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Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

27. Commitments and Contingencies

(a) Capital

commitments

Capital expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows:


	As of December 31,
	2022		2023

Investments		658,160		541,186
Property, plant and equipment		1,721,666		191,690

Total		2,379,826		732,876

(b) Purchase commitments

Purchase expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows:


	As of December 31,
	2022		2023
Purchase commitments on purchase of raw materials (i)		2,046,326		2,118,392

(i)

Such amount excludes purchase commitments related to certain models which have been upgraded or where production has ceased. Losses on such

commitments

have been provided for during the year ended December 31, 2023 (Note 15).

Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

16. Borrowings

Borrowings consisted of the following:


	As of December 31,
	2022		2023
Current
Short-term borrowings:
Bank loans (i)		2,419,210		3,889,100

Long-term borrowings, current portion:
Bank loans (ii)		124,500		934,976
Asset-backed securities (iii)		637,359		185,864
Asset-backed notes (iv)		—		242,995

Total current borrowings		3,181,069		5,252,935

Non-Current
Long-term borrowings:
Bank loans (ii)		4,328,880		5,562,837
Other loans (ii)		100,000		—
Asset-backed securities (iii)		184,177		—
Asset-backed notes (iv)		—		87,945

Total non-current borrowings		4,613,057		5,650,782

Total borrowings		7,794,126		10,903,717

(i) Short-term bank loans

As of December 31, 2022, the Group had short-term borrowings from banks in the PRC of RMB2,419,210 in aggregate. The effective interest rate of these borrowings was 3.53% per annum. As of December 31, 2023, the Group had short-term borrowings from banks in the PRC of RMB3,889,100 in aggregate. The effective interest rate of these borrowings was 2.62% per annum. Certain short-term bank loans were collateralized by pledges of long-term deposits with carrying values of RMB203,777 as of December 31, 2023, which are classified as “Restricted long-term deposits”.

(ii) Long-term bank and other loans

In May 2017, Zhaoqing XPeng obtained a facility, specified for financing the expenditures of the construction of Zhaoqing manufacturing plant, of up to RMB1,600,000 from Zhaoqing High-tech Zone Construction Investment Development Co., Ltd. (“Zhaoqing High-tech Zone”). In December 2020, RMB800,000 out of the RMB1,600,000 borrowings from Zhaoqing High-tech Zone was repaid and concurrently a borrowing equivalent to RMB800,000 was obtained from a bank in the PRC, with a maturity date from December 18, 2020 to December 17, 2028. In 2021, the principal amount of RMB700,000 out of the RMB800,000 loans from Zhaoqing High-tech Zone had been repaid before the original due date, and the remaining RMB100,000 loans had been repaid on December 25, 2023 before the maturity date.

Moreover, the Group received subsidies from the local government for interest expenses incurred associated with the borrowings. For the years ended December 31, 2021, 2022 and 2023, upon the acceptance of subsidy application by the local government, the Group recognized the subsidies to reduce the interest expenses capitalized in the construction costs of Zhaoqing manufacturing plant or to reduce the related interest expenses as incurred, if any.

As a result, the balance of the loans due to Zhaoqing High-tech Zone amounted to RMB100,000 and nil as of December 31, 2022 and 2023, respectively. The bank loans amounted to RMB784,000 and RMB776,000 as of December 31, 2022 and 2023, respectively. The effective interest rate of the loans from Zhaoqing High-tech Zone was 4.90% as of December 31, 2022. The effective interest rate of the loans from the bank was 4.98% per annum as of December 31, 2022 and December 31, 2023, respectively. The principal amount of RMB8,000 and RMB8,000 of the bank loans will be due within one year and was classified to “Long-term borrowings, current portion” as of December 31, 2022 and 2023, respectively.

In July 2021, Guangzhou Xiaopeng New Energy Automobile Co., Ltd. obtained a facility, specified for financing the expenditures of the construction of Guangzhou manufacturing plant, of up to RMB1,120,000 from a bank in the PRC. As of December 31, 2022 and 2023, RMB797,980 and RMB838,858 had been drawn from the bank with an effective interest rate of 5.30% and 4.99% per annum, respectively. For the years ended December 31, 2021, 2022 and 2023, the Group recognized the subsidies to reduce the interest expenses capitalized in the construction costs of Guangzhou manufacturing plant or to reduce the related interest expenses as incurred, upon the acceptance of subsidy application by the local government, if any. As of December 31, 2022 and 2023, the principal amount of nil and RMB10,000 of the bank loans will be due within one year and was classified to “Long-term borrowings, current portion”, respectively.

In September 2021, Wuhan Xiaopeng obtained a facility, specified for financing the expenditures of the construction of Wuhan manufacturing plant, of up to RMB3,000,000 from a syndicate of banks in the PRC. As of December 31, 2022 and 2023, RMB1,706,400 and RMB2,035,520 had been drawn from the banks with effective interest rates of 4.35% and 4.47% per annum, respectively. For the years ended December 31, 2021, 2022 and 2023, the Group recognized the subsidies to reduce the interest expenses capitalized in the construction costs of Wuhan manufacturing plant, upon the acceptance of subsidy application by the local government, if any. As of December 31, 2022 and 2023, the principal amount of nil and RMB101,776 of the bank loans will be due within one year and was classified to “Long-term borrowings, current portion”, respectively.

In March 2023 and September 2022, Zhaoqing XPeng obtained facilities, specified for financing the expenditures of operations, from banks in the PRC. As of December 31, 2022 and 2023, the bank loans were RMB768,000 and RMB1,398,200 with effective interest rates of 3.35% and 3.14% per annum, respectively, among which RMB76,800 and RMB673,400 will be due within one year and were classified to “Long-term borrowings, current portion”, respectively.

In September 2023 and September 2022, Zhaoqing Xiaopeng New Energy obtained facilities, specified for financing the expenditures of operations, from banks in the PRC. As of December 31, 2022 and 2023, the bank loans were RMB397,000 and RMB1,253,125 with effective interest rates of 3.35% and 3.06% per annum, respectively, among which RMB39,700 and RMB124,300 will be due within one year and were classified to “Long-term borrowings, current portion”, respectively.

In September 2023, Guangzhou Xiaopeng Automobile Finance Leasing

., Ltd

(“Xiaopeng Automobile Finance Leasing”) obtained a facility, specified for financing the expenditures of operations, of up to RMB200,000 from a bank in the PRC. As of December 31, 2023, RMB175,000 had been drawn from the bank with effective interest rates of 3.80% per annum, among which RMB17,500 will be due within one year and was classified to “Long-term borrowings, current portion

”.

In November 2023, Guangzhou Pengyue Automobile Development Co., Ltd. obtained a facility, specified for financing the expenditures of operations, of up to RMB2,350,000 from a syndicate of banks in the PRC. As of December 31, 2023, RMB21,110 had been drawn from the banks with effective interest rates of 3.75% per annum.

Certain of the Group’s banking facilities are subject to the fulfillment of certain financial covenants, including the current ratio and liabilities to assets ratio tests, which are commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants, the drawn down facilities would become payable on demand. The Group regularly monitors its compliance with these covenants. As of December 31, 2022 and 2023, none of the covenants relating to drawn down facilities had been breached. Certain long-term bank loans are collateralized by a pledge of certain buildings and land use rights in the PRC with carrying values of RMB846,854 and RMB2,280,419 as of December 31, 2022 and 2023, respectively. As of December 31, 2023, long-term deposits of RMB564,122 were collateralized as pledges for certain long-term bank loans, which are classified as “Restricted long-term deposits”.

(iii) Asset-backed securities (“ABS”)

In February and November 2022, the Group entered into asset-backed securitization arrangements with third-party financial institutions and set up two securitization vehicles to issue senior debt securities to third party investors, which are collateralized by installment payment receivables (the “transferred financial assets”). The Group also acts as a servicer to provide management, administration and collection services on the transferred financial assets and has the power to direct the activities that most significantly impact the securitization vehicles. The economic interests are retained by the Group in the form of subordinated interests as well as its obligation to absorb losses under certain circumstances. As a result, the Group consolidated the securitization vehicles. The proceeds from the issuance of debt securities are reported as securitization debt. The securities were repaid as collections on the underlying collateralized assets occur and the amounts were included in “Long-term borrowings, current portion” or “Long-term borrowings” according to the contractual maturities of the debt securities. The ABS issued in February 2022 has matured in September 2023. As of December 31, 2022, the balance of current and

non-current

portion of the ABS were RMB637,359 and RMB184,177, respectively. As of December 31, 2023, the balance of current and

non-current

portion of the ABS were RMB185,864 and nil, respectively.

(iv) Asset-backed notes (“ABN”)

In August 2023, the Group entered into asset-backed notes by issuing senior debt notes to third party investors, which are collateralized by installment payment receivables (the “transferred financial assets”). The Group also acts as a servicer to provide management, administration and collection services on the transferred financial assets and has the power to direct the activities that most significantly impact the securitization vehicles. The economic interests are retained by the Group in the form of subordinated interests as well as its obligation to absorb losses under certain circumstances. As a result, the Group consolidated the securitization vehicles. The proceeds from the issuance of debt notes are reported as securitization debt. The notes were repaid as collections on the underlying collateralized assets occur and the amounts were included in “Long-term borrowings, current portion” or “Long-term borrowings” according to the contractual maturities. As of December 31, 2023, the balance of current and

non-current

portion of the ABN are RMB242,995 and RMB87,945, respectively.

The aggregate carrying value of the borrowings approximates fair value as of December 31, 2022 and 2023, respectively. The interest rates under the loan agreements with the banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level II.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
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+ Details

Share-based compensation - Summary of Restricted Stock and Restricted Stock Unit, Activity (Detail) - Restricted Stock Units (RSUs) [Member] - ¥ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding balance	35,995,906	33,860,228	48,288,134
Granted	15,177,322	28,010,128	7,086,500
Vested	(11,276,824)	(19,564,802)	(18,577,032)
Forfeited	(10,701,587)	(6,309,648)	(2,937,374)
Outstanding balance	29,194,817	35,995,906	33,860,228
Expected to vest as of December 31, 2020,shares	24,487,867	33,116,233	30,900,145
Weighted average grant-date	¥ 59.72	¥ 38.75	¥ 14.2
Granted,Weighted average grant-date	39.31	68.29	132.02
Vested,Weighted average grant-date	55.66	37.27	11.51
Forfeited,Weighted average grant-date	51.52	81.29	43.23
Weighted average grant date fair value	¥ 54.42	¥ 59.72	¥ 38.75

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepayments And Other Current Assets

Prepayments and other current assets consisted of the following:


	As of December 31,
	2022		2023
Deductible input value-added tax		1,359,581		1,521,488
Prepayments		587,289		395,022
Deposits		92,023		125,451
Receivables from third party online payment service providers		38,201		36,939
Finance lease receivables, current portion, net (Note 18)		—		11,100
Others		388,990		399,339

Total		2,466,084		2,489,339

Deferred Revenue

12 Months Ended

Dec. 31, 2023

Deferred Revenue Disclosure [Abstract]

Deferred Revenue

20. Deferred Revenue

The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue.


	For the Year Ended December 31,
	2021			2022			2023
Deferred revenue - beginning of year		308,384			897,288			1,083,249
Additions		19,339,153			24,344,226			28,513,918
Recognition		(18,750,249	)		(24,158,265	)		(28,297,224	)

Deferred revenue - end of year		897,288			1,083,249			1,299,943
Less: Deferred revenue, current portion		(418,227	)		(389,243	)		(630,997	)

Deferred revenue, non-current portion		479,061			694,006			668,946

Deferred revenue represents the transaction price allocated to the performance obligations that are not yet satisfied, which primarily arises from the undelivered vehicles, charging piles, free battery charging within 4 years or 100,000 kilometers, the extended lifetime warranty, option between household charging pile and charging card, services of lifetime free battery charging in XPeng-branded charging station, lifetime warranty of battery as well as vehicle internet connection services, with unrecognized deferred revenue balance of RMB897,288, RMB1,083,249 and RMB1,299,943 as of December 31, 2021, 2022 and 2023, respectively.

The Group expects that 49% of the transaction price allocated to unsatisfied performance obligations which were accounted for as deferred revenue as of December 31, 2023 will be recognized as revenue during the period from January 1, 2024 to December 31, 2024. The remaining 51% will be substantially recognized during the period from January 1, 2025 to December 31, 2033.

Company Financial Statements (Parent Company Only) - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets
Cash and cash equivalents	¥ 21,127,163		¥ 14,607,774
Short-term deposits	9,756,979		14,921,688
Long-term deposits, current portion	7,054,915		427,466
Prepayments and other current assets	2,489,339		2,466,084
Total current assets	54,521,629		43,527,421
Non-current assets
Investments in subsidiaries and VIEs	456,063	$ 69,965	329,045	$ 51,874
Long-term deposits	3,035,426		6,926,450
Long-term investments	2,084,933		2,295,032		¥ 1,549,176	¥ 1,000
Total non-current assets	29,640,912		27,963,585
Total assets	84,162,541		71,491,006
Current liabilities
Amount due to a related party	¥ 30,880		¥ 91,111
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Accruals and other liabilities	¥ 7,580,195		¥ 5,583,829
Total current liabilities	36,111,562		24,114,853
Non-current liabilities
Derivative liability	393,473		0
Total non-current liabilities	11,722,452		10,465,488
Total liabilities	47,834,014		34,580,341
SHAREHOLDERS' EQUITY
Additional paid-in capital	70,198,031		60,691,019
Accumulated deficit	(35,760,301)		(25,330,916)
Accumulated other comprehensive income	1,830,638		1,544,024
Total shareholders' equity	36,328,527		36,910,665		¥ 42,146,578	¥ 34,429,809
Total liabilities and shareholders' equity	84,162,541		71,491,006
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	103		92
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	21		21
Parent [Member]
Current assets
Cash and cash equivalents	5,187,597		951,656
Short-term deposits	7,906,283		12,145,309
Long-term deposits, current portion	1,852,070		0
Prepayments and other current assets	46,685		36,541
Total current assets	14,992,635		13,133,506
Non-current assets
Investments in subsidiaries and VIEs	21,126,723		21,997,908
Long-term deposits	0		1,416,782
Long-term investments	618,629		431,028
Total non-current assets	21,745,352		23,845,718
Total assets	36,737,987		36,979,224
Current liabilities
Amount due to a related party	¥ 0		¥ 61,663
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Accruals and other liabilities	¥ 15,987		¥ 6,896
Total current liabilities	15,987		68,559
Non-current liabilities
Derivative liability	393,473		0
Total non-current liabilities	393,473		0
Total liabilities	409,460		68,559
SHAREHOLDERS' EQUITY
Additional paid-in capital	70,198,031		60,691,019
Statutory and other reserves	60,035		6,425
Accumulated deficit	(35,760,301)		(25,330,916)
Accumulated other comprehensive income	1,830,638		1,544,024
Total shareholders' equity	36,328,527		36,910,665
Total liabilities and shareholders' equity	36,737,987		36,979,224
Parent [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	103		92
Parent [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	¥ 21		¥ 21

Taxation - Summary of Composition of Income Tax Expenses (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expenses	¥ 18,014	¥ 24,731	¥ 25,990
Deferred income tax expenses	18,796
Income tax expenses	¥ 36,810	¥ 24,731	¥ 25,990

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Summary of Account Receivable and Allowance for Credit Loss (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance	¥ 121,707	¥ 67,096	¥ 12,507
Current period provision	70,357	67,654	69,731
Write-offs	(41,281)	(13,043)	(15,142)
Ending balance	¥ 150,783	¥ 121,707	¥ 67,096

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CNY (¥) ¥ in Thousands	Total	DiDis Smart Auto Business [Member]	Volkswagen Group [Member]	Global Offering [Member]	Ordinary Shares [Member]	Ordinary Shares [Member] DiDis Smart Auto Business [Member]	Ordinary Shares [Member] Volkswagen Group [Member]	Ordinary Shares [Member] Global Offering [Member]	Treasury Shares [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] DiDis Smart Auto Business [Member]	Additional Paid-in Capital [Member] Volkswagen Group [Member]	Additional Paid-in Capital [Member] Global Offering [Member]	Statutory Reserves [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	¥ 34,429,809				¥ 105				¥ (4)	¥ 46,482,512					¥ (730,381)	¥ (11,322,423)
Beginning balance (Shares) at Dec. 31, 2020					1,579,805,666				(43,044,280)
Share-based compensation, value	379,948									379,948
Issuance of ordinary shares, value				¥ 13,118,085				¥ 6					¥ 13,118,079
Issuance of ordinary shares, shares								97,083,300
Issuance of treasury shares, shares					9,396,714				(9,396,714)
Issuance of treasury shares, value					¥ 1				¥ (1)
Transfer from treasury shares to outstanding ordinary shares for vested RSUs,shares									11,075,214
Transfer from treasury shares Value to outstanding ordinary shares for vested RSUs , value									¥ 1	(1)
Issuance of ordinary shares for the vested restricted share Units, value					¥ 1				¥ 3	(4)
Issuance of ordinary shares for the vested restricted share Units, shares					26,471,648				29,494,090
Foreign currency translation adjustment, net of tax	(918,168)														(918,168)
Issuance of ordinary shares relating to the acquisition, Value	0
Net loss	(4,863,096)															(4,863,096)
Appropriations to reserves														¥ 6,047		(6,047)
Ending balance at Dec. 31, 2021	42,146,578				¥ 113				¥ (1)	59,980,534				6,047	(1,648,549)	(16,191,566)
Ending balance (Shares) at Dec. 31, 2021					1,712,757,328				(11,871,690)
Share-based compensation, value	710,486									710,486
Issuance of treasury shares, shares					10,614,576				(10,614,576)
Issuance of treasury shares, value					¥ 1				¥ (1)
Transfer from treasury shares to outstanding ordinary shares for vested RSUs,shares									17,567,096
Transfer from treasury shares Value to outstanding ordinary shares for vested RSUs , value									¥ 1	(1)
Issuance of ordinary shares for the vested restricted share Units, value					¥ 0				¥ 0	0
Issuance of ordinary shares for the vested restricted share Units, shares					2,030,152				0
Foreign currency translation adjustment, net of tax	3,192,573														3,192,573
Issuance of ordinary shares relating to the acquisition, Value	0
Net loss	(9,138,972)															(9,138,972)
Appropriations to reserves														378		(378)
Ending balance at Dec. 31, 2022	36,910,665				¥ 114				¥ (1)	60,691,019				6,425	1,544,024	(25,330,916)
Ending balance (Shares) at Dec. 31, 2022					1,725,402,056				(4,919,170)
Share-based compensation, value	550,535									550,535
Issuance of ordinary shares, value			¥ 5,427,397				¥ 7					¥ 5,427,390
Issuance of ordinary shares, shares							94,079,255
Issuance of treasury shares, shares					8,571,852				(8,571,852)
Transfer from treasury shares to outstanding ordinary shares for vested RSUs,shares									10,679,408
Issuance of ordinary shares for the vested restricted share Units, shares					599,886
Foreign currency translation adjustment, net of tax	286,614														286,614
Issuance of ordinary shares relating to the acquisition, Shares						58,164,217
Issuance of ordinary shares relating to the acquisition, Value	3,087,849	¥ 3,268,545				¥ 4					¥ 3,268,541
Contingent consideration classified as equity relating to the acquisition of DiDi's smart auto business		¥ 260,546									¥ 260,546
Net loss	(10,375,775)															(10,375,775)
Appropriations to reserves														53,610		(53,610)
Ending balance at Dec. 31, 2023	¥ 36,328,527				¥ 125				¥ (1)	¥ 70,198,031				¥ 60,035	¥ 1,830,638	¥ (35,760,301)
Ending balance (Shares) at Dec. 31, 2023					1,886,817,266				(2,811,614)

