UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

March 2022

Commission File Number: 001-39466

XPENG INC.

No. 8 Songgang Road, Changxing Street

Cencun, Tianhe District, Guangzhou

Guangdong 510640

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

TABLE OF CONTENTS

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 29, 2022

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Exhibit 99.1

XPeng Reports Fourth Quarter and Fiscal Year 2021 Unaudited Financial Results

GUANGZHOU, China, — (BUSINESS WIRE) — XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2021.

Operational and Financial Highlights for the Three Months Ended December 31, 2021

1

Key Financial Results

(in RMB millions, except for per ordinary share data and percentages)

2

Operational and Financial Highlights for the Fiscal Year Ended December 31, 2021

3

Key Financial Results

(in RMB millions, except for per ordinary share data and percentages)

4

Management Commentary

Mr. He Xiaopeng, Chairman and CEO of XPeng, said, “2021 was marked by impressive growth with record-breaking fourth quarter deliveries led by our blockbuster P7 model and our newly launched P5 family sedan. For both the full year and fourth quarter, our total deliveries more than tripled year-over-year, fueled by the fast-growing EV penetration in China and our competitive Smart EV products. In addition, fast expansion of our sales and services, and supercharging stations networks and the accelerated rollout of new products are paving the way for even deeper penetration into China’s mid- to high-end market segment where robust demand for our products continues to outpace supply.”

“We are also excited about our City Navigation Guided Pilot (“CNGP”), which is being developed and fast iterated. Our objective for CNGP is to achieve superior safety and user experience in complex urban driving scenarios. The upcoming OTA of CNGP will further strengthen our technology leadership and it will mark another major milestone on our journey toward achieving full scenario autonomous driving for our customers,” Mr. He concluded.

“With accelerated deliveries across our three models, our 2021 full-year revenue exceeded RMB20 billion. Notably, we delivered remarkable growth in the fourth quarter, with revenues reaching RMB8.6 billion, up 200.1% year-over-year. Fueled by our strong vehicle models on the market, planned new launches based on new platforms, and technology leadership, we are confident in our continued growth trajectory and structural improvement of gross margin.” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and President of XPeng.

Recent Developments

Deliveries in January and February 2022

Technology upgrade for Zhaoqing manufacturing factory

During the scheduled downtime over the Chinese New Year Holiday period starting from the end of January, the Company implemented technology upgrades for the Zhaoqing manufacturing factory and production at the Zhaoqing factory resumed in mid-February as planned. The upgrade enables accelerated delivery of its significant order backlog carried over from 2021 to early 2022.

Strong coverage of XPeng-branded supercharging network

XPeng-branded supercharging network has expanded its coverage across 337 cities in China, making XPeng the first EV auto manufacturer in China’s auto industry to reach this milestone. As of January 17, 2022, the number of XPeng-branded supercharging stations increased to 813.

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Expansion in Europe

XPeng continued to expand its presence in Europe. In February 2022, the Company announced its strategic partnerships with two renowned European automobile players for agency retail collaborations in the Netherlands and Sweden, respectively. At the same time, XPeng’s first branded overseas retail experience store opened in Stockholm, Sweden.

Inclusion in the Shenzhen and Shanghai-Hong Kong Stock Connect programs

XPeng’s Class A ordinary shares, which are traded on The Stock Exchange of Hong Kong Limited, were included in the Shenzhen and Shanghai-Hong Kong Stock Connect programs in February 2022.

Addition to The Hang Seng TECH Index as a constituent stock

XPeng was included in the Hang Seng TECH Index as a constituent stock, effective on March 7, 2022. The Hang Seng TECH Index represents the 30 largest technology companies listed in Hong Kong that have high business exposure to technology themes.

Unaudited Financial Results for the Three Months Ended December 31, 2021

Total revenues were RMB8,556.0 million (US$1,342.6 million) for the fourth quarter of 2021, representing an increase of 200.1% from RMB2,851.4 million for the same period of 2020 and an increase of 49.6% from RMB5,719.9 million for the third quarter of 2021.

