Present value of lease obligations		472,066
Less: Current portion		(119,565	)

Non - current portion of lease obligations		352,501

(b) As a lessor

Finance lease receivables consisted of the following:


	As of December 31,
	2019		2020
Current portion of finance lease receivables - net		45,836		156,069
Finance lease receivables - net		109,965		397,467

Total		155,801		553,536

The Group recognized interest income on the net investment in the lease of RMB17,115 for the year ended December 31, 2020.

Maturity analysis of the minimum lease payments receivable for each of the first five years and reconciliation of the undiscounted cash flows to the net investment in the lease are as follows:


	As of December 31,
	2020
Within 1 year		187,889
Between 1 and 2 years		175,751
Between 2 and 3 years		136,464
Between 3 and 4 years		75,768
Between 4 and 5 years		51,172
Above 5 years		1,253

Total lease payments		628,297

Less: Unrealized finance income		(70,474	)

Net investment in the lease		557,823
Less: Allowance for finance lease receivables		(4,287	)

Finance lease receivables - net		553,536

Revenues

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

16. Revenues

Revenues by source consisted of the following:


	For the Year Ended December 31,
	2018		2019		2020
Vehicle sales		4,153		2,171,231		5,546,754
Services and others		5,553		149,988		297,567

Total		9,706		2,321,219		5,844,321

Deferred Revenue Disclosure [Abstract]

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Deferred Revenue

12 Months Ended

Dec. 31, 2020

Deferred Revenue Disclosure

17. 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,
	2018			2019			2020
Deferred revenue - beginning of year		—			2,366			85,498
Additions		4,211			1,865,564			5,297,728
Recognition		(1,845	)		(1,782,432	)		(5,074,842	)

Deferred revenue - end of year		2,366			85,498			308,384

Deferred revenue represents the transaction price allocated to the performance obligations that are unsatisfied, which primarily arises from the undelivered vehicles, charging piles, free charging within 4 years or 100,000 kilometers, the extended lifetime warranty, option between household charging pile, services of lifetime free charging in XPeng-branded charging station and charging card, lifetime warranty of battery as well as vehicle internet connection services, with unrecognized deferred revenue balance of RMB2,366, RMB85,498 and RMB308,384 as of December 31, 2018, 2019 and 2020, respectively.

The Group expects that 53% of the transaction price allocated to unsatisfied performance obligations which were accounted for as deferred revenue as of December 31, 2020 will be recognized as revenue during the period from January 1, 2021 to December 31, 2021. The remaining 47% will be substantially recognized during the period from January 1, 2022 to December 31, 2031.

Manufacturing in Collaboration with Haima Auto

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Manufacturing in Collaboration with Haima Auto

18. 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 will expire on December 31, 2021, and such agreements are 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

operations of the plant, the Group retain effective control over the supply chain, the manufacturing process, testing and quality control. For each vehicle produced, the Group will incur manufacturing cost on a

per-vehicle

basis monthly. The Group did not have any compensation or fees for Haima Auto other than the aforementioned Manufacturing cost.

Convertible Redeemable Preferred Shares

12 Months Ended

Dec. 31, 2020

Convertible Redeemable Preferred Shares [Abstract]

Convertible Redeemable Preferred Shares

19. Convertible Redeemable Preferred Shares

Series A Preferred Shares

On June 9, 2017, the Group issued 1,102,710 Series A Preferred Shares in exchange for an aggregate cash consideration of RMB168,000, or RMB152 per share. These 1,102,710 Series A Preferred Shares were split into 27,567,750 Series A Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

On November 27, 2017, the Group issued 2,021,635 Series A Preferred Shares in exchange for an aggregate cash consideration of RMB308,000, or RMB152 per share. These 2,021,635 Series A Preferred Shares were split into 50,540,875 Series A Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

Series

A-1

Preferred Shares

On January 5, 2018, the Group issued 2,712,095 Series

A-1

Preferred Shares in exchange for an aggregate cash consideration of RMB460,000, or RMB170 per share. These 2,712,095 Series

A-1

Preferred Shares were split into 67,802,375 Series

A-1

Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

Series

A-2

Preferred Shares

On January 5, 2018, the Group issued 466,856 Series

A-2

Preferred Shares in exchange for an aggregate cash consideration of RMB100,000, or RMB214 per share. These 466,856 Series

A-2

Preferred Shares were split into 11,671,400 Series

A-2

Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

Series B Preferred Shares

On March 26, 2018, the Group issued 6,419,268 Series B Preferred Shares in exchange for an aggregate cash consideration of RMB2,200,000, or RMB343 per share. These 6,419,268 Series B Preferred Shares were split into 160,481,700 Series B Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

Series

B-1

Preferred Shares

On August 1, 2018, the Company issued 5,330,910 Series

B-1

Preferred Shares in exchange for an aggregate cash consideration of RMB2,900,000, or RMB544 per share. These 5,330,910 Series

B-1

Preferred Shares were split into 133,272,750 Series

B-1

Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

Series

B-2

Preferred Shares

On August 1, 2018, the Company issued 1,526,543 Series

B-2

Preferred Shares in exchange for an aggregate cash consideration of RMB955,000, or RMB626 per share. These 1,526,543 Series

B-2

Preferred Shares were split into 38,163,575 Series

B-2

Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

Series C Preferred Shares

On December 2, 2019, the Company issued 3,183,626 Series C Preferred Shares in exchange for an aggregate cash consideration of US$300,000, equivalent to RMB2,107,860, or US$94, equivalent to RMB662 per share. These 3,183,626 Series C Preferred Shares were split into 79,590,650 Series C Preferred Shares at par value of US$0.00001 upon a 1:25 share split in March 2020.

On April 10, 2020, the Company issued 26,137,425 Series C Preferred Shares (after a 1:25 share split) in exchange for an aggregate cash consideration of US$98,519, equivalent to RMB693,123, or US$3.77 equivalent to RMB27 per share.

On May 11, 2020, the Company issued 795,907 Series C Preferred Shares (after a 1:25 share split) in exchange for an aggregate cash consideration of US$3,000, equivalent to RMB21,231, or US$3.77, equivalent to RMB27 per share.

On May 26, 2020, the Company issued 318,363 Series C Preferred Shares (after a 1:25 share split) in exchange for an aggregate cash consideration of US$1,200, equivalent to RMB8,555, or US$3.77, equivalent to RMB27 per share.

On July 22, 2020, July 24, 2020, July 29, 2020 and August 6, 2020, the Company issued 207,588,515 Series C Preferred Shares (after a 1:25 share split) in exchange for an aggregate cash consideration of US$900,000, equivalent to RMB6,271,720, or US$4.34, equivalent to RMB30 per share.

The key terms of the Series A Preferred Shares, Series

A-1

Preferred Shares, Series

A-2

Preferred Shares, Series B Preferred Shares, Series

B-1

Preferred Shares, Series

B-2

Preferred Shares and Series C Preferred Shares (collectively referred as the “Preferred Shares”) are summarized as follows.

Conversion feature

Each Preferred Share shall automatically be converted into Class A Ordinary Shares at the Conversion Price at the time in effect immediately upon the earlier of (a) the consummation of a Qualified IPO; and (b) the date specified by written consent or agreement of 80% holders of each series.

The initial conversion ratio of Preferred Shares to ordinary shares shall be 1:1, subject to adjustments in the event of (i) reorganizations, mergers, consolidations or sales of Assets, (ii) certain issuances of shares below the Conversion Price, (iii) share dividends, subdivisions and combinations of Class A ordinary shares, (iv) other distributions or (v) reclassification or recapitalization of Class A ordinary shares.

The Company determined that there were no beneficial conversion features identified for any of the Preferred Shares during any of the periods. In making this determination, the Company compared the fair value of the ordinary shares into which the Preferred Shares are convertible with the respective effective conversion price at the issuance date. To the extent a conversion price adjustment occurs, as described above, the Company will

re-evaluate

whether or not a beneficial conversion feature should be recognized.

Redemption feature

Issuance of Series C, Series

B-1

and

B-2

and Series B Preferred Shares

Upon issuance of Series C, Series

B-1

and

B-2

and Series B Preferred Shares, the Company shall redeem, all of the outstanding Preferred Shares held by the requesting holder upon the written request of such holder, at any time after the earliest to occur of: (1) the Company fails to complete a Qualified IPO on or prior to April 16, 2025; (2) a breach by any of the Company, Principal Shareholders or the ESOP Holdco, where applicable, of its obligations that will have a material adverse effect to the Group; (3) A certain shareholder having requested the Company to redeem all or a portion of its shares after the occurrence of the Company’s failure to cure, within a reasonable cure period, after the occurrence of a breach by any of the Company, Principal Shareholders or the ESOP Holdco, if where applicable, of its obligations under the specified agreements has, individually or together, caused a material adverse effect on the certain shareholder’s business, goodwill, or brand (“A Certain Shareholder Redemption Event”).

The redemption amount payable for each Preferred Share upon exercise of the redemption option by the holder, will be an amount equal to the greater of (a) 120% of the Original Issue Price of such Share, and (b) 100% of Original Issue Price plus compounded accrued daily interest (on the basis of a

365-day

year basis) at a rate of twelve percent (12%) per annum. Upon the issuance of Series C, the redemption amount payable for each Preferred Share will be an amount equal to the greater of (a) 120% of the Original Issue Price, plus any dividends declared but unpaid thereon, of such Share, and (b) 100% of Original Issue Price plus compounded accrued daily interest (on the basis of a

365-day

year basis) at a rate of twelve percent (12%) per annum. Upon redemption event, Series C Preferred Shares shall rank senior to Series

B-1

and Series

B-2

Preferred Shares, Series

B-1

and Series

B-2

Preferred Shares (the redemption of the Series

B-2

Preferred Shares shall rank pari passu with the redemption of Series

B-1

Preferred Shares) shall rank senior to Series B Preferred Shares. Series B Preferred Shares shall rank senior to Series A, Series

A-1

and Series

A-2

Preferred Shares. Series A, Series

A-1

and

A-2

Preferred Shares (the redemption of the Series A, Series

A-1

and Series

A-2

Preferred Shares shall rank pari passu with each other) shall rank senior to ordinary shares.

If any holder of outstanding Preferred Shares chooses to redeem and the Company does not have sufficient funds to pay the Redemption Price, such holder may sell its interests to a third party. If the aggregate price of the Redemption Shares in such sale to third party is less than the Redemption Price of such Redemption Shares, the Company shall be obligated to pay to the Selling Holder the excess, if any, of the Redemption Price over the aggregate price of the Redemption Shares.

Issuance of Series

A-1

Preferred Shares and Series

A-2

Preferred Shares

Prior to the issuance of Series

A-1

and

A-2

Preferred Shares, the Company shall redeem, at the option of the holder, all of the outstanding Preferred Shares held by the requesting holder, at any time after the earliest to occur of (1) a breach by any of the company, the principals, the principals shareholders of its obligations under the transaction documents, individually or together with other breaches by the foregoing Persons of their obligations under the transaction documents, have a material adverse effect to the company and other members within the Group; (2) any sale, conveyance, lease or disposition of all or substantially all of the Group Companies’ assets to a third party other than a Group Company; (3) any acquisition, amalgamation, scheme of arrangement or merger of the Company or other Group Company, which the Persons having Control over the Company or such other Group Companies will discontinue to have Control over the surviving entity; and (4) A Certain Shareholder Redemption Event.

Upon issuance of Series

A-1

Preferred Shares and Series

A-2

Preferred Shares, the Company shall redeem, at the option of any holder of outstanding Preferred Shares, all of the outstanding Preferred Shares held by the requesting holder, at any time after the earliest to occur of (1) a breach by any of the company, the principals, the principals shareholders of its obligations under the transaction documents, individually or together with other breaches by the foregoing Persons of their obligations under the transaction documents, have a material adverse effect to the company and other members within the Group; and (2) A Certain Shareholder Redemption Event.

The redemption amount payable for each Preferred Share will be an amount equal to the greater of (a) 120% of the Original Issue Price, plus any dividends declared but unpaid thereon, of such Share, and (b) 100% of Original Issue Price plus compounded accrued daily interest (on the basis of a

365-day

year basis) at a rate of twelve percent (12%) per annum.

Liquidation preferences

Liquidation Event means any of the following events: (i) any liquidation, dissolution or winding up of the Company, (ii) any sale, conveyance, lease or disposition of all or substantially all of the Group’s assets (including by means of an exclusive licensing of all or substantially all of the Group’s intellectual property or similar arrangement) to a third party other than the Group; and (iii) any acquisition, amalgamation, scheme of arrangement or merger of the Company or the Group by or with another entity where the gross or net value of the assets or equities being acquired represents more than 50% of the consolidated total assets or the consolidated net assets of the Group, by means of any transaction or series of related transactions to which the Company or such other Group Company, as applicable, is a party (other than a transaction or series of transactions in which the Persons having Control over the Company or such other Group Companies will continue to have Control over the surviving entity), Provided, however, that the events set forth in the foregoing (ii) or (iii) shall not be deemed a Liquidation Event unless the Majority Preferred Holders have, by written notice to the Company, determined that such events constitute a Liquidation Event. The occurrence of a Liquidation Event will trigger redemption and liquidation of net assets of the Company and distribution of the proceeds to redeem all the Company’s equity securities in accordance with the seniority described below, not the Preferred Shares.

In the event of any liquidation, the holders of Preferred Shares have preference over holders of ordinary shares with respect to payment of dividends and distribution of assets. Upon Liquidation Event, Series C Preferred Shares shall rank senior to Series

B-1

and Series

B-2

Preferred Shares, Series

B-1

and Series

B-2

Preferred Shares (the liquidation preference of the Series

B-2

Preferred Shares shall rank pari passu with the liquidation preference of Series

B-1

Preferred Shares) shall rank senior to Series B Preferred Shares. Series B Preferred Shares shall rank senior to Series A, Series

A-1

and Series

A-2

Preferred Shares. Series A, Series

A-1

and

A-2

Preferred Shares (the liquidation preference of the Series A, Series

A-1

and Series

A-2

Preferred Shares shall rank pari passu with each other) shall rank senior to ordinary shares.

The holders of Preferred Shares and the ordinary shares shall be entitled to receive an amount per share equal to the greater of (a) 120% of the Original Issue Price, plus any dividends declared but unpaid thereon, of such Share, and (b) 100% of Original Issue Price plus compounded accrued daily interest (on the basis of a

365-day

year basis) at a rate of twelve percent (12%) per annum.

After setting aside or paying in full the aggregate Liquidation Preference Amount of the Series C Preferred Shares, the Series

B-2

Preferred Shares, the Series

B-1

Preferred Shares, the Series B Preferred Shares, the Series

A-2

Preferred Shares, the Series

A-1

Preferred Shares, the Series A Preferred Shares and the Ordinary Shares, the remaining assets of the Company available for distribution to Shareholders, if any, shall be distributed to the holders of Class A and Class B Ordinary Shares and Preferred Shares on a pro rata basis, based on the number of Shares then held by each holder on an as converted basis.

Dividends rights

Each holder of Preferred Shares shall be entitled to receive, prior and in preference to any declaration or payment of any cash or

non-cash

dividend on the Ordinary Shares, but pari passu with other holders of Preferred Shares, noncumulative dividends at a simple rate of four percent (4%) per annum of the Original Issue Price of such Preferred Shares on each such Preferred Share held by such holder, payable when, as and if declared by the Board. Notwithstanding the foregoing, if the Board shall declare dividends on Ordinary Shares, each holder of any Preferred Shares shall be entitled to receive the higher of (i) four percent (4%) of the Original Issue Price of such Preferred Share, and (ii) the amount of dividends in respect of the Ordinary Shares into which such Preferred Share is then convertible.

Voting rights

The holders of the Preferred Shares shall have the right to one vote for each ordinary share into which each outstanding Preferred Share held could then be converted. The holders of the Preferred Shares vote together with the Ordinary Shareholders, and not as a separate class or series, on all matters put before the shareholders. The holders of the Preferred Shares are entitled to appoint a total of 4 out of 7 directors of the Board.

Conversion upon IPO

Upon the completion of the Company’s IPO, all the issued and outstanding Preferred Shares were converted into Ordinary Shares.

Accounting for Series A,

A-1,

A-2,

B-1,

B-2

and C Preferred Shares

Prior to issuance of Series

A-1

and

A-2

The Company classified the Series A Preferred Shares as mezzanine equity in the consolidated balance sheets because they were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control. No accretion was recognized subsequently since it is not probable that the instrument will become redeemable.

Upon issuance of Series

A-1

and

A-2

The issuance of Series

A-1

and

A-2

Preferred Shares concurrently amended terms of Series A Preferred Shares. Key changes include 1) changing from all shareholders sharing net asset on pro rate basis upon liquidation to having liquidation preference based on the formula and a distribution waterfall and 2) under the liquidation event, an investor shall receive an amount equal to the higher of a) 120% of the original investment amount, and 2) 100% of the original investment plus compounded accrued daily interest (on the basis of a

365-day

year basis) at a rate of twelve percent (12%) per annum. The management assessed the amendments quantitatively using the fair value model to Series A and concluded Series A should be accounted for as an extinguishment based on the assessment.

Post issuance of Series

A-1

and

A-2,

the Company classified the Series A, Series

A-1

and

A-2

Preferred Shares as mezzanine equity in the consolidated balance sheets because they were contingently redeemable upon the occurrence of certain liquidation events outside of the Company’s control. No accretion was recognized subsequently since it is not probable that the instrument will become redeemable.

Upon issuance of Series B

The issuance of Series B Preferred Shares concurrently amended terms of Series A,

A-1

and

A-2

Preferred Shares. Key changes include (i) under a redemption event, if any holder of outstanding Preferred Shares chooses to sell its interests to a third party but the aggregate price of the Redemption Shares in such sale to third party is less than the Redemption Price of such Redemption Shares, the Company shall be obligated to pay to the Selling Holder the excess, if any, of the Redemption Price over the aggregate price of the Redemption Shares; (ii) if the Company fails to complete a Qualified IPO on or prior to April 16, 2025, the redemption event is triggered.

Upon the amendment, the time-based redemption right of Series A,

A-1

and

A-2

Preferred Shares, was deemed to have the characteristic of net settlement, and therefore the redemption right met the definition of a derivative. Accordingly, this feature was bifurcated and accounted for as a derivative liability, initially measured at fair value with changes in fair value in the subsequent periods recognized through earnings, as the feature is not considered clearly and closely related to the host. The Company concluded that the amendment to Series A,

A-1

and

A-2

should be accounted for as an extinguishment or modification based on its assessment on the amendments both qualitatively and quantitatively.

Post issuance of Series B

The net settlement mechanism of the redemption right described earlier exist in Series B,

B-1,

B-2

and C Preferred Shares subsequently issued. Therefore, the redemption right of Series B,

B-1

and

B-2

also met the definition of a derivative and was bifurcated and accounted for as derivative liabilities, which are initially measured at fair value with changes in fair value in the subsequent periods recognized through earnings, as the host contract of the Preferred Shares is considered to be an equity host and the redemption feature is not clearly and closely related to the host contract. The initial carrying value for each series of Preferred Shares recorded in mezzanine equity is allocated on a residual basis, after the recognition of the redemption option at its fair value upon bifurcation. The mezzanine equity component is subsequently accreted to the amount equals to redemption value of each series of Preferred Shares, less

the-then

fair value of the derivative liability using the interest method.