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	¥ (10,375,775)	¥ (9,138,972)	¥ (4,863,096)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation of property, plant and equipment	1,645,760	915,481	573,247
Amortization of intangible assets	230,501	65,714	25,875
Amortization of right-of-use assets	182,195	379,200	229,031
Amortization of land use rights	48,828	50,309	9,642
Loss of disposal of property, plant and equipment	4,863	15,682	36,508
Loss of disposal of intangible assets	409	0	0
Impairment of property, plant and equipment	81,814	30,849	34,589
Impairment of intangible assets	8,712	26,418	0
Current expected credit loss of accounts and notes receivable	18,222	11,369	16,175
Current expected credit loss of installment payment receivables	47,352	43,971	49,978
Current expected credit loss of other current assets	4,783	12,314	3,578
Inventory write-downs	1,054,711	220,319	162,433
Exchange (gain) loss from foreign currency transactions	(97,080)	1,460,151	(313,580)
Interest income	(352,179)	(237,657)	(351,926)
Share-based compensation	550,535	710,486	379,948
Fair value (gain) loss on derivative assets or derivative liabilities	410,417	(59,357)	(79,262)
Fair value gain on derivative liability relating to the contingent consideration	(29,339)	0	0
Investment (gain) loss on long-term investments	224,364	(25,062)	(591,506)
Share of results of equity method investees	(54,740)	(4,117)	0
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts and notes receivable	1,138,408	(1,210,721)	(1,560,777)
Inventory	(2,358,763)	(2,475,785)	(1,940,225)
Amounts due from related parties	34,176	(14,339)	(32,103)
Prepayments and other current assets	329,654	(219,127)	(652,033)
Other non-current assets	150,944	(23,124)	(68,136)
Accounts and notes payable	7,955,933	1,860,670	7,250,441
Deferred tax liabilities	18,797	0	0
Deferred revenue	216,694	185,961	588,904
Operating lease liabilities	(172,612)	(380,006)	(237,846)
Accruals and other liabilities	1,089,108	119,283	2,260,378
Other non-current liabilities	443,545	237,117	187,923
Installment payment receivables	(1,473,594)	(776,585)	(2,247,136)
Amounts due to related parties	1,433	(17,736)	12,857
Income taxes payable	(21,912)	4,918	21,528
Net cash (used in) provided by operating activities	956,164	(8,232,376)	(1,094,591)
Cash flows from investing activities
(Placement) Maturities of short-term deposits	5,441,363	11,922,171	(24,899,368)
Maturities of short-term investments	524,172	1,625,763	62,305
Placement of long term deposits	(3,128,847)	(3,822,326)	(3,157,891)
Purchase of property, plant and equipment	(2,096,326)	(4,275,838)	(2,299,698)
Receipt of government subsidy related to assets	111,944	166,260	12,954
Maturities of derivative assets or derivative liabilities	0	10,752	233,050
Purchase of intangible assets	(124,838)	(98,047)	(288,084)
Disposal of property, plant and equipment	8,380	77,059	24,124
Purchase of land use rights	(90,341)	(306,014)	(223,113)
Prepayment for acquisition of assets	0	0	(23,132)
Prepayments for subscription of equity securities	0	0	(50,000)
Prepayment for acquisition of land use rights	0	0	(1,507,170)
Disposal of long-term investments	0	165,000	0
Cash paid for long-term investments	(188,681)	(618,814)	(959,855)
Cash acquired relating to a business combination	684,214	0	0
Cash paid for an asset acquisition, net of cash acquired	(509,872)	0	0
Net cash (used in) provided by investing activities	631,168	4,845,966	(33,075,878)
Cash flows from financing activities
Proceeds from Global Offering, net of issuance costs	0	0	13,146,811
Proceeds from issuance of ordinary shares to Volkswagen Group	5,019,599	0	0
Proceeds from borrowings	8,271,823	6,800,730	840,106
Repayments of borrowings	(5,162,232)	(681,710)	(982,900)
Proceeds from debt from third party investors	0	0	1,660,000
Repayment of debt from third party investors	0	(98,000)	0
Repayments of finance lease liabilities	(113,943)	(15,355)	0
Payments of listing expenses	0	(1,830)	(36,924)
Net cash provided by financing activities	8,015,247	6,003,835	14,627,093
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(14,576)	461,740	(363,276)
Net (decrease) increase in cash, cash equivalents and restricted cash	9,588,003	3,079,165	(19,906,652)
Cash, cash equivalents and restricted cash at beginning of the year	14,714,046	11,634,881	31,541,533
Cash, cash equivalents and restricted cash at end of the year	24,302,049	14,714,046	11,634,881
Supplemental disclosure of cash flows information
Cash paid for interest, net of amounts capitalized	(306,656)	(162,470)	(126,090)
Cash paid for income taxes	25,727	36,071	0
Acquisition of property, plant and equipment included in liabilities	1,723,130	1,624,432	843,732
Cash acquired relating to a business combination	684,214	0	0
Cash paid for an asset acquisition	(710,479)	0	0
Cash acquired relating to an asset acquisition	200,607	0	0
Supplemental disclosure of non-cash investing activities
Ordinary shares issued for the acquisition of DiDi's smart auto business	3,087,849	0	0
Fair value of contingent consideration relating to the acquisition of DiDi's smart auto business	¥ 694,357	¥ 0	¥ 0

Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	¥ 21,127,163		¥ 14,607,774
China, Yuan Renminbi [Member]
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	13,597,107	$ 13,597,107	13,230,745	$ 13,230,745
United States of America, Dollars [Member]
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	7,236,909	1,021,773	1,355,226	194,588
Hong Kong, Dollars [Member]
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	3,823	$ 4,218	8,268	$ 9,256
Other Currency [Member]
Cash and Cash Equivalents [Line Items]
Cash, Cash Equivalents, and Short-term Investments	¥ 289,324		¥ 13,535

Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands		1 Months Ended	12 Months Ended
	Jun. 30, 2022	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2022
Gain on Lease Amount
Operating lease payments			¥ 268,290	¥ 486,260	¥ 289,456
Property, plant and equipment, gross			¥ 14,212,514	12,492,581
Land right of use asset						¥ 389,508
Lessor, operating lease, term of contract			15 years
Net investment in sales-type lease			¥ 4,909,550	3,483,308
Factory [Member]
Gain on Lease Amount
Lessor, operating lease, term of contract			15 years
Lessor, operating lease, assumptions and judgments, value of underlying asset, amount			¥ 194,284
Net investment in sales-type lease			216,218	¥ 0	¥ 0
Sales-type Lease, gain			2,116
Guangzhou GET New Energy [Member]
Gain on Lease Amount
Operating lease payments	¥ 60,443	¥ 57,900
Property, plant and equipment, gross			1,300,000			1,001,820
Land right of use asset						¥ 389,508
Guangzhou GET New Energy [Member] \| Subsequent Paid [Member]
Gain on Lease Amount
Property, plant and equipment, gross			¥ 30,670

Installment Payment Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2023

Lessor Disclosure [Abstract]

Summary of Sales Type Lease Net Investment In Lease Before Allowance For Credit Loss

Installment payment receivables relating to the installment payments for vehicles and batteries from customers consisted of the following:


	As of December 31,
	2022		2023
Current portion of installment payment receivables, net		1,294,665		1,881,755
Non-current portion of installment payment receivables, net		2,188,643		3,027,795

Total		3,483,308		4,909,550

Summary of Sales Type Net Investment In Lease Gross Allowance For Credit Loss And Net

Installment payment receivables consisted of the following:


	As of December 31,
	2022			2023
Current portion of installment payment receivables		1,328,283			1,929,463
Non-current portion of installment payment receivables		2,243,169			3,102,488
Allowance for doubtful accounts		(88,144	)		(122,401	)

Total		3,483,308			4,909,550

Summary of Sales-type and Direct Financing Leases, Lease Receivable, Maturity

Payment maturity analysis of installment payment receivables for vehicles and batteries for each of the next five years and a reconciliation of the gross receivables to the present value are as follows:


	As of December 31,
	2023
Within 1 year		1,985,380
Between 1 and 2 years		1,553,474
Between 2 and 3 years		1,088,336
Between 3 and 4 years		677,517
Between 4 and 5 years		313,795
Thereafter		1,586

Total receivables of installment payments		5,620,088

Less: Unrealized finance income		(588,137	)

Installment payment receivables, gross		5,031,951
Less: Allowance for installment payment receivables		(122,401	)

Installment payment receivables, net		4,909,550

Installment Payment Receivables, Net - Summary of sales type lease net investment in lease before allowance or credit loss (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Sales-Type Lease, Net Investment in Lease, before Allowance for Credit Loss, Alternative [Abstract]
Current portion of installment payment receivables, net	¥ 1,881,755	¥ 1,294,665
Non-current portion of installment payment receivables, net	3,027,795	2,188,643
Installment payment receivables - net	¥ 4,909,550	¥ 3,483,308

Intangible Assets, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands			12 Months Ended
	Sep. 29, 2023 CNY (¥)	Sep. 29, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Cash consideration			¥ 509,872		¥ 0	¥ 0
Indefinite-lived intangible assets			1,416,050		800,747
Other finite lived intangible assets net			¥ 3,532,942		242,225
VPT [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Finite lived intangible assets useful live			10 years
Impairment of finite lived intangible assets			¥ 0
Other finite lived intangible assets net			2,543,796
Software and Software Development Costs [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Impairment of finite lived intangible assets			¥ 8,712		¥ 26,418
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Net Income (Loss) Attributable to Parent	Net Income (Loss) Attributable to Parent	Net Income (Loss) Attributable to Parent
Other finite lived intangible assets net			¥ 219,262		¥ 242,225
License Plates [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived intangible assets			40,880		34,747
Insurance Agency Qualification [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived intangible assets			22,000		¥ 22,000
Trademarks [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Other finite lived intangible assets net			2,626
Internet Domain Names [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Other finite lived intangible assets net			2,554
Patents [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Other finite lived intangible assets net			¥ 6,436
Dogotix [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Cash consideration	¥ 710,000	$ 98,960
Finite lived intangible assets useful live	10 years	10 years
Impairment of finite lived intangible assets \| $				$ 0
Business acquisition equity interest percentage	74.82%	74.82%
Business combination equity interest in acquiree percentage	25.18%	25.18%
Business combination step acquistion equity interest in acquiree fair value	¥ 205,000
Business combination consideration transferred including equity interest in acquiree held prior to combination	915,000
Finite lived intangible assets acquired	¥ 778,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Expense	¥ 550,535	¥ 710,486	¥ 379,948
Cost of Sales [Member]
Share Based Compensation Expense	3,235	3,183	0
Selling, General and Administrative Expenses [Member]
Share Based Compensation Expense	206,936	282,667	154,995
Research and Development Expense [Member]
Share Based Compensation Expense	¥ 340,364	¥ 424,636	¥ 224,953

Leases

12 Months Ended

Dec. 31, 2023

Leases Disclosure [Abstract]

Leases

18. Leases

As a lessee

The Group has entered into various operating lease agreements for certain land use rights, offices, retail and service centers, warehouses for finished goods, parking areas for charging infrastructure, and factories for R&D activities which are substantially located in PRC. In 2022, the Group also entered into a finance lease agreement for the Guangzhou manufacturing plant. The Group determines if an arrangement is a lease, or contains a lease, at inception and records the leases in the consolidated financial statements upon lease commencement, which is the date when the lessor makes the underlying asset available for use by the lessee.

The Group’s leases, where the Group is the lessee, may include options to extend the lease term and options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Group will exercise such options.

The Group entered into a cooperation agreement and supplementary agreements (collectively

“Guangzhou Cooperation Agreements”

) in September 2020 and June 2021 for the establishment of the Group’s Guangzhou manufacturing plant with Guangzhou GET Investment and Guangzhou GET New Energy. Pursuant to Guangzhou Cooperation Agreement, the Group intends to construct a new Smart EV manufacturing base which houses a broad range of functions, including research and development, manufacturing, vehicle testing and sales.

The Group entered into a lease contract with Guangzhou GET New Energy to lease the plant and underlying land use right of Guangzhou manufacturing plant with an annual lease payment of RMB57,900 from July 2022 to June 2029, and further obtained an obligation to purchase the plant and underlying land use right at the construction cost of RMB1,300,000 at the end of lease term. Further construction cost amounting to RMB30,670 will be paid subsequently according to the payment schedule. The lease payment made before the lease commencement date was RMB60,443. The initial direct cost made and the incentive received on or before the lease commencement date were immaterial.

The lease of the land use right or a purchased land use right

under normal operative terms

can only be classified as an operating lease under U.S. GAAP. As the Group has an obligation to purchase the plant at cost and the assets are designed for the use of the Group, so the obligation is reasonably certain to be exercised, and accordingly, the lease of the plant was classified as a finance lease and recognized as property, plant and equipment of the Group. Therefore, on the lease commencement date, the land use right and property, plant and equipment for the plant amounted RMB389,508 and RMB1,001,820, respectively, being the present value of the lease payment and the exercise price of the purchase obligation.

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


	As of December 31,
	2022		2023
Operating lease
Land use rights, net		393,561		401,901
Right-of-use assets, net		1,954,618		1,455,865

Total operating lease assets		2,348,179		1,857,766

Operating lease liabilities - current		490,811		365,999
Operating lease liabilities - non current		1,854,576		1,490,882

Total operating lease liabilities		2,345,387		1,856,881


	As of December 31,
	2022			2023

Finance lease
Property, plant and equipment, at cost		1,001,820			1,001,820
Accumulated depreciation		(25,046	)		(75,137	)

Property, plant and equipment, net		976,774			926,683

Finance lease liabilities - current		128,279			34,382
Finance lease liabilities - non current		797,743			777,697

Total finance lease liabilities		926,022			812,079

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


	For the Year Ended December 31,
	2021		2022		2023

Operating lease expense:
Operating lease expense		340,744		595,032		540,688
Short-term lease expense		102,901		265,800		231,467

Total operating lease expenses		443,645		860,832		772,155

Finance lease expense:
Amortization expense		—		25,046		50,091
Interest expense		—		22,846		40,205

Total finance lease expenses		—		47,892		90,296

Total lease expenses		443,645		908,724		862,451

Short-term leases primarily consist of the parking areas and

pop-up

stores leases with a term of 12 months or less.

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

Interest expense on finance lease liabilities is recognized over the lease term as “Interest expenses”.

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


	For the Year Ended December 31,
	2021			2022			2023
Weighted-average remaining lease term
Operating leases		5.3 years			5.1 years			4.6 years
Finance leases		—			6.6 years			5.6 years
Land use rights		—			49.5 years			49.0 years
Weighted-average discount rate
Operating leases		4.71	%		4.78	%		4.85	%
Finance leases		—			4.90	%		4.90	%
Land use rights		—			4.90	%		4.90	%

Because most of the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The Group elected to use the collateralized borrowing rate based on a similar borrowing terms and amount with associated lease.

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


	For the Year Ended December 31,
	2021		2022		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		289,456		486,260		268,290
Operating cash outflows from finance leases (interest payments)		—		22,846		40,205
Financing cash outflows from finance leases		—		15,355		113,943
Leased assets obtained in exchange for operating lease liabilities net of decrease in leased assets for early terminations		1,329,021		1,162,151		(316,558	)
Leased assets obtained in exchange for finance lease liabilities		—		1,001,820		—

As of December 31, 2023, the maturities of the Group’s lease liabilities (excluding short-term leases) are as follows:


	As of December 31, 2023
	Finance Lease			Operating Lease
Within 1 year		59,371			444,268
Between 1 and 2 years		31,767			324,645
Between 2 and 3 years		31,767			276,070
Between 3 and 4 years		34,835			188,382
Between 4 and 5 years		31,767			155,199
Thereafter		825,955			797,075
Total minimum lease payments		1,015,462			2,185,639
Less: Interest		(203,383	)		(328,758	)
Present value of lease obligations		812,079			1,856,881
Less: Current portion		(34,382	)		(365,999	)

Non - current portion of lease obligations		777,697			1,490,882

As a lessor

The Group provided a lease of a factory to a third party in December 2023 with a lease term of

15 years

. The lease did not contain any contingent rental income clauses. Initial direct costs were insignificant for all periods presented. No residual value guarantees, variable lease provision and options to purchase the underlying asset was contained in the lease arrangement.

The lease of the factory was classified as a sales-type lease as the lease term represents a significant portion of the remaining economic useful life of the underlying asset. Therefore, on the lease commencement date, the Group derecognized the underlying asset in the amount

of RMB194,284, and

recognized accordingly the net investment in the lease in the amount

of RMB216,218,

which represents the present value of the lease receivables and the amount that a lessor expects to derive from the underlying asset following the end of the lease term. The Group also recorded a related gain

of RMB2,116

in “Selling, general and administrative expenses” in the consolidated statements of comprehensive loss for the year ended December 31, 2023.

The balances for the factory lease where the Group is the lessor are presented as follows within the consolidated balance

sheets:


	As of December 31,
	2022		2023
Other current assets
Finance lease receivables, current portion, net		—		11,100
Other non-current assets
Finance lease receivables, non-current portion, net		—		205,118

Total Finance lease receivables, net		—		216,218

The net investment in the sales-type lease consisted of:


	As of December 31,
	2021		2022		2023
Total minimum lease payments receivable		—		—		240,023
Unguaranteed residuals		—		—		27,736
Less: Unearned income		—		—		(51,541	)

Net investment in lease payments receivable		—		—		216,218

Current portion		—		—		11,100

Non-current portion		—		—		205,118

Future minimum lease payments to be received for the sales-type lease for the five succe

ding fiscal years as of the December 31, 2023 are as follows:


	As of December 31,
	2023
Within 1 year		20,002
Between 1 and 2 years		16,001
Between 2 and 3 years		16,001
Between 3 and 4 years		16,001
Between 4 and 5 years		16,001
Thereafter		156,017

Total minimum lease payments receivable		240,023
Unguaranteed residuals		27,736
Less: Unearned income		(51,541	)

Net investment in sales-type lease		216,218

Accruals and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Summary of Accruals And Other Liabilities

Accruals and other liabilities consisted of the following:


	As of December 31,
	2022		2023

Payables for purchase of property, plant and equipment		1,624,432		1,723,130
Payables for R&D expenses		1,023,344		1,085,353
Employee compensation payables		729,806		939,023
Accrued expenses		417,396		598,423
Debt from a third party investor(Note 1 7 (i))		—		541,918
Deposits from third parties		386,412		501,197
Payables for marketing events		483,059		368,163
Tax payables		51,147		350,263
Accrued cost of purchase commitments (i)		—		285,519
Warranty provisions		216,260		219,988
Advance from customers		113,730		100,281
Refundable deposit from customers		26,806		61,717
Interest payables		39,082		44,526
Others		472,355		760,694

Total		5,583,829		7,580,195

Long-Term Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands, $ in Thousands		1 Months Ended				12 Months Ended
	Oct. 09, 2023 CNY (¥)	Oct. 31, 2022 CNY (¥)	Oct. 31, 2022 HKD ($)	Jul. 31, 2022 CNY (¥)	Apr. 30, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Mar. 31, 2022	Jan. 31, 2022 CNY (¥)	Oct. 31, 2021 CNY (¥)	Oct. 31, 2021 USD ($)	Apr. 30, 2021 CNY (¥)	Jan. 31, 2021 CNY (¥)
Schedule Of LongTermInvestments [Line Items]
Equity Method Investments						¥ 456,063			$ 69,965	¥ 329,045	$ 51,874
Other equity investments										100,000
Equity Method Investments, Fair Value Disclosure						¥ 104,972				¥ 112,641
Subscription of equity investment \| $							$ 150,000
Percentage of financial interests hold by limited partner						60.70%			60.70%	60.70%	60.70%
Percentage of financial interests													60.70%
Percentage of financial interests hold by other third party investors						39.30%			39.30%	39.30%	39.30%
Equity securities without readily determinable fair value cumulative amount upward adjustment						¥ 39,107
Equity securities without readily determinable fair value cumulative amount downward adjustment						89,933
Equity securities without readily determinable fair value downward adjustment annual amount						39,107
Equity securities without readily determinable fair value upward price adjustment annual amount						89,933
Transfer From Debt Securities Due To Business Acquistion						¥ (204,836)
Equity interest in Dogotix [Member]
Schedule Of LongTermInvestments [Line Items]
Transfer From Debt Securities Due To Business Acquistion	¥ 204,836
Preferred Equity [Member]
Schedule Of LongTermInvestments [Line Items]
Payment to acquire equity securities without a readily determinable fair value					¥ 50,000
Long term investments reclassification from debt investments to equity investments without readily determinable far value					57,832
Light Detection and Ranging [Member]
Schedule Of LongTermInvestments [Line Items]
Proceeds from sale of debt instrument					¥ 100,000
Semiconductors [Member]
Schedule Of LongTermInvestments [Line Items]
Other equity investments		¥ 65,000												¥ 65,000
Common Stock [Member]
Schedule Of LongTermInvestments [Line Items]
Prepayment of minority equity interest								¥ 50,000
Payment to acquire minority equity interest		¥ 141,981	$ 156,982
Dogotix [Member]
Schedule Of LongTermInvestments [Line Items]
Equity Method Investments				¥ 94,451								$ 14,000					¥ 19,900
Other equity investments								¥ 190,000
Equity Method Investments, Fair Value Disclosure				95,752
Investments, Fair Value Disclosure															¥ 41,258	$ 6,440
Changes from equity investment to debt investment				¥ 116,129
Huitian [Member]
Schedule Of LongTermInvestments [Line Items]
Equity Method Investments															574,146	90,000		¥ 24,551
Equity Method Investments, Fair Value Disclosure															¥ 591,506
Huitian [Member] \| Convertible Bond [Member]
Schedule Of LongTermInvestments [Line Items]
Equity Method Investments \| $																20,000
Huitian [Member] \| Preferred Stock [Member]
Schedule Of LongTermInvestments [Line Items]
Equity Method Investments \| $																$ 70,000