Revenues from vehicle sales were RMB8,187.2 million (US$1,284.7 million) for the fourth quarter of 2021, representing an increase of 199.3% from RMB2,735.4 million for the same period of 2020 and an increase of 49.9% from RMB5,460.1 million for the third quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly attributable to higher vehicle deliveries, especially for the P7 and P5.

Revenues from services and others were RMB368.8 million (US$57.9 million) for the fourth quarter of 2021, representing an increase of 218.2% from RMB115.9 million for the same period of 2020 and an increase of 41.9% from RMB259.9 million for the third quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly attributed to more service, parts and accessory sales in line with higher accumulated vehicle sales.

Cost of sales was RMB7,532.7 million (US$1,182.0 million) for the fourth quarter of 2021, representing an increase of 185.2% from RMB2,640.8 million for the same period of 2020 and an increase of 53.8% from RMB4,899.1 million for the third quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to the increase of vehicle deliveries as described above.

Gross margin was 12.0% for the fourth quarter of 2021, compared with 7.4% and 14.4% for the fourth quarter of 2020 and the third quarter of 2021, respectively.

Vehicle margin was 10.9% for the fourth quarter of 2021, compared with 6.8% for the same period of 2020 and 13.6% for the third quarter of 2021. The quarter-over-quarter decrease was primarily attributable to the product mix change.

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Research and development expenses were RMB1,451.4 million (US$227.8 million) for the fourth quarter of 2021, representing an increase of 215.6% from RMB460.0 million for the same period of 2020 and an increase of 14.8% from RMB1,264.2 million for the third quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, and (ii) higher expenses relating to the development of new vehicles models to support future growth.

Selling, general and administrative expenses were RMB2,015.4 million (US$316.3 million) for the fourth quarter of 2021, representing an increase of 119.6% from RMB917.9 million for the same period of 2020 and an increase of 31.0% from RMB1,538.4 million for the third quarter of 2021. The year-over-year increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, and (ii) the expansion of our sales network and associated personnel cost, and commission for franchised store sales. The quarter-over-quarter increase was mainly driven by the expansion of our sales network and more sale commissions in line with higher vehicle sales.

Loss from operations was RMB2,429.7 million (US$381.3 million) for the fourth quarter of 2021, compared with RMB1,121.2 million for the same period of 2020 and RMB1,802.6 million for the third quarter of 2021. The higher year-over-year and quarter-over-quarter losses were mainly attributable to higher operating expenses to support business growth as described above.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB2,340.8 million (US$367.3 million) for the fourth quarter of 2021, compared with RMB1,046.4 million for the same period of 2020 and RMB1,700.0 million for the third quarter of 2021.

Fair value gain on long-term investments was RMB591.5 million (US$92.8 million) for the fourth quarter of 2021 as a result of fair value assessment on our investment in HT Flying Car Inc. (“Huitian”) after its Series A capital funding. As of December 31, 2021, the Group invested approximately RMB598.7 million and owned approximately 18.82% of the equity interest in Huitian.

Net loss was RMB1,287.2 million (US$202.0 million) for the fourth quarter of 2021, compared with RMB787.4 million for the same period of 2020 and RMB1,594.8 million for the third quarter of 2021.

Non-GAAP net loss, which excludes share-based compensation expenses, was RMB1,198.3 million (US$188.0 million) for the fourth quarter of 2021, compared with RMB712.6 million for the same period of 2020 and RMB1,492.1 million for the third quarter of 2021.

Net loss attributable to ordinary shareholders of XPeng was RMB1,287.2 million (US$202.0 million) for the fourth quarter of 2021, compared with RMB787.4 million for the same period of 2020 and RMB1,594.8 million for the third quarter of 2021.

Non-GAAP net loss attributable to ordinary shareholders of XPeng, which excludes share-based compensation expenses, was RMB1,198.3 million (US$188.0 million) for the fourth quarter of 2021, compared with RMB712.6 million for the same period of 2020 and RMB1,492.1 million for the third quarter of 2021.

Basic and diluted net loss per ADS were both RMB1.51 (US$0.24) for the fourth quarter of 2021, compared with RMB1.05 for the fourth quarter of 2020 and RMB1.89 for the third quarter of 2021.