Accounting for a put option of an investor

In April 2020, the Company issued certain Series C to an investor, which is a fund (“Investor Fund”) owned by a partnership. As part of the arrangement, the Company provided a put option to a limited partner (“LP”) of the Investor Fund pursuant to which the LP shall have the right to redeem its LP interests in the Investor Fund (not Series C issued by the Company) with the principal amounting to RMB300,000 plus 8% annualized interest (“Fund Redemption Price”) in the event the Company was not able to reach a business agreement with the LP on or before December 31, 2020. The redemption right of the LP is accounted for as a freestanding put option at fair value, which was immaterial as of December 31, 2020. Subsequently on February 28, 2021, the put option became due and invalid and the LP did not exercise its redemption right.

The Company’s Preferred Shares activities for the years ended December 31, 2018, 2019 and 2020 are summarized below:


	Redeemable Ordinary Shares						Series A						Series A-1						Series A-2						Series B						Series B-1						Series B-2						Series C						Total
	Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount
	shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)
Balances as of December 31, 2017		15,753,000			11,201			88,281,125			499,397			—			—			—			—			—			—			—			—			—			—			—			—			104,034,125			510,598

Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018		—			—			—			—			67,802,375			460,000			11,671,400			100,000			—			—			—			—			—			—			—			—			79,473,775			560,000
Extinguishment of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018		—			—			—			(474,376	)		—			—			—			—			—			—			—			—			—			—			—			—			—			(474,376	)
Recognition of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018		—			—			—			508,923			—			—			—			—			—			—			—			—			—			—			—			—			—			508,923
Issuance of Preferred Shares of Series B on March 26 2018		—			—			—			—			—			—			—			—			160,481,700			1,823,954			—			—			—			—			—			—			160,481,700			1,823,954
Modification of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018		—			—			—			(12,088	)		—			(10,597	)		—			(2,360	)		—			—			—			—			—			—			—			—			—			(25,045	)
Extinguishment of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018		—			—			—			(25,021	)		—			—			—			—			—			—			—			—			—			—			—			—			—			(25,021	)
Recognition of mezzanine equity at fair value upon the completion of the issuance of Series B on March 26, 2018		—			—			—			33,395			—			—			—			—			—			—			—			—			—			—			—			—			—			33,395
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018		—			—			—			—			—			—			—			—			—			—			133,272,750			2,565,113			38,163,575			841,199			—			—			171,436,325			3,406,312
Accretion on Preferred Shares to redemption value		—			—			—			35,518			—			49,178			—			10,362			—			450,449			—			120,386			—			39,436			—			—			—			705,329
Derecognition of mezzanine equity classified as Preferred Shares		—			—			(10,172,500	)		(33,395	)		—			—			—			—			—			—			—			—			—			—			—			—			(10,172,500	)		(33,395	)
Derecognition of mezzanine equity classified as Redeemable Ordinary Shares		(15,753,000	)		(11,201	)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			(15,753,000	)		(11,201	)

Balances as of December 31, 2018		—			—			78,108,625			532,353			67,802,375			498,581			11,671,400			108,002			160,481,700			2,274,403			133,272,750			2,685,499			38,163,575			880,635			—			—			489,500,425			6,979,473

Issuance of Preferred Shares post extinguishment		—			—			—			—			—			—			—			—			—			—			—			—			—			—			79,590,650			1,801,402			79,590,650			1,801,402
Accretion on Preferred Shares to redemption value post extinguishment		—			—			—			65,206			—			61,073			—			13,255			—			287,695			—			394,944			—			119,880			—			18,997			—			961,050
Repurchase of the Preferred Shares		—			—			—			—			—			—			—			—			—			—			—			—			(2,197,900	)		(48,447	)		—			—			(2,197,900	)		(48,447	)

Balances as of December 31, 2019		—			—			78,108,625			597,559			67,802,375			559,654			11,671,400			121,257			160,481,700			2,562,098			133,272,750			3,080,443			35,965,675			952,068			79,590,650			1,820,399			566,893,175			9,693,478

Balances as of December 31, 2019		—			—			78,108,625			597,559			67,802,375			559,654			11,671,400			121,257			160,481,700			2,562,098			133,272,750			3,080,443			35,965,675			952,068			79,590,650			1,820,399			566,893,175			9,693,478

Issuance of Preferred Shares of Series C		—			—			—			—			—			—			—			—			—			—			—			—			—			—			234,840,210			6,639,361			234,840,210			6,639,361
Accretion on Preferred Shares to Redemption Value post Extinguishment		—			—			—			64,863			—			60,854			—			13,635			—			332,743			—			586,803			—			186,043			—			912,803			—			2,157,744
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO		—			—			(78,108,625	)		(662,422	)		(67,802,375	)		(620,508	)		(11,671,400	)		(134,892	)		(160,481,700	)		(2,894,841	)		(133,272,750	)		(3,667,246	)		(35,965,675	)		(1,138,111	)		(314,430,860	)		(9,372,563	)		(801,733,385	)		(18,490,583	)

Balances as of December 31, 2020		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Ordinary Shares

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Ordinary Shares

20. Ordinary Shares

Upon closing of the issuance of Series C Preferred Shares on December 2, 2019, the Company adopted a dual voting structure on its shares and the Company’s ordinary shares were divided into Class A and Class B ordinary shares, accordingly.

Holders of Class A ordinary shares and Class B ordinary shares have the same rights, except for voting rights. Holders of Class A ordinary shares are entitled to one vote per share in all shareholders’ meetings, while holders of Class B ordinary shares are entitled to five votes per share.

After a share split effective on March 30, 2020, the Company authorized 3,492,799,650 Class A and 750,000,000 Class B ordinary shares of par value US$0.00001.

As of December 31, 2019, 131,955,575 Class A ordinary shares had been issued, 31,513,000 Class A ordinary shares outstanding and 331,234,375 Class B ordinary shares had been issued and outstanding.

The Company repurchased and cancelled 100,442,575 Class A ordinary shares with a par value of US$0.00001 per share which are currently held by Success Sharing Development Holding Limited on June 28, 2020. On the same day, 17,643,400 of Class A ordinary shares at par value of US$0.00001 per share was issued to Quack Holding Limited and 33,349,070 Class A Ordinary Shares at par value of US$0.00001 per share was issued to XPeng Fortune Holding Limited.

On August 6, 2020, 9,695,210 Class A Ordinary Shares at par value of US$0.00001 per share was issued to XPeng Fortune Holding Limited. On the same day, 14,850,560 of Class A ordinary shares at par value of US$0.00001 per share was issued to Quack Holding Limited for the vested of RSU.

On August 27, 2020, the Group consummated its IPO on the NYSE, where 229,386,666 ordinary shares were newly issued with the total net proceeds of RMB11,409,248 (US$1,655,678). Upon closing of the IPO, the Company’s ordinary shares were divided into Class A, Class B and Class C ordinary shares. Holders of Class A ordinary shares, Class B ordinary shares and Class C ordinary shares have the same rights, except for voting rights. Holders of Class A ordinary shares are entitled to one vote per share, holders of Class B ordinary shares are entitled to ten votes per share, while holders of Class C ordinary shares are entitled to five votes per share in all shareholders’ meetings.

Upon the completion of the IPO, the Company authorized 8,850,000,000 Class A ordinary shares, 750,000,000 Class B ordinary shares and 400,000,000 Class C ordinary shares of par value US$0.00001.

On December 14, 2020, the Group consummated its FO on the NYSE, where 110,400,000 Class A ordianry shares were newly issued with the total net proceeds of RMB15,980,227 (US$2,444,930).

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.

Share-based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation

21. Share-based Compensation

(a) Share options

During the period between 2015 and the first quarter of 2020, the Group granted share options to the employees to purchase its shares. One share option represents a right to purchase one Class A ordinary share of the Group with exercise price of RMB0.0004. The share options include both service condition and performance condition. For service condition, there are three types of vesting schedule, which are: (i) 25% of the share options shall become vested on each anniversary of the vesting commencement date for four years thereafter; (ii) 40% of the share options shall become vested on the grant date and 15% of the share options become vested on each anniversary of the vesting commencement date for four years thereafter; (iii) 85% of the share options shall become vested on the grant date and 3.75% of the share options become vested on each anniversary of the vesting commencement date for four years thereafter. In addition to the services condition, employees are also required to provide continued service through the satisfaction of the occurrence of Liquidity Event that occurs within seven years after the vesting commencement date. If no Liquidity Event occurs prior to the seventh anniversary of the vesting commencement date, all share options, even those for which the service condition have been satisfied, shall be forfeited.

Share options granted are measured at the grant date fair value of the awards and recognized as expenses using graded vesting method, net of estimated forfeitures, if any, over the requisite service period. Given the vesting of the share options granted is contingent upon the occurrence of the Liquidity Event, there is no share-based compensation expense was recognized before the Replacement (Note 2(y)).

Activities of the Group’s share options during the years ended December 31, 2018, 2019 and 2020 were as follow:


	Number of Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
				USD		In Years
Outstanding as of December 31, 2017		31,472,750			0.0004		5.72
Granted		44,706,900			0.0004
Forfeited		(1,088,010	)
Outstanding as of December 31, 2018		75,091,640			0.0004		5.56
Granted		23,599,310			0.0004
Forfeited		(7,552,250	)
Outstanding as of December 31, 2019		91,138,700			0.0004		5.32
Granted		3,788,750
Forfeited		(2,273,720	)
Replacement		(92,653,730	)
Outstanding as of December 31, 2020		—			—		—

No share-based compensation expenses was recognized for share options during the years ended December 31, 2018, 2019 and 2020. As of December 31, 2018, 2019 and 2020, there were RMB183,244, RMB342,683 and nil of unrecognized share-based compensation expenses in relation to the share options granted to the Group’s employees, out of which, unrecognized share-based compensation expenses of RMB58,176, RMB86,205 and nil in relation to share options for which the service condition had been met and are expected to be recognized when the performance condition is achieved.

The fair value of each share options granted was estimated on the date of each grant using the Binomial option-pricing model with the assumptions (or ranges thereof) in the following table:


	For the Year Ended December 31,
	2018		2019		2020
Expected term (years)		7		7		7
Exercise price (RMB)		0.0004		0.0004		0.0004
Fair value of the ordinary shares on the date of option grant (RMB)		2.51 ~ 8.08		8.36 ~ 8.60		8.36 ~ 8.53
Risk-free interest rate		3.03% ~ 3.68%		2.66% ~ 3.31%		3.10% ~ 3.31%
Expected dividend yield		0.00%		0.00%		0.00%
Expected volatility		34.28% ~ 34.39%		33.32% ~ 33.56%		33.35% ~ 33.56%

Notes:

(i) The risk-free interest rate of periods within the contractual life of the share option based on the market yield of US Treasury Curve adjusted with the China country risk premium.

(ii) The dividend yield was estimated by the Company based on its expected dividend policy over the contractual term of the options.

(iii) The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the contractual term of the options.

(iv) Expected term is the contract life of the options.

(b) Restricted share units and restricted shares upon and subsequent to the Replacement

After the Replacement mentioned in note 2(y), all share options granted during the period between 2015 and the first quarter of 2020 were replaced by 75,010,330 RSUs and 17,643,400 restricted shares.

The Replacement did not change the classification and vesting condition of Share-based Awards as equity instruments. No additional share-based compensation expenses were recognized as there was no incremental fair value change immediately before and after the Replacement. Therefore, the replacement awards should be accounted for in the same way as its original awards.

Additional RSUs were granted to the employees in 2020. 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 condition and performance condition. For service condition, vesting schedules include: (i) vesting schedules mentioned in note 21(a); (ii) 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 years thereafter. In addition to the services condition, employees are also required to provide continued service through the satisfaction of the occurrence of Liquidity Event that occurs within seven or ten years after the vesting commencement date. If no Liquidity Event occurs prior to the seventh or tenth anniversary of the vesting commencement date, all RSUs, even those for which the service condition has been satisfied, shall be forfeited.

The Group granted RSUs in 2020 with only performance condition and the RSUs would be vested upon the occurrence of the Liquidity Event. The Group also granted RSUs in 2020 with no conditions and the RSUs would be vested upon grant.

The RSUs granted prior to the completion of the IPO are measured at the grant date fair value of the awards and recognized as expenses using graded vesting method, net of estimated forfeitures, if any, over the requisite service period.

Subsequent to the completion of the IPO, the Group granted RSUs with only service condition to employees and the RSUs would be vested on a straight-line basis over the requisite service period.

Activities of the Group’s RSUs for the year ended December 31, 2020 were as follow:


	Number of restricted share units			Weighted average grant- date fair value
				RMB
Outstanding as of December 31, 2019		—			—
Replacement		75,010,330			4.87
Granted		39,313,515			27.70
Vested		(63,314,483	)		11.66
Forfeited		(2,721,228	)		11.05
Outstanding as of December 31, 2020		48,288,134			14.20

Expected to vest as of December 31, 2020		44,425,083

Activities of the Group’s restricted share for the year ended December 31, 2020 were as follow:


	Number of restricted shares			Weighted average grant- date fair value
				RMB
Outstanding as of December 31, 2019		—			—
Replacement		17,643,400			2.51
Vested		(17,643,400	)		2.51
Outstanding as of December 31, 2020		—

Share-based compensation expenses amounting to RMB996,417 were recognized for restricted share units and restricted shares upon and subsequent to the Replacement for the year ended December 31, 2020. As of December 31, 2020, there was RMB426,810 of unrecognized compensation expense relating to the restricted share units and restricted shares upon and subsequent to the Replacement. The expense is expected to be recognized over a weighted average period of 1.8 years.

On May 7, 2016, two

co-founders

entered into an arrangement with other investors of the Company, and 75% of their 80,000,000 ordinary shares (“Restricted Shares”) would be subject to requisite service conditions, which shall vest 25%, 25% and 25% in 2016, 2017 and 2018.

On January 5, 2018, two

co-founders

entered into an arrangement with other investors of the Company, and the number of Restricted Shares is modified to

one-third

of their ordinary shares held as of January 5, 2018, which is 26,666,675 shares. 50% of the Restricted Shares shall become vested on each anniversary of January 5, 2018 for 2 years thereafter.

As of January 5, 2018, only 50% of the Restricted Shares, which is 40,000,000 shares, were vested. Before the modification, there were 40,000,000 unvested Restricted Shares, among which 20,000,000 Restricted Shares to be vested on January 9, 2018 and 20,000,000 Restricted Shares to be vested on January 8, 2019. Upon the modification, there were 26,666,675 unvested Restricted Shares, and each 13,333,325 Restricted Shares to be vested on January 5, 2019 and January 5, 2020, respectively. There were effectively two modification in the arrangement. Since the Restricted Shares after modification are still subject to the service condition, excess of the fair value of the modified awards over the fair value of the original awards immediately before the terms are modified at the modification date is considered immaterial. For the reduction of 13,333,325 shares, which is the difference of unvested 40,000,000 shares and 26,666,675 shares, it is effectively a modification to shorten the requisite service period ending from January 9, 2018 to January 5, 2018. Share-based compensation expenses was recognized immediately. Given there is no future requisite service period for the 13,333,325 shares, there is no incremental expense to be further recognized. For the remaining 26,666,675 unvested Restricted Shares, the requisite service period was extended. Unrecognized share-based compensation expenses was recognized over the remaining two years of modified requisite service period.

On March 26, 2018, two

co-founders

entered into an arrangement with other investors of the Company, and Restricted Shares would be subject to requisite service conditions. 50% of the Restricted Shares shall become vested on each anniversary of January 1, 2018 for 2 years thereafter. Pursuant to the arrangement, the vesting commencement date is changed from January 5, 2018 to January 1, 2018, it is effectively a modification to shorten the requisite service period. Share-based compensation expenses was recognized over the modified requisite service period.

The restricted shares granted to two

co-founders

were measured at the grant date fair value of the awards and recognized as expenses using graded vesting method, net of estimated forfeitures, if any, over the requisite service period.

Vesting schedule of the Restricted Shares’ during the years ended December 31, 2018 , 2019 and 2020 was as follow:


	Number of shares			Weighted average grant date fair value
				RMB
Unvested as of December 31, 2017		40,000,000			10.16
Vested		(26,666,675	)		—

Unvested as of December 31, 2018		13,333,325			10.16
Vested		(13,333,325	)		—

Unvested as of December 31, 2019		—			—

Share-based compensation expenses amounting to RMB1,630, RMB517 and nil in relation to the Restricted Shares was recognized during years ended December 31, 2018, 2019 and 2020, respectively.

Taxation

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Taxation

22. 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, 2018, 2019 and 2020 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

every three years. During this three-year period, an HNTE must conduct a qualification self-review each year to ensure it meets the HNTE criteria and is eligible for the 15% preferential tax rate for that year. If an HNTE fails to meet the criteria for qualification as an HNTE in any year, the enterprise cannot enjoy the 15% preferential tax rate in that year, and must instead use the regular 25% EIT rate.

Xiaopeng Technology applied for the HNTE qualification and received approval in December 2019. Xiaopeng Technology is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2019 through 2021.

Zhaoqing XPeng applied for the HNTE qualification and received approval in December 2020. Zhaoqing XPeng is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2020 through 2022.

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

enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with the PRC.

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 dividends will be

re-invested

and the remittance of the dividends will be postponed indefinitely. The Group did not record any dividend withholding tax, as it has no retained earnings for any of the years presented.

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

company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%.

According to a policy 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 50% of the qualified R&D expenses incurred in determining its tax assessable profits for that year. The additional tax deduction amount of the qualified R&D expenses has been increased from 50% to 75%, effective from 2018 to 2020, according to a new tax incentives policy promulgated by the State Tax Bureau of the PRC in September 2018 (“Super Deduction”).

Composition of income tax expenses for the periods presented are as follows:


	For the Year Ended December 31,
	2018		2019		2020
Current income tax expenses		—		1		1,223
Deferred income tax expenses		—		—		—

Income tax expenses		—		1		1,223

Reconciliations of the income tax expenses computed by applying the PRC statutory income tax rate of 25% to the Group’s income tax expenses of the years presented are as follows:


	For the Year Ended December 31,
	2018			2019			2020
Loss before income tax expenses		(1,398,823	)		(3,691,672	)		(2,730,762	)
Income tax expenses computed at the PRC statutory income tax rate of 25%		(349,706	)		(922,918	)		(682,691	)
Effect of tax holiday		—			271,242			111,756
Effect of change in tax rate		—			213,331			13,920
Effect of different tax rate of different jurisdictions		(64,793	)		(9,853	)		(393,384	)
Effect of additional deduction for qualified R&D expenses		(127,329	)		(236,704	)		(156,713	)
Non-deductible expenses		1,421			2,050			234,328
Changes in valuation allowance		540,407			682,853			874,007

Income tax expenses		—			1			1,223

Effect of tax holiday inside the PRC on basic and dilutive loss per share		—			—			—

The PRC statutory income tax rate is used because the majority of the Group’s operations are based in the PRC.