Summary of Significant Accounting Policies -Summary of Useful Lives of Property Plant and Equipment (Detail)	Dec. 31, 2023
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Charging Infrastructure [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer And Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Maximum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 months
Minimum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	4 years
Minimum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years

Intangible Assets, Net - Schedule of Intangible Assets, Net (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	¥ 3,921,280	¥ 391,699
Accumulated amortization	(353,208)	(123,056)
Impairment Amount	(35,130)	(26,418)
Total	3,532,942	242,225
Indefinite-lived intangible assets	1,416,050	800,747
Total intangible assets Gross Carrying Amount	5,337,330	1,192,446
Total intangible assets - Accumulated amortization	(353,208)	(123,056)
Total intangible assets - Impairment Amount	(35,130)	(26,418)
Total intangible assets - Net Carrying Amount	4,948,992	1,042,972
VMTUD [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	609,170
Total	609,170
Manufacturing License [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	494,000	494,000
Total	494,000	494,000
Surveying And Mapping Qualification [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	250,000	250,000
Total	250,000	250,000
Others [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	62,880	56,747
Total	62,880	56,747
VPT [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	2,586,911
Accumulated amortization	(43,115)
Total	2,543,796
Robotics Platform Technology [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	777,711
Accumulated amortization	(19,443)
Total	758,268
Software and Software Development Costs [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	542,335	389,409
Accumulated amortization	(287,943)	(120,766)
Impairment Amount	(35,130)	(26,418)
Total	219,262	242,225
License Of Maintenance And Overhauls [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	2,290	2,290
Accumulated amortization	(2,290)	¥ (2,290)
Others [Member]
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill [Line Items]
Gross Carrying Amount	12,033
Accumulated amortization	(417)
Total	¥ 11,616

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

10. Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of December 31, 2022										As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Impairment Amount (iv)			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Impairment Amount (iv)			Net Carrying Amount

Finite-lived intangible assets
VPT (i)		—		—			—			—		2,586,911		(43,115	)		—			2,543,796
Robotics platform technology (ii)		—		—			—			—		777,711		(19,443	)		—			758,268
Software		389,409		(120,766	)		(26,418	)		242,225		542,335		(287,943	)		(35,130	)		219,262
License of maintenance and overhauls		2,290		(2,290	)		—			—		2,290		(2,290	)		—			—
Others (iii)		—		—			—			—		12,033		(417	)		—			11,616

Total finite-lived intangible assets		391,699		(123,056	)		(26,418	)		242,225		3,921,280		(353,208	)		(35,130	)		3,532,942

Indefinite-lived intangible assets
VMTUD (i)		—		—			—			—		609,170		—			—			609,170
Manufacturing license		494,000		—			—			494,000		494,000		—			—			494,000
Surveying and mapping qualification		250,000		—			—			250,000		250,000		—			—			250,000
Others (iii)		56,747		—			—			56,747		62,880		—			—			62,880

Total indefinite-lived intangible assets		800,747		—			—			800,747		1,416,050		—			—			1,416,050

Total intangible assets		1,192,446		(123,056	)		(26,418	)		1,042,972		5,337,330		(353,208	)		(35,130	)		4,948,992

The Group recorded amortization expense of RMB25,875, RMB65,714 and RMB230,501 for the years ended December 31, 2021, 2022 and 2023, respectively.

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


Within 1 year			478,432
Between 1 and 2 years			387,426
Between 2 and 3 years			358,742
Between 3 and 4 years			345,978
Between 4 and 5 years			340,744
Thereafter			1,621,620

Total			3,532,942

(i)

The useful life of VPT acquired in the business combination of Xiaoju Group (Note 5) is assessed to

be 10 years

. The VMTUD acquired through business combination is considered indefinite-lived until the completion of the associated research and development efforts and a determination related to commercial feasibility. At such time, the Group will determine the related useful life and method of amortization. Research and development expenditures that are incurred after the acquisition, including those for completing the research and development activities, are expensed as incurred

. No impairment was recognized for these assets as of December 31, 2023.

(ii)

Dogotix Inc. (“Dogotix”) is primarily engaged in research and development of robots with human-robot interaction functions since 2021. On September 29, 2023, the Group entered into share purchase agreements to acquire 74.82% of the equity

interest

of Dogotix for a cash consideration of US$98.96 million (

approximated to

RMB710 million). Upon completion of the acquisition on October 9, 2023, Dogotix became a wholly-owned subsidiary of the Group. The fair value of the 25.18% equity interest in Dogotix previously held by the Group amounted to RMB205 million at the acquisition date. The total consideration amounted to RMB915 million. Substantially all of the fair value of the gross assets (excluding cash and cash equivalents, deferred tax assets, and consideration transferred in excess resulting from the effects of deferred tax liabilities) acquired was concentrated in the robotics platform technology. The acquisition was determined to be an asset acquisition for accounting purposes. The Group accounted for the acquisition of the robotics platform technology as an intangible asset with a total cost of RMB778 million. The useful life of this asset is assessed as 10 years. No impairment was recognized for the asset as of

December

2023.

(iii)

As of December 31, 2023, other finite-lived intangible assets included trademarks, domain names and patents amounting to RMB2,626, RMB2,554 and RMB6,436, respectively. As of December 31, 2022, other indefinite-lived intangible assets included license plate amounting to RMB34,747 and insurance agency qualification amounting to RMB22,000. As of December 31, 2023, other indefinite-lived intangible assets included license plate amounting to RMB40,880 and insurance agency qualification amounting to RMB22,000.

(iv)	Impairment losse s of RMB26,418 and RMB8,712 were recognized for the years ended December 31, 2022 and 2023 , respectively, primarily due to the phase out of certain software.

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of December 31, 2022										As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Impairment Amount (iv)			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Impairment Amount (iv)			Net Carrying Amount

Finite-lived intangible assets
VPT (i)		—		—			—			—		2,586,911		(43,115	)		—			2,543,796
Robotics platform technology (ii)		—		—			—			—		777,711		(19,443	)		—			758,268
Software		389,409		(120,766	)		(26,418	)		242,225		542,335		(287,943	)		(35,130	)		219,262
License of maintenance and overhauls		2,290		(2,290	)		—			—		2,290		(2,290	)		—			—
Others (iii)		—		—			—			—		12,033		(417	)		—			11,616

Total finite-lived intangible assets		391,699		(123,056	)		(26,418	)		242,225		3,921,280		(353,208	)		(35,130	)		3,532,942

Indefinite-lived intangible assets
VMTUD (i)		—		—			—			—		609,170		—			—			609,170
Manufacturing license		494,000		—			—			494,000		494,000		—			—			494,000
Surveying and mapping qualification		250,000		—			—			250,000		250,000		—			—			250,000
Others (iii)		56,747		—			—			56,747		62,880		—			—			62,880

Total indefinite-lived intangible assets		800,747		—			—			800,747		1,416,050		—			—			1,416,050

Total intangible assets		1,192,446		(123,056	)		(26,418	)		1,042,972		5,337,330		(353,208	)		(35,130	)		4,948,992

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


Within 1 year			478,432
Between 1 and 2 years			387,426
Between 2 and 3 years			358,742
Between 3 and 4 years			345,978
Between 4 and 5 years			340,744
Thereafter			1,621,620

Total			3,532,942

Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Loss Per Share

25. Loss Per Share

Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2021, 2022 and 2023 as follows:


	For the Year Ended December 31,
	2021			2022			2023
Numerator:
Net loss		(4,863,096	)		(9,138,972	)		(10,375,775	)

Net loss attributable to ordinary shareholders of XPeng Inc.		(4,863,096	)		(9,138,972	)		(10,375,775	)

Denominator:
Weighted average number of ordinary shares outstanding-basic and diluted		1,642,906,400			1,712,533,564			1,740,921,519

Basic and diluted net loss per share attributable to ordinary shareholders of XPeng Inc.		(2.96	)		(5.34	)		(5.96	)

For the years ended December 31, 2021, 2022 and 2023, the Company had potential ordinary shares, including

non-vested

RSUs granted and contingently issuable shares relating to contingent consideration (Note 5). As the Group incurred losses for the years ended December 31, 2021, 2022 and 2023, 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

RSUs excluded from the calculation of diluted net loss per share of the Company were 44,422,384, 39,259,022 and 34,385,852 as of December 31, 2021, 2022 and 2023, respectively. The number of contingently issuable shares relating to contingent consideration excluded from the calculation of diluted net loss per share of the Company is

nil

and between

nil

32,967,573, as of December 31, 2021, 2022 and 2023, respectively.

Related Parties

12 Months Ended

Dec. 31, 2023

Related Parties

26. Related parties

The principal related parties with which the Group had transactions during the years presented are as follows:


Name of Entity or Individual		Relationship with the Company
Mr. Xiaopeng He		Principal Shareholder of the Company, Chairman of the Board and Chief Executive Officer
Mr. Hongdi Brian Gu		Honorary Vice Chairman of the Board and President
Mr. Tao He (4)		Former Senior Vice President
HT Flying Car Inc.		A Company Significantly Influenced by the Principal Shareholder
HT Flying Car (Hong Kong) Limited		A Company Significantly Influenced by the Principal Shareholder
Guangzhou Huitian Aerospace Technology Co., Ltd. (“Guangzhou Huitian”) (1)		A Company Significantly Influenced by the Principal Shareholder
Guangdong Huitian Aerospace Technology Co., Ltd. (“Guangdong Huitian”) (1)		A Company Significantly Influenced by the Principal Shareholder
Guangzhou Zhongpeng Investment and Development Co., Ltd.		A Company Controlled by the Principal Shareholder
Rockets Capital L.P. (2)		A Partnership Significantly Influenced by the Company
Dogotix (3)		A Company Significantly Influenced by the Principal Shareholder
Dogotix (Hong Kong) Limited (3)		A Company Significantly Influenced by the Principal Shareholder
PX Robotics Inc. (“PX Robotics”) (3)		A Company Significantly Influenced by the Principal Shareholder
Shenzhen Pengxing Smart Co., Ltd. (“Shenzhen Pengxing”) (3)		A Company Significantly Influenced by the Principal Shareholder
Shenzhen Pengxing Research (3)		A Company Significantly Influenced by the Principal Shareholder
Guangzhou Xuetao (4)		A Company Jointly Controlled by the former Senior Vice President
XProbot Holdings Limited (“XProbot Holdings”)		A Company Controlled by the Principal Shareholder

(1)

Since January 2021, Guangzhou Huitian and Guangdong Huitian were controlled by the principal shareholder. In October 2021, upon the completion of Huitian’s A round of fund raising, Guangzhou Huitian and Guangdong Huitian became significantly influenced by the principal shareholder.

(2)

As of December 31, 2023, the principal shareholder and the President are the shareholders of the General Partner of Rockets Capital L.P. and the President is entitled to appoint one of three directors of the General Partner. The Group, together with its related parties, can exercise significant influence over Rockets Capital L.P

(Note 13(iv)).

(3)

Since April 2021, Dogotix, Dogotix (Hong

Kong) Limited, Shenzhen Pengxing, Shenzhen Pengxing Research and PX Robotics were controlled by the principal shareholder. In July 2022, upon the completion of Dogotix’s A round of fund raising, Dogotix, Shenzhen Pengxing and Shenzhen Pengxing Research became significantly influenced by the principal shareholder.

In September 2023, the Group entered into an equity transfer agreement for the acquisition of

the 74.82% equity

shares of Dogotix. Upon the completion of the acquisition, Dogotix, Dogotix (Hong

Kong) Limited, Shenzhen Pengxing, Shenzhen Pengxing Research and PX Robotics became subsidiaries wholly controlled by the Group.

(4)

Mr. Tao He joined the Company as senior vice president in January 2015 and was appointed as director in March 2020. In July 2021, he resigned from the directorship with effect from the Global Offering. Since June 2022, he established and jointly controlled Guangzhou Xuetao with 50% equity interests.

He had resigned from senior vice president since April 2023.

(5)

Major transactions with related parties:

(i)

Non-trade

in nature

For the years ended December 31, 2021, 2022 and 2023, the interest expenses on the payable due to a company jointly

controlled by the former senior vice president

was nil, RMB1,021 and RMB2,402, respectively.

For the years ended December 31, 2021, 2022 and 2023

a debt investment was disposed of to a partnership significantly influenced by the Company amounted to nil

RMB165,000 and nil, respectively (Note(1

)(iii)).

For the year ended December 31, 2023, the consideration related to the acquisition of Dogotix was paid to a company

controlled by the principal shareholder amounted to

RMB344,019.

(ii)

Trade in nature

For the years ended December 31, 2021, 2022 and 2023, the rental expenses to a company controlled by the principal shareholder amounted to RMB10,150,

nil and nil, respectively.

For the years ended December 31, 2021, 2022 and 2023, the operation support service provided to companies controlled by the principal shareholder amounted to RMB36,857, RMB31,293 and nil, respectively.

For the years ended December 31, 2021, 2022 and 2023, the operation support service provided to companies significantly influenced by the principal shareholder amounted to RMB2,300, RMB20,210 and RMB14,823, respectively.

For the year ended December 31, 2021, the purchase of fixed assets, the purchase of services, the rental income and the sales income from the companies controlled by the principal shareholder amounted to RMB698, RMB101, RMB862 and RMB140, respectively. For the year ended December 31, 2022, the purchase of fixed assets, the purchase of service and the rental income from the companies controlled by the principal shareholder amounted to nil, nil and RMB55, respectively.

For the year ended December 31, 2023, the rental income from the companies controlled by the principal shareholder amounted to nil.

For the year ended December 31, 2021, the purchase of fixed assets, the purchase of services, the rental income from the companies significantly influenced by the principal shareholder amounted to RMB2,793, RMB54 and RMB40, respectively. For the year ended December 31, 2022, the purchase of fixed assets, the purchase of services, the rental income and the sales income from the companies significantly influenced by the principal shareholder amounted to RMB3,752, RMB663, RMB534 and

RMB

2,167, respectively. For the year ended December 31, 2023, the purchase of fixed assets, the purchase of services, the rental income and the sales income from the companies significantly influenced by the principal shareholder amounted to nil, RMB1,068, RMB306 and RMB1,172, respectively.

(6)

Amounts due from related parties:

As of December 31, 2022, amounts due from related parties represents the receivables for operation support service and sales of goods amounting to RMB44,755 and RMB2,369, respectively, to the companies significantly influenced by the principal shareholder.

As of December 31, 2023, amounts due from related parties represents the receivables for operation support service and sales of goods amounting to RMB12,566 and RMB382, respectively, to the companies significantly influenced by the principal shareholder.

(7)

Amounts due to related parties:

As of December 31, 2022, amounts due to related parties represents: (i) the payables for assets purchased amounting to RMB978 to the companies significantly influenced by the principal shareholder, and (ii) the payable due to a company jointly controlled by the

former

senior vice president amounting to RMB28,470, and (iii) the payable for investment amounting to RMB61,663 to a partnership significantly influenced by the Company, which was subsequently paid in January 2023.

As of December 31, 2023, amounts due to related parties represents: (i) the payable due to a company jointly controlled by the

former

senior vice president amounted to RMB30,872, and (ii) the advances from the companies significantly influenced by the principal shareholder amounted to RMB8.

(8)

As of December 31, 2022 and 2023, there was an investment commitment of RMB658,160 and RMB541,186 to a partnership significantly influenced by the Company, respectively (Note 2

(a)).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

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

12 Months Ended

Dec. 31, 2023

CNY (¥)

Kilometers

Dec. 31, 2022

CNY (¥)

Dec. 31, 2021

CNY (¥)

Accounting Policies [Line Items]

Restricted cash

¥ 3,174,886

¥ 106,272

Allowance for credit loss on accounts receivable charged to income statement

70,357

67,654

¥ 69,731

Allowance for credit loss on accounts receivable current

76,090

67,181

Allowance for credit loss on accounts receivable non current

74,693

54,526

Short-term investments

781,216

1,262,129

Inventory write-downs

1,054,711

220,319

162,433

Research and development expenses

^[1]

5,276,574

5,214,836

4,114,267

Advertising costs

413,832

577,569

873,256

Selling and marketing expenses total

5,013,734

5,028,958

4,276,366

Employer contribution to defined contribution plan

750,002

766,915

466,444

Dividend declared

General and Administrative Expense

1,545,208

1,659,288

1,029,067

Short-term deposits

9,756,979

14,921,688

Long-term deposits

10,090,341

7,353,916

Long-term deposits current

7,054,915

427,466

Impairment of indefinite-lived intangible assets

Other income other subsidies

¥ 465,588

109,168

350,596

Relocation and disposal costs

132,856

Other income government subsidies

214,486

Advance repayment of long term borrowing

700,000

Extended product warranty description

extended warranty of 10 years or 200,000 kilometers, basic maintenance service of 6 times in 4 years

Lessor, sales-type lease, term of contract

15 years

Sales-type lease, lease receivable

¥ 240,023

Accounts payable

13,491,144

7,269,757

Notes payable

¥ 8,719,287

6,953,099

License Of Maintenance And Overhauls [Member]

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

26 months

Robotics Platform Technology [Member]

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

10 years

VPT [Member]

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

10 years

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

Accounting Policies [Line Items]

Restricted cash

¥ 3,168,578

84,371

Deposits Restriction Subject to Settlement of Dispute [Member]

Accounting Policies [Line Items]

Restricted cash

¥ 6,308

21,901

General Reserve Fund [Member]

Accounting Policies [Line Items]

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

10.00%

Appropriations to general reserve fund and statutory surplus fund

¥ 53,610

378

6,047

Minimum [Member]

Accounting Policies [Line Items]

Land use rights amortisation period

49 years 6 months

Credit derivative, term

0 days

Minimum [Member] | Software and Software Development Costs [Member]

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

2 years

Minimum [Member] | Others [Member]

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

5 years

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

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

2 years

Minimum [Member] | General Reserve Fund [Member]

Accounting Policies [Line Items]

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

50.00%

Maximum [Member]

Accounting Policies [Line Items]

Land use rights amortisation period

50 years

Credit derivative, term

180 days

Maximum [Member] | Software and Software Development Costs [Member]

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

10 years

Maximum [Member] | Others [Member]

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

10 years

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

Accounting Policies [Line Items]

Property, Plant and Equipment, Useful Life

10 years

CHINA

Accounting Policies [Line Items]

Short-term deposits

¥ 9,756,979

14,921,688

Customer Upgrade Programme [Member]

Accounting Policies [Line Items]

Period of validity of loyalty scheme offered

5 years

Period within which customers have to accept the loyalty scheme offered

30 days

Vehicles [Member]

Accounting Policies [Line Items]

Product warranty period

4 years

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

100,000

Cost of Sales [Member]

Accounting Policies [Line Items]

Inventory write-downs

¥ 1,054,711

220,319

162,433

Operating Expense [Member]

Accounting Policies [Line Items]

Gain loss on the disposal of propery plant and equipment

¥ 4,863

¥ 15,682

¥ 36,508

[1]	Share-based compensation was allocated in cost of sales and operating expenses as follows

Organization and Nature of Operations - Summary of Company's Principal Subsidiaries and VIEs (Parenthetical) (Detail) ¥ in Thousands			12 Months Ended
	Jan. 04, 2022 CNY (¥)	Feb. 13, 2020 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Feb. 13, 2020 $ / shares
Capital contribution representing a notional amount			¥ 0	¥ 0	¥ 50,000
Zhaoqing Xpeng [Member] \| Variable Interest Entity VIE Activities [Member]
Percentage of Equity interest subscribed						50.00%
Zhaoqing Kunpeng [Member]
Capital contribution representing a notional amount		¥ 0
Percentage of Equity Interest Transferred	50.00%
Cash Consideration	¥ 1
Zhaoqing Kunpeng [Member] \| Variable Interest Entity VIE Activities [Member]
Percentage of Equity interest subscribed						50.00%
Zhaoqing Kunpeng [Member] \| Share Transfer Agreement [Member]
Percentage of equity interest agreed to transfer as per agreement						50.00%
Share price \| $ / shares						$ 1

Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Composition of Income Tax Expenses

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


	For the Year Ended December 31,
	2021		2022		2023
Current income tax expenses		25,990		24,731		18,014
Deferred income tax expenses		—		—		18,796

Income tax expenses		25,990		24,731		36,810

Summary of Reconciliations of the Income Tax Expenses

Reconciliations of the income tax expense

computed by applying the PRC statutory income tax rate of 25% to the Group’s income tax expense

of the years presented are as follows:


	For the Year Ended December 31,
	2021			2022			2023

Loss before income tax expense s and share of results of equity method invest e es		(4,837,106	)		(9,118,358	)		(10,393,705	)
Income tax credit computed at the PRC statutory income tax r ate of 25 % (i)		(1,209,277	)		(2,279,590	)		(2,598,426	)
Effect of preferential tax rate (ii)		254,061			202,968			29,362
Tax-free income		(25,000	)		(14,000	)		(33,657	)
Effect of change in tax rate		33,454			16,554			(79,401	)
Effect of different tax rate of different jurisdictions		(323,601	)		322,514			114,036
Effect of additional deduction for qualified R&D expenses		(217,395	)		(515,288	)		(1,184,717	)
Non-deductible expenses		163,980			92,906			(230,127	)
Other adjustments (iii)		—			—			(494,696	)
Changes in valuation allowance		1,349,768			2,198,667			4,514,436

Income tax expense s		25,990			24,731			36,810

(i)

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

(ii)

The effect of preferential tax rate resulted in a deduction of the income tax credit computed at the PRC statutory income tax rate of 25%.