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Non-GAAP basic and diluted net loss per ADS were both RMB1.41 (US$0.22) for the fourth quarter of 2021, compared with RMB0.95 for the fourth quarter of 2020 and RMB1.77 for the third quarter of 2021.

Balance Sheets

As of December 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB43,543.9 million (US$6,833.0 million), compared with RMB35,342.1 million as of December 31, 2020 and RMB45,357.9 million as of September 30, 2021.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2021

Total revenues were RMB20,988.1 million (US$3,293.5 million) for fiscal year 2021, representing an increase of 259.1% from RMB5,844.3 million for the prior year.

Revenues from vehicle sales were RMB20,042.0 million (US$3,145.0 million) for fiscal year 2021, representing an increase of 261.3% from RMB5,546.8 million for the prior year. The increase was mainly attributable to higher vehicle deliveries in 2021.

Revenues from services and others were RMB946.2 million (US$148.5 million) for fiscal year 2021, representing an increase of 218.0% from RMB297.6 million for the prior year. The increase was mainly attributed to more services and parts and accessory sales in line with higher accumulated vehicle sales.

Cost of sales was RMB18,365.6 million (US$2,882.0 million) for fiscal year 2021, representing an increase of 229.2% from RMB5,578.3 million for the prior year. The increase was mainly due to higher vehicle deliveries as described above.

Gross margin was 12.5% for fiscal year 2021, compared with 4.6% for the prior year.

Vehicle margin was 11.5% for fiscal year 2021, compared with 3.5% for the prior year. The year-over-year margin improvement was primarily due to material cost reduction, better product mix and manufacturing efficiency driven by economies of scale.

Research and development expenses were RMB4,114.3 million (US$645.6 million) for fiscal year 2021, representing an increase of 138.4% from RMB1,725.9 million for the prior year. The increase was mainly due to higher employee compensation as a result of expanded research and development staff, and higher expenses relating to new vehicle model development to support future growth.

Selling, general and administrative expenses were RMB5,305.4 million (US$832.5 million) for fiscal year 2021, representing an increase of 81.7% from RMB2,920.6 million for the prior year. The increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, (ii) the expansion of our sales network and associated personnel cost, and commission to the franchised stores.

Other income was RMB217.7 million (US$34.2million) for fiscal year 2021, compared with RMB86.8 million for the prior year. The increase was mainly attributed to higher government subsidies which the Company received in 2021.

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Loss from operations was RMB6,579.4 million (US$1,032.5 million) for fiscal year 2021, compared with RMB4,293.7 million for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB6,199.5 million (US$972.8 million) for fiscal year 2021, compared with RMB3,297.3 million for the prior year.

Fair value gain on long-term investments was RMB591.5 million (US$92.8 million) for fiscal year 2021 as a result of fair value assessment on the Company’s investment in Huitian after its Series A capital funding.

Net loss was RMB4,863.1 million (US$763.1 million) for fiscal year 2021, compared with RMB2,732.0 million for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB4,483.1 million (US$703.5 million) for fiscal year 2021, compared with RMB2,991.8 million for the prior year.

Net loss attributable to ordinary shareholders of XPeng was RMB4,863.1 million (US$763.1 million) for fiscal year 2021, compared with RMB4,889.7 million for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPeng, which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, was RMB4,483.1 million (US$703.5 million) for fiscal year 2021, compared with RMB2,991.8 million for the prior year.

Basic and diluted net loss per ADS were both RMB5.92 (US$0.93) for fiscal year 2021, compared with RMB12.97 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB5.46 (US$0.86) for fiscal year 2021, compared with RMB7.93 for the prior year.

Business Outlook

For the first quarter of 2022, the Company expects:

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

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Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 28, 2022 (8:00 PM Beijing/Hong Kong time on March 28, 2022).

Dial-in details for the earnings conference call are as follows:

Participants please dial-in 5 minutes prior to the scheduled start time to be connected to the call.