(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

realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying business. The statutory income tax rate of 25% or applicable preferential income tax rates were applied when calculating deferred tax assets.


	As of December 31,
	2018			2019			2020
Deferred tax assets:
Net operating loss carry-forwards		594,035			1,256,218			2,036,152
Deferred revenue		—			9,168			57,000
Impairment of property, plant and equipment		—			11,878			21,802
Government grants		—			11,579			43,145
Impairment of inventory		—			27,341			11,233
Advertising expenses in excess of deduction limit		31,562			65			180
Accruals and others		32,494			24,695			45,439
Valuation allowance		(658,091	)		(1,340,944	)		(2,214,951	)

Total deferred tax assets, net		—			—			—

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,
	2018			2019			2020
Valuation allowance
Balance at beginning of the year		117,684			658,091			1,340,944
Additions		545,605			901,491			889,877
Loss utilized		(5,198	)		(5,307	)		(1,950	)
Effect of change in tax rate		—			(213,331	)		(13,920	)
Balance at end of the year		658,091			1,340,944			2,214,951

For the years ended December 31, 2018, 2019 and 2020, with the growth of its business performance, some subsidiaries of the Group making profit and utilized the tax loss brought forward from prior years.

The Group has tax losses arising in Mainland China of RMB10,275,076 that will expire in one to ten years for deduction against future taxable profit.


Loss expiring in 2021			35,077
Loss expiring in 2022			8,902
Loss expiring in 2023			159,854
Loss expiring in 2024			843,520
Loss expiring in 2025			1,735,524
Loss expiring in 2026			75,970
Loss expiring in 2027			310,939
Loss expiring in 2028			1,586,972
Loss expiring in 2029			4,163,914
Loss expiring in 2030			1,354,404

Total			10,275,076

The Group has tax losses arising in United States and Hong Kong of RMB655,787 that will not expire for deduction against future taxable profit.


United States			408,754
Hong Kong			247,033

Total			655,787

Uncertain Tax Position

The Group did not identify any significant unrecognized tax benefits for the years ended December 2018, 2019 and 2020. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expenses and also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2020.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Commitments and Contingencies Disclosure [Abstract]

Loss Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Loss Per Share

23. 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, 2018, 2019 and 2020 as follows:


	For the Year Ended December 31,
	2018			2019			2020
Numerator:
Net loss		(1,398,823	)		(3,691,673	)		(2,731,985	)
Accretion on Preferred Shares to redemption value		(705,329	)		(961,050	)		(2,157,744	)
Deemed dividend due to extinguishment of Preferred Shares		(43,136	)		—			—
Deemed dividend due to modification of Preferred Shares		(41,485	)		—			—
Deemed contribution from repurchase of Preferred Shares		—			9,969			—
Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares		(66,091	)		—			—

Net loss attributable to ordinary shareholders of XPeng Inc.		(2,254,864	)		(4,642,754	)		(4,889,729	)

Denominator:
Weighted average number of ordinary shares outstanding-basic and diluted		330,176,070			349,450,580			754,270,914

Basic and diluted net loss per share attributable to ordinary shareholders of XPeng Inc.		(6.83	)		(13.29	)		(6.48	)

For the years ended December 31, 2018, 2019 and 2020, the Company had potential ordinary shares, including

non-vested

restricted shares, share options and RSUs granted and Preferred Shares. As the Group incurred losses for the years ended December 31, 2018, 2019 and 2020, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. The weighted-average numbers of

non-vested

share options excluded from the calculation of diluted net loss per share of the Company were 78,834,504 as of December 31, 2018, 100,442,575 as of December 31, 2019 and nil as of December 31, 2020. The weighted-average numbers of

non-vested

RSUs excluded from the calculation of diluted net loss per share of the Company were nil as of December 31, 2018 and 2019 and 20,841,866 as of December 31, 2020. The weighted-average numbers of

non-vested

restricted shares excluded from the calculation of diluted net loss per share of the Company were 13,333,325 as of December 31, 2018, nil as of December 31, 2019 and 2020. Preferred Shares to be converted into ordinary shares were 352,122,730 as of December 31, 2018, 500,059,108 as of December 31, 2019 and nil as of December 31, 2020 on a weighted average basis.

Related Parties

12 Months Ended

Dec. 31, 2020

Related Parties

24. Related parties

The principal related parties with which the Group had transactions during the year 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

Guangzhou Huitian Aerospace Technology Co., Ltd.		A Company Controlled by Principal Shareholder

Guangzhou Zhongpeng Investment and Development Co., Ltd.		A Company Controlled by Principal Shareholder

(1) Transaction with related parties:

For the year ended December 31, 2020, the loans from a principal shareholder amounted to RMB1,063,434 and was repaid as of December 31, 2020. The interest expenses on the loans from a principal shareholder was RMB5,922.

For the year ended December 31, 2020, the rental expenses to a company controlled by a principal shareholder amounted to RMB10,150.

For the year ended December 31, 2020, the purchase of fixed assets and the rental income from a company controlled by a principal shareholder amounted to RMB999 and RMB166, respectively.

(2) Amounts due from related parties:

As of December 31, 2019, amounts due from related parties primarily represents the deposit and prepayment amounting to RMB20,425 paid on behalf of Mr. Xiaopeng He, a principal shareholder. As of December 31, 2020, the amount has been settled.

As of December 31, 2020, amounts due from related parties amounting to RMB682 represents the receivables for the services provided to a company controlled by Mr. Xiaopeng He.

(3) Amounts due to related parties:

As of December 31, 2020, amounts due to related parties represents the payables for rental expenses amounting to RMB11,063 to a company controlled by Mr. Xiaopeng He, and the payables for asset purchased amounting to RMB999 to a company controlled by Mr. Xiaopeng He.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

25. 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,
	2019		2020
Property, plant and equipment		160,844		259,417
Investments		410,000		44,392

Total		570,844		303,809

(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,
	2019		2020
Purchase commitments on purchase of raw materials		—		2,315,188

Subsequent events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent events

26. Subsequent events

(a) Investment in a business related to flight vehicles

In September 2020, the Group entered into a strategic investment agreement with a company to acquire its 19.9% equity interest for a total cash consideration of RMB24,492. The Group completed the acquisition in January 2021.

(b) Equity Financing from Guangdong Utrust Industrial Investment Fund Partnership (“Guangdong Utrust”)

Pursuant to the share purchase agreement, dated March 12, 2021, signed among Chengxing, Chengxing’s shareholders and Guangdong Utrust, Guangdong Utrust will subscribe for additional shares issued by Chengxing at a consideration of RMB 500 million. Immediately after the share subscription, Guangdong Utrust will hold equity interest of 0.3067% in Chengxing.

Pursuant to the share purchase agreement, dated March 31, 2021, signed among Chengxing, Chengxing’ shareholders and Guanghzhou GET Investment, Guangzhou GET Investment will subscribe for additional shares issued by Chengxing at a consideration of RMB1,000 million. Immediately after the share subscription, Guangzhou GET Investment will hold equity interest of 1.0640% in Chengxing.

(d) Cooperation with Wuhan Economic & Technological Development Zone Management Committee (“Wuhan ETDZ Committee”)

On April 8, 2021, the Group entered into an investment agreement with Wuhan ETDZ Committee, a local government authority in Wuhan. Pursuant to the investment agreement, Wuhan ETDZ Committee agrees to support the Group’s construction of a new Smart EV manufacturing base and R&D center in Wuhan Economic & Technological Development Zone.

Restricted Net Assets

12 Months Ended

Dec. 31, 2020

Restricted Net Assets [Abstract]

Restricted Assets Disclosure

27. 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 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

profits to the general reserve fund until such reserve fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserved funds can only be used for specific purposes and are not distributable as cash dividends.

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

profits until such statutory surplus fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. A domestic enterprise is also required to provide discretionary surplus fund, at the discretion of the board of directors, from the net profits reported in the enterprise’s PRC statutory financial statements. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends.

As a result of these PRC laws and regulations that require annual appropriations of 10% of net

after-tax

profits to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Group’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company.

Amounts restricted include paid-in capital and statutory reserve funds, less accumulate deficit if as determined pursuant to PRC GAAP, totaling approximately RMB6,320,933 and RMB27,751,253 as of December 31, 2019 and 2020, respectively; therefore in accordance with Rules 4-08 (e) (3) of Regulation S-X, the condensed parent company only financial statements as of December 31, 2019 and 2020 and for the years ended December 31, 2018, 2019 and 2020 are disclosed in Note 28.

Company Financial Statements

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Financial Statements

28. Company Financial Statements

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

Rule

4-08

(e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the Company only.

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 the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, or guarantees as of December 31, 2020.


Condensed Balance Sheets	As of December 31,
	2019		2020		2020
	RMB		RMB		US$
					Note 2(e)
ASSETS
Current assets
Cash and cash equivalents		269,169		24,760,588		3,794,726
Restricted cash		—		114,321		17,520
Short-term deposits		—		979,897		150,176
Prepayments and other current assets		—		12,931		1,982
Derivative assets		—		105,183		16,120

Total current assets		269,169		25,972,920		3,980,524

Non-current assets
Investments in subsidiaries and VIEs		3,490,970		8,471,310		1,298,286

Total non-current assets		3,490,970		8,471,310		1,298,286

Total assets		3,760,139		34,444,230		5,278,810

Liabilities
Current liabilities
Accurals and other liabilities		—		14,421		2,210

Total current liabilities		—		14,421		2,210

Non-current liabilities
Derivative liabilities		897,091		—		—

Total non-current liabilities		897,091		—		—

Total liabilities		897,091		14,421		2,210


Condensed Balance Sheet		As of December 31,
	Note	2019			2020			2020
		RMB			RMB			US$
								Note 2(e)
MEZZANINE EQUITY
Series A Preferred Shares			597,559			—			—
Series A-1 Preferred Shares			559,654			—			—
Series A-2 Preferred Shares			121,257			—			—
Series B Preferred Shares			2,562,098			—			—
Series B-1 Preferred Shares			3,080,443			—			—
Series B-2 Preferred Shares			952,068			—			—
Series C Preferred Shares			1,820,399			—			—

Total mezzanine equity			9,693,478			—			—

SHAREHOLDERS’ (DEFICIT) EQUITY
Class A Ordinary shares			2			63			10
Class B Ordinary shares			19			26			4
Class C Ordinary shares			—			12			2
Additional paid-in capital			—			46,482,512			7,123,757
Accumulated deficit			(6,824,503	)		(11,322,423	)		(1,735,237	)
Accumulated other comprehensive loss			(5,948	)		(730,381	)		(111,936	)

Total shareholders’ (deficit) equity			(6,830,430	)		34,429,809			5,276,600

Total liabilities, mezzanine equity and shareholders’ (deficit) equity			3,760,139			34,444,230			5,278,810


Condensed Statements of Compreh e nsive Loss		For the Year Ended December 31,
	Note	2018			2019			2020			2020
		RMB			RMB			RMB			US$
											Note 2(e)
Operating expenses
Selling, general and administrative expenses			(1,630	)		(517	)		(13,430	)		(2,058	)

Total operating expenses			(1,630	)		(517	)		(13,430	)		(2,058	)

Loss from operations			(1,630	)		(517	)		(13,430	)		(2,058	)
Interest income			—			1,140			43,001			6,590
Interest expense			—			—			(5,935	)		(910	)
Equity in loss of subsidiaries and VIEs			(1,651,554	)		(3,719,975	)		(4,487,049	)		(687,670	)
Other non-operating income, net			—			—			369,403			56,613
Fair value gain on derivative liabilities			254,361			27,679			1,362,025			208,739

Loss before income tax expenses			(1,398,823	)		(3,691,673	)		(2,731,985	)		(418,696	)

Income tax expenses			—			—			—			—

Net loss			(1,398,823	)		(3,691,673	)		(2,731,985	)		(418,696	)

Accretion on Preferred Shares to redemption value			(705,329	)		(961,050	)		(2,157,744	)		(330,689	)
Deemed dividend due to extinguishment of Preferred Shares			(43,136	)		—			—			—
Deemed dividend due to modification of Preferred Shares			(41,485	)		—			—			—
Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares			(66,091	)		—			—			—
Deemed contribution from repurchase of Preferred Shares			—			9,969			—			—

Net loss attributable to ordinary shareholders of XPeng Inc.			(2,254,864	)		(4,642,754	)		(4,889,729	)		(749,385	)

Net loss			(1,398,823)			(3,691,673)			(2,731,985)			(418,696)
Other comprehensive loss
Foreign currency translation adjustment, net of nil tax			(2,980	)		(2,968	)		(724,433	)		(111,024	)

Total comprehensive loss attributable to XPeng Inc.			(1,401,803	)		(3,694,641	)		(3,456,418	)		(529,720	)
Accretion on Preferred Shares to redemption value			(705,329	)		(961,050	)		(2,157,744	)		(330,689	)
Deemed dividend due to extinguishment of Preferred Shares			(43,136	)		—			—			—
Deemed dividend due to modification of Preferred Shares			(41,485	)		—			—			—
Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares			(66,091	)		—			—			—
Deemed contribution from repurchase of Preferred Shares			—			9,969			—			—

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.			(2,257,844	)		(4,645,722	)		(5,614,162	)		(860,409	)


Consolidated Statements of Cash Flows	For the Year Ended December 31,
	2018		2019			2020			2020
	RMB		RMB			RMB			US$
									Note (e)
Cash flows from operating activities		—		1,140			23,636			3,622

Cash flows from investing activities
Placement of time deposit		—		—			(979,897	)		(150,176	)
Investment in equity investees		—		(1,658,783	)		(8,512,932	)		(1,304,664	)

Net cash used in investing activities		—		(1,658,783	)		(9,492,829	)		(1,454,840	)
Cash flows from financing activities
Proceeds from issuance of Preferred Shares		—		1,926,812			6,561,323			1,005,567
Proceeds from IPO, net of issuance cost		—		—			11,410,386			1,748,718
Proceeds from FO, net of issuance cost		—		—			15,988,903			2,450,407

Net cash provided by financing activities		—		1,926,812			33,960,612			5,204,692
Net increase in cash, cash equivalents and restricted cash		—		269,169			24,491,419			3,753,474
Cash, cash equivalents and restricted cash at beginning of the year		—		—			269,169			41,252

Cash, cash equivalents and restricted cash at end of the year		—		269,169			24,760,588			3,794,726

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.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Principles of consolidation

Basis of presentation

(a) Basis of presentation

(b) Principles of consolidation

Use of estimates

Functional currency and foreign currency translation

(d) Functional currency and foreign currency translation

Non-monetary

items that are measured in terms of historical cost in foreign currency are

re-measured

Convenience Translation

(e) Convenience translation

Fair value

(f) Fair value

non-current

assets, long-term borrowings and

non-current

portion for lease liabilities, are approximated to their fair values due to the short-term maturity of these instruments.

Cash and cash equivalents

(g) Cash and cash equivalents

Cash and cash equivalents as reported in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,2019				As of December 31,2020
	Amount		RMB equivalent		Amount		RMB equivalent
Cash and cash equivalents:
RMB		772,435		772,435		4,428,120		4,428,120
US$		167,732		1,168,754		3,793,451		24,781,268
HKD		6,418		5,742		—		—

Total				1,946,931				29,209,388

As of December 31, 2019 and 2020, substantially all of the Group’s cash and cash equivalents were held in reputable financial institutions located in the PRC, Hong Kong and the United States.

Current expected credit losses

(h)	Restricted cash

Short-term deposits

(i) Short-term deposits

(j) Current expected credit losses

In 2016, the FASB issued ASU

No. 2016-13,

non-current

assets are RMB8,220 and RMB4,287 respectively.

The following table summarizes the activity in the allowance for credit losses related to accounts receivable, other current assets and finance lease receivables for the year ended December 31, 2020:


	For the Year Ended
	December 31, 2020
Balance as of December 31, 2019		4,645
Adoption of ASC Topic 326		2,074

Balance as of January 1, 2020		6,719
Current period provision		10,039
Write-offs		(4,251	)

Balance as of December 31, 2020		12,507

Allowance for the accounts receivable, other current assets and finance lease receivables recognized for the year ended December 31, 2019 was 3,812, nil and 833.

Short-term investment

(k) Short-term investment

Inventory

(l) Inventory

Inventory write-downs of RMB109,505 and RMB92,612 were recognized in cost of sales for the years ended December 31, 2019 and 2020.

Property, plant and equipment, net

(m) Property, plant and equipment, net


	Estimated useful lives
Buildings		20 years
Machinery and equipment		5 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 mold and tooling is computed using the

units-of-production

method whereby capitalized costs are amortized over the total estimated productive life of the related assets.

construction-in-progress

is included within property, plant and equipment and is amortized over the life of the related assets.

Intangible assets, net

(n) Intangible assets, net

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

The estimated useful lives of intangible assets with finite lives are reassessed if circumstances occur that indicate the original estimated useful lives have changed.

Land use rights, net

(o) Land use rights, net

Impairment of long-lived assets

(p) Impairment of long-lived assets

Warranties

(q) Warranties

non-current

liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of cost of sales in the consolidated statements of comprehensive loss.

Revenue recognition

(r) Revenue recognition

•

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.

606-10-32-37

are not met.

Vehicle sales

Initial refundable deposits for intention orders and

non-refundable

Other services

The Group provides variable other services to customers including services embedded in a sales contract, supercharging service, maintenance service, ride hailing services and vehicle leasing service.

Revenue from vehicle leasing service to customers under operating lease and finance lease are recognized under ASC 842.

Practical expedients and exemptions

on-site

troubleshooting and parts replacement service. Related costs are then accrued instead.

Customer Upgrade Program

trade-in

According to the terms of the

trade-in

program, owners of G3 2019 who elected the

trade-in

right have the option to trade in their G3 2019 at a fixed predetermined percentage of its original G3 2019 purchase price (the “guaranteed

trade-in

value”) starting from the 34th month of the original purchase date but only if they purchase a new vehicle from the Group. Such

trade-in

right is valid for 120 days. That is, if the owner of a G3 2019 does not purchase a new vehicle within that

120-day

period, the

trade-in

right expires. The guaranteed

trade-in

value will be deducted from the retail selling price of the new vehicle purchase. The customer cannot exercise the

trade-in

right and purchase of a new vehicle are linked as part of a single transaction to provide a loyalty discount to existing customers. The Group believes the guaranteed

trade-in

value will be greater than the expected market value of the G3 2019 at the time the

trade-in

right as a separate performance obligation is recorded as a contract liability (deferred revenue) and revenue will be recognized when the

trade-in

right is exercised and a new vehicle is purchased. The Group will continue to reassess the reasonableness of the forfeiture rate applied in the subsequent reporting periods.

Cost of sales

(s) Cost of sales

Vehicle

on-hand

inventories that are either obsolete or in excess of forecasted demand, and impairment charge of property, plant and equipment.