(iii)

Other adjustments include acquisition of subsidiaries resulted in RMB536,974 of the income tax credit.

Summary of Components of Deferred Tax Assets


	As of December 31,
	2021			2022			2023

Deferred tax assets :
Net operating loss carry-forwards		3,051,082			5,026,589			10,189,606
Government grants		41,565			72,674			41,713
Impairment of long-lived assets		12,239			17,372			29,660
Inventory reserve		7,221			55,397			69,730
Accruals and others		452,612			591,354			457,366
Lease s		—			—			502,799
Valuation allowance		(3,564,719	)		(5,763,386	)		(10,277,822	)

Sub-total		—			—			1,013,052


	As of December 31,
	2021		2022		2023

Deferred tax liabilities :
Lease s		—		—		(509,441	)
Acquired intangible assets		—		—		(907,629	)

Sub-total		—		—		(1,417,070	)

Total deferred tax liabilities, net		—		—		(404,018	)

Summary of Movement in Valuation Allowance

Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years. Movement of valuation allowance is as follow:


	For the Year Ended December 31,
	2021			2022			2023
Valuation allowance
Balance at beginning of the year		2,214,951			3,564,719			5,763,386
Additions		1,511,434			2,221,222			3,990,147
Acquisition of subsidiaries		—			—			536,974
Loss utilized and expired		(128,212	)		(6,001	)		(92,086	)
Effect of change in tax rate		(33,454	)		(16,554	)		79,401

Balance at end of the year		3,564,719			5,763,386			10,277,822

Summary of Tax Loss Carryforwards

The Group has tax losses arising in Mainland China of RMB45,422,967 that will expire in one to ten years for deduction against future taxable profits.


Loss expiring in 2024			823,867
Loss expiring in 2025			1,651,343
Loss expiring in 2026			3,524,998
Loss expiring in 2027			6,477,329
Loss expiring in 2028			19,490,587
Loss expiring in 2029			4,163,914
Loss expiring in 2030			1,354,404
Loss expiring in 2031			1,997,693
Loss expiring in 2032			3,220,655
Loss expiring in 2033			2,718,177

Total			45,422,967


Hong Kong			671,655
Others			562,525

Total			1,234,180

Taxation - Summary of Tax Loss Carryforwards (Detail) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Operating Loss Carryforwards [Line Items]
Loss	¥ 45,422,967
Tax losses	1,234,180
Loss expiring in 2024 [Member]
Operating Loss Carryforwards [Line Items]
Loss	823,867
Loss expiring in 2025 [Member]
Operating Loss Carryforwards [Line Items]
Loss	1,651,343
Loss expiring in 2026 [Member]
Operating Loss Carryforwards [Line Items]
Loss	3,524,998
Loss expiring in 2027 [Member]
Operating Loss Carryforwards [Line Items]
Loss	6,477,329
Loss expiring in 2028 [Member]
Operating Loss Carryforwards [Line Items]
Loss	19,490,587
Loss expiring in 2029 [Member]
Operating Loss Carryforwards [Line Items]
Loss	4,163,914
Loss expiring in 2030 [Member]
Operating Loss Carryforwards [Line Items]
Loss	1,354,404
Loss expiring in 2031 [Member]
Operating Loss Carryforwards [Line Items]
Loss	1,997,693
Loss expiring in 2032 [Member]
Operating Loss Carryforwards [Line Items]
Loss	3,220,655
Loss expiring in 2033 [Member]
Operating Loss Carryforwards [Line Items]
Loss	2,718,177
United States [Member]
Operating Loss Carryforwards [Line Items]
Tax losses	562,525
Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Tax losses	¥ 671,655

Leases - Summary of Cash Flow Information Related to Leases (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	¥ 268,290	¥ 486,260	¥ 289,456
Operating cash outflows from finance leases (interest payments)	40,205	22,846	0
Financing cash outflows from finance leases	113,943	15,355	0
Leased assets obtained in exchange for operating lease liabilities net of decrease in leased assets for early terminations	(316,558)	1,162,151	1,329,021
Leased assets obtained in exchange for finance lease liabilities	¥ 0	¥ 1,001,820	¥ 0

Installment Payment Receivables, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Income [Member]
Interest income	¥ 278,199	¥ 204,765	¥ 89,895

Land Use Rights, Net (Tables)

12 Months Ended

Dec. 31, 2023

Land and Land Improvements [Abstract]

Summary of Land Use Rights And Related Accumulated Amortization

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


	As of December 31,
	2022			2023
Land use rights		2,822,757			2,913,098
Less: Accumulated amortization		(74,903	)		(123,731	)

Total land use rights, net		2,747,854			2,789,367

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities, Noncurrent [Abstract]

Summary of Other non-current liabilities

Other

non-current

liabilities consisted of the following:


	As of December 31,
	2022		2023
Debt from third party investors (i)		1,763,062		1,276,145
Warranty provisions (ii)		424,802		789,005
Deposits from a third party (iii)		—		148,991
Government grants		318,242		122,513

Total		2,506,106		2,336,654

(i) The debt from third party investors consisted of the following three financing arrangements:

Summary of movements of accrued warranty

(ii) Movement of accrued warranty is as following:


	For the Year Ended December 31,
	2021			2022			2023
Accrued warranty - beginning of the year		111,351			371,140			641,062
Warranty costs incurred		(32,352	)		(61,551	)		(228,674	)
Provision for warranty		292,141			331,473			596,605

Accrued warranty - end of year		371,140			641,062			1,008,993
Less: Current portion of warranty		(105,068	)		(216,260	)		(219,988	)

Non-current portion of warranty		266,072			424,802			789,005

Taxation - Summary of Reconciliations of the Income Tax Expenses (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Loss before income tax expenses and share of results of equity method investees	¥ (10,393,705)	¥ (9,118,358)	¥ (4,837,106)
Income tax credit computed at the PRC statutory income tax rate of 25%	(2,598,426)	(2,279,590)	(1,209,277)
Effect of preferential tax rate	29,362	202,968	254,061
Tax-free income	(33,657)	(14,000)	(25,000)
Effect of change in tax rate	(79,401)	16,554	33,454
Effect of different tax rate of different jurisdictions	114,036	322,514	(323,601)
Effect of additional deduction for qualified R&D expenses	(1,184,717)	(515,288)	(217,395)
Non-deductible expenses	(230,127)	92,906	163,980
Other adjustments	(494,696)	0	0
Changes in valuation allowance	4,514,436	2,198,667	1,349,768
Income tax expenses	¥ 36,810	¥ 24,731	¥ 25,990

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventory

Inventory consisted of the following:


	As of December 31,
	2022		2023
Finished goods		3,059,567		3,661,299
Raw materials		1,449,596		1,834,082
Work-in-process		12,210		30,831

Total		4,521,373		5,526,212

Loss Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs) [Member]
Impairment Effects on Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	34,385,852	39,259,022	44,422,384
Contigent Share [Member]
Impairment Effects on Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS		0	0
Contigent Share [Member] \| Maximum [Member]
Impairment Effects on Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	32,967,573
Contigent Share [Member] \| Minimum [Member]
Impairment Effects on Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	0

Revenues - Summary of Revenues (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	¥ 30,676,067	¥ 26,855,119	¥ 20,988,131
Vehicle Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	28,010,857	24,839,637	20,041,955
Services And Others [Member]
Disaggregation of Revenue [Line Items]
Revenues	¥ 2,665,210	¥ 2,015,482	¥ 946,176

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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

+ Details

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] ¥ in Thousands	Feb. 29, 2024 Vehicles	Mar. 31, 2024 CNY (¥)
Subsequent Event [Line Items]
Number of battery vehicles for which services are to be rendered \| Vehicles	2
Issuing debt securities to investors \| ¥		¥ 1,016,000

Accruals and Other Liabilities - Summary of Accruals and Other Liabilities (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Payables for purchase of property, plant and equipment	¥ 1,723,130	¥ 1,624,432
Payables for R&D expenses	1,085,353	1,023,344
Employee compensation payables	939,023	729,806
Debt from a third party investor(Note 18(i))	541,918	0
Deposits from third parties	501,197	386,412
Accrued expenses	598,423	417,396
Payables for marketing events	368,163	483,059
Warranty provisions	219,988	216,260
Accrued cost of purchase commitments	285,519	0
Advance from customers	100,281	113,730
Refundable deposit from customers	61,717	26,806
Interest payables	44,526	39,082
Tax payables	350,263	51,147
Others	760,694	472,355
Total	¥ 7,580,195	¥ 5,583,829

- Definition

Debt from a third party investor current.

+ References + Details

Accruals and Other Liabilities - Summary of Accruals and Other Current Liabilities (Parenthetical) (Detail) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Accounts Payable And Accrued Liabilities Current [Line Items]
Provision for Loss on Contracts	¥ 285,519

Manufacturing in Collaboration with Haima Auto	12 Months Ended
Manufacturing in Collaboration with Haima Auto	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Manufacturing in Collaboration with Haima Auto	21. Manufacturing in Collaboration with Haima Auto On March 31, 2017, the Group entered into a contract arrangement with Haima Auto for the manufacture of vehicles. The agreement was expired on December 31, 2021, and such agreements were renewable by mutual consent. Pursuant to the arrangement, starting from 2018, Haima Auto provides an annual production capacity of 50,000 units, for the manufacturing of G3. While Haima is in charge of the day-to-day operations of the plant, the Group retains 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. In consideration of commercial development needs, the Group and Haima came to a mutual consent that the former agreement would not be renewed and signed a transitional agreement in August 2021 for the termination of the manufacturing of vehicles in Haima plant and the corresponding relocation arrangements. As a result of the transitional and relocation agreement, relocation and disposal costs were incurred and borne by the Group, of which RMB132,856 was recognized as other operating expenses for the year ended December 31, 2021. The relocation and disposal costs of RMB96,031 were or will be incurred in the form of cash, while the remaining amounts were non-cash. For the years ended December 31, 2021, 2022 and 2023, RMB43,755, nil and RMB43,903 were paid in cash, respectively.

Taxation - Summary of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Balance at beginning of the year	¥ 5,763,386	¥ 3,564,719	¥ 2,214,951
Balance at end of the year	10,277,822	5,763,386	3,564,719
Additions [Member]
Valuation Allowance [Line Items]
Valuation allowance	3,990,147	2,221,222	1,511,434
Acquisition of subsidiaries [Member]
Valuation Allowance [Line Items]
Valuation allowance	536,974
Loss utilized and expired [Member]
Valuation Allowance [Line Items]
Valuation allowance	(92,086)	(6,001)	(128,212)
Effect of change in tax rate [Member]
Valuation Allowance [Line Items]
Valuation allowance	¥ 79,401	¥ (16,554)	¥ (33,454)

Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands					12 Months Ended
	Mar. 30, 2021	Mar. 12, 2021	Dec. 31, 2020	Dec. 20, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Other Liabilities Noncurrent [Line Items]
Interest expense paid					¥ 268,666	¥ 132,192	¥ 55,336
Guangdong U Trust [Member]
Other Liabilities Noncurrent [Line Items]
Payment to acquire interest in limited liability partnership					¥ 41,918	26,856
Interest rate on limited liability partnership investment					3.00%
Principal amount					¥ 500,000
Interest paid					41,918
Guangdong U Trust [Member] \| Chengxing [Member]
Other Liabilities Noncurrent [Line Items]
Payable to non controlling interest non current					500,000
Proceeds from non-controlling interests					500,000
Guangzhou GET Investment [Member]
Other Liabilities Noncurrent [Line Items]
Payment to acquire interest in limited liability partnership					¥ 109,912	¥ 69,973
Interest rate on limited liability partnership investment					4.00%	4.00%
Guangzhou GET Investment [Member] \| Chengxing [Member]
Other Liabilities Noncurrent [Line Items]
Proceeds from non-controlling interests							¥ 1,000,000
Guangdong Yuecai Industry [Member] \| Chengxing [Member]
Other Liabilities Noncurrent [Line Items]
Proceeds from non-controlling interests					¥ 500,000
Maximum [Member] \| Guangdong U Trust [Member] \| Chengxing [Member]
Other Liabilities Noncurrent [Line Items]
Non controlling interest common stock strike price interest rate payable percentage					6.00%
Minimum [Member] \| Guangdong U Trust [Member] \| Chengxing [Member]
Other Liabilities Noncurrent [Line Items]
Non controlling interest common stock strike price interest rate payable percentage					4.00%
Call Option [Member] \| Guangzhou GET Investment [Member] \| Chengxing [Member]
Other Liabilities Noncurrent [Line Items]
Non controlling interest common stock strike price interest rate payable percentage					4.00%
Chengxing [Member] \| Guangdong U Trust [Member]
Other Liabilities Noncurrent [Line Items]
Proceeds from non-controlling interests		¥ 500,000
Non controlling interest ownership percentage		0.3067%
Chengxing [Member] \| Guangzhou GET Investment [Member]
Other Liabilities Noncurrent [Line Items]
Payable to non controlling interest non current	¥ 1,000,000
Proceeds from non-controlling interests	¥ 1,000,000
Non controlling interest ownership percentage	1.064%
Chengxing [Member] \| Maximum [Member] \| Guangdong U Trust [Member]
Other Liabilities Noncurrent [Line Items]
Non controlling interest common stock strike price interest rate payable percentage								6.00%
Chengxing [Member] \| Minimum [Member] \| Guangdong U Trust [Member]
Other Liabilities Noncurrent [Line Items]
Non controlling interest common stock strike price interest rate payable percentage								3.00%
Chengxing [Member] \| Call Option [Member] \| Guangdong U Trust [Member]
Other Liabilities Noncurrent [Line Items]
Non controlling interest strike price redeemable stock redemption requirement		¥ 500,000
Non controlling interest common stock strike price interest rate payable percentage								3.00%
Chengxing [Member] \| Call Option [Member] \| Guangzhou GET Investment [Member]
Other Liabilities Noncurrent [Line Items]
Non controlling interest strike price redeemable stock redemption requirement	¥ 1,000,000
Non controlling interest common stock strike price interest rate payable percentage	4.00%
Guangzhou GET Investment [Member]
Other Liabilities Noncurrent [Line Items]
Term of the operating agreement with limited liability partnership					9 years
Payment to acquire interest in limited liability partnership					¥ 6,233	¥ 6,233
Interest rate on limited liability partnership investment					4.00%	4.00%
Interest expense paid					¥ 6,400	¥ 6,400
Kunpeng Chuangye LLP [Member]
Other Liabilities Noncurrent [Line Items]
Term of the operating agreement with limited liability partnership				9 years	9 years
Kunpeng Chuangye LLP [Member] \| Chengxing [Member]
Other Liabilities Noncurrent [Line Items]
Payment to acquire interest in limited liability partnership				¥ 200,000
Percentage of investment in limited liability partnership			55.554%
Kunpeng Chuangye LLP [Member] \| Guangzhou Xiaopeng Automatic Driving Technology Co Ltd [Member]
Other Liabilities Noncurrent [Line Items]
Payment to acquire interest in limited liability partnership				10
Percentage of investment in limited liability partnership			0.0028%
Kunpeng Chuangye LLP [Member] \| Guangzhou GET Investment [Member]
Other Liabilities Noncurrent [Line Items]
Payment to acquire interest in limited liability partnership				¥ 160,000	¥ 160,000
Percentage of investment in limited liability partnership			44.4432%
Payable to non controlling interest non current					¥ 160,000			¥ 160,000
Interest rate on limited liability partnership investment								4.00%

Organization and Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Company's Principal Subsidiaries and VIEs

As of December 31, 2023, the Company’s principal subsidiaries and VIEs are as follows:

Place of

incorporation

Date of
incorporation or
acquisition

Equity
interest
held

Principal activities

Principal subsidiaries

Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. (“Chengxing”)

PRC

January 09, 2015

100

Investment holding

Guangzhou Xiaopeng Motors Technology Co., Ltd.(“Xiaopeng Technology”)

PRC

May 12, 2016

100

Design and technology development

Guangzhou Xiaopeng Automobile Manufacturing Co., Ltd.

PRC

April 07, 2017

100

Design and technology development

Zhaoqing Xiaopeng New Energy Investment Co., Ltd.(“Zhaoqing Xiaopeng New Energy”)

(1)

PRC

February 13, 2020

100

Manufacturing of vehicles

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

PRC

May 18, 2017

100

Manufacturing of battery pack

Xiaopeng Motors Sales Co., Ltd.

(“Xiaopeng Motors Sales”)

PRC

January 08, 2018

100

Vehicle wholesale and retail

Beijing Xiaopeng Automobile Co., Ltd.(“Beijing Xiaopeng”)

PRC

April 28, 2018

100

Vehicle wholesale and retail, design and technology development

Beijing Xiaopeng Automobile Sales Service Co., Ltd.

PRC

November 09, 2020

100

Vehicle wholesale and retail

Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd.

PRC

November 18, 2019

100

Technology development

Guangzhou Xiaopeng Smart Charging Technology Co., Ltd.

PRC

June 22, 2020

100

Smart charging technology development

Xiaopeng Automobile Central China (Wuhan) Co.,

Ltd.(“Wuhan Xiaopeng”)

PRC

April 30, 2021

100

Technology development and vehicle retail

Shanghai Xiaopeng Motors Technology Co., Ltd.(“Shanghai Xiaopeng”)

PRC

February 12, 2018

100

Technology development

and vehicle retail

Guangzhou Zhipeng Manufacturing Co., Ltd.

PRC

January 14, 2021

100

Manufacturing of vehicles

Wuhan Xiaopeng Smart Manufacturing Co., Ltd.

PRC

August 16, 2021

100

Manufacturing of battery pack and electric drive system

XPeng Huitian Holding Limited

BVI

October 12, 2020

100

Investment holding

XPeng Dogotix Holding Limited

BVI

January 05, 2021

100

Investment holding

Dogotix Inc.

BVI

October 09, 2023

100

Investment holding

XPeng (Hong Kong) Limited

Hong Kong

February 12, 2019

100

Investment holding

(1)

On February 13, 2020, Zhaoqing Xiaopeng New Energy was established by (i) Zhaoqing XPeng, which is a wholly owned subsidiary of the Company, and (ii) Zhaoqing Kunpeng Motor Technology Co., Ltd. (“Zhaoqing Kunpeng”), which is jointly owned by two shareholders of the Company. Each of Zhaoqing XPeng and Zhaoqing Kunpeng subscribed for 50% of the equity interest of Zhaoqing Xiaopeng New Energy, with Zhaoqing Kunpeng’s capital contribution representing an amount of RMB0 Yuan. Zhaoqing Xiaopeng New Energy holds a license for the manufacture of EVs and smart EVs which was approved by the Ministry of Industry and Information Technology (

“

MIIT”). Pursuant to the terms of the arrangement, Zhaoqing Kunpeng does not have substantive participating rights to and is not entitled to any economic interest in Zhaoqing Xiaopeng New Energy. Therefore, Zhaoqing Xiaopeng New Energy has historically been consolidated by the Company as Zhaoqing XPeng substantially controls the entity’s assets and operating activities and bears fully all risks and rewards of ownership.

On February 13, 2020, Zhaoqing XPeng and Zhaoqing Kunpeng entered into a share transfer agreement, among which Zhaoqing Kunpeng agreed to transfer the 50% of the equity interest in Zhaoqing Xiaopeng New Energy to Zhaoqing XPeng at the price of the higher of (i) RMB1 Yuan or (ii) the capital injection actually paid by Zhaoqing Kunpeng upon the earlier of (i) the removal of the PRC foreign investment restrictions in the whole-unit vehicle industry; or (ii) December 31, 2022.

Effective from January 1, 2022, the PRC foreign investment restrictions in the whole-unit vehicle industry were removed. Therefore, on January 4, 2022, Zhaoqing Kunpeng transferred its 50% equity interest in Zhaoqing Xiaopeng New Energy to Zhaoqing XPeng for a total cash consideration of RMB1 Yuan, after which Zhaoqing Xiaopeng New Energy become the Company’s indirect wholly owned subsidiary. This transfer did not affect the continued consolidation of financial statements of Zhaoqing Xiaopeng New Energy by the Company.

(2)

The English names of the subsidiaries and VIEs represent the best effort by the management of the Company in translating its Chinese names as they do not have official English name.