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

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until April 4, 2022, by dialing the following telephone numbers:

About XPeng

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

Use of Non-GAAP Financial Measures

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

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

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.3726 to US$1.00, the exchange rate on December 30, 2021 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

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

Contacts:

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: ir@xiaopeng.com

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Jenny Cai

The Piacente Group

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

E-mail: xpeng@tpg-ir.com

For Media Enquiries

Marie Cheung

XPeng Inc.

Tel: +852-9750-5170/+86-1550-7577-546

E-mail: mariecheung@xiaopeng.com

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XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

13

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

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

14

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

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

15

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (CONTINUED)

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

16

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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

17

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

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

18

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (CONTINUED)

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

19

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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

20

Exhibit 99.2

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

XPeng Inc.

小鵬汽車有限公司*

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

(Stock Code: 9868)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2021

XPeng Inc. (“XPeng” or the “Company”, Hong Kong stock code: 9868 and NYSE symbol: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced the audited financial results of the Company and its subsidiaries and consolidated affiliated entities (the “Group”) for the year ended December 31, 2021 (the “Reporting Period”).

1

MANAGEMENT QUOTES

Mr. He Xiaopeng, Chairman and CEO of XPeng, said, “2021 was marked by impressive growth with record-breaking fourth quarter deliveries led by our blockbuster P7 model and our newly launched P5 family sedan. For both the full year and fourth quarter, our total deliveries more than tripled year-over-year, fueled by the fast-growing EV penetration in China and our competitive Smart EV products. In addition, fast expansion of our sales and services, and supercharging stations networks and the accelerated rollout of new products are paving the way for even deeper penetration into China’s mid- to high-end market segment where robust demand for our products continues to outpace supply.”

2

“We are also excited about our City Navigation Guided Pilot (“CNGP”), which is being developed and fast iterated. Our objective for CNGP is to achieve superior safety and user experience in complex urban driving scenarios. The upcoming OTA of CNGP will further strengthen our technology leadership and it will mark another major milestone on our journey toward achieving full scenario autonomous driving for our customers,” Mr. He concluded.

“With accelerated deliveries across our three models, our 2021 full-year revenue exceeded RMB20 billion. Notably, we delivered remarkable growth in the fourth quarter, with revenues reaching RMB8.6 billion, up 200.1% year-over-year. Fueled by our strong vehicle models on the market, planned new launches based on new platforms, and technology leadership, we are confident in our continued growth trajectory and structural improvement of gross margin.” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and President of XPeng.

RECENT DEVELOPMENTS

Deliveries in January and February 2022

Technology upgrade for Zhaoqing manufacturing factory

During the scheduled downtime over the Chinese New Year Holiday period starting from the end of January, the Company implemented technology upgrades for the Zhaoqing manufacturing factory and production at the Zhaoqing factory resumed in mid-February as planned. The upgrade enables accelerated delivery of its significant order backlog carried over from 2021 to early 2022.

Strong coverage of XPeng-branded supercharging network

XPeng-branded supercharging network has expanded its coverage across 337 cities in China, making XPeng the first EV auto manufacturer in China’s auto industry to reach this milestone. As of January 17, 2022, the number of XPeng-branded supercharging stations increased to 813.

Expansion in Europe

XPeng continued to expand its presence in Europe. In February 2022, the Company announced its strategic partnerships with two renowned European automobile players for agency retail collaborations in the Netherlands and Sweden, respectively. At the same time, XPeng’s first branded overseas retail experience store opened in Stockholm, Sweden.

3

Inclusion in the Shenzhen and Shanghai-Hong Kong Stock Connect programs

XPeng’s Class A Ordinary Shares, which are traded on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), were included in the Shenzhen and Shanghai-Hong Kong Stock Connect programs in February 2022.

Addition to The Hang Seng TECH Index as a constituent stock

XPeng was included in the Hang Seng TECH Index as a constituent stock, effective on March 7, 2022. The Hang Seng TECH Index represents the 30 largest technology companies listed in Hong Kong that have high business exposure to technology themes.

FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2021

Total revenues were RMB20,988.1 million for fiscal year 2021, representing an increase of 259.1% from RMB5,844.3 million for the prior year.