Services and others

Cost of services and others revenue generally includes cost of direct part, material, labor costs, installment costs, costs associated with providing

non-warranty

after-sales service and depreciation of associated assets used for providing the services.

Cost of ride hailing services revenue also includes agent and service fee paid to third party agents and revenue sharing fee to a third party data supporting entity.

Research and development expenses

(t) Research and development expenses

Earnings (losses) per share

(u) Selling, general and administrative expenses

Employee benefits

(v) Employee benefits

Government grants

(w) Government grants

non-current

Income taxes

(x) Income taxes

Uncertain tax positions

Adoption of ASU

2016-16

In October 2016, the FASB issued ASU

2016-16,

2016-16

as of January 1, 2018 using a modified retrospective transition method, no reclassification of prepaid income taxes related to asset transfers that occurred prior to adoption from other current and

non-current

assets to opening retained earnings. There was no material impact on the Company’s consolidated financial statements.

Share-based compensation

(y) Share-based compensation

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.

Share options granted to employees:

Since 2015, Chengxing has granted options to certain directors, executive officers and employees. The options granted are exercisable only upon the completion of an IPO or change in control.

Restricted share units granted to employees:

Restricted shares granted to two

co-founders:

In the years ended December 31, 2018, 2019, two

co-founders

A change in any of the terms or conditions of restricted shares granted to two

co-founders

As of December 31, 2019, all the restricted shares of two

co-founders

have been vested.

Statutory reserve

(z) Statutory reserve

The Group’s subsidiaries and VIEs established in the PRC are required to make appropriations to certain

non-distributable

reserve funds.

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

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

profit as determined under the PRC GAAP to

non-distributable

reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the

after-tax

During the years ended December 31,2018, 2019 and 2020, there is no statutory reserves.

Comprehensive loss

(aa) Comprehensive loss

Leases

(ab) Leases

No. 2018-10,

Codification Improvements to Topic 842, Leases, ASU

No. 2018-11,

Targeted Improvements, ASU

No. 2018-20,

Narrow-Scope Improvements for Lessors, and ASU

2019-01,

Codification Improvements, to clarify and amend the guidance in ASU

No. 2016-02.

ASC 842 eliminates real estate-specific provisions and modifies certain aspects of lessor accounting.

(a) As a lessee

(i) Operating lease

right-of-use

assets.

The Group includes a

right-of-use

The Group has lease agreements with lease and

non-lease

components, and has elected to utilize the practical expedient to account for the

non-lease

components together with the associated lease component as a single combined lease component.

(b) As a lessor

The Group provides vehicle leasing service to customers under operating lease and finance lease.

(i) 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.

(ii) Finance lease

Lease income from finance lease is recognized in other revenues using the effective interest method.

Dividends

(ac) Dividends

Dividends are recognized when declared. No dividends was declared for the years ended December 31, 2018 , 2019 and 2020, respectively.

(ad) Earnings (losses) per share

two-class

method. Under the

two-class

if-converted

Segment reporting

(ae) Segment reporting

Organization and Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Company's Principal Subsidiaries and VIEs

As of December 31, 2020, the Company’s principal subsidiaries and VIEs are as follows:

Place of

incorporation

Date of

incorporation

or acquisition

Equity
interest held

Principal activities

Principal subsidiaries

Chengxing

(1)

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

Manufacturing of vehicles

Zhaoqing Xiaopeng New Energy Investment Co., Ltd.

PRC

February 02, 2020

100

Manufacturing of vehicles

Zhaoqing Xiaopeng Automobile Co., Ltd.(“Zhaoqing XPeng”)

PRC

May 18, 2017

100

Manufacturing of vehicles

Xiaopeng Automobile Sales Co., Ltd.

PRC

January 08, 2018

100

Vehicle wholesale and retail

Beijing Xiaopeng Automobile Co., Ltd.

PRC

April 28, 2018

100

Vehicle wholesale and retail, design and technology development

Shenzhen Xiaopeng Automobile Sales Service Co., Ltd.

PRC

August 06, 2018

100

Vehicle wholesale and retail

Shanghai Xiaopeng Automobile Sales Service Co., Ltd.

PRC

October 10, 2018

100

Vehicle wholesale and retail

Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd

PRC

November 18, 2019

100

Technology development

Xiaopeng Automobile Service Co., Ltd.

PRC

February 12, 2018

100

Adminstrative center

XSense. AI, Inc.

United States

November 27, 2018

100

Technology development

XMotors. AI, Inc.

United States

January 05, 2018

100

Technology development

XPeng (Hong Kong) Limited

Hong Kong

February 12, 2019

100

Investment holding

(1)

Place of

incorporation

Date of

incorporation

or acquisition

Economic

interest held

Principal activities

VIEs

Guangzhou Zhipeng IoV Technology Co., Ltd.(Zhipeng IoV)

PRC

May 23, 2018

100

Ride-hailing

services and operating the related mobile app

Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd.(Yidian Chuxing)

PRC

May 24, 2018

100

Mobile apps and providing value-added services

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Cash and Cash Equivalents

Cash and cash equivalents as reported in the consolidated statement of cash flows are presented separately on the consolidated balance sheet as follows:


	As of December 31,2019				As of December 31,2020
	Amount		RMB equivalent		Amount		RMB equivalent
Cash and cash equivalents:
RMB		772,435		772,435		4,428,120		4,428,120
US$		167,732		1,168,754		3,793,451		24,781,268
HKD		6,418		5,742		—		—

Total				1,946,931				29,209,388

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 finance lease receivables for the year ended December 31, 2020:


	For the Year Ended
	December 31, 2020
Balance as of December 31, 2019		4,645
Adoption of ASC Topic 326		2,074

Balance as of January 1, 2020		6,719
Current period provision		10,039
Write-offs		(4,251	)

Balance as of December 31, 2020		12,507

Summary of Useful Lives of Property Plant and Equipment


	Estimated useful lives
Buildings		20 years
Machinery and equipment		5 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

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2019								As of December 31, 2020
	Fair Value		Level I		Level II		Level III		Fair Value		Level I		Level II		Level III
Short-term investments		407,844		—		407,844		—		2,820,711		—		2,820,711		—
Derivative assets – a forward exchange contract		—		—		—		—		105,183		—		105,183		—
Derivative liabilities – Preferred Shares (i)		897,091		—		—		897,091		—		—		—		—

Schedule for determining the fair value of derivative liabilities

Such approach involves certain significant estimates which are as follows:


Valuation Date	December 2 and December 31, 2019			April 10, 2020			May 11, 2020			May 26, 2020			June 30, 2020			July 31, 2020
Volatility (1)		37.90	%		42.38	%		42.82	%		42.69	%		41.75	%		43.20	%
Risk-free rate (2)		2.65	%		1.10	%		1.05	%		1.03	%		0.97	%		1.38	%
Dividend yield (3)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Time to expiration (4) (in years)		5.37			5.02			4.93			4.89			4.8			4.71

(1)	The volatility is estimated based on the historical share price movement of comparable companies for the period of time close to the expected time to exercise.

(2)	The risk-free rate is based on the market yield of US treasury curve with China country risk premium.

(3)	The dividend yield is estimated by the Company based on its expected dividend policy over the contractual term of the options.

(4)	Time to expiration is the time between valuation date and the redemption or liquidation date.

Inventory (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Summary of Inventory

Inventory consisted of the following:


	As of December 31,
	2019		2020
Finished goods		328,443		943,945
Raw materials		125,673		387,524
Work-in-process		—		11,556

Total		454,116		1,343,025

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2019		2020
Prepayments		80,699		909,327
Deductible value-added tax input		437,129		521,630
Deposits		188,190		30,006
Amount receivables from issuance of Preferred Shares		279,048		—
Others		98,241		142,323

Total		1,083,307		1,603,286

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2019			2020
Machinery and equipment		193,889			1,047,461
Mold and tooling		497,174			938,611
Buildings		—			726,820
Vehicles		230,328			328,555
Construction in process		2,236,775			223,875
Leasehold improvements		191,356			216,923
Computer and electronic equipment		54,044			87,304
Charging infrastructure		39,792			45,835
Others		27,770			57,904

Sub-total		3,471,128			3,673,288

Less: Accumulated depreciation		(161,991	)		(456,319	)
Less: Impairment charges		(79,185	)		(135,467	)

Property, plant and equipment, net		3,229,952			3,081,502

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Intangible assets and related accumulated amortization consisted of the following:


	As of December 31, 2019							As of December 31, 2020
	Gross Carrying Amount		Accumulated amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated amortization			Net Carrying Amount
Finite-lived intangible assets
Software		98,402		(10,009	)		88,393		114,118		(29,264	)		84,854
License of maintenance and overhauls		2,290		(1,678	)		612		2,290		(2,290	)		—

Total finite-lived intangible assets		100,692		(11,687	)		89,005		116,408		(31,554	)		84,854

Indefinite-lived intangible assets
Manufacturing license (i)		—		—			—		494,000		—			494,000
License plate		28,927		—			28,927		28,927		—			28,927

Total indefinite-lived intangible assets		28,927		—			28,927		522,927		—			522,927

Total intangible assets		129,619		(11,687	)		117,932		639,335		(31,554	)		607,781

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Total future amortization expenses for finite-lived intangible assets were estimated as follows:


2021			22,982
2022			19,327
2023			17,098
2024			16,691
2025			8,384
Thereafter			372

Total			84,854

Land Use Rights, Net (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2019			2020
Land use rights		264,886			264,886
Less: Accumulated amortization		(9,629	)		(14,952	)

Total land use rights, net		255,257			249,934

Other Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Other Assets, Noncurrent [Abstract]

Summary of Other Non-current Assets

Other

non-current

assets consisted of the following:


	As of December 31,
	2019		2020
Prepayment for purchase of land use rights		—		130,260
Long-term deposits		29,316		60,655
Prepayments for purchase of property and equipment		7,159		37,212
Prepayments for acquisition of assets		100,000		—
Others		1,037		506

Total		137,512		228,633

Accruals and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2019		2020
Payables for purchase of property, plant and equipment		831,644		596,527
Payables for marketing events		83,552		362,570
Employee compensation payable		199,515		326,081
Refundable deposit from customers		9,557		213,928
Payable for R&D expenses		257,473		197,751
Accrued expenses		107,712		145,174
Deposits from third parties		62,696		108,301
Noncontrolling interests		98,010		98,010
Interest payables		23,315		61,997
Warranty		8,380		31,594
Advances from customers		37,478		5,437
Others		36,663		108,795

Total		1,755,995		2,256,165

Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary Of Borrowings

Borrowings consisted of the following:


	As of December 31,
	2019		2020
Current
Short-term borrowings:
Bank loans		419,950		127,900

		419,950		127,900
Current portion of long-term borrowings		60,000		45,000

Total current borrowings		479,950		172,900

Non-Current
Long-term borrowings:
Bank loans		90,000		845,000
Other loans		1,600,000		800,000

Total non-current borrowings		1,690,000		1,645,000

Total borrowings		2,169,950		1,817,900

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities, Noncurrent [Abstract]

Summary of Other non-current liabilities

Other

non-current

liabilities consisted of the following:


	As of December 31,
	2019		2020
Government grants		46,798		217,682
Warranty		26,217		79,757

Total		73,015		297,439

Summary of movements of accrued warranty

Movement of accrued warranty is as following:


	For the Year Ended December 31,
	2018			2019			2020
Accrued warranty - beginning of year		—			73			34,597
Warranty costs incurred		—			(575	)		(925	)
Provision for warranty		73			35,099			77,679

Accrued warranty - end of year		73			34,597			111,351
Less: Current portion of warranty		(11	)		(8,380	)		(31,594	)

Non-current portion of warranty		62			26,217			79,757

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Lessee Disclosure [Abstract]

Schedule Of Balance Sheet Information Related To Operating Leases

The balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheet:


	As of December 31,
	2019		2020
Operating lease right-of-use assets		440,097		461,184

Lease liabilities - current		90,740		119,565
Lease liabilities - non current		361,404		352,501

Total operating lease liabilities		452,144		472,066

Summary of Components of Operating Lease Expense

The components of operating lease expense are as follows within the consolidated statements of comprehensive loss:


	For the Year Ended December 31,
	2018		2019		2020
Operating lease expense		44,476		107,850		125,867
Short-term lease expense		5,398		15,033		30,201

Total lease expense		49,874		122,883		156,068

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,
	2018			2019			2020
Weighted-average remaining lease term		6.3 years			5.4 years			4.0 years
Weighted-average discount rate		4.74	%		4.48	%		4.43	%

Summary of Cash Flow Information Related To Operating Leases

Supplemental cash flow information related to leases where the Group is the lessee is as follows:


	For the Year Ended December 31,
	2018		2019		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		23,750		84,975		132,440
Leased assets obtained in exchange for operating lease liabilities		224,851		186,181		130,560

Summary of Maturities of The Group's Operating Lease Liabilities

As of December 31, 2020, the maturities of the Group’s operating lease liabilities (excluding short-term leases) are as follows:


	As of December 31,
	2020
2021		138,024
2022		137,068
2023		76,266
2024		50,832
2025		40,541
Thereafter		89,725

Total minimum lease payments		532,456
Less: Interest		(60,390	)

Present value of lease obligations		472,066
Less: Current portion		(119,565	)

Non - current portion of lease obligations		352,501

Summary of Finance Lease Receivables

Finance lease receivables consisted of the following:


	As of December 31,
	2019		2020
Current portion of finance lease receivables - net		45,836		156,069
Finance lease receivables - net		109,965		397,467

Total		155,801		553,536

Summary of Maturity Analysis of The Minimum Lease Payments Receivable

Maturity analysis of the minimum lease payments receivable for each of the first five years and reconciliation of the undiscounted cash flows to the net investment in the lease are as follows:


	As of December 31,
	2020
Within 1 year		187,889
Between 1 and 2 years		175,751
Between 2 and 3 years		136,464
Between 3 and 4 years		75,768
Between 4 and 5 years		51,172
Above 5 years		1,253

Total lease payments		628,297

Less: Unrealized finance income		(70,474	)

Net investment in the lease		557,823
Less: Allowance for finance lease receivables		(4,287	)

Finance lease receivables - net		553,536

Revenues (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Abstract]

Summary of Revenues

Revenues by source consisted of the following:


	For the Year Ended December 31,
	2018		2019		2020
Vehicle sales		4,153		2,171,231		5,546,754
Services and others		5,553		149,988		297,567

Total		9,706		2,321,219		5,844,321

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2018			2019			2020
Deferred revenue - beginning of year		—			2,366			85,498
Additions		4,211			1,865,564			5,297,728
Recognition		(1,845	)		(1,782,432	)		(5,074,842	)

Deferred revenue - end of year		2,366			85,498			308,384

Convertible Redeemable Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2020

Convertible Redeemable Preferred Shares [Abstract]

Summary of Preferred Shares activities

The Company’s Preferred Shares activities for the years ended December 31, 2018, 2019 and 2020 are summarized below:


	Redeemable Ordinary Shares						Series A						Series A-1						Series A-2						Series B						Series B-1						Series B-2						Series C						Total
	Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount			Number of			Amount
	shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)			shares			(RMB)
Balances as of December 31, 2017		15,753,000			11,201			88,281,125			499,397			—			—			—			—			—			—			—			—			—			—			—			—			104,034,125			510,598

Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018		—			—			—			—			67,802,375			460,000			11,671,400			100,000			—			—			—			—			—			—			—			—			79,473,775			560,000
Extinguishment of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018		—			—			—			(474,376	)		—			—			—			—			—			—			—			—			—			—			—			—			—			(474,376	)
Recognition of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018		—			—			—			508,923			—			—			—			—			—			—			—			—			—			—			—			—			—			508,923
Issuance of Preferred Shares of Series B on March 26 2018		—			—			—			—			—			—			—			—			160,481,700			1,823,954			—			—			—			—			—			—			160,481,700			1,823,954
Modification of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018		—			—			—			(12,088	)		—			(10,597	)		—			(2,360	)		—			—			—			—			—			—			—			—			—			(25,045	)
Extinguishment of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018		—			—			—			(25,021	)		—			—			—			—			—			—			—			—			—			—			—			—			—			(25,021	)
Recognition of mezzanine equity at fair value upon the completion of the issuance of Series B on March 26, 2018		—			—			—			33,395			—			—			—			—			—			—			—			—			—			—			—			—			—			33,395
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018		—			—			—			—			—			—			—			—			—			—			133,272,750			2,565,113			38,163,575			841,199			—			—			171,436,325			3,406,312
Accretion on Preferred Shares to redemption value		—			—			—			35,518			—			49,178			—			10,362			—			450,449			—			120,386			—			39,436			—			—			—			705,329
Derecognition of mezzanine equity classified as Preferred Shares		—			—			(10,172,500	)		(33,395	)		—			—			—			—			—			—			—			—			—			—			—			—			(10,172,500	)		(33,395	)
Derecognition of mezzanine equity classified as Redeemable Ordinary Shares		(15,753,000	)		(11,201	)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			(15,753,000	)		(11,201	)

Balances as of December 31, 2018		—			—			78,108,625			532,353			67,802,375			498,581			11,671,400			108,002			160,481,700			2,274,403			133,272,750			2,685,499			38,163,575			880,635			—			—			489,500,425			6,979,473

Issuance of Preferred Shares post extinguishment		—			—			—			—			—			—			—			—			—			—			—			—			—			—			79,590,650			1,801,402			79,590,650			1,801,402
Accretion on Preferred Shares to redemption value post extinguishment		—			—			—			65,206			—			61,073			—			13,255			—			287,695			—			394,944			—			119,880			—			18,997			—			961,050
Repurchase of the Preferred Shares		—			—			—			—			—			—			—			—			—			—			—			—			(2,197,900	)		(48,447	)		—			—			(2,197,900	)		(48,447	)

Balances as of December 31, 2019		—			—			78,108,625			597,559			67,802,375			559,654			11,671,400			121,257			160,481,700			2,562,098			133,272,750			3,080,443			35,965,675			952,068			79,590,650			1,820,399			566,893,175			9,693,478

Balances as of December 31, 2019		—			—			78,108,625			597,559			67,802,375			559,654			11,671,400			121,257			160,481,700			2,562,098			133,272,750			3,080,443			35,965,675			952,068			79,590,650			1,820,399			566,893,175			9,693,478

Issuance of Preferred Shares of Series C		—			—			—			—			—			—			—			—			—			—			—			—			—			—			234,840,210			6,639,361			234,840,210			6,639,361
Accretion on Preferred Shares to Redemption Value post Extinguishment		—			—			—			64,863			—			60,854			—			13,635			—			332,743			—			586,803			—			186,043			—			912,803			—			2,157,744
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO		—			—			(78,108,625	)		(662,422	)		(67,802,375	)		(620,508	)		(11,671,400	)		(134,892	)		(160,481,700	)		(2,894,841	)		(133,272,750	)		(3,667,246	)		(35,965,675	)		(1,138,111	)		(314,430,860	)		(9,372,563	)		(801,733,385	)		(18,490,583	)

Balances as of December 31, 2020		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share based Compensation [Line Items]

Summary of stock option activity

Activities of the Group’s share options during the years ended December 31, 2018, 2019 and 2020 were as follow:


	Number of Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
				USD		In Years
Outstanding as of December 31, 2017		31,472,750			0.0004		5.72
Granted		44,706,900			0.0004
Forfeited		(1,088,010	)
Outstanding as of December 31, 2018		75,091,640			0.0004		5.56
Granted		23,599,310			0.0004
Forfeited		(7,552,250	)
Outstanding as of December 31, 2019		91,138,700			0.0004		5.32
Granted		3,788,750
Forfeited		(2,273,720	)
Replacement		(92,653,730	)
Outstanding as of December 31, 2020		—			—		—

Summary of fair value of each share options granted

The fair value of each share options granted was estimated on the date of each grant using the Binomial option-pricing model with the assumptions (or ranges thereof) in the following table:


	For the Year Ended December 31,
	2018		2019		2020
Expected term (years)		7		7		7
Exercise price (RMB)		0.0004		0.0004		0.0004
Fair value of the ordinary shares on the date of option grant (RMB)		2.51 ~ 8.08		8.36 ~ 8.60		8.36 ~ 8.53
Risk-free interest rate		3.03% ~ 3.68%		2.66% ~ 3.31%		3.10% ~ 3.31%
Expected dividend yield		0.00%		0.00%		0.00%
Expected volatility		34.28% ~ 34.39%		33.32% ~ 33.56%		33.35% ~ 33.56%

Summary of vesting schedule of the Restricted Shares

Vesting schedule of the Restricted Shares’ during the years ended December 31, 2018 , 2019 and 2020 was as follow:


	Number of shares			Weighted average grant date fair value
				RMB
Unvested as of December 31, 2017		40,000,000			10.16
Vested		(26,666,675	)		—

Unvested as of December 31, 2018		13,333,325			10.16
Vested		(13,333,325	)		—

Unvested as of December 31, 2019		—			—

Restricted Stock Units (RSUs) [Member]

Share based Compensation [Line Items]

Summary of Restricted Stock and Restricted Stock Unit, Activity

Activities of the Group’s RSUs for the year ended December 31, 2020 were as follow:


	Number of restricted share units			Weighted average grant- date fair value
				RMB
Outstanding as of December 31, 2019		—			—
Replacement		75,010,330			4.87
Granted		39,313,515			27.70
Vested		(63,314,483	)		11.66
Forfeited		(2,721,228	)		11.05
Outstanding as of December 31, 2020		48,288,134			14.20

Expected to vest as of December 31, 2020		44,425,083

Restricted Stock [Member]

Share based Compensation [Line Items]

Summary of Restricted Stock and Restricted Stock Unit, Activity

Activities of the Group’s restricted share for the year ended December 31, 2020 were as follow:


	Number of restricted shares			Weighted average grant- date fair value
				RMB
Outstanding as of December 31, 2019		—			—
Replacement		17,643,400			2.51
Vested		(17,643,400	)		2.51
Outstanding as of December 31, 2020		—

Taxation (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Composition of Income Tax Expenses

Composition of income tax expenses for the periods presented are as follows:


	For the Year Ended December 31,
	2018		2019		2020
Current income tax expenses		—		1		1,223
Deferred income tax expenses		—		—		—

Income tax expenses		—		1		1,223

Summary of Reconciliations of the Income Tax Expenses

Reconciliations of the income tax expenses computed by applying the PRC statutory income tax rate of 25% to the Group’s income tax expenses of the years presented are as follows:


	For the Year Ended December 31,
	2018			2019			2020
Loss before income tax expenses		(1,398,823	)		(3,691,672	)		(2,730,762	)
Income tax expenses computed at the PRC statutory income tax rate of 25%		(349,706	)		(922,918	)		(682,691	)
Effect of tax holiday		—			271,242			111,756
Effect of change in tax rate		—			213,331			13,920
Effect of different tax rate of different jurisdictions		(64,793	)		(9,853	)		(393,384	)
Effect of additional deduction for qualified R&D expenses		(127,329	)		(236,704	)		(156,713	)
Non-deductible expenses		1,421			2,050			234,328
Changes in valuation allowance		540,407			682,853			874,007

Income tax expenses		—			1			1,223

Effect of tax holiday inside the PRC on basic and dilutive loss per share		—			—			—

Summary of Components of Deferred Tax Assets


	As of December 31,
	2018			2019			2020
Deferred tax assets:
Net operating loss carry-forwards		594,035			1,256,218			2,036,152
Deferred revenue		—			9,168			57,000
Impairment of property, plant and equipment		—			11,878			21,802
Government grants		—			11,579			43,145
Impairment of inventory		—			27,341			11,233
Advertising expenses in excess of deduction limit		31,562			65			180
Accruals and others		32,494			24,695			45,439
Valuation allowance		(658,091	)		(1,340,944	)		(2,214,951	)

Total deferred tax assets, net		—			—			—

Summary of Movement in Valuation Allowance


	For the Year Ended December 31,
	2018			2019			2020
Valuation allowance
Balance at beginning of the year		117,684			658,091			1,340,944
Additions		545,605			901,491			889,877
Loss utilized		(5,198	)		(5,307	)		(1,950	)
Effect of change in tax rate		—			(213,331	)		(13,920	)
Balance at end of the year		658,091			1,340,944			2,214,951

Summary of Tax Loss Carryforwards

The Group has tax losses arising in Mainland China of RMB10,275,076 that will expire in one to ten years for deduction against future taxable profit.


Loss expiring in 2021			35,077
Loss expiring in 2022			8,902
Loss expiring in 2023			159,854
Loss expiring in 2024			843,520
Loss expiring in 2025			1,735,524
Loss expiring in 2026			75,970
Loss expiring in 2027			310,939
Loss expiring in 2028			1,586,972
Loss expiring in 2029			4,163,914
Loss expiring in 2030			1,354,404

Total			10,275,076


United States			408,754
Hong Kong			247,033

Total			655,787

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2020

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, 2018, 2019 and 2020 as follows:


	For the Year Ended December 31,
	2018			2019			2020
Numerator:
Net loss		(1,398,823	)		(3,691,673	)		(2,731,985	)
Accretion on Preferred Shares to redemption value		(705,329	)		(961,050	)		(2,157,744	)
Deemed dividend due to extinguishment of Preferred Shares		(43,136	)		—			—
Deemed dividend due to modification of Preferred Shares		(41,485	)		—			—
Deemed contribution from repurchase of Preferred Shares		—			9,969			—
Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares		(66,091	)		—			—

Net loss attributable to ordinary shareholders of XPeng Inc.		(2,254,864	)		(4,642,754	)		(4,889,729	)

Denominator:
Weighted average number of ordinary shares outstanding-basic and diluted		330,176,070			349,450,580			754,270,914

Basic and diluted net loss per share attributable to ordinary shareholders of XPeng Inc.		(6.83	)		(13.29	)		(6.48	)

Related Parties (Tables)

12 Months Ended

Dec. 31, 2020

The principal related parties with which the Group had transactions during the year 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

Guangzhou Huitian Aerospace Technology Co., Ltd.		A Company Controlled by Principal Shareholder

Guangzhou Zhongpeng Investment and Development Co., Ltd.		A Company Controlled by Principal Shareholder

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2019		2020
Property, plant and equipment		160,844		259,417
Investments		410,000		44,392

Total		570,844		303,809

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,
	2019		2020
Purchase commitments on purchase of raw materials		—		2,315,188

Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Text Block [Abstract]

Condensed Balance Sheets


Condensed Balance Sheets	As of December 31,
	2019		2020		2020
	RMB		RMB		US$
					Note 2(e)
ASSETS
Current assets
Cash and cash equivalents		269,169		24,760,588		3,794,726
Restricted cash		—		114,321		17,520
Short-term deposits		—		979,897		150,176
Prepayments and other current assets		—		12,931		1,982
Derivative assets		—		105,183		16,120

Total current assets		269,169		25,972,920		3,980,524

Non-current assets
Investments in subsidiaries and VIEs		3,490,970		8,471,310		1,298,286

Total non-current assets		3,490,970		8,471,310		1,298,286

Total assets		3,760,139		34,444,230		5,278,810

Liabilities
Current liabilities
Accurals and other liabilities		—		14,421		2,210

Total current liabilities		—		14,421		2,210

Non-current liabilities
Derivative liabilities		897,091		—		—

Total non-current liabilities		897,091		—		—

Total liabilities		897,091		14,421		2,210


Condensed Balance Sheet		As of December 31,
	Note	2019			2020			2020
		RMB			RMB			US$
								Note 2(e)
MEZZANINE EQUITY
Series A Preferred Shares			597,559			—			—
Series A-1 Preferred Shares			559,654			—			—
Series A-2 Preferred Shares			121,257			—			—
Series B Preferred Shares			2,562,098			—			—
Series B-1 Preferred Shares			3,080,443			—			—
Series B-2 Preferred Shares			952,068			—			—
Series C Preferred Shares			1,820,399			—			—

Total mezzanine equity			9,693,478			—			—

SHAREHOLDERS’ (DEFICIT) EQUITY
Class A Ordinary shares			2			63			10
Class B Ordinary shares			19			26			4
Class C Ordinary shares			—			12			2
Additional paid-in capital			—			46,482,512			7,123,757
Accumulated deficit			(6,824,503	)		(11,322,423	)		(1,735,237	)
Accumulated other comprehensive loss			(5,948	)		(730,381	)		(111,936	)

Total shareholders’ (deficit) equity			(6,830,430	)		34,429,809			5,276,600

Total liabilities, mezzanine equity and shareholders’ (deficit) equity			3,760,139			34,444,230			5,278,810

Condensed Statements of Comprehensive Loss


Condensed Statements of Compreh e nsive Loss		For the Year Ended December 31,
	Note	2018			2019			2020			2020
		RMB			RMB			RMB			US$
											Note 2(e)
Operating expenses
Selling, general and administrative expenses			(1,630	)		(517	)		(13,430	)		(2,058	)

Total operating expenses			(1,630	)		(517	)		(13,430	)		(2,058	)

Loss from operations			(1,630	)		(517	)		(13,430	)		(2,058	)
Interest income			—			1,140			43,001			6,590
Interest expense			—			—			(5,935	)		(910	)
Equity in loss of subsidiaries and VIEs			(1,651,554	)		(3,719,975	)		(4,487,049	)		(687,670	)
Other non-operating income, net			—			—			369,403			56,613
Fair value gain on derivative liabilities			254,361			27,679			1,362,025			208,739

Loss before income tax expenses			(1,398,823	)		(3,691,673	)		(2,731,985	)		(418,696	)

Income tax expenses			—			—			—			—

Net loss			(1,398,823	)		(3,691,673	)		(2,731,985	)		(418,696	)

Accretion on Preferred Shares to redemption value			(705,329	)		(961,050	)		(2,157,744	)		(330,689	)
Deemed dividend due to extinguishment of Preferred Shares			(43,136	)		—			—			—
Deemed dividend due to modification of Preferred Shares			(41,485	)		—			—			—
Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares			(66,091	)		—			—			—
Deemed contribution from repurchase of Preferred Shares			—			9,969			—			—

Net loss attributable to ordinary shareholders of XPeng Inc.			(2,254,864	)		(4,642,754	)		(4,889,729	)		(749,385	)

Net loss			(1,398,823)			(3,691,673)			(2,731,985)			(418,696)
Other comprehensive loss
Foreign currency translation adjustment, net of nil tax			(2,980	)		(2,968	)		(724,433	)		(111,024	)

Total comprehensive loss attributable to XPeng Inc.			(1,401,803	)		(3,694,641	)		(3,456,418	)		(529,720	)
Accretion on Preferred Shares to redemption value			(705,329	)		(961,050	)		(2,157,744	)		(330,689	)
Deemed dividend due to extinguishment of Preferred Shares			(43,136	)		—			—			—
Deemed dividend due to modification of Preferred Shares			(41,485	)		—			—			—
Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares			(66,091	)		—			—			—
Deemed contribution from repurchase of Preferred Shares			—			9,969			—			—

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.			(2,257,844	)		(4,645,722	)		(5,614,162	)		(860,409	)

Consolidated Statements of Cash Flows


Consolidated Statements of Cash Flows	For the Year Ended December 31,
	2018		2019			2020			2020
	RMB		RMB			RMB			US$
									Note (e)
Cash flows from operating activities		—		1,140			23,636			3,622

Cash flows from investing activities
Placement of time deposit		—		—			(979,897	)		(150,176	)
Investment in equity investees		—		(1,658,783	)		(8,512,932	)		(1,304,664	)

Net cash used in investing activities		—		(1,658,783	)		(9,492,829	)		(1,454,840	)
Cash flows from financing activities
Proceeds from issuance of Preferred Shares		—		1,926,812			6,561,323			1,005,567
Proceeds from IPO, net of issuance cost		—		—			11,410,386			1,748,718
Proceeds from FO, net of issuance cost		—		—			15,988,903			2,450,407

Net cash provided by financing activities		—		1,926,812			33,960,612			5,204,692
Net increase in cash, cash equivalents and restricted cash		—		269,169			24,491,419			3,753,474
Cash, cash equivalents and restricted cash at beginning of the year		—		—			269,169			41,252

Cash, cash equivalents and restricted cash at end of the year		—		269,169			24,760,588			3,794,726

Organization and Nature of Operations - Additional Information (Detail) ¥ in Thousands, $ in Thousands			1 Months Ended			12 Months Ended
	Aug. 27, 2020 USD ($)	Aug. 27, 2020 CNY (¥)	Dec. 31, 2020 CNY (¥)	Aug. 31, 2020 CNY (¥)	Sep. 30, 2019 shares	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares issued during the period shares					17,897,478
Class of warrants or rights warrants issued during the period					7,612,147
Net loss						$ (418,696)	¥ (2,731,985)	¥ (3,691,673)	¥ (1,398,823)
Accumulated deficit						1,735,237		6,824,503		¥ 11,322,423
Cash from operations						(21,420)	(139,766)	(3,562,765)	(1,572,715)
Cash, cash equivalents, and short-term investments \| ¥								1,946,931		29,209,388
Proceeds from initial public offering						1,748,718	11,410,386	¥ 0	0
Proceeds from FO, net of issurance cost						$ 2,450,407	15,988,903
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from initial public offering	$ 1,655,678	¥ 11,409,248		¥ 11,410,386
Public Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from FO, net of issurance cost \| ¥			¥ 15,988,903
Unsecured Debt [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash, cash equivalents, and short-term investments \| ¥									¥ 35,585	¥ 35,306,556
Proceeds from short term unsecured borrowings \| ¥							¥ 0
Chengxing [Member] \| Guangzhou Xiaopeng Motors Technology Co Ltd (Xiaopeng Technology) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity method investment ownership percentage						100.00%				100.00%
Series A Redeemable Convertible Preferred Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary equity shares issued during the period shares					2,021,635
Series A One Redeemable Convertible Preferred Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary equity shares issued during the period shares					1,859,082
Series A Two Redeemable Convertible Preferred Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary equity shares issued during the period shares					23,343
Series B Redeemable Convertible Preferred Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary equity shares issued during the period shares					3,198,839
Series B One Redeemable Convertible Preferred Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary equity shares issued during the period shares					4,361,678
Series B Two Redeemable Convertible Preferred Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary equity shares issued during the period shares					1,045,497
Series C Redeemable Convertible Preferred Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary equity shares issued during the period shares					3,183,626
Ordinary Shares [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest issued percentage						43.44%				43.44%
Redeemble Convertible Preferred Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest issued percentage						38.09%				38.09%
Equity Related Warrants [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest issued percentage						18.47%				18.47%

Organization and Nature of Operations - Summary of Company's Principal Subsidiaries and VIEs (Detail)	12 Months Ended
	Dec. 31, 2020
Xsense AI Inc [Member] \| United States [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Nov. 27, 2018
Equity interest held	100.00%
Principal activities	Technology development
X Motors AI Inc [Member] \| United States [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jan. 05, 2018
Equity interest held	100.00%
Principal activities	Technology development
Chengxing [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jan. 09, 2015
Equity interest held	100.00%
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	100.00%
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	100.00%
Principal activities	Manufacturing of vehicles
Zhaoqing Xiaopeng New Energy Investment Co Ltd [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Feb. 02, 2020
Equity interest held	100.00%
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	100.00%
Principal activities	Manufacturing of vehicles
Xiaopeng Automobile Sales Co Ltd [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jan. 08, 2018
Equity interest held	100.00%
Principal activities	Vehicle wholesale and retail
Beijing Xiaopeng Automobile Co Ltd [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Apr. 28, 2018
Equity interest held	100.00%
Principal activities	Vehicle wholesale and retail, design and technology development
Shenzhen Xiaopeng Automobile Sales Service Co Ltd [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Aug. 06, 2018
Equity interest held	100.00%
Principal activities	Vehicle wholesale and retail
Shanghai Xiaopeng Automobile Sales Service Co Ltd [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Oct. 10, 2018
Equity interest held	100.00%
Principal activities	Vehicle wholesale and retail
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
VIE -Economic interest held	100.00%
VIA -Principal activities	Ride-hailing services and operating the related mobile app
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
VIE -Economic interest held	100.00%
VIA -Principal activities	Mobile apps and providing value-added services
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	100.00%
Principal activities	Technology development
Xiaopeng Automobile Service Co Ltd [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Feb. 12, 2018
Equity interest held	100.00%
Principal activities	Adminstrative center
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	100.00%
Principal activities	Investment holding

Organization and Nature of Operations - Summary of Company's Principal Subsidiaries and VIEs (Parenthetical) (Detail)	May 31, 2020
Chengxing [Member]
Statement Lineitem [Line Items]
Equity interest acquired, percentage	100.00%

Summary of Significant Accounting Policies - Additional Information (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

Dec. 31, 2020

USD ($)

Kilometers

Dec. 31, 2020

CNY (¥)

Kilometers

Dec. 31, 2019

CNY (¥)

Dec. 31, 2018

CNY (¥)

Dec. 31, 2020

CNY (¥)

Foregn currency translation rate

6.5250

Allowance for credit loss on accounts receivable charged to income statement

$ 357,417

¥ 460,812

¥ 2,332,145

¥ 10,039

Allowance for credit loss on accounts receivable current

8,220

Allowance for credit loss on accounts receivable non current

4,287

Short-term investments

$ 432,293

432,293

407,844

2,820,711

Inventory write-downs

14,193

92,612

109,505

¥ 0

Land use rights amortisation period

50 years

Research and development expenses

^[1]

264,507

1,725,906

2,070,158

1,051,219

Advertising costs

517,135

168,170

58,326

Selling and marketing expenses total

1,737,765

668,602

317,109

Employer contribution to defined contribution plan

152,361

215,046

104,201

Dividend declared

General and Administrative Expense

¥ 1,182,884

495,967

325,432

Short-term deposits

$ 150,176

979,897

Bank Deposits for Letter of Credit Bank Notes and a Forward Exchange Contract [Member]

Deposits Restriction Subject to Settlement of Dispute [Member]

425,812

2,296,560

General Reserve Fund [Member]