	Place of incorporation	Date of incorporation or acquisition	Principal activities
VIEs
Guangzhou Zhipeng IoV Technology Co., Ltd. (“Zhipeng IoV”) (Note 1(c)(i))	PRC	May 23, 2018	Business of development and the operation of an Internet of Vehicles network
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (“Yidian Chuxing”) (Note 1(c)(ii))	PRC	May 24, 2018	Business of provision of online-hailing services through online platform
Guangzhou Xintu Technology Co., Ltd. (“Xintu Technology”) (Note 1(c)(i))	PRC	April 27, 2021	Surveying and mapping
Guangdong Intelligent Insurance Agency Co., Ltd. (“GIIA”, formerly known as Qingdao Miaobao Insurance Agency Co., Ltd.) (Note 1(c)(iii))	PRC	July 22, 2022	Insurance agency
VIEs’ subsidiary
Jiangsu Zhipeng Kongjian Information Technology Co., Ltd. (“Zhipeng Kongjian”, formerly known as Jiangsu Zhitu Technology Co., Ltd., a subsidiary of Xintu Technology) (Note 1(c)(i))	PRC	June 23, 2021	Surveying and mapping

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Abstract]

Summary of Revenues

Revenues by source consisted of the following:


	For the Year Ended December 31,
	2021		2022		2023
Vehicle sales		20,041,955		24,839,637		28,010,857
Services and others		946,176		2,015,482		2,665,210

Total		20,988,131		26,855,119		30,676,067

Concentration and Risks	12 Months Ended
Concentration and Risks	Dec. 31, 2023
Concentration Risk [Abstract]
Concentration and Risks	4. Concentration and Risks (a) Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term deposits, short-term investments, long-term deposits and restricted long-term deposits. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents, restricted cash, short-term deposits, short-term investments, long-term deposits and restricted long-term deposits were placed with certain reputable financial institutions in the PRC and overseas. Management chooses these institutions because of their reputations and track records for stability, and their known large cash reserves, and management periodically reviews these institutions’ reputations, track records, and reported reserves. Management expects that any additional institutions that the Group uses for its cash and bank deposits would be chosen with similar criteria for soundness. Bank failure is uncommon in the PRC and the Group believes that those Chinese banks that hold the Group’s cash and cash equivalents, restricted cash, short-term deposits, short-term investments, long-term deposits and restricted long-term deposits are financially sound based on publicly available information. (b) Foreign currency exchange rate risk The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The Group’s overseas financing activities are denominated in U.S. dollars. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies.

Other Non-current Assets

12 Months Ended

Dec. 31, 2023

Other Assets, Noncurrent [Abstract]

Other Non-current Assets

14. Other

Non-current

Assets

Other

non-current

assets consisted of the following:


	As of December 31,
	2022		2023

Finance lease receivables, non-current portion, net (Note 18)		—		205,118
Deposits (i)		151,914		120,354
Prepayments for purchase of property and equipment		47,258		118,945
Non-current portion of prepayments for advertising and technical support services (Note 5)		—		87,656
Goodwill (Note 5)		—		34,106
Others		2,099		9,971

Total		201,271		576,150

(i) Deposits primarily consist of deposits for offices and retail and service centers whose lease expiration dates are not within one year.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

6. Fair Value of Financial Instruments

ASC 820, Fair Value Measurements, states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value.

Fair value measurements on a recurring basis

Assets and liabilities that were measured at fair value on a recurring basis were as

follows:


	As of December 31, 2022								As of December 31, 2023
	Fair Value		Level I		Level II		Level III		Fair Value		Level I		Level II		Level III
Assets
Short-term investments (i) (Note 2(k))		1,262,129		—		1,262,129		—		781,216		—		781,216		—
Debt investments (ii) (Note 13)		1,626,131		—		—		1,626,131		1,228,595		—		—		1,228,595
Equity investments with readily determinable fair values (iii) (Note 13)		112,641		112,641		—		—		104,972		104,972		—		—

		3,000,901		112,641		1,262,129		1,626,131		2,114,783		104,972		781,216		1,228,595

Liability
Derivative liability relating to the contingent consideration (iv) (Note 5)		—		—		—		—		393,473		—		—		393,473

(i) Short-term investments are investments in financial instruments with variable interest rates and maturity dates within one year. Fair value of short-term investments is estimated based on the quoted prices of similar financial products provided by banks at the end of each period (Level II).

(ii) Debt investments do not have readily determinable market values and are categorized as Level III in the fair value hierarchy. The Group uses a combination of valuation methodologies, including the equity allocation model, market and income approaches based on the Group’s best estimate, which are determined by using information including but not limited to the pricing of recent rounds of financing of the investees, future cash flow forecasts, liquidity factors and multiples of comparable companies.

(iii) Equity investments with readily determinable fair values are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements.

(iv) Derivative liability relating to the contingent consideration is valued based on (i) the quoted prices in active markets at the reporting date and (ii) an estimation on potential issuance of the Company’s ordinary shares relating to the contingent consideration from business combination. The Group classifies the valuation techniques that use these inputs as Level III of fair value measurements.

Fair value measurements on a

non-recurring

basis

The Group measures investments without readily determinable fair value (Note 13(i)) on a

non-recurring

basis when fair value changes can be determined based upon observable and relevant market information. Related adjustments (impairment related) are recorded as appropriate based upon such observable information. An observable price change is usually resulting from new rounds of financing of the investees. The Group determines whether the securities offered in new rounds of financing are similar to the equity securities held by the Group by comparing the rights and obligations of the securities. When the securities offered in new rounds of financing are determined to be similar to the securities held by the Group, it adjusts the observable price of the similar security to determine the amount that should be recorded as an adjustment in the carrying value of the security to reflect the current fair value of the security held by the Group by using the backsolve method based on the equity allocation model with adoption of some key parameters such as risk-free rate, equity volatility, probability of each scenario and dividend yield, which are significant unobservable inputs (Level III).

- Definition

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.

+ References + Details

Prepayments and Other Current Assets - Summary of Prepayments and Other Current Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Deductible input value-added tax	¥ 1,521,488	¥ 1,359,581
Prepayments	395,022	587,289
Deposits	125,451	92,023
Receivables from third party online payment service providers	36,939	38,201
Finance lease receivables, current portion, net (Note 18)	11,100
Others	399,339	388,990
Total	¥ 2,489,339	¥ 2,466,084

Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Net Assets	¥ 77,141,231	¥ 59,145,690
Percentage of after-tax profits for appropriations prior to dividend payment	10.00%
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%

Leases - Schedule of Balance Sheet Information Related to Leases (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease
Total operating lease assets	¥ 1,857,766	¥ 2,348,179
Lease liabilities - current	365,999	490,811
Lease liabilities - non current	1,490,882	1,854,576
Total operating lease liabilities	1,856,881	2,345,387
Finance lease
Property, plant and equipment, at cost	1,001,820	1,001,820
Accumulated depreciation	(75,137)	(25,046)
Property, plant and equipment, net	926,683	976,774
Finance lease liabilities - current	34,382	128,279
Finance lease liabilities - non current	777,697	797,743
Total finance lease liabilities	812,079	926,022
Land use rights, net [Member]
Operating Lease
Total operating lease assets	401,901	393,561
Right-of-use assets, net [Member]
Operating Lease
Total operating lease assets	¥ 1,455,865	¥ 1,954,618

Inventory - Summary of Inventory (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	¥ 3,661,299	¥ 3,059,567
Raw materials	1,834,082	1,449,596
Work-in-process	30,831	12,210
Total	¥ 5,526,212	¥ 4,521,373

Leases - Summary of Components of Operating Lease Expense (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Expense [Abstract]
Operating lease expense	¥ 540,688	¥ 595,032	¥ 340,744
Short-term lease expense	231,467	265,800	102,901
Total operating lease expenses	772,155	860,832	443,645
Finance Lease Expense [Abstract]
Amortization expense	50,091	25,046	0
Interest expense	40,205	22,846	0
Total finance lease expenses	90,296	47,892	0
Total lease expenses	¥ 862,451	¥ 908,724	¥ 443,645

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Revenue Disclosure [Abstract]

Deferred Revenue, by Arrangement, Disclosure

The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue.


	For the Year Ended December 31,
	2021			2022			2023
Deferred revenue - beginning of year		308,384			897,288			1,083,249
Additions		19,339,153			24,344,226			28,513,918
Recognition		(18,750,249	)		(24,158,265	)		(28,297,224	)

Deferred revenue - end of year		897,288			1,083,249			1,299,943
Less: Deferred revenue, current portion		(418,227	)		(389,243	)		(630,997	)

Deferred revenue, non-current portion		479,061			694,006			668,946

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2023
Restricted Net Assets [Abstract]
Restricted Assets Disclosure	28. Restricted Net Assets The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries, consolidated VIEs and VIEs’ subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries. In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax 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. The restricted portion was RMB59,145,690 and RMB77,141,231 as of December 31, 2022 and 2023, respectively. Therefore in accordance with Rules 4-08 (e) (3) of Regulation S-X, the condensed parent company only financial statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 are disclosed in Note 2 9 .

Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities, Noncurrent [Abstract]
Debt from third party investors	¥ 1,276,145	¥ 1,763,062
Warranty provisions	789,005	424,802	¥ 266,072
Deposits from a third party	148,991	0
Government grants	122,513	318,242
Total	¥ 2,336,654	¥ 2,506,106

- Definition

Deposits from a third party.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

(a) Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) to reflect the financial position, results of operations and cash flows of the Group. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIEs for which the Company is the ultimate primary beneficiary. All transactions and balances among the Company, its subsidiaries and VIEs have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power: has the power to appoint or remove the majority of the members of the board of directors (the “Board”): to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investees under a statute or agreement among the shareholders or equity holders.

A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Company’s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIEs that could potentially be significant to the VIEs.

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements primarily include, but are not limited to, the determination of performance obligations and allocation of transaction price to those performance obligations, the determination of warranty cost, lower of cost and net realizable value of inventory, losses on purchase commitments relating to inventory, assessment for impairment of long-lived assets and intangible assets, useful lives and residual values of long-lived assets and finite-lived intangible assets, determination of the fair value of derivative liability relating to the contingent consideration in business combination, fair value of assets and liabilities acquired or assumed in business combination, fair value of assets and liabilities acquired or assumed in asset acquisition, recoverability of receivables, valuation of deferred tax assets, determination of share-based compensation expenses, determination of the fair value of derivative assets or liabilities arising from forward exchange contracts, determination of the fair value of debt investments accounted for under the fair value option model as well as subsequent adjustments for equity investments without readily determinable fair values and not accounted for by the equity method.

Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

(d) Functional currency and foreign currency translation

The Company uses Renminbi (“RMB”) as its reporting currency. The functional currencies of the Company and its subsidiaries which are incorporated in the Cayman Islands, British Virgin Islands, United States, Hong Kong and other regions is United States dollars (“US$”) or their respective local currencies, while the functional currencies of the other subsidiaries and VIEs which are incorporated in the PRC are RMB. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters.

Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date.

Non-monetary

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 income or loss in the consolidated statements of comprehensive loss, and the accumulated currency translation adjustments are presented as a component of accumulated other comprehensive income or loss in the consolidated statements of changes in shareholders’ equity.

(e) Business combinations and goodwill

The Group accounts for business combinations under ASC 805, Business Combinations. Business combinations are recorded using the acquisition method of accounting, and the transaction consideration of an acquisition is determined based upon the aggregate fair value at the date of exchange of the assets transferred, liabilities incurred, and equity instruments issued, including any consideration contingent upon future events as defined. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests.

The excess of the total transaction consideration over the aggregate fair value of the acquired identifiable net assets is recorded as goodwill. If the total transaction consideration is less than the fair values of the net assets of the subsidiaries acquired, the difference is recognized directly in the consolidated statements of comprehensive loss.

Goodwill is not amortized but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, by performing the quantitative test through comparing each reporting unit’s fair value to its carrying value, including goodwill. No impairment provision was made related to the Group’s goodwill for the year ended December 31, 2023.

(f) Fair value

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.

The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:

Level I — Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.

Level II —Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level II valuation techniques.

Level III —Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term deposits, short-term investments, accounts and notes receivable, installment payment receivables, long-term deposits, restricted long-term deposits, long-term investments, finance lease receivables, other assets, accounts and notes payable, short-term borrowings, finance lease liabilities, operating lease liabilities, accruals and other liabilities, derivative liability and long-term borrowings. As of December 31, 2022 and 2023, the carrying values of these financial instruments, except for other

non-current

assets,

non-current

portion of long-term deposits, restricted long-term deposit,

non-current

portion of long-term borrowings, and

non-current

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

Financial assets and liabilities that are measured at fair value on a recurring basis consist of short-term investments, equity investments with readily determinable fair values, debt investments that are accounted for under the fair value option model and derivative liabilities.

Equity investments with readily determinable fair values (Note 13) are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements.

All of the Group’s short-term investments, which are comprised primarily of structured deposits, bank financial products, are classified within Level II of the fair value hierarchy because they are floating income products linked to currency exchange rate, gold market price or benchmark interest rates. These instruments are not valued using quoted market prices, but can be valued based on other observable inputs, such as interest rates and currency rates.

The Group has debt investments that are accounted for under the fair value option model (Note 13), and a derivative liability relating to certain contingent consideration (Note 5), which are initially measured at fair value with changes in fair value in the subsequent periods recognized through earnings. Such debt investments and derivative liability are classified within Level III of the fair value hierarchy, as there is little or no observable market data to determine the respective fair values. Under these circumstances, the Group has adopted certain valuation techniques using unobservable inputs to measure their respective fair values.

(g) Cash and cash equivalents

Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

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


	As of December 31, 2022				As of December 31, 2023
	Amount		RMB equivalent		Amount		RMB equivalent
Cash and cash equivalents:
RMB		13,230,745		13,230,745		13,597,107		13,597,107
US$		194,588		1,355,226		1,021,773		7,236,909
HK$		9,256		8,268		4,218		3,823
Others		not applicable		13,535		not applicable		289,324

Total				14,607,774				21,127,163

As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents were held in reputable financial institutions located in the PRC, Hong Kong and United States.

(h) Restricted cash

Restricted cash primarily represents bank deposits for letters of guarantee, bank notes and others amounted to RMB84,371 and RMB3,168,578 as of December 31, 2022 and 2023, respectively. In addition, restricted cash includes certain deposits, amounting to RMB21,901 and RMB6,308, as of December 31, 2022 and 2023, respectively, that are restricted due to legal disputes.

(i) Short-term and long-term deposits

Short-term deposits represent time deposits placed with banks with original maturities between three months and one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss during the years presented. As of December 31, 2022 and 2023, substantially all of the Group’s short-term deposits amounting to RMB14,921,688 and RMB9,756,979, respectively, had been placed in reputable financial institutions in the PRC.

Long-term deposits represent time deposits placed with banks with original maturities more than one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive loss during the years presented. As of December 31, 2022 and 2023, substantially all of the Group’s long-term deposits amounting to RMB7,353,916 and RMB10,090,341, respectively, had been placed in reputable financial institutions in the PRC, out of which, RMB427,466 and RMB7,054,915 will be due within one year and are classified to “Long-term deposits, current portion”, respectively.

(j) Current expected credit losses

The Group’s accounts and notes receivable, other current assets, installment payment receivables and finance lease receivables (Note 18) are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables, other current assets, installment payment receivables and finance lease receivables, which include size, types of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions and supportable forecasts of future economic conditions in assessing the lifetime expected credit losses. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter end based on the Group’s specific facts and circumstances. For the years ended December 31, 2021, 2022 and 2023, the Group recorded RMB69,731, RMB67,654 and RMB70,357 in expected credit loss expense in selling, general and administrative expenses, respectively. As of December 31, 2022, the expected credit loss provision recorded in current and

non-current

assets were RMB67,181 and RMB54,526, respectively. As of December 31, 2023, the expected credit loss provision recorded in current and

non-current

assets were RMB76,090 and RMB74,693, respectively.

Accounts and notes receivable are amounts due from large-volume buyers for vehicle sales in the ordinary course and amounts due from government subsidies that are collected on behalf of customers.

Installment payment receivables primarily consist of the aggregate receivables of the installment payments for vehicles or batteries due from customers. The Group classified its installment payment receivables into different categories from performing to

non-performing

based on the credit risk of the customers and the past due days, if any, of the principal and/or interest repayments. The lifetime current expected credit losses for the installment payment receivables was determined by applying probability of default and loss given default assumptions to exposures at default, then discounted these cash flows to present value using the original effective interest rate or by an approximation thereof. As of December 31, 2022 and 2023, the majority of the installment payment receivables had been categorized as performing since the customers had a low risk of default, a strong capacity to meet contractual cash flows and had no past due repayments and the amounts of installment payment receivables of other categories were immaterial.

The Group considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations. The Group has made specific credit loss provisions on a

case-by-case

basis for particular aged receivable balances.

The Group’s expected credit loss of cash and cash equivalents, restricted cash, time deposit in bank, notes receivable and finance lease receivables, within the scope of ASC Topic 326 were immaterial.

The following table summarizes the activity in the allowance for credit losses related to accounts receivable, other current assets and installment payment receivables, for the years ended December 31, 2021, 2022 and 2023 :


	For the Year Ended December 31, 2021
Balance as of December 31, 2020		12,507
Current period provision		69,731
Write-offs		(15,142	)

Balance as of December 31, 2021		67,096


	For the Year Ended December 31, 2022
Balance as of December 31, 2021		67,096
Current period provision		67,654
Write-offs		(13,043	)

Balance as of December 31, 2022		121,707


	For the Year Ended December 31, 2023
Balance as of December 31, 2022		121,707
Current period provision		70,357
Write-offs		(41,281	)

Balance as of December 31, 2023		150,783

(k) Short-term investments

For investments in financial instruments with a variable interest rate indexed to the performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected

as “Interest income”

in the consolidated statements of comprehensive loss. The Group’s short-term investments in financial instruments were RMB1,262,129 and RMB781,216 as of December 31, 2022 and 2023, 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 condition, which approximates actual cost using the monthly weighted average method. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

Inventory write-downs of RMB162,433, RMB220,319 and RMB1,054,711 were recognized in cost of sales for the years ended December 31, 2021, 2022 and 2023, respectively.

(m) Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant and equipment are depreciated primarily using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease terms or the estimated useful lives, which range from

two

ten

years, of the related assets. Residual 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		15 months to 10 years
Charging infrastructure		5 years
Vehicles		4 to 5 years
Computer and electronic equipment		3 years
Others		2 to 5 years

Depreciation for molds and toolings is computed using the

units-of-production

method whereby capitalized costs are amortized over the total estimated productive units 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 statements of comprehensive loss. Losses on the disposal of property, plant and equipment amounting to RMB36,508, RMB15,682 and RMB4,863 were recognized in operating expenses during the years ended December 31, 2021, 2022 and 2023, respectively.

(n) Intangible assets, net

Intangible assets consist of manufacturing license, surveying and mapping qualification, insurance agency qualification, license plate, software, license of maintenance and overhauls, vehicle model technology under development (“VMTUD”), vehicle platform technology (“VPT”), robotics platform technology and other intangible assets. Intangible assets with finite lives, including software, license of maintenance and overhaul, VPT, robotics platform technology and other intangible assets, are carried at acquisition cost less accumulated amortization and impairment, if any. Finite lived intangible assets are tested for impairment if impairment indicators arise. Amortization of intangible assets with finite lives are computed using the straight-line method over the estimated useful lives as below:


	Estimated useful lives
Software		2 to 10 years
License of maintenance and overhauls		26 months
VPT		10 years
Robotics platform technology		10 years
Others		5 to 10 years

The Group estimates the useful life of the software to be 2 to 10 years, VPT and robotics platform technology to be 10 years, based on the contract terms, expected technical obsolescence and innovations and industry experience of such intangible assets. The Group estimates the useful life of the license of maintenance and overhaul to be 26 months based on the

contract

terms. The Group estimates the useful life of other intangible assets to be 5 to 10 years, based on the laws and regulations by registration authorities.

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

Intangible assets that have indefinite useful lives are manufacturing license, surveying and mapping qualification, insurance agency qualification, license plates and VMTUD, as of December 31, 2023. No useful life was determined in the contract terms when the Group acquired the manufacturing license, surveying and mapping qualification, insurance agency qualification and license plates. The Group expects that such intangible assets are unlikely to be terminated and will continue to be renewed as a matter of course based on industry experience, and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of such intangible assets to be indefinite. The VMTUD acquired through business combination was considered indefinite-lived until the completion of the associated research and development efforts and a determination related to commercial feasibility. At such time, the Group will determine the related useful life and method of amortization. Research and development expenditures that are incurred after the acquisition, including those for completing the research and development activities, are expensed as incurred.