Revenues from vehicle sales were RMB20,042.0 million for fiscal year 2021, representing an increase of 261.3% from RMB5,546.8 million for the prior year. The increase was mainly attributable to higher vehicle deliveries in 2021.

Revenues from services and others were RMB946.2 million for fiscal year 2021, representing an increase of 218.0% from RMB297.6 million for the prior year. The increase was mainly attributed to more services and parts and accessory sales in line with higher accumulated vehicle sales.

Cost of sales was RMB18,365.6 million for fiscal year 2021, representing an increase of 229.2% from RMB5,578.3 million for the prior year. The increase was mainly due to higher vehicle deliveries as described above.

Gross margin was 12.5% for fiscal year 2021, compared with 4.6% for the prior year.

Vehicle margin was 11.5% for fiscal year 2021, compared with 3.5% for the prior year. The year- over-year margin improvement was primarily due to material cost reduction, better product mix and manufacturing efficiency driven by economies of scale.

Research and development expenses were RMB4,114.3 million for fiscal year 2021, representing an increase of 138.4% from RMB1,725.9 million for the prior year. The increase was mainly due to higher employee compensation as a result of expanded research and development staff, and higher expenses relating to new vehicle models development to support future growth.

Selling, general and administrative expenses were RMB5,305.4 million for fiscal year 2021, representing an increase of 81.7% from RMB2,920.6 million for the prior year. The increase was mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, and (ii) the expansion of our sales network and associated personnel cost, and commission to the franchised stores.

4

Other income was RMB217.7 million for fiscal year 2021, compared with RMB86.8 million for the prior year. The increase was mainly attributed to higher government subsidies which the Company received in 2021.

Loss from operations was RMB6,579.4 million for fiscal year 2021, compared with RMB4,293.7 million for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB6,199.5 million for fiscal year 2021, compared with RMB3,297.3 million for the prior year.

Fair value gain on long-term investments was RMB591.5 million for fiscal year 2021 as a result of fair value assessment on the Company’s investment in HT Flying Car Inc. after its Series A capital funding.

Net loss was RMB4,863.1 million for fiscal year 2021, compared with RMB2,732.0 million for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB4,483.1 million for fiscal year 2021, compared with RMB2,991.8 million for the prior year.

Net loss attributable to ordinary shareholders of XPeng was RMB4,863.1 million for fiscal year 2021, compared with RMB4,889.7 million for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPeng, which excludes share- based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, was RMB4,483.1 million for fiscal year 2021, compared with RMB2,991.8 million for the prior year.

Basic and diluted net loss per ADS were both RMB5.92 for fiscal year 2021, compared with RMB12.97 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB5.46 for fiscal year 2021, compared with RMB7.93 for the prior year.

Balance Sheets

As of December 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB43,543.9 million, compared with RMB35,342.1 million as of December 31, 2020.

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BUSINESS OUTLOOK

For the first quarter of 2022, the Company expects:

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

MANAGEMENT DISCUSSION AND ANALYSIS

The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB4,863.1 million and RMB2,732.0 million for the year ended December 31, 2021 and 2020, respectively. Accumulated deficit amounted to RMB16,191.6 million as of December 31, 2021. Net cash used in operating activities was approximately RMB1,094.6 million and RMB139.8 million for the years ended December 31, 2021 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 our 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 initial public offering and follow- on offering on the New York Stock Exchange (the “NYSE”), the Company received the net proceeds, after deducting the underwriting discounts and commissions, fees and estimated offering expenses, of RMB11,409.2 million and RMB15,980.2 million, respectively.

On July 7, 2021 (the “Listing Date”), the Class A ordinary share of the Company was listed on the Main Board of the Hong Kong Stock Exchange (the “Listing”). In connection with the Listing, 97,083,300 new Class A ordinary shares of the Company were issued and allotted at the offer price of HK$165 per class A ordinary share. Net proceeds from the listing, after deducting the underwriting fees and commissions, including the over-allotment option, were approximately HK$15,823.3 million.

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As of December 31, 2021, the balance of cash and cash equivalents, restricted cash, excluding RMB9.9 million (December 31, 2020: RMB35.6 million) restricted as to withdrawal or use for legal disputes, short-term deposits, short-term investments and long-term deposits was RMB43,534.0 million (December 31, 2020: RMB35,306.5 million).