35,000

¥ 35,585

Percentage of the after tax profits allocatable to statutory general reserve fund

10.00%

Minimum [Member] | Leaseholds and Leasehold Improvements [Member]

Property, Plant and Equipment, Useful Life

2 years

Minimum [Member] | General Reserve Fund [Member]

Statutory reserves as a percentage of the reserved capital of the company

50.00%

Maximum [Member] | Leaseholds and Leasehold Improvements [Member]

Property, Plant and Equipment, Useful Life

10 years

Chengxing [Member] | Common Class A [Member] | Two Thousand And Nineteen Equity Incentive Plan [Member]

Share based compensation by share based payment arrangement number of shares authorised | shares

161,462,100

CHINA

CHINA | General Reserve Fund [Member]

Short-term deposits

¥ 979,897

Customer Upgrade Programme [Member]

Statutory reserves

¥ 0

Period of validity of loyalty scheme offered

5 years

Period within which customers have to accept the loyalty scheme offered

30 days

Vehicles [Member]

Distance for the vehicle used for which warranty is given | Kilometers

Product warranty period

4 years

100,000

Cost of Sales [Member]

Operating Expense [Member]

Inventory write-downs

¥ 92,612

109,505

Gain loss on the disposal of propery plant and equipment

¥ 6,167

¥ 1,191

¥ 30,275

[1]	Share-based compensation was allocated in operating expenses as follows:

Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CNY (¥)
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments		¥ 29,209,388		¥ 1,946,931
China, Yuan Renminbi [Member]
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	$ 4,428,120	4,428,120	$ 772,435	772,435
United States of America, Dollars [Member]
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	3,793,451	24,781,268	167,732	1,168,754
Hong Kong, Dollars [Member]
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	$ 0	¥ 0	$ 6,418	¥ 5,742

Summary of Significant Accounting Policies - Summary of Account Receivable and Allowance for Credit Loss (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance	¥ 6,719
Current period provision	10,039
Write-offs	4,251
Ending balance	12,507
Adoption of ASC Topic 326
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance	4,645
Adoption of ASC Topic 326	¥ 2,074

Summary of Significant Accounting Policies - Summary of Account Receivable and Allowance for Credit Parenthetical (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Allowance for credit losses on accounts receivable other current assets and finance lease receivables recognised in income statement	¥ 3,812	¥ 0	¥ 833

Summary of Significant Accounting Policies -Summary of Useful Lives of Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	20 years
Charging Infrastructure [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Computer And Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Maximum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Maximum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Minimum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	4 years
Minimum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years

Summary of Significant Accounting Policies -Summary of Finite Lived Intangible Assets Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
License Of Maintenance And Overhauls [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	26 years
Maximum [Member] \| Software [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

Recent Accounting Pronouncements - Additional Information (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Jan. 01, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Accounting Policies [Line Items]
Stockholders' Equity Attributable to Parent	$ 5,276,600	¥ 34,429,809		¥ (6,830,430)	¥ (2,185,225)	¥ (39,800)
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting Policies [Line Items]
Stockholders' Equity Attributable to Parent				(2,074)
Retained Earnings [Member]
Accounting Policies [Line Items]
Stockholders' Equity Attributable to Parent		¥ (11,322,423)		(6,824,503)	¥ (2,182,266)	¥ (403,608)
Retained Earnings [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting Policies [Line Items]
Stockholders' Equity Attributable to Parent			¥ 2,074	¥ (2,074)

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	¥ 2,820,711	¥ 407,844
Derivative assets – a forward exchange contract	105,183
Derivative liabilities – Preferred Shares (i)		897,091
Level II [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	2,820,711	407,844
Derivative assets – a forward exchange contract	¥ 105,183
Level III [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities – Preferred Shares (i)		¥ 897,091

Fair Value of Financial Instruments - Schedule for Determining the Fair Value of Derivative Liabilities (Detail)						12 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	May 26, 2020	May 11, 2020	Apr. 10, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule for determining the fair value of derivative liabilities [Line Items]
Volatility(1)	43.20%	41.75%	42.69%	42.82%	42.38%		37.90%
Risk-free rate(2)	1.38%	0.97%	1.03%	1.05%	1.10%		2.65%
Dividend yield(3)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Time to expiration(4) (in years)	4 years 8 months 15 days	4 years 9 months 18 days	4 years 10 months 20 days	4 years 11 months 4 days	5 years 7 days		5 years 4 months 13 days

Inventory - Summary of Inventory (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Inventory Disclosure [Abstract]
Finished goods		¥ 943,945	¥ 328,443
Raw materials		387,524	125,673
Work-in-process		11,556
Total	$ 205,828	¥ 1,343,025	¥ 454,116

Inventory - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Inventory Disclosure [Abstract]
Inventory write-downs	$ 14,193	¥ 92,612	¥ 109,505	¥ 0

Prepayments and Other Current Assets - Summary of Prepayments and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Prepaid Expense and Other Assets, Current [Abstract]
Prepayments		¥ 909,327	¥ 80,699
Deductible value-added tax input		521,630	437,129
Deposits		30,006	188,190
Amount receivables from issuance of Preferred Shares		0	279,048
Others		142,323	98,241
Total	$ 245,714	¥ 1,603,286	¥ 1,083,307

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			¥ 3,471,128		¥ 3,673,288
Less: Accumulated depreciation			(161,991)		(456,319)
Less: Impairment charges	$ (9,694)	¥ (63,251)	(79,185)	¥ 0
Property, plant and equipment, net	$ 472,261		3,229,952		3,081,502
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			193,889		1,047,461
Mold And Tooling [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			497,174		938,611
Less: Impairment charges		¥ (135,467)	(79,185)
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			0		726,820
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			230,328		328,555
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			2,236,775		223,875
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			191,356		216,923
Computer And Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			54,044		87,304
Charging Infrastructure [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			39,792		45,835
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross			¥ 27,770		¥ 57,904

Property, Plant and Equipment, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 46,433	¥ 302,974	¥ 125,453	¥ 53,527
Accumulated impairment loss	$ 9,694	63,251	79,185	0
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Interest expenses capitalized		26,351	38,483	¥ 1,907
Tools, Dies And Molds [Member]
Property, Plant and Equipment [Line Items]
Accumulated impairment loss		¥ 135,467	¥ 79,185

Intangible Assets, Net - Schedule of Intangible Assets and Goodwill (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount		¥ 116,408	¥ 100,692
Accumulated amortization		(31,554)	(11,687)
Net Carrying Amount		84,854	89,005
Indefinite-lived intangible assets		522,927	28,927
Total intangible assets Gross Carrying Amount		639,335	129,619
Total intangible assets - Accumulated amortization		(31,554)	(11,687)
Total intangible assets - Net Carrying Amount	$ 93,147	607,781	117,932
Manufacturing License [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived intangible assets		494,000
License Plate [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived intangible assets		28,927	28,927
Software and Software Development Costs [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount		114,118	98,402
Accumulated amortization		(29,264)	(10,009)
Net Carrying Amount		84,854	88,393
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)	(1,678)
Net Carrying Amount			¥ 612

Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	¥ 22,982
2022	19,327
2023	17,098
2024	16,691
2025	8,384
Thereafter	372
Net Carrying Amount	¥ 84,854	¥ 89,005

Intangible Assets, Net - Schedule of Intangible Assets and Goodwill (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite lived intangible assets amortisation expense	$ 3,091	¥ 20,169	¥ 7,681	¥ 3,546

Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Millions		1 Months Ended								12 Months Ended
	Mar. 12, 2020	Nov. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill Line Items [Line Items]
Payment to acquire business			¥ 110	¥ 100			¥ 100	¥ 100	¥ 100	¥ 510
Proceeds from disposal of business		¥ 6			¥ 10
Related Party Of The Acquiree [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill Line Items [Line Items]
Equity method investment ownership percentage	100.00%
Business combination intangible asset acquistion cash consideration payable	¥ 510
Share Transfer Agreement [Member] \| Including Manufacturing License Subject To Regulatory Approval [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill Line Items [Line Items]
Business combination intangible assets acquired	¥ 8
Share Transfer Agreement [Member] \| Including Manufacturing License Subject To Regulatory Approval [Member] \| Related Party Of The Acquiree [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill Line Items [Line Items]
Equity method investment percentage disposed off	100.00%
Disposal of business consideration due	¥ 16
Share Transfer Agreement [Member] \| Manufacturing License Subject To Approval [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill Line Items [Line Items]
Business combination indfeinitely lived intangible assets acquired						¥ 494

Land Use Rights, Net - Summary of Land Use Rights and Related Accumulated Amortization (Detail) - Use Rights [Member] - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Land Use Rights Finite Lived [Line Items]
Land use rights	¥ 264,886	¥ 264,886
Less: Accumulated amortization	(14,952)	(9,629)
Total	¥ 249,934	¥ 255,257

Land Use Rights, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Land [Member]
Schedule Of Land Use Rights Finite Lived [Line Items]
Amortization of land use rights	¥ 5,323	¥ 5,323	¥ 4,058

Other Non-current Assets - Summary of Other Non-current Assets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Other Assets, Noncurrent [Abstract]
Prepayment for purchase of land use rights		¥ 130,260	¥ 0
Long-term deposits		60,655	29,316
Prepayments for purchase of property and equipment		37,212	7,159
Prepayments for acquisition of assets		0	100,000
Others		506	1,037
Total	$ 35,040	¥ 228,633	¥ 137,512

Other Non-current Assets - Additional Information (Detail) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)
Other Assets, Noncurrent [Abstract]
Prepaid expenses for acquistion	¥ 100,000

Accruals and Other Liabilities - Summary of Accruals and Other Liabilities (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Accounts Payable and Accrued Liabilities, Current [Abstract]
Payables for purchase of property, plant and equipment		¥ 596,527	¥ 831,644
Payables for marketing events		362,570	83,552
Employee compensation payable		326,081	199,515
Refundable deposit from customers		213,928	9,557
Payable for R&D expenses		197,751	257,473
Accrued expenses		145,174	107,712
Deposits from third parties		108,301	62,696
Noncontrolling interests		98,010	98,010
Interest payables		61,997	23,315
Warranty		31,594	8,380
Advances from customers		5,437	37,478
Others		108,795	36,663
Total	$ 345,773	¥ 2,256,165	¥ 1,755,995

Accruals and Other Liabilities - Summary of Accruals and Other Current Liabilities (Parenthetical) (Detail) - Kunpeng Kenchuang LLP [Member] - CNY (¥) ¥ in Thousands	Oct. 24, 2019	Oct. 22, 2019	Sep. 19, 2019
Guangzhou Industrial Transformation and Upgrading Development Fund Co., Limited [Member]
Accounts Payable And Accrued Liabilities Current [Line Items]
Payable to non controlling interest for limited partnership interest			¥ 98,000
Payment to acquire limited partnership interests		¥ 98,000
Percentage of non controlling interest in limited partnership firm			24.50%
Shenzhen Antuo Hengyuan Fund management Co., Limited [Member]
Accounts Payable And Accrued Liabilities Current [Line Items]
Payable to non controlling interest for limited partnership interest			¥ 10
Payment to acquire limited partnership interests	¥ 10
Percentage of non controlling interest in limited partnership firm			0.0025%

Borrowings - Summary of Borrowings (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Debt, Current [Abstract]
Bank loans		¥ 127,900	¥ 419,950
Short-term Debt	$ 19,602	127,900	419,950
Current portion of long-term borrowings	6,897	45,000	60,000
Total current borrowings		172,900	479,950
Non-Current
Bank loans		845,000	90,000
Other loans		800,000	1,600,000
Total non-current borrowings	$ 252,107	1,645,000	1,690,000
Total borrowings		¥ 1,817,900	¥ 2,169,950

Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2020 CNY (¥)	Nov. 30, 2020 CNY (¥)	May 31, 2017 CNY (¥)
Debt Disclosure [Line Items]
Short term borrowings payable to banks		¥ 419,950	¥ 127,900
Current portion of long-term borrowings	$ 6,897	60,000	45,000
Line of credit non current portion		1,600,000	800,000
Long-term Debt		150,000
Long-term borrowings		90,000	845,000
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%
Line of Credit Facility Expiration Date	January 31, 2027 and January 31, 2028
Banks In Peoples Republic Of China [Member]
Debt Disclosure [Line Items]
Line of credit non current portion			800,000
Long-term borrowings			800,000
Line of Credit Facility Expiration Date	December 18, 2020 to December 17, 2028
Zhaoqing Hightech Zone Loan One [Member]
Debt Disclosure [Line Items]
Line of credit non current portion			200,000
Zhaoqing Hightech Zone Loan Two [Member]
Debt Disclosure [Line Items]
Line of credit non current portion			600,000
Line of Credit [Member] \| Bank Loan [Member]
Debt Disclosure [Line Items]
Long term line of credit stated interest rate	4.98%
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
Line of credit non current portion		¥ 1,600,000
Long Term Debt Agreement With Bank In Peoples Republic Of China [Member]
Debt Disclosure [Line Items]
Long term debt bearing variable interest rate percentage		4.99%
Long term debt maturity date start range		Jan. 22, 2020
Long term debt maturity date end range		Nov. 20, 2022
Current portion of long-term borrowings		¥ 60,000	¥ 45,000
Other Short Term Loans Payable To Banks [Member] \| Maximum [Member]
Debt Disclosure [Line Items]
Short term debt weighted average effective rate of interest at point of time	4.99%	4.57%	4.99%
Other Short Term Loans Payable To Banks [Member] \| Minimum [Member]
Debt Disclosure [Line Items]
Short term debt weighted average effective rate of interest at point of time	4.17%	3.92%	4.17%

Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Other Liabilities, Noncurrent [Abstract]
Government grants		¥ 217,682	¥ 46,798
Warranty		79,757	26,217	¥ 62
Total	$ 45,585	¥ 297,439	¥ 73,015

Other Non-Current Liabilities - Summary of Movements of Accrued Warranty (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Standard Product Warranty Disclosure [Abstract]
Accrued warranty - beginning of year	¥ 34,597	¥ 73	¥ 0
Warranty costs incurred	(925)	(575)	0
Provision for warranty	77,679	35,099	73
Accrued warranty - end of year	111,351	34,597	73
Less: Current portion of warranty	(31,594)	(8,380)	(11)
Non-current portion of warranty	¥ 79,757	¥ 26,217	¥ 62

Leases - Schedule Of Balance Sheet Information Related to Operating Leases (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Lessee Disclosure [Abstract]
Operating lease right-of-use assets	$ 70,680	¥ 461,184	¥ 440,097
Lease liabilities - current	18,324	119,565	90,740
Lease liabilities - non current	$ 54,023	352,501	361,404
Total operating lease liabilities		¥ 472,066	¥ 452,144

Leases - Summary of Components of Operating Lease Expense (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lease, Cost [Abstract]
Operating lease expense	¥ 125,867	¥ 107,850	¥ 44,476
Short-term lease expense	30,201	15,033	5,398
Total lease expense	¥ 156,068	¥ 122,883	¥ 49,874

Leases - Schedule of Other Information Related to Operating Leases (Detail)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee Disclosure [Abstract]
Weighted-average remaining lease term	4 years	5 years 4 months 24 days	6 years 3 months 18 days
Weighted-average discount rate	4.43%	4.48%	4.74%

Leases - Summary of Cash Flow Information Related to Operating Leases (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	¥ 132,440	¥ 84,975	¥ 23,750
Leased assets obtained in exchange for operating lease liabilities	¥ 130,560	¥ 186,181	¥ 224,851

Leases - Summary of Maturities of The Group's Operating Lease Liabilities (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020 and 2021		¥ 138,024
2021 and 2022		137,068
2022 and 2023		76,266
2023 and 2024		50,832
2024 and 2025		40,541
Thereafter		89,725
Total minimum lease payments		532,456
Less: Interest		(60,390)
Total operating lease liabilities		472,066	¥ 452,144
Less: Current portion	$ (18,324)	(119,565)	(90,740)
Non - current portion of lease obligations	$ 54,023	¥ 352,501	¥ 361,404

Leases - Summary of Finance Lease Receivables (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Capital Leases of Lessor [Abstract]
Current portion of finance lease receivables - net	$ 23,919	¥ 156,069	¥ 45,836
Finance lease receivables - net	$ 60,914	397,467	109,965
Total		¥ 553,536	¥ 155,801

Leases -Summary of Maturity Analysis of The Minimum Lease Payments Receivable (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Capital Leases of Lessor [Abstract]
Within 1 year	¥ 187,889
Between 1 and 2 years	175,751
Between 2 and 3 years	136,464
Between 3 and 4 years	75,768
Between 4 and 5 years	51,172
Above 5 years	1,253
Total lease payments	628,297
Less: Unrealized finance income	(70,474)
Net investment in the lease	557,823
Less: Allowance for finance lease receivables	(4,287)
Total	¥ 553,536	¥ 155,801

Leases - Additional Information (Detail) ¥ in Thousands	12 Months Ended
Leases - Additional Information (Detail) ¥ in Thousands	Dec. 31, 2020 CNY (¥)
Lessee Disclosure [Abstract]
Interest income on net investment in lease	¥ 17,115

Revenues - Summary of Revenues (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Disaggregation of Revenue [Line Items]
Revenues	$ 895,681	¥ 5,844,321	¥ 2,321,219	¥ 9,706
Vehicle Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 850,077	5,546,754	2,171,231	4,153
Services And Others [Member]
Disaggregation of Revenue [Line Items]
Revenues		¥ 297,567	¥ 149,988	¥ 5,553

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Deferred Revenue - Additional Information (Detail) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥) Kilometers	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Capitalized Contract Cost [Line Items]
Deferred revenue \| ¥	¥ 308,384	¥ 85,498	¥ 2,366
Performance obligation satisfied over time percentage	53.00%
Performance obligation satisfied over time explanation	January 1, 2021 to December 31, 2021
Remaining performance obligation percentage	47.00%
Remaining performance obligation expected timing of satisfaction explanation	January 1, 2022 to December 31, 2031
Vehicle [Member]
Capitalized Contract Cost [Line Items]
Free charging period	4 years
Free charging kilometers \| Kilometers	100,000

Deferred Revenue - Deferred Revenue Disclosure (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Revenue Disclosure [Abstract]
Deferred revenue - beginning of year	¥ 85,498	¥ 2,366
Additions	5,297,728	1,865,564	¥ 4,211
Recognition	(5,074,842)	(1,782,432)	(1,845)
Deferred revenue - end of year	¥ 308,384	¥ 85,498	¥ 2,366

Manufacturing in Collaboration with Haima Auto - Additional Information (Detail) - Collaborative Arrangement [Member] - Haima Auto [Member] - units		12 Months Ended
	Mar. 31, 2017	Dec. 31, 2020
Offsetting Assets [Line Items]
Collaborative arrangement, date of contract	Mar. 31, 2017
Collaborative arrangement, expiration date		Dec. 31, 2021
Annual production capacity		50,000