The Group evaluates indefinite-lived intangible assets annually as of each balance sheet date to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized, but tested for impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Company calculates the fair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Company recognizes an impairment loss in an amount equal to that excess. In consideration of the growing electronic vehicle industry in China, the Group’s improving sales performance, the stable macroeconomic conditions in China and the Group’s future manufacturing plans, the Company determined that it is not likely that the manufacturing license, surveying and mapping qualification certificate, insurance agency qualification certificate, license plates and VMTUD were impaired as of December 31, 2022 and 2023. As such, no impairment of indefinite-lived intangible assets was recognized for the years ended December 31, 2021, 2022 and 2023.

(o) Land use rights, net

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 49.5 to 50 years that represent the terms of land use rights certificate.

(p) Long-term investments

Equity Method Investments

The Group applies the equity method to account for its equity investments, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a controlling financial interest.

Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment.

The Group continually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination include current economic and market conditions, the financial condition and operating performance of the equity method investees, and other company specific information.

The Group’s long-term investments also include other equity investments, over which the Group has neither significant influence nor control, and debt investments.

Equity Investments with Readily Determinable Fair Values

Equity investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements.

Equity Investments without Readily Determinable Fair Values

The Group elected to record equity investments without readily determinable fair values using the measurement alternative at cost, less impairment, adjusted for subsequent observable price changes on a nonrecurring basis, and report changes in the carrying value of the equity investments in current earnings. Changes in the carrying value of the equity investments are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known.

Debt Investments

The Group elected to account for certain debt investments under the fair value option model including convertible bonds and preferred stock redeemable merely by the passage of time and at the option of the Group as a holder. The fair value option model permits the irrevocable election on an

instrument-by-instrument

basis at initial recognition or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option model are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss. Interest income from debt investments is recognized in earnings using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows.

(q) Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will affect the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Fair value is determined using anticipated cash flows discounted at a rate commensurate with the risk involved.

(r) Warranties

The Group provided a manufacturer’s standard warranty on all vehicles sold. The Group accrued for a warranty reserve for the vehicles sold by the Group, which included the Group’s best estimate of the future costs to be incurred in order to repair or replace items under warranties and recalls when identified. These estimates were made based on actual claims incurred to date and an estimate of the nature, frequency and magnitude of future claims with reference made to the past claim history. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the Group’s historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other liabilities, while the remaining balance is included within other

non-current

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 does not consider standard warranty as being a separate performance obligation as it is intended to provide greater quality assurance to customers and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees. The Group also provides extended lifetime warranty which is sold separately through a vehicle sales contract. The extended lifetime warranty is an incremental service offered to customers and is considered a separate performance obligation distinct from other promises and should be accounted for in accordance with ASC 606.

(s) Revenue recognition

Revenue is recognized when or as the control of the goods or services is transferred upon delivery to customers. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance:

•

provides all of the benefits received and consumed simultaneously by the customer;

•

creates and enhances an asset that the customer controls as the Group performs; or

•

does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price in accordance with ASC 606. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, 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 sheets as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment.

A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group’s contract liabilities primarily result from the multiple performance obligations identified in the vehicle sales contract, which are recorded as deferred revenue and recognized as revenue based on the consumption of the services or the delivery of the goods.

Vehicle sales

The Group generates revenue from sales of electric vehicles, together with a number of embedded products and services through a contract. There are multiple distinct performance obligations explicitly stated in a sales contract including sales of vehicle, free battery charging within 4 years or 100,000 kilometers, extended lifetime warranty, option between household charging pile and charging card, vehicle internet connection services, services of lifetime free battery charging in XPeng-branded supercharging stations and lifetime warranty of battery, which are defined by the Group’s sales policy and accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when the Group transfers the control of vehicle to a customer.

Car buyers in the PRC were entitled to government subsidies when they purchase electric vehicles before December 31, 2022. For efficiency purpose and better customer service, the Group or Zhengzhou Haima Automobile Co., Ltd. (“Haima Auto”) applies for and collect such government subsidies on behalf of the customers. Accordingly, customers only pay the amount after deducting government subsidies. The Group determined that the government subsidies should be considered as part of the transaction price because the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group due to the buyer’s fault such as refusal or delay of providing the relevant application information. The new energy vehicle subsidies had expired since January 1, 2023.

In the instance that some eligible customers select to pay by installments for vehicles or batteries under an auto financing program provided to the customers by the Group, such arrangement contains a significant financing component and as a result, the transaction price is adjusted to reflect the impact of time value of the transaction price using an applicable discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The Group allocates the financing amount to all performance obligations proportionately based on their relative selling prices, as conditions prescribed under ASC

606-10-32-37

are not met.

Receivables related to the vehicle and battery installment payments are recognized as installment payment receivables. The difference between the gross receivable and the respective present value is recorded as unrealized finance income. Interest income resulting from arrangements with a significant financing component is presented as other sales.

The overall contract price of electric vehicle and related products/services is allocated to each distinct performance obligation based on the relative estimated standalone selling price. The revenue for sales of the vehicle and household charging pile is recognized at a point in time, when the control of the vehicle is transferred to the customer and the charging pile is installed at customer’s designated location.

For vehicle internet connection service, the Group recognizes the revenue using a straight-line method. For the extended lifetime warranty and lifetime battery warranty, given limited operating history and lack of historical data, the Group recognizes revenue over time based on a straight-line method initially. The Group will continue monitoring the cost patterns periodically and adjust the timing of revenue recognition, as necessary, in order to reflect differences between actual costs incurred versus the straight line cost attribution. For the free battery charging within 4 years or 100,000 kilometers and charging card to be consumed to exchange for charging services, the Group considers that a measure of progress based on usage best reflects the performance, as it is typically a promise to deliver the underlying service rather than a promise to stand ready. For the services of lifetime free battery charging in XPeng-branded supercharging stations, the Group recognizes the revenue over time based on a straight-line method during the expected useful life of the vehicle.

Initial refundable deposits for intention orders and

non-refundable

deposits for vehicle reservations received from customers prior to vehicle purchase agreements are 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 relating to those unperformed obligations. At the same time, advances from customers are classified as a contract liability (deferred revenue) as part of the consideration.

XPILOT, the Group’s intelligent driving system, provides assisted driving and parking functions tailored for different driving behaviors and road conditions in China. A customer can subscribe for XPILOT by either making a lump sum payment or paying annual installments over a three-year period, or purchasing a vehicle equipped with XPILOT. Revenue related to XPILOT is recognized at a point in time when intelligent driving functionality of XPILOT is delivered and transferred to the customers.

Other services

The Group provides other services to customers including services embedded in a sales contract, supercharging service, maintenance service, technical support services, auto financing services and others.

Revenue from services embedded in a sales contract included free battery charging within

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 battery charging services in XPeng-branded charging station. Other services also included supercharging service, maintenance service, technical support services and second-hand vehicle sales service. These services are recognized either over time or point in time, as appropriate, under ASC 606.

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, parts replacement service, extended warranty of 10 years or 200,000 kilometers, basic maintenance service of 6 times in 4 years and others, 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 services will be very limited. The Group also performs an estimation on the standalone 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 standalone fair value individually and in aggregate is less than 1% of the contract price, namely the lifetime roadside assistance, traffic ticket inquiry service, courtesy car service,

on-site

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

Customer Upgrade Program

In the third quarter of 2019, due to the upgrade of the G3 vehicle from the 2019 version (“G3 2019”) to its 2020 version (“G3 2020”), the Group voluntarily offered all owners of G3 2019 the options to either receive loyalty points, valid for 5 years from the grant date, which can be redeemed for goods or services, or obtain an enhanced

trade-in

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 had to choose one out of the two options within 30 days after receiving the notice. Anyone who did not make the choice before the date was deemed to forgo the rights to the options. At the time the offers were made, the Group still had unfulfilled performance obligations for services to the owners of G3 2019 associated with their original purchase. The Group considered this offering is to improve the satisfaction of the owners of G3 2019 but not the result of any defects or resolving past claims regarding the G3 2019.

As both options provide a material right (a significant discount on future goods or services) for no consideration to existing customers with unfulfilled performance obligations, the Group considers this arrangement to be a modification of the existing contracts with customers. Further, as the customers did not pay for these additional rights, the contract modification is accounted for as a termination of the original contract and commencement of a new contract, which will be accounted for prospectively. The material right from the loyalty points or the

trade-in

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 time of the contract modification. This reallocation is based on the relative standalone selling prices of these goods and services.

For the material right attached with loyalty points, the Group estimated the probability of points redemption when determining the standalone selling price. Due to the fact that most merchandises can be redeemed without requiring a significant amount of points, as compared with the amount of points granted to the customers, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as a separate performance obligation is recorded as a contract liability (deferred revenue) and revenue will be recognized when future goods or services are transferred. The Group will continue to monitor forfeiture rate data and will apply and update the estimated forfeiture rate at each reporting period.

According to the terms of the

trade-in

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 standalone 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 granted on the new vehicle purchase. The Group estimated the potential forfeiture rate based on the market expectation of the possibility of future buying and applied the forfeiture rate when determining the standalone selling price at the date of 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. As of December 31, 2022, the

trade-in

program has been closed. If the owners of G3 2019, who elected the

trade-in

right, did not sign the

trade-in

contracts or reach an additional agreement with the Group in 2022, the

trade-in

right will be expired.

(t) Cost of sales

Vehicle

Cost of vehicle revenue includes direct parts, materials, labor costs and manufacturing overheads (including depreciation of assets associated with the production) and reserves for estimated warranty expenses. Cost of vehicle revenue also includes charges to write-down the carrying value of the inventories when it exceeds its estimated net realizable value and to provide for

on-hand

inventories that are either obsolete or in excess of forecasted demand, losses on purchase commitments relating to inventory, and impairment charge of property, plant and equipment.

Services and others

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

non-warranty

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

(u) Research and development expenses

All costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses consist primarily of employee compensation for those employees engaged in R&D activities, design and development expenses with new technology, materials and supplies and other R&D related expenses. For the years ended December 31, 2021, 2022 and 2023, R&D expenses were RMB4,114,267, RMB5,214,836 and RMB5,276,574, respectively.

(v) Selling, general and administrative expenses

Sales and marketing expenses consist primarily of employee compensation and marketing, promotional and advertising expenses. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. For the years ended December 31, 2021, 2022 and 2023, advertising costs were RMB873,256, RMB577,569 and RMB413,832, respectively, and total sales and marketing expenses were RMB4,276,366, RMB5,028,958 and RMB5,013,734, respectively.

General and administrative expenses consist primarily of employee compensation for employees involved in general corporate functions and those not specifically dedicated to R&D activities, depreciation and amortization expenses, legal, and other professional services fees, lease and other general corporate related expenses. For the years ended December 31, 2021, 2022 and 2023, general and administrative expenses were RMB1,029,067, RMB1,659,288 and RMB1,545,208, respectively.

(w) Employee benefits

Full-time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, work-related injury benefits, maternity insurance, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. There are no forfeited contribution that may be used by the Group as the employer to reduce the existing level of contributions. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB466,444, RMB766,915 and RMB750,002 for the years ended December 31, 2021, 2022 and 2023, respectively.

(x) Government grants

Government grants relating to interest expense already capitalized are accounted for as a reduction in such a capitalized amount with the subsidy benefit reflected over the related asset useful life through reduced depreciation expense. Government grants relating to interest expense (not capitalized) are initially recognized as other

non-current

liabilities if the amount is received in advance (of the incurrence of interest expense). Such amounts would then reduce related interest expense when incurred.

Government grants relating to the purchase or construction of property, plant and equipment and intangible assets are accounted for as a reduction in such a capitalized amount with the subsidy benefit reflected over the useful life of related asset through reduced depreciation expenses.

Government grants requiring the performance of certain other business related activities or other required conditions are deferred and recognized in profit or loss when all applicable conditions have been met.

Nonrefundable grants received without further performance or conditions are recognized immediately as other income upon receipt.

(y) Other income, net

For the year ended December 31, 2021, other income, net mainly represents other subsidies that are recognized upon receipt in profit or loss of RMB350,596, as further performance by the Group is not required, offset partially by relocation and disposal cost of RMB132,856 related to the Haima Plant (Note 2

For the year ended December 31, 2021, other subsidies recognized in other income mainly consisted of government subsidies of RMB214,486 to subsidize its repayment of the long-term borrowings of RMB700,000 due to Zhaoqing High-tech Zone before the original due date (Note 16).

For the years ended December 31, 2022 and 2023, other income, net mainly represents government subsidies that are recognized upon receipt in profit or loss of RMB109,168 and RMB465,588, respectively, as further performance by the Group is not required.

(z) Income taxes

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the consolidated financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

Uncertain tax positions

The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses in its consolidated statements of comprehensive loss. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Group did not have any significant unrecognized uncertain tax positions.

(aa) Share-based compensation

The Group grants restricted share units (“RSUs”), restricted shares and share options (collectively, “Share-based Awards”) to eligible employees and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Share-based Awards are measured at the grant date fair value of the awards and recognized as expenses using the graded vesting method or straight-line method, net of estimated forfeitures, if any, over the requisite service period. For awards with performance conditions, the Company would recognize compensation cost if and when it concludes that it is probable that the performance condition will be achieved.

The fair value of the RSUs granted prior to the completion of the IPO was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment requires complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made.

The fair value of the RSUs granted subsequent to the completion of the IPO is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant.

The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive Share-based Awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes.

(ab) Statutory and other reserves

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

non-distributable

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.

In accordance with PRC law, manufacturing enterprises have to make appropriations for the safety production reserve, pursuant to the policies promulgated by the Ministry of Finance and the Ministry of Emergency Management of the State.

For the years ended December 31, 2021, 2022 and 2023, appropriations to the general reserve fund

the statutory surplus fund

and safety production reserve

amounted to RMB6,047, RMB378 and RMB53,610, respectively.

(ac) Comprehensive loss

The Group applies ASC 220, Comprehensive Income, with respect to reporting and presentation of comprehensive loss and its components in a full set of financial statements. Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Group’s comprehensive loss includes net loss and other comprehensive income or loss, which primarily consists of the foreign currency translation adjustment that has been excluded from the determination of net loss.

(ad) Leases

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

No. 2018-10,

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

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 recognized lease assets and lease liabilities related to substantially all of the Group’s lease arrangements in the consolidated balance sheets. Operating lease assets are included within “Land use rights, net” and

“Right-of-use

assets, net”, and the corresponding operating lease liabilities are included within “Operating lease liabilities, current portion” for the current portion, and within “Operating lease liabilities” for the long-term portion on the consolidated balance sheets as of December 31, 2022 and 2023. Finance lease assets are included within “Property, plant and equipment, net” and the corresponding finance lease liabilities are included within “Finance lease liabilities, current portion” for the current portion, and within “Finance lease liabilities” for the long-term portion on the consolidated balance sheets as of December 31, 2022 and 2023.

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 sheets as these leases have a lease term of 12 months or less at commencement date of the lease and do not include options to purchase or renew that the Group is reasonably certain to exercise. The Group recognizes lease expenses for such short-term lease generally on a straight-line basis over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Group’s leases do not provide an implicit rate of return, the Group uses the Group’s incremental borrowing rate based on the information available at adoption date or lease commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Group’s understanding of what its credit rating would be to borrow and resulting interest the Group would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis.

(b) As a lessor

The Group provides vehicle leasing services to customers under operating lease. The Group recognizes the lease payments as vehicle leasing income in profit or loss over the lease term on a straight-line basis.

The vehicle leasing income was immaterial for the years ended December 31, 2021, 2022 and 2023, respectively.

The Group

classifies

a lease as a sales-type when the lease meets any of one of the following criteria at lease commencement:

i. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

ii. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

iii. The lease term is for the major part of the remaining economic life of the underlying asset.

iv. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.

v. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

For a sales-type lease, when collectability is probable at lease commencement, the Group derecognizes the underlying asset, recognizes the net investment in the lease which is the sum of the lease receivable and the ungu

ranteed residual asset and recognizes in net income any selling profit or loss based on the business model. The net investment in the lease is presented as “Financial lease receivables, net”, which is included within “Other current asset” for the current portion, and within “Other

non-current

asset” for the long-term portion on the consolidate balance sheets as of December 31, 2023. Finance lease receivables are carried at amortized cost comprising of original financing lease, net of unearned income. Interest income is recognized in financing income over the lease term using the interest method.

The Group provides a

15-year

lease of a factory under

sales-type lease. As of December 31, 2023, total finance lease receivable

related to this lease amounted to

RMB240,023

(ae) Accounts and notes payable

Accounts and notes payable represent the amount due to the suppliers by the Group for the purchase of raw materials. The Group normally receives credit terms of 0 days to 180 days from its suppliers. Accounts payable were RMB7,269,757 and RMB13,491,144 as of December 31, 2022 and 2023, respectively. Notes payable, which were pledged by bank deposits (note 2(h)), were RMB6,953,099 and RMB8,719,287 as of December 31, 2022 and 2023, respectively.

(af) Dividends

Dividends are recognized when declared. No dividend was declared for the years ended December 31, 2021, 2022 and 2023, respectively.

(ag) Earnings (losses) per share

Basic earnings (losses) per share is computed by dividing net income (loss) attributable to holders of ordinary shares, by the weighted average number of ordinary shares outstanding during the period using the

two-class

method. Under the

two-class

method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings (losses) 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 unvested RSUs and contingently issuable shares relating to the contingent consideration. 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.

(ah) Segment reporting

ASC 280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers.

Based on the criteria established by ASC 280, the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for internal reporting. As the Group’s long-lived assets are substantially located in the PRC, no segment geographical information is presented.

Borrowings - Summary of Borrowings (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term borrowings:
Bank loans	¥ 3,889,100	¥ 2,419,210
Long-term borrowings, current portion:
Bank loans	934,976	124,500
Asset-backed securities	185,864	637,359
Asset-backed notes	242,995	0
Total current borrowings	5,252,935	3,181,069
Long-term borrowings:
Bank loans	5,562,837	4,328,880
Other loans	0	100,000
Asset-backed securities	0	184,177
Asset-backed notes	87,945	0
Total non-current borrowings	5,650,782	4,613,057
Total borrowings	¥ 10,903,717	¥ 7,794,126

Installment Payment Receivables, Net - Summary of sales-type and direct financing leases, lease receivable, maturity (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
Within 1 year	¥ 1,985,380
Between 1 and 2 years	1,553,474
Between 2 and 3 years	1,088,336
Between 3 and 4 years	677,517
Between 4 and 5 years	313,795
Thereafter	1,586
Total receivables of installment payments	5,620,088
Less: Unrealized finance income	(588,137)
Installment payment receivables, gross	5,031,951
Less: Allowance for installment payment receivables	(122,401)
Installment payment receivables - net	¥ 4,909,550	¥ 3,483,308

Company Financial Statements (Parent Company Only)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Financial Statements

29. Company Financial Statements (Parent Company Only)

The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation

S-X

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 (parent 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 notes to consolidated financial statements of the Company.

As of December 31, 2022 and 2023, except for the investment commitment disclosed in Note 27(a), the Company did not have significant capital and other commitments, or guarantees.