In May 2017, Zhaoqing Xiaopeng Automobile Co., Ltd.* (肇慶小鵬汽車有限公司) obtained a facility, specified for expenditures of the construction of Zhaoqing manufacturing plant, of up to RMB1,600.0 million from Zhaoqing High-tech Zone Construction Investment Development Co., Ltd. (“Zhaoqing High-tech Zone”). In December 2020, RMB800.0 million out of the RMB1,600.0 million borrowings from Zhaoqing High-tech Zone was repaid and concurrently a borrowing equivalently amounting to RMB800.0 million was obtained from a bank in the PRC, with a maturity date from December 18, 2020 to December 17, 2028. As of December 31, 2021, the effective interest rate of the RMB800.0 million loans from Zhaoqing High-tech Zone and the RMB800.0 million bank loans is 4.90% and 4.98% per annum, respectively. Moreover, the Group received subsidies from government for interest expenses incurred associated with borrowings. As of December 31, 2021, the principal amount of RMB700.0 million from Zhaoqing High-tech Zone and RMB8.0 million of the bank loans were repaid in advance.

In July 2021, Guangzhou Xiaopeng New Energy Automobile Co., Ltd. * (廣州小鵬新能源汽車有限公司) obtained a facility, specified for expenditures of the construction of Guangzhou manufacturing plant, of up to RMB1,120.0 million from a bank in the PRC. As of December 31, 2021, RMB408.4 million has been drawn from the bank with an effective interest rate of 5.42% per annum. Moreover, the Group received subsidies from government for 50% of interest expenses incurred associated with borrowings.

In September 2021, Xiaopeng Automobile Central China (Wuhan) Co., Ltd. * (小鵬汽車華中 (武漢) 有限公司) obtained a facility, specified for expenditures of the construction of Wuhan manufacturing plant, of up to RMB3,000.0 million from a group of banks in the PRC. As of December 31, 2021, RMB374.7 million has been drawn from the banks with an effective interest rate of 4.65% per annum. Moreover, the Group received subsidies from government for 100% of interest expenses incurred associated with borrowings.

As of December 31, 2021, all of the bank loans and other borrowings of the Group were denominated in RMB and were at fixed interest rate, and the Group had not been in violation of any of the covenants pursuant to the applicable agreement(s) entered with the lenders.

As of December 31, 2021, the Group pledged a restricted deposit of RMB610.0 million (December 31, 2020: RMB2,332.1 million) for the issuance of letter of guarantee, bank notes, forward exchange contracts and legal disputes. Certain manufacturing buildings of Guangzhou and Zhaoqing plants, and the land use right of Wuhan plant were secured for the long-term bank loan with a total appraised value of RMB986.8 million (December 31, 2020: RMB1,206.4 million).

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Gearing ratio equals total debt divided by total equity as of the end of the period. Total debt is defined to include short-term borrowings, current portion of long-term borrowings and long-term borrowings which are all interest-bearing borrowings. As of December 31, 2021, the gearing ratio of the Group is 4.0% (December 31, 2020: 5.3%).

For the year ended December 31, 2021, the Group did not have any significant investments (including any investment in an investee company with a value of 5% or more of the Group’s total assets as of December 31, 2021). As of December 31, 2021, the Group did not have other plans for material investments and capital assets.

As of December 31, 2021, the Group had capital commitments amounting to RMB1,241.8 million for the acquisition of property, plant and equipment, which was primarily for Guangzhou and Wuhan plants, and RMB20.0 million for other investments.

As of December 31, 2021, the Group did not have any material contingent liabilities.

On May 20, 2021, the Group entered into a restructuring agreement to acquire 100% of the equity interest of Jiangsu Zhitu Technology Co., Ltd.* (江蘇智途科技股份有限公司, 832282. NEEQ) with cash consideration of RMB250 million (the “Zhitu Acquisition”). Closing of the Zhitu Acquisition occurred on June 23, 2021.