Convertible Redeemable Preferred Shares - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands																					12 Months Ended
	Aug. 06, 2020	Jul. 29, 2020 USD ($) $ / shares shares	Jul. 29, 2020 CNY (¥) shares	Jul. 24, 2020 USD ($) $ / shares shares	Jul. 24, 2020 CNY (¥) shares	Jul. 22, 2020 USD ($) $ / shares shares	Jul. 22, 2020 CNY (¥) shares	May 26, 2020 USD ($) $ / shares shares	May 26, 2020 CNY (¥) shares	May 11, 2020 USD ($) $ / shares shares	May 11, 2020 CNY (¥) shares	Apr. 10, 2020 USD ($) $ / shares shares	Apr. 10, 2020 CNY (¥) shares	Dec. 02, 2019 USD ($) $ / shares shares	Dec. 02, 2019 CNY (¥) shares	Aug. 01, 2018 CNY (¥) shares	Mar. 26, 2018 CNY (¥) shares	Jan. 05, 2018 CNY (¥) shares	Nov. 27, 2017 CNY (¥) shares	Jun. 09, 2017 CNY (¥) shares	Dec. 31, 2020 CNY (¥)	Jul. 29, 2020 ¥ / shares	Jul. 24, 2020 ¥ / shares	Jul. 22, 2020 ¥ / shares	May 26, 2020 ¥ / shares	May 11, 2020 ¥ / shares	Apr. 10, 2020 ¥ / shares	Dec. 02, 2019 ¥ / shares	Aug. 01, 2018 $ / shares	Aug. 01, 2018 ¥ / shares	Mar. 26, 2018 $ / shares	Mar. 26, 2018 ¥ / shares	Jan. 05, 2018 $ / shares	Jan. 05, 2018 ¥ / shares	Nov. 27, 2017 $ / shares	Nov. 27, 2017 ¥ / shares	Jun. 09, 2017 $ / shares	Jun. 09, 2017 ¥ / shares
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, consideration received on transaction \| $														$ 94
Sale of stock, price per share \| (per share)						$ 4.34																		¥ 30								¥ 343
Stockholders' equity note, stock split, conversion ratio																					1:1
Percent of holders for series																					80.00%
Preferred stock liquidation percent																					50.00%
Dividend right percent																					4.00%
Fund redemption price \| ¥																					¥ 300,000
Fund redemption price annualized interest rate																					8.00%
Liquidation one [Member]
Convertible Redeemable Preferred Shares [Line Items]
Stock liquidation percent																					120.00%
Liquidation two [Member]
Convertible Redeemable Preferred Shares [Line Items]
Debt instrument, interest rate, stated percentage																					12.00%
Stock liquidation percent																					100.00%
Preferred stock redemption one [Member]
Convertible Redeemable Preferred Shares [Line Items]
Preferred stock redemption price percent																					120.00%
Debt instrument, interest rate, stated percentage																					12.00%
Preferred stock redemption two [Member]
Convertible Redeemable Preferred Shares [Line Items]
Preferred stock redemption price percent																					100.00%
Series A Preferred Stock [Member]
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, number of shares issued in transaction																			2,021,635	1,102,710
Sale of stock, consideration received on transaction \| ¥																			¥ 308,000	¥ 168,000
Sale of stock, price per share \| ¥ / shares																																				¥ 152		¥ 152
Stock issued during period, shares, stock splits																			50,540,875	27,567,750
Preferred stock, par or stated value per share \| $ / shares																																			$ 0.00001		$ 0.00001
Stockholders' equity note, stock split, conversion ratio																			1:25	1:25
Series A1 Preferred Stock [Member]
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, number of shares issued in transaction																		2,712,095
Sale of stock, consideration received on transaction \| ¥																		¥ 460,000
Sale of stock, price per share \| ¥ / shares																																		¥ 170
Stock issued during period, shares, stock splits																		67,802,375
Preferred stock, par or stated value per share \| $ / shares																																	$ 0.00001
Stockholders' equity note, stock split, conversion ratio																		1:25
Series A2 Preferred Stock [Member]
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, number of shares issued in transaction																		466,856
Sale of stock, consideration received on transaction \| ¥																		¥ 100,000
Sale of stock, price per share \| ¥ / shares																																		¥ 214
Stock issued during period, shares, stock splits																		11,671,400
Preferred stock, par or stated value per share \| $ / shares																																	$ 0.00001
Stockholders' equity note, stock split, conversion ratio																		1:25
Series B Preferred Stock [Member]
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, number of shares issued in transaction																	6,419,268
Sale of stock, consideration received on transaction \| ¥																	¥ 2,200,000
Stock issued during period, shares, stock splits																	160,481,700
Preferred stock, par or stated value per share \| $ / shares																															$ 0.00001
Stockholders' equity note, stock split, conversion ratio																	1:25
Series B1 Preferred Stock [Member]
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, number of shares issued in transaction																5,330,910
Sale of stock, consideration received on transaction \| ¥																¥ 2,900,000
Sale of stock, price per share \| ¥ / shares																														¥ 544
Stock issued during period, shares, stock splits																133,272,750
Preferred stock, par or stated value per share \| $ / shares																													$ 0.00001
Stockholders' equity note, stock split, conversion ratio																1:25
Series B2 Preferred Stock [Member]
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, number of shares issued in transaction																1,526,543
Sale of stock, consideration received on transaction \| ¥																¥ 955,000
Sale of stock, price per share \| ¥ / shares																														¥ 626
Stock issued during period, shares, stock splits																38,163,575
Preferred stock, par or stated value per share \| $ / shares																													$ 0.00001
Stockholders' equity note, stock split, conversion ratio																1:25
Series C Preferred Stock [Member]
Convertible Redeemable Preferred Shares [Line Items]
Sale of stock, number of shares issued in transaction		207,588,515	207,588,515	207,588,515	207,588,515	207,588,515	207,588,515	318,363	318,363	795,907	795,907	26,137,425	26,137,425	3,183,626	3,183,626
Sale of stock, consideration received on transaction		$ 900,000	¥ 6,271,720	$ 900,000	¥ 6,271,720	$ 900,000	¥ 6,271,720	$ 1,200	¥ 8,555	$ 3,000	¥ 21,231	$ 98,519	¥ 693,123	$ 300,000	¥ 2,107,860
Sale of stock, price per share \| (per share)		$ 4.34		$ 4.34				$ 3.77		$ 3.77		$ 3.77										¥ 30	¥ 30		¥ 27	¥ 27	¥ 27	¥ 662
Stock issued during period, shares, stock splits														79,590,650	79,590,650
Preferred stock, par or stated value per share \| $ / shares														$ 0.00001
Stockholders' equity note, stock split, conversion ratio	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25	1:25
Series C Preferred Stock [Member] \| Liquidation one [Member]
Convertible Redeemable Preferred Shares [Line Items]
Stock liquidation percent																					120.00%
Series C Preferred Stock [Member] \| Liquidation two [Member]
Convertible Redeemable Preferred Shares [Line Items]
Debt instrument, interest rate, stated percentage																					12.00%
Stock liquidation percent																					100.00%
Series C Preferred Stock [Member] \| Preferred stock redemption one [Member]
Convertible Redeemable Preferred Shares [Line Items]
Preferred stock redemption price percent																					120.00%
Debt instrument, interest rate, stated percentage																					12.00%
Series C Preferred Stock [Member] \| Preferred stock redemption two [Member]
Convertible Redeemable Preferred Shares [Line Items]
Preferred stock redemption price percent																					100.00%

Convertible Redeemable Preferred Shares - Summary of Preferred Shares Activities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	566,893,175	489,500,425	104,034,125
Beginning balance	¥ 9,693,478	¥ 6,979,473	¥ 510,598
Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018,Shares			79,473,775
Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018			¥ 560,000
Extinguishment of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018			(474,376)
Recognition of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018			¥ 508,923
Issuance of Preferred Shares of Series B on March 26 2018,Shares			160,481,700
Issuance of Preferred Shares of Series B on March 26 2018			¥ 1,823,954
Modification of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018			(25,045)
Extinguishment of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018			(25,021)
Recognition of mezzanine equity at fair value upon the completion of the issuance of Series B on March 26, 2018			¥ 33,395
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018,Shares			171,436,325
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018			¥ 3,406,312
Accretion on Preferred Shares to redemption value			¥ 705,329
Derecognition of mezzanine equity classified as Preferred Shares,Shares			(10,172,500)
Derecognition of mezzanine equity classified as Preferred Shares			¥ (33,395)
Derecognition of mezzanine equity classified as Redeemable Ordinary Shares,Shares			(15,753,000)
Derecognition of mezzanine equity classified as Redeemable Ordinary Shares			¥ (11,201)
Issuance of Preferred Shares post extinguishment,Shares		79,590,650
Issuance of Preferred Shares post extinguishment		¥ 1,801,402
Accretion on Preferred Shares to redemption value post extinguishment	¥ 2,157,744	¥ 961,050
Repurchase of the Preferred Shares,Shares		(2,197,900)
Repurchase of the Preferred Shares		¥ (48,447)
Issuance of Preferred Shares of Series C,Shares	234,840,210
Issuance Of Preferred Shares Of Series C Value	¥ 6,639,361
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 2,157,744	¥ 961,050
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(801,733,385)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (18,490,583)
Ending balance (Shares)	0	566,893,175	489,500,425
Ending balance	¥ 0	¥ 9,693,478	¥ 6,979,473
Redeemable Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)			15,753,000
Beginning balance			¥ 11,201
Derecognition of mezzanine equity classified as Redeemable Ordinary Shares,Shares			(15,753,000)
Derecognition of mezzanine equity classified as Redeemable Ordinary Shares			¥ (11,201)
Ending balance (Shares)	0
Ending balance	¥ 0
Series A Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	78,108,625	78,108,625	88,281,125
Beginning balance	¥ 597,559	¥ 532,353	¥ 499,397
Extinguishment of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018			(474,376)
Recognition of mezzanine equity upon the completion of the issuance of Series A-1 and A-2 on January 5, 2018			508,923
Modification of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018			(12,088)
Extinguishment of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018			(25,021)
Recognition of mezzanine equity at fair value upon the completion of the issuance of Series B on March 26, 2018			33,395
Accretion on Preferred Shares to redemption value			¥ 35,518
Derecognition of mezzanine equity classified as Preferred Shares,Shares			(10,172,500)
Derecognition of mezzanine equity classified as Preferred Shares			¥ (33,395)
Accretion on Preferred Shares to redemption value post extinguishment	64,863	65,206
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 64,863	¥ 65,206
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(78,108,625)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (662,422)
Ending balance (Shares)	0	78,108,625	78,108,625
Ending balance	¥ 0	¥ 597,559	¥ 532,353
Series A1 Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	67,802,375	67,802,375	0
Beginning balance	¥ 559,654	¥ 498,581	¥ 0
Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018,Shares			67,802,375
Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018			¥ 460,000
Modification of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018			(10,597)
Accretion on Preferred Shares to redemption value			¥ 49,178
Accretion on Preferred Shares to redemption value post extinguishment	60,854	61,073
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 60,854	¥ 61,073
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(67,802,375)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (620,508)
Ending balance (Shares)	0	67,802,375	67,802,375
Ending balance	¥ 0	¥ 559,654	¥ 498,581
Series A2 Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	11,671,400	11,671,400	0
Beginning balance	¥ 121,257		¥ 108,002
Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018,Shares			11,671,400
Issuance of Preferred Shares of Series A-1 and A-2 on January 5, 2018			¥ 100,000
Modification of mezzanine equity upon the completion of the issuance of Series B on March 26, 2018			(2,360)
Accretion on Preferred Shares to redemption value			¥ 10,362
Accretion on Preferred Shares to redemption value post extinguishment	13,635	¥ 13,255
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 13,635	¥ 13,255
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(11,671,400)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (134,892)
Ending balance (Shares)	0	11,671,400	11,671,400
Ending balance	¥ 0	¥ 121,257
Series B Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	160,481,700	160,481,700	0
Beginning balance	¥ 2,562,098	¥ 2,274,403	¥ 0
Issuance of Preferred Shares of Series B on March 26 2018,Shares			160,481,700
Issuance of Preferred Shares of Series B on March 26 2018			¥ 1,823,954
Accretion on Preferred Shares to redemption value			¥ 450,449
Accretion on Preferred Shares to redemption value post extinguishment	332,743	287,695
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 332,743	¥ 287,695
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(160,481,700)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (2,894,841)
Ending balance (Shares)	0	160,481,700	160,481,700
Ending balance	¥ 0	¥ 2,562,098	¥ 2,274,403
Series B1 Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	133,272,750	133,272,750	0
Beginning balance	¥ 3,080,443	¥ 2,685,499	¥ 0
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018,Shares			133,272,750
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018			¥ 2,565,113
Accretion on Preferred Shares to redemption value			¥ 120,386
Accretion on Preferred Shares to redemption value post extinguishment	586,803	394,944
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 586,803	¥ 394,944
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(133,272,750)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (3,667,246)
Ending balance (Shares)	0	133,272,750	133,272,750
Ending balance	¥ 0	¥ 3,080,443	¥ 2,685,499
Series B2 Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	35,965,675	38,163,575	0
Beginning balance	¥ 952,068	¥ 880,635	¥ 0
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018,Shares			38,163,575
Issuance of Preferred Shares of Series B-1 and B-2 on August 1, 2018			¥ 841,199
Accretion on Preferred Shares to redemption value			¥ 39,436
Accretion on Preferred Shares to redemption value post extinguishment	186,043	¥ 119,880
Repurchase of the Preferred Shares,Shares		(2,197,900)
Repurchase of the Preferred Shares		¥ (48,447)
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 186,043	¥ 119,880
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(35,965,675)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (1,138,111)
Ending balance (Shares)	0	35,965,675	38,163,575
Ending balance	¥ 0	¥ 952,068	¥ 880,635
Series C Preferred Stock [Member]
Disclosure Of Preferred Shares Activities [Line Items]
Beginning balance (Shares)	79,590,650	0	0
Beginning balance	¥ 1,820,399	¥ 0	¥ 0
Issuance of Preferred Shares post extinguishment,Shares		79,590,650
Issuance of Preferred Shares post extinguishment		¥ 1,801,402
Accretion on Preferred Shares to redemption value post extinguishment	¥ 912,803	18,997
Issuance of Preferred Shares of Series C,Shares	234,840,210
Issuance Of Preferred Shares Of Series C Value	¥ 6,639,361
Accretion on Preferred Shares to Redemption Value post Extinguishment	¥ 912,803	¥ 18,997
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO,Shares	(314,430,860)
Conversion of Preferred Shares to Ordinary Shares upon the completion of the IPO	¥ (9,372,563)
Ending balance (Shares)	0	79,590,650	0
Ending balance	¥ 0	¥ 1,820,399	¥ 0

Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands							1 Months Ended		12 Months Ended
	Dec. 14, 2020 USD ($) shares	Dec. 14, 2020 CNY (¥) shares	Aug. 27, 2020 USD ($) $ / shares shares	Aug. 27, 2020 CNY (¥) shares	Aug. 06, 2020 $ / shares shares	Jun. 28, 2020 $ / shares shares	Aug. 31, 2020 CNY (¥)	Sep. 30, 2019 shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Mar. 30, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares
Stockholders Equity Note [Line Items]
Stock issued during period shares new issues								17,897,478
Proceeds from issuance initial public offering									$ 1,748,718	¥ 11,410,386	¥ 0	¥ 0
IPO [Member]
Stockholders Equity Note [Line Items]
Sale of stock number of shares issued in transaction			229,386,666	229,386,666
Proceeds from issuance initial public offering			$ 1,655,678	¥ 11,409,248			¥ 11,410,386
Success Sharing Development Holding Limited [Member]
Stockholders Equity Note [Line Items]
Common stock par or stated value per share \| $ / shares						$ 0.00001
Stock repurchased and retired during period shares						100,442,575
Quack Holding Limited [Member]
Stockholders Equity Note [Line Items]
Common stock par or stated value per share \| $ / shares					$ 0.00001	$ 0.00001
Stock issued during period shares new issues					14,850,560	17,643,400
XPeng Fortune Holding Limited [Member]
Stockholders Equity Note [Line Items]
Common stock par or stated value per share \| $ / shares					$ 0.00001	$ 0.00001
Stock issued during period shares new issues					9,695,210	33,349,070
Common Class A [Member]
Stockholders Equity Note [Line Items]
Common stock shares authorized			8,850,000,000						8,850,000,000				3,492,799,650	3,492,799,650
Common stock par or stated value per share \| $ / shares			$ 0.00001						$ 0.00001				$ 0.00001	$ 0.00001
Common stock shares issued									971,341,066					131,955,575
Common stock shares outstanding									928,296,786					31,513,000
Common Class A [Member] \| Follow On Offering [Member]
Stockholders Equity Note [Line Items]
Stock issued during period shares new issues	110,400,000	110,400,000
Proceeds from issuance of Ordinary Shares	$ 2,444,930	¥ 15,980,227
Common Class B [Member]
Stockholders Equity Note [Line Items]
Common stock shares authorized			750,000,000						750,000,000				750,000,000	750,000,000
Common stock par or stated value per share \| $ / shares			$ 0.00001						$ 0.00001				$ 0.00001	$ 0.00001
Common stock shares issued									429,846,136					331,234,375
Common stock shares outstanding									429,846,136					331,234,375
Common Class C [Member]
Stockholders Equity Note [Line Items]
Common stock shares authorized			400,000,000						400,000,000					0
Common stock par or stated value per share \| $ / shares			$ 0.00001						$ 0.00001					$ 0.00001
Common stock shares issued									178,618,464					0
Common stock shares outstanding									178,618,464					0

Share-based Compensation - Summary of Share Based Compensation Stock Options Activity (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Share Based Compensation Stock Options Activity [Abstract]
Number of Options Outstanding, Beginning balance	91,138,700	91,138,700	75,091,640	31,472,750
Number of Options Outstanding, Granted	3,788,750		23,599,310	44,706,900
Number of Options Outstanding, Forfeited	(2,273,720)		(7,552,250)	(1,088,010)
Number of Options Outstanding, Replacement		(92,653,730)
Number of Options Outstanding, Ending balance		0	91,138,700	75,091,640
Weighted Average Exercise Price, Beginning balance	$ 0.0004	$ 0.0004	$ 0.0004	$ 0.0004
Weighted Average Exercise Price, Granted			0.0004	0.0004
Weighted Average Exercise Price, Ending balance			$ 0.0004	$ 0.0004
Weighted Average Remaining Contractual Life		5 years 3 months 25 days	5 years 6 months 21 days	5 years 8 months 19 days

Share-based Compensation - Summary of Fair Value of Each Share Options Granted (Detail) - ¥ / shares						12 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	May 26, 2020	May 11, 2020	Apr. 10, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)						7 years	7 years	7 years
Exercise price						¥ 0.0004	¥ 0.0004	¥ 0.0004
Risk-free interest rate, Minimum						3.10%	2.66%	3.03%
Risk-free interest rate, Maximum						3.31%	3.31%	3.68%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Expected volatility, Minimum						33.35%	33.32%	34.28%
Expected volatility, Maximum						33.56%	33.56%	34.39%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of the ordinary shares on the date of option grant						¥ 8.53	¥ 8.60	¥ 8.08
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of the ordinary shares on the date of option grant						¥ 8.36	¥ 8.36	¥ 2.51