Condensed Balance Sheets


	As of December 31,
	2022		2023
ASSETS
Current assets
Cash and cash equivalents		951,656		5,187,597
Short-term deposits		12,145,309		7,906,283
Long-term deposits, current portion		—		1,852,070
Prepayments and other current assets		36,541		46,685

Total current assets		13,133,506		14,992,635

Non-current assets
Investments in subsidiaries and VIEs		21,997,908		21,126,723
Long-term deposits		1,416,782		—
Long-term investments		431,028		618,629

Total non-current assets		23,845,718		21,745,352

Total assets		36,979,224		36,737,987

LIABILITIES
Current liabilities
Amount due to a related party		61,663		—
Accruals and other liabilities		6,896		15,987

Total current liabilities		68,559		15,987

Non-current liabilities
Derivative liability		—		393,473

Total non-current liabilities		—		393,473

Total liabilities		68,559		409,460


	As of December 31,
	2022			2023
SHAREHOLDERS’ EQUITY
Class A Ordinary shares		92			103
Class B Ordinary shares		21			21
Additional paid-in capital		60,691,019			70,198,031
Statutory and other reserves		6,425			60,035
Accumulated deficit		(25,330,916	)		(35,760,301	)
Accumulated other comprehensive income		1,544,024			1,830,638

Total shareholders’ equity		36,910,665			36,328,527

Total liabilities and shareholders’ equity		36,979,224			36,737,987

Condensed Statements of Comprehensive Loss


	For the Year Ended December 31,
	2021			2022			2023
Operating expenses
Selling, general and administrative expenses		(8,966	)		(22,896	)		(28,511	)

Total operating expenses		(8,966	)		(22,896	)		(28,511	)

Fair value gain on derivative liability relating to the contingent consideration		—			—			29,339

(Loss) gain from operations		(8,966	)		(22,896	)		828
Interest income		208,463			314,668			601,475
Equity in loss of subsidiaries and VIEs		(5,696,578	)		(7,074,057	)		(10,165,831	)
Other non-operating income, net		84,620			35,867			17,718
Exchange gain (loss) from foreign currency transactions		470,103			(2,380,873	)		(473,467	)
Investment loss on long-term investments		—			(75,155	)		(821	)
Fair value gain (loss) on derivative assets or derivative liabilities		79,262			59,357			(410,417	)

Loss before income tax expenses and share of results of equity method investees		(4,863,096	)		(9,143,089	)		(10,430,515	)

Income tax expenses		—			—			—
Share of results of equity method investees		—			4,117			54,740

Net loss		(4,863,096	)		(9,138,972	)		(10,375,775	)

Net loss attributable to ordinary shareholders of XPeng Inc.		(4,863,096	)		(9,138,972	)		(10,375,775	)

Net loss		(4,863,096	)		(9,138,972	)		(10,375,775	)
Other comprehensive (loss) income
Foreign currency translation adjustment, net of tax		(918,168	)		3,192,573			286,614

Total comprehensive loss attributable to XPeng Inc.		(5,781,264	)		(5,946,399	)		(10,089,161	)

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.		(5,781,264	)		(5,946,399	)		(10,089,161	)

Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2021			2022			2023


Cash flows from operating activities		232,625			175,195			520,066

Cash flows from investing activities
(Placement) maturities of term deposits		(14,607,257	)		3,099,780			4,164,149
Investment in equity investees		(19,015,285	)		(6,934,426	)		(5,306,987	)
Cash paid for long-term investments		—			(409,363	)		(188,681	)
Maturities of derivative assets or derivative liabilities		233,050			10,752			—

Net cash used in investing activities		(33,389,492	)		(4,233,257	)		(1,331,519	)

Cash flows from financing activities
Proceeds from Global Offering, net of issuance cost		13,146,811			—			—
Payments of listing expenses		(36,924	)		(1,830	)		—
Proceeds from issuance of ordinary shares to Volkswagen		—			—			5,019,599

Net cash provided by (used in) financing activities		13,109,887			(1,830	)		5,019,599

Effects of exchange rate changes on cash, cash equivalents and restricted cash		(316,835	)		500,454			27,795
Net (decrease) increase in cash, cash equivalents and restricted cash		(20,363,815	)		(3,559,438	)		4,235,941
Cash, cash equivalents and restricted cash at beginning of the year		24,874,909			4,511,094			951,656

Cash, cash equivalents and restricted cash at end of the year		4,511,094			951,656			5,187,597

(i) Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and VIEs.

For the Company only condensed financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures.

Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries and VIEs” and shares in the subsidiaries and VIEs’ loss are presented as “Equity in loss of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements.

Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Within 1 year	¥ 478,432
Between 1 and 2 years	387,426
Between 2 and 3 years	358,742
Between 3 and 4 years	345,978
Between 4 and 5 years	340,744
Thereafter	1,621,620
Total	¥ 3,532,942	¥ 242,225

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments Financial Assets And Liabilities Balance Sheet Groupings [Abstract]

Summary of fair value of the financial instruments that are measured at fair value on a recurring basis

Assets and liabilities that were measured at fair value on a recurring basis were as

follows:


	As of December 31, 2022								As of December 31, 2023
	Fair Value		Level I		Level II		Level III		Fair Value		Level I		Level II		Level III
Assets
Short-term investments (i) (Note 2(k))		1,262,129		—		1,262,129		—		781,216		—		781,216		—
Debt investments (ii) (Note 13)		1,626,131		—		—		1,626,131		1,228,595		—		—		1,228,595
Equity investments with readily determinable fair values (iii) (Note 13)		112,641		112,641		—		—		104,972		104,972		—		—

		3,000,901		112,641		1,262,129		1,626,131		2,114,783		104,972		781,216		1,228,595

Liability
Derivative liability relating to the contingent consideration (iv) (Note 5)		—		—		—		—		393,473		—		—		393,473

Deferred Revenue - Deferred Revenue Disclosure (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue Disclosure [Abstract]
Deferred revenue - beginning of year	¥ 1,083,249	¥ 897,288	¥ 308,384
Additions	28,513,918	24,344,226	19,339,153
Recognition	(28,297,224)	(24,158,265)	(18,750,249)
Deferred revenue - end of year	1,299,943	1,083,249	897,288
Less: Deferred revenue, current portion	(630,997)	(389,243)	(418,227)
Deferred revenue, non-current portion	¥ 668,946	¥ 694,006	¥ 479,061

Leases - Schedule Of Net Investment In sale Type Lease Receivable (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Net investment in lease payments receivable	¥ 4,909,550	¥ 3,483,308
Current portion	1,881,755	1,294,665
Non-current portion	3,027,795	2,188,643
Factory [Member]
Lessor, Lease, Description [Line Items]
Total minimum lease payments receivable	240,023	0	¥ 0
Unguaranteed residuals	27,736	0	0
Less: Unearned income	(51,541)	0	0
Net investment in lease payments receivable	216,218	0	0
Current portion	11,100	0	0
Non-current portion	¥ 205,118	¥ 0	¥ 0

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent events	30. Subsequent events (i) Strategic Technical Collaboration and Joint Sourcing Program with Volkswagen On February 29, 2024, XPeng and Volkswagen entered into a Master Agreement on Platform and Software strategic technical collaboration (“Master Agreement”) to provide technical services for Volkswagen to develop two B-class battery electric vehicles. As part of the Master Agreement, both parties also entered into a Joint Sourcing Program, targeting to jointly reduce the cost of the platform. (ii) Issuance of Auto Leasing ABS In March 2024, the Company, through its wholly owned subsidiary, completed the launch of an ABS amounting to RMB1,016,000 by issuing debt securities to investors. (iii) End of Production of the P5 In the first quarter of 2024, the Company determined to cease the production of the P5 by the end of June 2024, which will result in a potentially material charge to the Group’s consolidated statement of comprehensive loss for the quarter ended March 31, 2024. Management is still assessing the financial impact as of the issuance date of the 2023 consolidated financial statements.

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

1. Organization and Nature of Operations

(a) Principal activities

XPeng Inc. (“XPeng” or the “Company”) was incorporated under the laws of the Cayman Islands on December 27, 2018, as an exempted company with limited liability. The Company, its subsidiaries and consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (“VIEs”, also refer to VIE and its subsidiaries as a whole, where appropriate) are collectively referred to as the “Group”.

The Group designs, develops and delivers smart electric vehicles. It manufactures all vehicles through its own plants in Zhaoqing, Guangzhou and Wuhan. As of December 31, 2022 and 2023, its primary operations are conducted in the People’s Republic of China (“PRC”).

(b) Initial Public Offering and Global Offering

In August and December 2020, the Company completed its initial public offering

(“IPO”)

and

follow-on

offering

(“FO”)

on the New York Stock Exchange (“NYSE”).

In July 2021, the Company completed its global offering

(“Global Offering”),

including the Hong Kong Public Offering and the International Offering, on the Hong Kong Stock Exchange

(“HKEX”)

As of December 31, 2023, 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

Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. (“Chengxing”)

PRC

January 09, 2015

100

Investment holding

Guangzhou Xiaopeng Motors Technology Co., Ltd.(“Xiaopeng Technology”)

PRC

May 12, 2016

100

Design and technology development

Guangzhou Xiaopeng Automobile Manufacturing Co., Ltd.

PRC

April 07, 2017

100

Design and technology development

Zhaoqing Xiaopeng New Energy Investment Co., Ltd.(“Zhaoqing Xiaopeng New Energy”)

(1)

PRC

February 13, 2020

100

Manufacturing of vehicles

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

PRC

May 18, 2017

100

Manufacturing of battery pack

Xiaopeng Motors Sales Co., Ltd.

(“Xiaopeng Motors Sales”)

PRC

January 08, 2018

100

Vehicle wholesale and retail

Beijing Xiaopeng Automobile Co., Ltd.(“Beijing Xiaopeng”)

PRC

April 28, 2018

100

Vehicle wholesale and retail, design and technology development

Beijing Xiaopeng Automobile Sales Service Co., Ltd.

PRC

November 09, 2020

100

Vehicle wholesale and retail

Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd.

PRC

November 18, 2019

100

Technology development

Guangzhou Xiaopeng Smart Charging Technology Co., Ltd.

PRC

June 22, 2020

100

Smart charging technology development

Xiaopeng Automobile Central China (Wuhan) Co.,

Ltd.(“Wuhan Xiaopeng”)

PRC

April 30, 2021

100

Technology development and vehicle retail

Shanghai Xiaopeng Motors Technology Co., Ltd.(“Shanghai Xiaopeng”)

PRC

February 12, 2018

100

Technology development

and vehicle retail

Guangzhou Zhipeng Manufacturing Co., Ltd.

PRC

January 14, 2021

100

Manufacturing of vehicles

Wuhan Xiaopeng Smart Manufacturing Co., Ltd.

PRC

August 16, 2021

100

Manufacturing of battery pack and electric drive system

XPeng Huitian Holding Limited

BVI

October 12, 2020

100

Investment holding

XPeng Dogotix Holding Limited

BVI

January 05, 2021

100

Investment holding

Dogotix Inc.

BVI

October 09, 2023

100

Investment holding

XPeng (Hong Kong) Limited

Hong Kong

February 12, 2019

100

Investment holding

(1)

“

(2)

The English names of the subsidiaries and VIEs represent the best effort by the management of the Company in translating its Chinese names as they do not have official English name.


	Place of incorporation	Date of incorporation or acquisition	Principal activities
VIEs
Guangzhou Zhipeng IoV Technology Co., Ltd. (“Zhipeng IoV”) (Note 1(c)(i))	PRC	May 23, 2018	Business of development and the operation of an Internet of Vehicles network
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (“Yidian Chuxing”) (Note 1(c)(ii))	PRC	May 24, 2018	Business of provision of online-hailing services through online platform
Guangzhou Xintu Technology Co., Ltd. (“Xintu Technology”) (Note 1(c)(i))	PRC	April 27, 2021	Surveying and mapping
Guangdong Intelligent Insurance Agency Co., Ltd. (“GIIA”, formerly known as Qingdao Miaobao Insurance Agency Co., Ltd.) (Note 1(c)(iii))	PRC	July 22, 2022	Insurance agency
VIEs’ subsidiary
Jiangsu Zhipeng Kongjian Information Technology Co., Ltd. (“Zhipeng Kongjian”, formerly known as Jiangsu Zhitu Technology Co., Ltd., a subsidiary of Xintu Technology) (Note 1(c)(i))	PRC	June 23, 2021	Surveying and mapping

(i) Zhipeng IoV which is primarily engaged in the business of development and the operation of an Internet of Vehicles network was established by two shareholders of the Company (the “Zhipeng IoV’s Nominee Shareholders”) on May 23, 2018. On May 28, 2018, Xiaopeng Technology, Zhipeng IoV, and Zhipeng IoV’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Technology to exercise the equity owner’s rights over Zhipeng IoV. These agreements provide the Company, as the only shareholder of Xiaopeng Technology, with a controlling financial interest under ASC 810 in Zhipeng IoV to direct the activities that most significantly impact Zhipeng IoV’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Zhipeng IoV. Management concluded that Zhipeng IoV is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of Zhipeng IoV and shall consolidate the financial results of Zhipeng IoV in the Group’s consolidated financial statements under U.S. GAAP.

On April 27, 2021, Zhipeng IoV established Xintu Technology and became the only shareholder of Xintu Technology. On June 23, 2021, Xintu Technology acquired 100% of the equity interest of Zhipeng Kongjian which possesses surveying and mapping qualification certificate, which is determined to be an asset acquisition.

On August 12, 2021, Guangzhou Kuntu Technology Co., Ltd. (“Kuntu Technology”), a company controlled by the Zhipeng IoV’s Nominee Shareholders, acquired 100% of the equity interest of Xintu Technology from Zhipeng IoV. On the same day, Xiaopeng Technology, Xintu Technology and Kuntu Technology entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Technology to exercise the equity owner’s rights over Xintu Technology. These agreements provide the Company, as the only shareholder of Xiaopeng Technology, with a controlling financial interest under ASC 810 in Xintu Technology to direct the activities that most significantly impact Xintu Technology’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Xintu Technology. Management concluded that Xintu Technology is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of Xintu Technology and shall consolidate the financial results of Xintu Technology in the Group’s consolidated financial statements under U.S. GAAP. As of December 31, 2023, Xintu Technology did not have significant operations, nor any material assets or liabilities.

On September 6, 2021, Xiaopeng Technology (wholly owned by the Company) acquired 50% equity interests in Zhipeng IoV from Zhipeng IoV’s Nominee Shareholders. At the same time, the aforementioned contractual agreements had been modified to reflect the change of equity interests in Zhipeng IoV. Xiaopeng Technology, Zhipeng IoV, and Zhipeng IoV’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Technology to exercise the equity owner’s rights over Zhipeng IoV. These agreements, coupled with its 50% equity interest, results in the Company, being the VIE’s primary beneficiary, with a controlling financial interest under ASC 810 in Zhipeng IoV, to direct the activities that most significantly impact Zhipeng IoV’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Zhipeng IoV. Accordingly, the Company continued to consolidate the financial results of Zhipeng IoV under U.S. GAAP. As of December 31, 2023, Zhipeng IoV did not have significant operations, nor any material assets or liabilities.

(ii) Yidian Chuxing which is primarily engaged in the business of provision of online-hailing services through online platform was established by two shareholders of the Company (the “Yidian Chuxing’s Nominee Shareholders”) on May 24, 2018. On May 28, 2018, Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd, (“Xiaopeng Chuxing”), Yidian Chuxing, and Yidian Chuxing’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Chuxing to exercise the equity owner’s rights over Yidian Chuxing. These agreements provide the Company, as the only shareholder of Xiaopeng Chuxing, with a controlling financial interest under ASC 810 in Yidian Chuxing to direct the activities that most significantly impact Yidian Chuxing’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Yidian Chuxing. Management concluded that Yidian Chuxing is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of Yidian Chuxing and shall consolidate the financial results of Yidian Chuxing in the Group’s consolidated financial statements under U.S. GAAP.

On September 10, 2021, Xiaopeng Chuxing (wholly owned by the Company) acquired 50% equity interests in Yidian Chuxing from Yidian Chuxing’s Nominee Shareholders. At the same time, the aforementioned contractual agreements have been modified to reflect the change of equity interests in Yidian Chuxing. Xiaopeng Chuxing, Yidian Chuxing, and Yidian Chuxing’s Nominee Shareholders entered into a series of contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney that irrevocably authorized Xiaopeng Chuxing to exercise the equity owner’s rights over Yidian Chuxing. These agreements, coupled with its 50% equity interest, results in the Company, being the VIE’s primary beneficiary, with a controlling financial interest under ASC 810 in Yidian Chuxing, to direct the activities that most significantly impact Yidian Chuxing’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from Yidian Chuxing. Accordingly, the Company continued to consolidate the financial results of Yidi

n Chuxing under U.S. GAAP. As of December 31, 2023, Yidian Chuxing did not have significant operations, nor any material assets or liabilities.

(iii) GIIA, primarily engaged in the business of insurance agency services and established in 2007, was acquired by Guangzhou Xuetao Enterprise Management Co., Ltd. (“Guangzhou Xuetao”), a company jointly established by the former senior vice president of the Company and his spouse (the “GIIA’s Nominee Shareholders”). On July 22, 2022, Xiaopeng Motors Sales (wholly owned by the Company), Guangzhou Xuetao and GIIA’s Nominee Shareholders entered into a cooperation agreement that Guangzhou Xuetao irrevocably authorized Xiaopeng Motors Sales to exercise the

100%

equity owner’s rights over GIIA. The agreement provides the Company, as the only shareholder of Xiaopeng Motors Sales, with a controlling financial interest under ASC 810 in GIIA to direct the activities that most significantly impact GIIA’s economic performance and enable the Company to obtain substantially all of the economic benefits arising from GIIA. As a result of this contractual arrangement, management concluded that GIIA is a VIE of the Company and the Company is the ultimate primary beneficiary of GIIA and shall consolidate the financial results of GIIA in the Group’s consolidated financial statements under U.S. GAAP. As of December 31, 2023, GIIA did not have significant operations, nor any material assets or liabilities.

Subsequently, this cooperation agreement was terminated and the new contractual agreements, including an equity interest pledge agreement, a loan agreement, exclusive service agreement, exclusive call option agreement and power of attorney, were entered into among GIIA, Xiaopeng Motors Sales, Guangzhou Xuetao and a new nominee shareholder who is the Group’s general counsel on January 31, 2024. Upon the effective date of these new contractual agreements, the Company remains the ultimate primary beneficiary of GIIA and continues to consolidate the financial results of GIIA.

(d) Liquidity

The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB4,863,096, RMB9,138,972 and RMB10,375,775 for the years ended December 31, 2021, 2022 and 2023, respectively. Accumulated deficit amounted to RMB25,330,916 and RMB35,760,301 as of December 31, 2022 and 2023, respectively. Net cash used in operating activities was approximately RMB1,094,591 and RMB8,232,376 for the years ended December 31, 2021 and 2022, respectively. Net cash provided by operating activities was approximately RMB956,164 for the year ended December 31, 2023.

The Group’s liquidity is based on its ability to enhance its operating cash flow position, obtain capital financing from equity interest investors and borrow funds to fund its general operations, research and development activities and capital expenditures. The Group’s ability to continue as a going concern is dependent on management’s ability to execute its business plan successfully, which includes increasing market acceptance of the Group’s products to boost its sales volume to achieve economies of scale while applying more effective marketing strategies and cost control measures to better manage operating cash flow position and obtaining funds from outside sources of financing to generate positive financing cash flows. With the completion of its IPO and FO on NYSE in August and December 2020, the Group received the net proceeds, after deducting the underwriting discounts and commissions, fees and offering expenses, of RMB11,409,248 and RMB15,980,227, respectively. In July 2021, with the completion of its Global Offering on HKEX, the Group further received the net proceeds, after deducting the underwriting discounts and commissions, of Hong Kong doll

r (HK$) 15,823,315

In December, 2023, with the completion of the strategic minority investment by Volkswagen Group (“Volkswagen”), the Group received the net proceeds, after deducting related costs and expenses, of

RMB5,019,599. As of December 31, 2023, the Group’s balance of cash and cash equivalents, restricted cash, excluding RMB6,308 restricted as to withdrawal or use for legal disputes, short-term deposits, short-term investments, and current portion of long-term deposits was RMB41,888,851.

Management has concluded that its existing balance of cash and cash equivalents, short-term deposits, short-term investments and current portion of long-term deposits as of December 31, 2023, provide the Group with sufficient liquidity to meet its working capital requirements and contractual (including debt) obligations for the next twelve months following the issuance of the consolidated financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenues

Total revenues

¥ 30,676,067

¥ 26,855,119

¥ 20,988,131

Cost of sales

Total cost of sales

^[1]

(30,224,912)

(23,766,728)

(18,365,576)

Gross profit

451,155

3,088,391

2,622,555

Operating expenses

Research and development expenses

^[1]

(5,276,574)

(5,214,836)

(4,114,267)

Selling, general and administrative expenses

^[1]

(6,558,942)

(6,688,246)

(5,305,433)

Total operating expenses

^[1]

(11,835,516)

(11,903,082)

(9,419,700)

Other income, net

465,588

109,168

217,740

Fair value gain on derivative liability relating to the contingent consideration

29,339

Loss from operations

(10,889,434)

(8,705,523)

(6,579,405)

Interest income

1,260,162

1,058,771

743,034

Interest expenses

(268,666)

(132,192)

(55,336)

Fair value gain (loss) on derivative assets or derivative liabilities

(410,417)

59,357

79,262

Investment gain (loss) on long-term investments

(224,364)

25,062

591,506

Exchange gain (loss) from foreign currency transactions

97,080

(1,460,151)

313,580

Other non-operating income, net

41,934

36,318

70,253

Loss before income tax expenses and share of results of equity method investees

(10,393,705)

(9,118,358)

(4,837,106)

Income tax expenses

(36,810)

(24,731)

(25,990)

Share of results of equity method investees

54,740

4,117

Net loss

(10,375,775)

(9,138,972)

(4,863,096)

Net loss attributable to ordinary shareholders of XPeng Inc.

(10,375,775)

(9,138,972)

(4,863,096)

Other comprehensive (loss) income

Foreign currency translation adjustment, net of tax

286,614

3,192,573

(918,168)

Total comprehensive loss attributable to XPeng Inc.