Foreign Exchange Risk

The Group uses Renminbi as its reporting currency. Most of the Group’s revenues and expenses are denominated in Renminbi, while the Group also has certain portion of cash denominated in the U.S. dollar from its financing activities. The functional currency of the Company and subsidiaries in the United States and Hong Kong is the U.S. dollar. The functional currency of subsidiaries in the PRC, the variable interest entity (“VIE”) and the VIE’s subsidiaries is the Renminbi. The Group believes that it currently does not have any significant direct foreign exchange risk arising from its operating activities. As of December 31, 2021, the Group did not hold any financial instruments for hedging purposes.

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Interest Rate Risk

The Group has not been exposed to material risks due to changes in market interest rates, and it has not used any derivative financial instruments to manage the interest risk exposure. The Group may invest the net proceeds from the Listing on the Hong Kong Stock Exchange in interest-earning instruments. Investments in both fixed rate and floating rate interest-earning instruments carry a degree of interest rate risk.

The following table sets forth the breakdown of the Group’s employees by function as of December 31, 2021:

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

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

OTHER INFORMATION

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

On July 7, 2021, the Company successfully listed its Class A ordinary shares on the Main Board of the Hong Kong Stock Exchange. The Company issued a total of 85,000,000 Class A ordinary shares with the offer price of HK$165.00 per share (exclusive of brokerage of 1%, SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of 0.005%) in the global offering.

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On July 19, 2021, 12,083,300 Class A ordinary shares were issued pursuant to partial exercise of the over-allotment option as disclosed in the announcement of the Company dated July 14, 2021.

On August 20, 2021, the Company issued 317,500 Class A ordinary shares to satisfy the restricted share units pursuant to the 2019 Equity Incentive Plan approved and adopted in June 2020, as amended and restated in June 2021.

On November 22, 2021, the Company issued 73,750 Class A ordinary shares to satisfy the restricted share units pursuant to the 2019 Equity Incentive Plan approved and adopted in June 2020, as amended and restated in June 2021.

On December 23, 2021, the Company issued 1,201,652 Class A ordinary shares to satisfy the restricted share units pursuant to the 2019 Equity Incentive Plan approved and adopted in June 2020, as amended and restated in June 2021.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the period from the Listing Date to December 31, 2021.

Compliance with corporate governance code

The Company’s corporate governance practices are based on the principles and code provisions set forth in the Corporate Governance Code and Corporate Governance Report (the “CG Code”) contained in Appendix 14 to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the “Listing Rules”).

Pursuant to code provision C.2.1 of the CG Code as set out in Appendix 14 to the Listing Rules, companies listed on the Hong Kong Stock Exchange are expected to comply with, but may choose to deviate from the requirement that the responsibilities between the chairman and the chief executive officer should be segregated and should not be performed by the same individual. The Company does not have a separate role for chairman and chief executive officer and Mr. Xiaopeng He currently performs these two roles. The board of directors of the Company (the “Board”) believes that vesting the roles of both chairman and chief executive officer in the same person has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board considers that the balance of power and authority for the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively.

Other than the above, from the Listing Date to December 31, 2021, the Company has complied with all applicable principles and code provisions of the CG Code.

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Compliance with Code for Securities Transactions

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules as its code of conduct regarding directors’ securities transactions. Having made specific enquiries to all of the directors of the Company (the “Directors”), all Directors confirmed that they have fully complied with all relevant requirements set out in the Model Code from the Listing Date to December 31, 2021.

Grant of RSUs pursuant to the 2019 Equity Incentive Plan

In order to attract and retain the services of talents and to incentivize the employees, the Company may grant restricted share units (“RSUs”) to employees when they first joined the Company in accordance with the terms of the 2019 Equity Incentive Plan. Accordingly, during the second quarter of 2021, the Company entered into employment agreements with, and proposed to grant RSUs to, 820 newly-joined employees who are not connected persons (as defined under the Listing Rules) of the Company. The respective employment agreements provided that (i) the Company shall grant to the relevant employee such number of RSUs with a value of a fixed monetary amount on the next grant date; and (ii) the exact number of RSUs to be granted will be determined by dividing such fixed monetary amount by the average closing price of the ADSs of the Company for the quarter immediately before the date of grant.