Share-based Compensation - Summary of Vesting Schedule of the Restricted Shares (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, unvested	13,333,325	40,000,000
Number of shares, vested	(13,333,325)	(26,666,675)
Weighted average grant date fair value	$ 10.16	$ 10.16

Share-based Compensation - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, $ in Thousands							3 Months Ended	12 Months Ended
	May 07, 2020	May 07, 2019	May 07, 2018	Mar. 26, 2018	Jan. 05, 2018 shares	May 07, 2016	Mar. 31, 2020 ¥ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥) $ / shares	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 CNY (¥) $ / shares	Dec. 31, 2020 CNY (¥)	Jan. 05, 2020 shares	Jan. 09, 2019 shares	Jan. 08, 2019 shares	Jan. 05, 2019 shares	May 07, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation , options, exercise price \| $ / shares											$ 0.0004		$ 0.0004
Share-based compensation								$ 152,708	¥ 996,417,000	¥ 517,000		¥ 1,630,000
Share Based Compensation Expense \| ¥									996,417,000
Share-based Payment Arrangement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation , options, exercise price \| ¥ / shares							¥ 0.0004
Share-based compensation \| ¥									¥ 0	0		0
Unrecognized share-based compensation expenses								$ 0		342,683,000	$ 342,683,000	183,244,000	$ 183,244,000
Nonvested award, excluding option, cost not yet recognized, amount \| ¥										86,205,000	$ 86,205,000	58,176,000	$ 58,176,000	¥ 0
Share-based Payment Arrangement [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							25.00%
Share-based payment award, award vesting period							4 years
Share-based Payment Arrangement [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							15.00%
Share-based payment award, award vesting period							4 years
Share option vesting rights percentage							40.00%
Share-based Payment Arrangement [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							3.75%
Share-based payment award, award vesting period							4 years
Share option vesting rights percentage							85.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage								75.00%	75.00%
Share-based payment award, award vesting period								3 years	3 years
Share option vesting rights percentage								25.00%	25.00%
Nonvested award, excluding option, cost not yet recognized, amount \| ¥														¥ 426,810,000
Number of shares replaced							75,010,330
Common stock par or stated value per share \| $ / shares								$ 0.00001
Nonvested award, cost not yet recognized, period for Recognition								1 year 9 months 18 days	1 year 9 months 18 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage				50.00%	50.00%	75.00%
Share-based payment award, award vesting period				2 years	2 years
Share-based compensation \| ¥									¥ 0	¥ 517,000		¥ 1,630,000
Number of shares replaced							17,643,400
Share based compensation arrangement by share based payment award subject to requisite service conditions																			80,000,000
Share based compensation Arrangement by share based payment award number of shares modified					26,666,675
Percent of number of shares vested					50.00%
Number of shares vested					40,000,000
Number of unvested restricted shares					40,000,000											20,000,000	20,000,000	40,000,000
Number of unvested restricted shares upon modification					26,666,675										13,333,325			13,333,325
Nonvested award, cost not yet recognized, period for Recognition								2 years	2 years
Restricted Stock [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			25.00%
Restricted Stock [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		25.00%
Restricted Stock [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	25.00%

Share-based compensation - Summary of Restricted Stock and Restricted Stock Unit, Activity (Detail)	12 Months Ended
	Dec. 31, 2020 ¥ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested		(13,333,325)	(26,666,675)
Outstanding balance		13,333,325	40,000,000
Weighted average grant date fair value \| $ / shares		$ 10.16	$ 10.16
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement	75,010,330
Granted	39,313,515
Vested	(63,314,483)
Forfeited	(2,721,228)
Outstanding balance	48,288,134
Expected to vest as of December 31, 2020,shares	44,425,083
Replacement ,Weighted average grant-date \| ¥ / shares	¥ 4.87
Granted,Weighted average grant-date \| ¥ / shares	27.70
Vested,Weighted average grant-date \| ¥ / shares	11.66
Forfeited,Weighted average grant-date \| ¥ / shares	11.05
Weighted average grant date fair value \| ¥ / shares	¥ 14.20
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement	17,643,400
Vested	(17,643,400)
Replacement ,Weighted average grant-date \| ¥ / shares	¥ 2.51
Vested,Weighted average grant-date \| ¥ / shares	¥ 2.51

Taxation - Summary of Composition of Income Tax Expenses (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expenses		¥ 1,223	¥ 1	¥ 0
Deferred income tax expenses		0
Income tax expenses	$ 187	¥ 1,223	¥ 1	¥ 0

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Taxation - Summary of Reconciliations of the Income Tax Expenses (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Loss before income tax expenses	$ (418,509)	¥ (2,730,762)	¥ (3,691,672)	¥ (1,398,823)
Income tax expenses computed at the PRC statutory income tax rate of 25%		(682,691)	(922,918)	(349,706)
Effect of tax holiday		111,756	271,242
Effect of change in tax rate		13,920	213,331
Effect of different tax rate of different jurisdictions		(393,384)	(9,853)	(64,793)
Effect of additional deduction for qualified R&D expenses		(156,713)	(236,704)	(127,329)
Non-deductible expenses		234,328	2,050	1,421
Changes in valuation allowance		874,007	682,853	540,407
Income tax expenses	$ 187	1,223	¥ 1	¥ 0
Effect of tax holiday inside the PRC on basic and dilutive loss per share		¥ 0

Taxation - Summary of Components of Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Components of Deferred Tax Assets [Abstract]
Net operating loss carry-forwards	¥ 2,036,152	¥ 1,256,218	¥ 594,035
Deferred revenue	57,000	9,168
Impairment of property, plant and equipment	21,802	11,878
Government grants	43,145	11,579
Impairment of inventory	11,233	27,341
Advertising expenses in excess of deduction limit	180	65	31,562
Accruals and others	45,439	24,695	32,494
Valuation allowance	(2,214,951)	¥ (1,340,944)	¥ (658,091)	¥ (117,684)
Total deferred tax assets, net	¥ 0

Taxation - Summary of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Line Items]
Balance at beginning of the year	¥ 1,340,944	¥ 658,091	¥ 117,684
Balance at end of the year	2,214,951	1,340,944	658,091
Additions [Member]
Valuation Allowance [Line Items]
Valuation allowance	889,877	901,491	545,605
Loss utilized [Member]
Valuation Allowance [Line Items]
Valuation allowance	(1,950)	(5,307)	¥ (5,198)
Effect of change in tax rate [Member]
Valuation Allowance [Line Items]
Valuation allowance	¥ (13,920)	¥ (213,331)

Taxation - Summary of Tax Loss Carryforwards (Detail) ¥ in Thousands	Dec. 31, 2020 CNY (¥)
Operating Loss Carryforwards [Line Items]
Loss	¥ 10,275,076
Tax losses	655,787
Loss expiring in 2021 [Member]
Operating Loss Carryforwards [Line Items]
Loss	35,077
Loss expiring in 2022 [Member]
Operating Loss Carryforwards [Line Items]
Loss	8,902
Loss expiring in 2023 [Member]
Operating Loss Carryforwards [Line Items]
Loss	159,854
Loss expiring in 2024 [Member]
Operating Loss Carryforwards [Line Items]
Loss	843,520
Loss expiring in 2025 [Member]
Operating Loss Carryforwards [Line Items]
Loss	1,735,524
Loss expiring in 2026 [Member]
Operating Loss Carryforwards [Line Items]
Loss	75,970
Loss expiring in 2027 [Member]
Operating Loss Carryforwards [Line Items]
Loss	310,939
Loss expiring in 2028 [Member]
Operating Loss Carryforwards [Line Items]
Loss	1,586,972
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
United States [Member]
Operating Loss Carryforwards [Line Items]
Tax losses	408,754
Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Tax losses	¥ 247,033

Taxation - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Loss	¥ 10,275,076
Tax losses	¥ 655,787
Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	16.50%
Tax losses	¥ 247,033
United States [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate		27.98%
Tax losses	¥ 408,754
PRC [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	25.00%
Withholding tax rate	10.00%
Effective income tax rate reconciliation, tax credit, research, percent	75.00%		50.00%
PRC [Member] \| HNTE [Member]
Operating Loss Carryforwards [Line Items]
Preferential income tax rate	15.00%
PRC [Member] \| Beneficial Owner [Member]
Operating Loss Carryforwards [Line Items]
Withholding tax rate	5.00%

Loss Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Earnings Per Share [Abstract]
Net loss	$ (418,696)	¥ (2,731,985)	¥ (3,691,673)	¥ (1,398,823)
Accretion on Preferred Shares to redemption value	(330,689)	(2,157,744)	(961,050)	(705,329)
Deemed dividend due to extinguishment of Preferred Shares	0	0	0	(43,136)
Deemed dividend due to modification of Preferred Shares	0	0	0	(41,485)
Deemed contribution from repurchase of Preferred Shares	0	0	9,969	0
Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares	0	0	0	(66,091)
Net loss attributable to ordinary shareholders of XPeng Inc.	$ (749,385)	¥ (4,889,729)	¥ (4,642,754)	¥ (2,254,864)
Basic and diluted	754,270,914	754,270,914	349,450,580	330,176,070
Basic and diluted \| (per share)	$ (0.99)	¥ (6.48)	¥ (13.29)	¥ (6.83)

Loss Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impairment Effects on Earnings Per Share [Line Items]
Convertible preferred stock, shares issued upon conversion	0	500,059,108	352,122,730
Share-based Payment Arrangement, Option [Member]
Impairment Effects on Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	0	100,442,575	78,834,504
Restricted Stock [Member]
Impairment Effects on Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	0	0	13,333,325
Restricted Stock Units (RSUs) [Member]
Impairment Effects on Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	20,841,866	0	0

Related Parties - Summary of Related Parties and Nature of Relationship (Detail)	12 Months Ended
	Dec. 31, 2020
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
Guangzhou Huitian Aerospace Technology Co., Ltd. [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Controlled by Principal Shareholder
Guangzhou Zhongpeng Investment and Development Co., Ltd. [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Controlled by Principal Shareholder

Related Parties - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)
Related Party Transaction [Line Items]
Loans from a related party	$ 162,978	¥ 1,063,434	¥ 0	¥ 0
Interest expense on the loans from a shareholder		5,922
Amounts due to a related party	$ 1,849		678		¥ 12,062
XiaopengHe [Member]
Related Party Transaction [Line Items]
Amount due from related parties					682
Rental expenses to a shareholder		10,150
Purchases from related party		999
Rental income from a related party		166
XiaopengHe [Member] \| Reimbursment Expense [Member]
Related Party Transaction [Line Items]
Amount due from related parties			¥ 20,425
XiaopengHe [Member] \| Purchase Of Assets [Member]
Related Party Transaction [Line Items]
Purchases from related party		¥ 999
XiaopengHe [Member] \| Rental Expense [Member]
Related Party Transaction [Line Items]
Amounts due to a related party					¥ 11,063

Commitments and Contingencies - Summary of Capital Expenditures (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Amount	¥ 303,809	¥ 570,844
Property, plant and equipment [Member]
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Amount	259,417	160,844
Investments [Member]
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Amount	¥ 44,392	¥ 410,000

Commitments and Contingencies - Summary of Purchase Expenditures (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments on purchase of raw materials	¥ 2,315,188	¥ 0

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - CNY (¥) ¥ in Thousands			1 Months Ended
	Mar. 31, 2021	Mar. 12, 2021	Jan. 31, 2021
A Business Related to Flight Vehicles [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage			19.90%
Business Combination, Consideration Transferred			¥ 24,492
Guangdong Utrust [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage		0.3067%
Business Combination, Consideration Transferred		¥ 500,000
Guangzhou GET Investment [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage	1.064%
Business Combination, Consideration Transferred	¥ 1,000,000

Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Restricted Net Assets	¥ 27,751,253	¥ 6,320,933
Percentage of after-tax profits for appropriations prior to dividend payment	10.00%
Maximum [Member]
Percentage of general reserve fund on registered capital	50.00%
Percentage of statutory surplus fund on registered capital	50.00%
Minimum [Member]
Percentage of profits after tax to general reserve fund	10.00%
Percentage of statutory surplus fund on profits after tax	10.00%

Company Financial Statements - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Current assets
Cash and cash equivalents	$ 4,476,535	¥ 29,209,388	¥ 1,946,931
Restricted cash	357,417	2,332,145	460,812
Short-term deposits	150,176	979,897	0
Prepayments and other current assets	245,714	1,603,286	1,083,307
Derivative assets	16,120	105,183	0
Total current assets	6,081,117	39,679,278	4,960,650
Non-current assets
Total non-current assets	770,499	5,027,501	4,290,715
Total assets	6,851,616	44,706,779	9,251,365
Current liabilities
Accurals and other liabilities	345,773	2,256,165	1,755,995
Total current liabilities	1,201,114	7,837,263	3,297,691
Non-current liabilities
Derivative liabilities	0	0	897,091
Total non-current liabilities	373,902	2,439,707	3,090,626
Total liabilities	1,575,016	10,276,970	6,388,317
MEZZANINE EQUITY
Total mezzanine equity	0	0	9,693,478
SHAREHOLDERS' (DEFICIT) EQUITY
Additional paid-in capital	7,123,757	46,482,512	0
Accumulated deficit	(1,735,237)	(11,322,423)	(6,824,503)
Accumulated other comprehensive loss	(111,936)	(730,381)	(5,948)
Total shareholders' (deficit) equity	5,276,600	34,429,809	(6,830,430)	¥ (2,185,225)	¥ (39,800)
Total liabilities, mezzanine equity and shareholders' (deficit) equity	6,851,616	44,706,779	9,251,365
Series A Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares	0	0	597,559
Series A-1 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares	0	0	559,654
Series A-2 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares	0	0	121,257
Series B Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares	0	0	2,562,098
Series B-1 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares	0	0	3,080,443
Series B-2 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares	0	0	952,068
Series C Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares	0	0	1,820,399
Common Class A [Member]
SHAREHOLDERS' (DEFICIT) EQUITY
Common Stock, Value, Issued	10	63	2
Common Class B [Member]
SHAREHOLDERS' (DEFICIT) EQUITY
Common Stock, Value, Issued	4	26	19
Common Class C [Member]
SHAREHOLDERS' (DEFICIT) EQUITY
Common Stock, Value, Issued	2	12	0
Parent [Member]
Current assets
Cash and cash equivalents	3,794,726	24,760,588	269,169
Restricted cash	17,520	114,321
Short-term deposits	150,176	979,897
Prepayments and other current assets	1,982	12,931
Derivative assets	16,120	105,183
Total current assets	3,980,524	25,972,920	269,169
Non-current assets
Investments in subsidiaries and VIEs	1,298,286	8,471,310	3,490,970
Total non-current assets	1,298,286	8,471,310	3,490,970
Total assets	5,278,810	34,444,230	3,760,139
Current liabilities
Accurals and other liabilities	2,210	14,421
Total current liabilities	2,210	14,421
Non-current liabilities
Derivative liabilities			897,091
Total non-current liabilities			897,091
Total liabilities	2,210	14,421	897,091
MEZZANINE EQUITY
Total mezzanine equity			9,693,478
SHAREHOLDERS' (DEFICIT) EQUITY
Additional paid-in capital	7,123,757	46,482,512
Accumulated deficit	(1,735,237)	(11,322,423)	(6,824,503)
Accumulated other comprehensive loss	(111,936)	(730,381)	(5,948)
Total shareholders' (deficit) equity	5,276,600	34,429,809	(6,830,430)
Total liabilities, mezzanine equity and shareholders' (deficit) equity	5,278,810	34,444,230	3,760,139
Parent [Member] \| Series A Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares			597,559
Parent [Member] \| Series A-1 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares			559,654
Parent [Member] \| Series A-2 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares			121,257
Parent [Member] \| Series B Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares			2,562,098
Parent [Member] \| Series B-1 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares			3,080,443
Parent [Member] \| Series B-2 Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares			952,068
Parent [Member] \| Series C Preferred Shares [Member]
MEZZANINE EQUITY
Convertible Redeemable Preferred Shares			1,820,399
Parent [Member] \| Common Class A [Member]
SHAREHOLDERS' (DEFICIT) EQUITY
Common Stock, Value, Issued	10	63	2
Parent [Member] \| Common Class B [Member]
SHAREHOLDERS' (DEFICIT) EQUITY
Common Stock, Value, Issued	4	26	¥ 19
Parent [Member] \| Common Class C [Member]
SHAREHOLDERS' (DEFICIT) EQUITY
Common Stock, Value, Issued	$ 2	¥ 12

Company Financial Statements - Condensed Statements of Comprehensive Loss (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

Dec. 31, 2020

CNY (¥)

Dec. 31, 2019

CNY (¥)

Dec. 31, 2018

CNY (¥)

Operating expenses

Other non-operating income, net

^[1]

$ (447,609)

¥ (2,920,649)

¥ (1,164,569)

¥ (642,541)

Total operating expenses

^[1]

712,116

4,646,555

3,234,727

1,693,760

Loss from operations

658,045

4,293,736

3,780,574

1,694,634

Interest income

20,389

133,036

88,843

65,376

Interest expense

(3,441)

(22,451)

(32,017)

(5,822)

13,849

90,364

4,397

(18,104)

Fair value gain on derivative liabilities

208,739

1,362,025

27,679

254,361

Loss before income tax expenses

(418,509)

(2,730,762)

(3,691,672)

(1,398,823)

Income tax expenses

187

1,223

(418,696)

(2,731,985)

(3,691,673)

(1,398,823)

Deemed dividend due to extinguishment of Preferred Shares

330,689

2,157,744

961,050

705,329

(43,136)

Deemed dividend due to modification of Preferred Shares

(41,485)

Deemed dividend due to reclassification from mezzanine equity to ordinary shares upon extinguishment of Redeemable Shares

(66,091)

Net loss attributable to ordinary shareholders of XPeng Inc.

(749,385)

(4,889,729)

(4,642,754)

(2,254,864)

Other comprehensive loss

Foreign currency translation adjustment, net of nil tax

(111,024)

(724,433)

(2,968)

(2,980)

Total comprehensive loss attributable to XPeng Inc.

(529,720)

(3,456,418)

(3,694,641)

(1,401,803)

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

(860,409)

(5,614,162)

(4,645,722)

(2,257,844)

Parent [Member]

Operating expenses

Equity in loss of subsidiaries and VIEs

(2,058)

(13,430)

(517)

(1,630)

Total operating expenses

(2,058)

(13,430)

(517)

(1,630)

Loss from operations

(2,058)

(13,430)

(517)

(1,630)

Interest income

6,590

43,001

1,140

Interest expense

(910)

(5,935)

(687,670)

(4,487,049)

(3,719,975)

(1,651,554)

Other non-operating income, net

56,613

369,403

Fair value gain on derivative liabilities

208,739

1,362,025

27,679

254,361

Loss before income tax expenses

(418,696)

(2,731,985)

(3,691,673)

(1,398,823)

Income tax expenses

(418,696)

(2,731,985)

(3,691,673)

(1,398,823)