On July 7, 2021, pursuant to such employment agreements, the Company signed grant letters to record the grant of an aggregate of 3,050,798 RSUs to the employees (the “Grants”) pursuant to the 2019 Equity Incentive Plan, the material terms and the dilutive effect of which have been disclosed in the prospectus of the Company dated June 25, 2021 (the “Prospectus”). The vesting schedules are either (i) 25% of RSUs shall become vested on each anniversary of the vesting commencement date (being July 1, 2021) for a period of four years; or (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 12 equal installments on each quarterly anniversary of the vesting commencement date for three years thereafter. The only vesting condition for such RSUs is that the relevant employee shall provide continued services to the Company throughout the relevant vesting date. The number of Class A ordinary shares underlying such RSUs represents approximately 0.18% of the issued shares of the Company as at the Listing Date. Based on the average closing price of the ADSs of the Company for the second quarter of 2021 of US$34.0816 per ADS (each ADS representing two Class A ordinary shares), the aggregate value of the RSUs granted pursuant to such grant letters amounted to approximately US$52.0 million.

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As the grant letters were signed by the Company on the Listing Date, the Grants fall within the restriction under Rule 10.08 of the Listing Rules, which provides that no further shares or securities convertible into equity securities of a listed issuer (whether or not of a class already listed) may be issued or form the subject of any agreement to such an issue within 6 months from the date on which securities of the listed issuer first commence dealing on the Hong Kong Stock Exchange (whether or not such issue of shares or securities will be completed within 6 months from the commencement of dealing). The Company has applied for, and the Hong Kong Stock Exchange has granted, a waiver from strict compliance with Rule 10.08 of the Listing Rules so that the Company can make the Grants for the following key reasons:

As at the date of this announcement, the aggregate number of RSUs that may be further granted under the 2019 Equity Incentive Plan is 45,754,719 (without taking into consideration any RSUs which have been granted but may lapse after the date hereof before the vesting date).

Important Events after the Reporting Period

No important events affecting the Group occurred since December 31, 2021 and up to the date of this announcement.

Scope of work of PricewaterhouseCoopers

The figures in respect of the Group’s consolidated balance sheet, consolidated statement of comprehensive loss and the related notes thereto for the year ended December 31, 2021 as set out in the preliminary announcement have been agreed by the Group’s auditor, PricewaterhouseCoopers, to the amounts set out in the Group’s audited consolidated financial statements for the year ended December 31, 2021. The work performed by PricewaterhouseCoopers in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by PricewaterhouseCoopers on the preliminary announcement.

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Audit Committee Review of Financial Statements

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

The Audit Committee has reviewed the consolidated financial statements and annual results of the Group for the year ended December 31, 2021. The Audit Committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control with members of senior management and the external auditor of the Company, PricewaterhouseCoopers.

Final dividend

The Board does not recommend any final dividend for the year ended December 31, 2021.

Publication of annual results and annual report

This announcement is published on the website of the Hong Kong Stock Exchange at http://www.hkexnews.hk and on the website of the Company at http://www.xiaopeng.com. The 2021 Annual Report of the Company containing all the information required by the Listing Rules will be dispatched to the shareholders and will be made available on the websites of the Company and the Hong Kong Stock Exchange in due course.

Appreciation

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

About XPeng

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

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Use of Non-GAAP Financial Measures

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

For more information on the non-GAAP financial measures, please see the table captioned “unaudited reconciliations of GAAP and Non-GAAP annual results” set forth at the end of this announcement.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPeng’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services;

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XPeng’s expectations regarding its relationships with customers, contract manufacturers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Hong Kong, Monday, March 28, 2022

As at the date of this announcement, the board of directors of the Company comprises Mr. Xiaopeng He and Mr. Heng Xia as executive Directors, Mr. Yingjie Chen, Mr. Qin Liu, Mr. Ji-Xun Foo and Mr. Fei Yang as non-executive Directors, and Mr. Donghao Yang, Ms. Fang Qu and Mr. HongJiang Zhang as independent non-executive Directors.

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XPENG INC.

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS

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