(10,089,161)

(5,946,399)

(5,781,264)

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

¥ (10,089,161)

¥ (5,946,399)

¥ (5,781,264)

Weighted average number of ordinary shares, Basic

1,740,921,519

1,712,533,564

1,642,906,400

Weighted average number of ordinary shares, Diluted

1,740,921,519

1,712,533,564

1,642,906,400

Net loss per ordinary share, Basic

¥ (5.96)

¥ (5.34)

¥ (2.96)

Net loss per ordinary share, Diluted

¥ (5.96)

¥ (5.34)

¥ (2.96)

Vehicle [Member]

Revenues

Total revenues

¥ 28,010,857

¥ 24,839,637

¥ 20,041,955

Cost of sales

Total cost of sales

^[1]

(28,457,909)

(22,493,122)

(17,733,036)

Services and others [Member]

Revenues

Total revenues

2,665,210

2,015,482

946,176

Cost of sales

Total cost of sales

^[1]

¥ (1,767,003)

¥ (1,273,606)

¥ (632,540)

[1]	Share-based compensation was allocated in cost of sales and operating expenses as follows

Borrowings - Additional Information (Detail) - CNY (¥) ¥ in Thousands				12 Months Ended
	Dec. 25, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2021	Jul. 31, 2021	Dec. 31, 2020	May 31, 2017
Debt Disclosure [Line Items]
Short term borrowings payable to banks		¥ 2,419,210		¥ 3,889,100
Line of credit non current portion		¥ 100,000		¥ 0
Long term line of credit stated interest rate		4.98%		4.98%
Loans Payable to Bank, Noncurrent		¥ 4,328,880		¥ 5,562,837
Loans Payable to Bank, Current		124,500		934,976
long-term bank loans collateralized		846,854		2,280,419
Asset-backed securities current		637,359		185,864
Asset-backed securities non current		184,177		0
Long-term deposit				564,122
Asset Backed Notes Current		0		242,995
Asset Backed Notes Noncurrent		¥ 0		87,945
Zhaoqing Hightech Zone Construction Investment Development Co Ltd [Member]
Debt Disclosure [Line Items]
Line of credit non current portion			¥ 800,000					¥ 1,600,000
Long term line of credit stated interest rate		4.90%
Repayments of Lines of Credit	¥ 100,000
Banks In Peoples Republic Of China [Member]
Debt Disclosure [Line Items]
Line of credit non current portion			700,000	¥ 800,000				¥ 800,000
Line of Credit Facility Expiration Date				December 18, 2020 to December 17, 2028
Guangzhou Xiaopeng New Energy Automobile Co Ltd [Member]
Debt Disclosure [Line Items]
Line of credit maximum borrowing capacity							¥ 1,120,000
Line of Credit Facility, Maximum Borrowing Capacity		¥ 0		¥ 10,000
Proceeds from Long-term Lines of Credit		¥ 838,858	797,980
Debt instrument, interest rate, stated percentage		5.30%		4.99%
Zhaoqing Hightech Zone [Member]
Debt Disclosure [Line Items]
Line of credit non current portion		¥ 100,000		¥ 0
Loans Payable to Bank, Noncurrent		784,000		776,000
Loans Payable to Bank, Current		8,000		8,000
Wuhan Xiaopeng [Member]
Debt Disclosure [Line Items]
Line of credit maximum borrowing capacity						¥ 3,000,000
Line of Credit Facility, Maximum Borrowing Capacity		0		¥ 101,776
Proceeds from Long-term Lines of Credit		¥ 2,035,520	¥ 1,706,400
Debt instrument, interest rate, stated percentage		4.35%		4.47%
Zhaoqing Xpeng [Member]
Debt Disclosure [Line Items]
Line of credit maximum borrowing capacity		¥ 768,000		¥ 1,398,200
Line of Credit Facility, Maximum Borrowing Capacity		¥ 76,800		¥ 673,400
Debt instrument, interest rate, stated percentage		3.35%		3.14%
Guangzhou Xiaopeng Automobile Finance Leasing Co Ltd [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				¥ 17,500	¥ 200,000
Proceeds from Long-term Lines of Credit				¥ 175,000
Debt instrument, interest rate, stated percentage				3.80%
Guangzhou Pengyue Automobile Development Co Ltd [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				¥ 2,350,000
Proceeds from Long-term Lines of Credit				¥ 21,110
Debt instrument, interest rate, stated percentage				3.75%
Zhaoqing XPeng and Zhaoqing Xiaopeng New Energy [Member]
Debt Disclosure [Line Items]
Line of credit maximum borrowing capacity		¥ 397,000		¥ 1,253,125
Line of Credit Facility, Maximum Borrowing Capacity		¥ 39,700		¥ 124,300
Debt instrument, interest rate, stated percentage		3.35%		3.06%
Zhaoqing Xiaopeng Automobile Co Ltd Zhaoqing XPeng [Member] \| Line of Credit [Member] \| Zhaoqing Hightech Zone Construction Investment Development Co Ltd [Member]
Debt Disclosure [Line Items]
Line of credit maximum borrowing capacity									¥ 1,600,000
Restricted long term deposits [Member]
Debt Disclosure [Line Items]
Long-term deposit				¥ 203,777
Other Short Term Loans Payable To Banks [Member]
Debt Disclosure [Line Items]
Short term debt weighted average effective rate of interest at point of time		3.53%		2.62%

Taxation

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Taxation

24. Taxation

(a) Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

BVI

XPeng Limited is exempted from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

United States

The applicable income tax rate of United States where the Company’s subsidiaries having significant operations for the years ended December 31, 2021, 2022 and 2023 is 27.98%, which is a blended state and federal rate.

PRC

The PRC Enterprise Income Tax Law (“EIT Law”), which became effective on January 1, 2008, applies a uniform enterprise income tax (“EIT”) rate of 25% to both foreign-invested enterprises (“FIEs”) and domestic enterprises. Certified High and New Technology Enterprises (“HNTE”) are entitled to a favorable statutory tax rate of 15%, but need to

re-apply

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 2022. Xiaopeng Technology is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2022 through 2024.

Zhaoqing XPeng applied for the HNTE qualification and received approval in December 2020 and renewed in December 2023. Zhaoqing XPeng is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2023 through 2025.

Beijing Xiaopeng applied for the HNTE qualification and received approval in December 2020. This enterprise is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2020 through 2022. Since the qualification was expired in 2023, this enterprise applies tax rate of 25% for the year 2023.

Shanghai Xiaopeng applied for the HNTE qualification and received approval in December 2022. Shanghai Xiaopeng is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2022 through 2024.

Shenzhen Pengxing Smart Research Co., Ltd. (“Shenzhen Pengxing Research”) applied

for the HNTE qualification and received approval in October 2023. Shenzhen Pengxing Research is entitled to continue to enjoy the beneficial tax rate of 15% as an HNTE for the years 2023 through 2025.

Under the EIT Law enacted by the National People’s Congress of the PRC, dividends generated after January 1, 2008 and payable by a foreign investment enterprise in the PRC to its foreign investors who are

non-resident

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 earnings 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 relevant policies promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in R&D activities are entitled to claim an additional tax deduction amounting to 75% or 100% of qualified R&D expenses incurred in determining its tax assessable profits for that year (“Super Deduction”). The additional deduction of 100% or 75% of qualified R&D expenses can only be claimed directly in the annual EIT filling and subject to the approval from the relevant tax authorities.

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


	For the Year Ended December 31,
	2021		2022		2023
Current income tax expenses		25,990		24,731		18,014
Deferred income tax expenses		—		—		18,796

Income tax expenses		25,990		24,731		36,810

Reconciliations of the income tax expense

computed by applying the PRC statutory income tax rate of 25% to the Group’s income tax expense

of the years presented are as follows:


	For the Year Ended December 31,
	2021			2022			2023

Loss before income tax expense s and share of results of equity method invest e es		(4,837,106	)		(9,118,358	)		(10,393,705	)
Income tax credit computed at the PRC statutory income tax r ate of 25 % (i)		(1,209,277	)		(2,279,590	)		(2,598,426	)
Effect of preferential tax rate (ii)		254,061			202,968			29,362
Tax-free income		(25,000	)		(14,000	)		(33,657	)
Effect of change in tax rate		33,454			16,554			(79,401	)
Effect of different tax rate of different jurisdictions		(323,601	)		322,514			114,036
Effect of additional deduction for qualified R&D expenses		(217,395	)		(515,288	)		(1,184,717	)
Non-deductible expenses		163,980			92,906			(230,127	)
Other adjustments (iii)		—			—			(494,696	)
Changes in valuation allowance		1,349,768			2,198,667			4,514,436

Income tax expense s		25,990			24,731			36,810

(i)

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

(ii)

The effect of preferential tax rate resulted in a deduction of the income tax credit computed at the PRC statutory income tax rate of 25%.

(iii)

Other adjustments include acquisition of subsidiaries resulted in RMB536,974 of the income tax credit.

(b) Deferred tax

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be

more-likely-than-not

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

% or applicable preferential income tax rates were applied when calculating deferred tax assets.


	As of December 31,
	2021			2022			2023

Deferred tax assets :
Net operating loss carry-forwards		3,051,082			5,026,589			10,189,606
Government grants		41,565			72,674			41,713
Impairment of long-lived assets		12,239			17,372			29,660
Inventory reserve		7,221			55,397			69,730
Accruals and others		452,612			591,354			457,366
Lease s		—			—			502,799
Valuation allowance		(3,564,719	)		(5,763,386	)		(10,277,822	)

Sub-total		—			—			1,013,052


	As of December 31,
	2021		2022		2023

Deferred tax liabilities :
Lease s		—		—		(509,441	)
Acquired intangible assets		—		—		(907,629	)

Sub-total		—		—		(1,417,070	)

Total deferred tax liabilities, net		—		—		(404,018	)


	For the Year Ended December 31,
	2021			2022			2023
Valuation allowance
Balance at beginning of the year		2,214,951			3,564,719			5,763,386
Additions		1,511,434			2,221,222			3,990,147
Acquisition of subsidiaries		—			—			536,974
Loss utilized and expired		(128,212	)		(6,001	)		(92,086	)
Effect of change in tax rate		(33,454	)		(16,554	)		79,401

Balance at end of the year		3,564,719			5,763,386			10,277,822

For the years ended December 31, 2021, 2022 and 2023, with the growth of its business performance, some subsidiaries of the Group are generating profits and utilized tax losses brought forward from prior years.

The Group has tax losses arising in Mainland China of RMB45,422,967 that will expire in one to ten years for deduction against future taxable profits.


Loss expiring in 2024			823,867
Loss expiring in 2025			1,651,343
Loss expiring in 2026			3,524,998
Loss expiring in 2027			6,477,329
Loss expiring in 2028			19,490,587
Loss expiring in 2029			4,163,914
Loss expiring in 2030			1,354,404
Loss expiring in 2031			1,997,693
Loss expiring in 2032			3,220,655
Loss expiring in 2033			2,718,177

Total			45,422,967

The Group has tax losses arising in Hong Kong and Others of RMB1,234,180 that will not expire for deduction against future taxable profit.


Hong Kong			671,655
Others			562,525

Total			1,234,180

Uncertain Tax Positions

The Group did not identify any significant unrecognized tax benefits for the years ended December 2021, 2022 and 2023. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expenses and it also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2023. In general, the PRC tax authorities mandate a period of up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2019 through 2023 remain subject to the review to be performed by the relevant PRC tax authorities.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities, Noncurrent [Abstract]

Other Non-Current Liabilities

17. Other

Non-Current

Liabilities

Other

non-current

liabilities consisted of the following:


	As of December 31,
	2022		2023
Debt from third party investors (i)		1,763,062		1,276,145
Warranty provisions (ii)		424,802		789,005
Deposits from a third party (iii)		—		148,991
Government grants		318,242		122,513

Total		2,506,106		2,336,654

(i) The debt from third party investors consisted of the following three financing arrangements:

1) Financing in an amount of RMB160 million from Guangzhou GET Investment Holdings Co., Ltd. (“Guangzhou GET Investment”)

In December 2020, Chengxing and Guangzhou Xiaopeng Automotive Investment Co., Ltd. (“Guangzhou Xiaopeng Investment”), subsidiaries of the Group, entered into a partnership agreement with Guangzhou GET Investment to set up a limited liability partnership entity (the “Kunpeng Chuangye LLP”) whose operating period is designed for 9 years since the date of the registration of its business license. Chengxing, Guangzhou Xiaopeng Investment and Guangzhou GET Investment subscribed for RMB200,000, RMB10 and RMB160,000 paid in capital in Kunpeng Chuangye LLP in return for 55.5540%, 0.0028% and 44.4432% of the equity interests, respectively. The consideration of RMB160 million was paid by Guangzhou GET Investment to Kunpeng Chuangye LLP in January 2021. Pursuant to the investment agreement, Guangzhou GET Investment does not have substantive participating rights in Kunpeng Chuangye LLP nor it is able to transfer their interest in Kunpeng Chuangye LLP to other third party. During the

9-year

operating period of Kunpeng Chuangye LLP, Guangzhou GET Investment is only entitled to interest calculated at an interest rate of 4% per annum based on its investment amount RMB160,000 in Kunpeng Chuangye LLP. Upon liquidation, if any, at any time within 9 years or at the due date of the

9-year

operating period, Guangzhou GET Investment will be entitled to and only entitled to its investment amount amounting to RMB160,000. If Kunpeng Chuangye LLP failed to pay the investment amount RMB160,000 or the interest calculated at an interest rate of 4% per annum to Guangzhou GET Investment, Chengxing, also guaranteed by Xiaopeng Technology, will be liable for the unpaid amounts. Based on these arrangements, the Group consolidates Kunpeng Chuangye LLP via its subsidiaries Chengxing and Guangzhou Xiaopeng Investment. The investment held by Guangzhou GET Investment is accounted for as a liability with interest expenses amortized through the period given the risks and rewards of owning 44.4432% of equity interests in Kunpeng Chuangye LLP have been retained by the Group and the substance of the transaction is that Guangzhou GET Investment is providing financing to the Group via Kunpeng Chuangye LLP.

The interest payable for the investment by Guangzhou GET Investment was calculated at an interest rate of 4% per annum and it amounted to RMB6,233 and RMB6,233 as of December 31, 2022 and 2023, respectively. The interest of RMB6,400 and RMB6,400 was repaid to Guangzhou GET Investment by the Group for the years ended December 31, 2022 and 2023, respectively.

2) Financing in an amount of RMB500 million from Guangdong Yuecai Industry Investment Fund Partnership (Limited Partnership) (“Guangdong Utrust”)

Pursuant to the share purchase agreement, dated March 12, 2021, signed among Chengxing, Chengxing’s shareholders (i.e. Guangdong Xiaopeng Motors Technology Co., Ltd. and Guangdong Xiaopeng Automobile Industry Holdings Co., Ltd., both of which are wholly owned subsidiaries of the Company) and Guangdong Utrust, Guangdong Utrust subscribed for common stock newly issued by Chengxing at a consideration of RMB500 million. Immediately after the share subscription, Guangdong Utrust began to hold 0.3067% of equity interest in Chengxing. The consideration of RMB500 million was paid by Guangdong Utrust on March 16, 2021 (“Initial Capital Injection Date of Guangdong Utrust”). Pursuant to the terms of the investment agreement, conditional upon any entity affiliated with Chengxing being granted a public offering approval by any stock exchange (“Relevant Listing Approval”) within 3 years after the Initial Capital Injection Date of Guangdong Utrust, Guangdong Utrust is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase the shares of Chengxing held by it for cash, such that it could choose to use any part of the relevant funds, subject to the consent of Guangdong Xiaopeng Motors Technology Co., Ltd., to participate in the international placing tranche of such public offering. Under the share purchase agreement, no guaranteed allocation of such public offering shares will be granted to Guangdong Utrust. The amount to be paid by Guangdong Xiaopeng Motors Technology Co., Ltd. for such purchase is to be calculated with reference to the consideration paid by Guangdong Utrust, i.e. RMB500 million and an interest at a rate of 6% or 3% per annum which may apply to the entire RMB500 million, or a portion thereof, pursuant to the terms of the share purchase agreement. Upon the third anniversary of the Initial Capital Injection Date of Guangdong Utrust, if Guangdong Utrust, Guangdong Xiaopeng Motors Technology Co., Ltd. and Chengxing fail to reach an agreement on the terms of such public offering arrangement or no relevant entity has obtained the Relevant Listing Approval, Guangdong Xiaopeng Motors Technology Co., Ltd. is entitled to request Guangdong Utrust to sell, or Guangdong Utrust is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase, the common stock in Chengxing held by Guangdong Utrust at a price of RMB500 million plus interest calculated at an interest rate of 3% per annum. In addition, pursuant to the terms of the arrangement, Guangdong Utrust does not have substantive participating rights in Chengxing. The investment by Guangdong Utrust is accounted for as a liability with interest expenses amortized through the period as the risks and rewards of owning the 0.3067% of equity interest in Chengxing have been retained by the Group and the substance of the transaction is that Guangdong Utrust is providing financing to Chengxing.

On June 11, 2021, Guangdong Utrust notified Chengxing that it irrevocably undertakes not to exercise the rights under the share purchase agreement to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase the shares of Chengxing held by it in connection with the proposed listing of the Company on the Stock Exchange.

The interest payable for the investment by Guangdong Utrust was calculated at an interest rate of 3% per annum and it amounted to RMB26,856 and RMB41,918 as of December 31, 2022 and 2023, respectively.

As of December 31, 2023, the principal amount of RMB500,000 and interest of RMB41,918 will be due within one year and were classified to “Accruals and Other Liabilities”.

3) Financing in an amount of RMB1,000 million from Guangzhou GET Investment

Pursuant to the share purchase agreement, dated March 30, 2021, signed among Chengxing, Chengxing’s shareholders and Guangzhou GET Investment, Guangzhou GET Investment subscribed for common stock newly issued by Chengxing at a consideration of RMB1,000 million. Immediately after the share subscription, Guangzhou GET Investment began to hold 1.0640% of equity interest in Chengxing. The consideration of RMB1,000 million was paid by Guangzhou GET Investment on March 31, 2021 (“Initial Capital Injection Date of Guangzhou GET Investment”). Pursuant to the terms of the agreement, conditional upon the disclosure of any plan of any potential onshore listing by any entity affiliated with Chengxing on any stock exchange in the PRC within 5 years after the Initial Capital Injection Date of Guangzhou GET Investment, Guangzhou GET Investment is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase the shares of Chengxing held by it for cash, such that it could use the relevant funds to participate in such potential onshore public offering. Under the share purchase agreement, no guaranteed allocation of such public offering shares will be granted to Guangzhou GET Investment. The amount to be paid by Guangdong Xiaopeng Motors Technology Co., Ltd. for such purchase is to be calculated with reference to the consideration paid by Guangzhou GET Investment, i.e. RMB1,000 million and an interest at a rate of 4% or 6% per annum pursuant to the terms of the share purchase agreement. Upon the fifth anniversary of the Initial Capital Injection Date of Guangzhou GET Investment, if Guangzhou GET Investment, Guangdong Xiaopeng Motors Technology Co., Ltd. and Chengxing fail to reach an agreement on the terms of such potential onshore listing in the PRC, or such relevant entity cannot successfully become listed in the PRC, Guangdong Xiaopeng Motors Technology Co., Ltd. is entitled to request Guangzhou GET Investment to sell, or Guangzhou GET Investment is entitled to request Guangdong Xiaopeng Motors Technology Co., Ltd. to purchase, the common stock in Chengxing held by Guangzhou GET Investment at a price of RMB1,000 million plus interest calculated at the rate of 4% per annum. In addition, pursuant to the terms of the arrangement, Guangzhou GET Investment does not have substantive participating rights in Chengxing. The investment by Guangzhou GET Investment is accounted for as a liability with interest expenses amortized through the period as the risks and rewards of owning the 1.0640% of equity interest in Chengxing have been retained by the Group and the substance of the transaction is that Guangzhou GET Investment is providing financing to Chengxing.

The interest payable for the investment by Guangzhou GET Investment was calculated at an interest rate of 4% per annum and it amounted to RMB69,973 and RMB109,912 as of December 31, 2022 and 2023, respectively.

(ii) Movement of accrued warranty is as following:


	For the Year Ended December 31,
	2021			2022			2023
Accrued warranty - beginning of the year		111,351			371,140			641,062
Warranty costs incurred		(32,352	)		(61,551	)		(228,674	)
Provision for warranty		292,141			331,473			596,605

Accrued warranty - end of year		371,140			641,062			1,008,993
Less: Current portion of warranty		(105,068	)		(216,260	)		(219,988	)

Non-current portion of warranty		266,072			424,802			789,005

(iii) Deposits from a third party represent the refundable deposit for the finance lease cooperation in which the Group serves as the lessor (Note 18).

Intangible Assets, Net - Schedule of Intangible Assets, Net (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Finite lived intangible assets amortisation expense	¥ 230,501	¥ 65,714	¥ 25,875

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Cash and Cash Equivalents

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


	As of December 31, 2022				As of December 31, 2023
	Amount		RMB equivalent		Amount		RMB equivalent
Cash and cash equivalents:
RMB		13,230,745		13,230,745		13,597,107		13,597,107
US$		194,588		1,355,226		1,021,773		7,236,909
HK$		9,256		8,268		4,218		3,823
Others		not applicable		13,535		not applicable		289,324

Total				14,607,774				21,127,163

Summary of Accounts Receivable, Allowance for Credit Loss


	For the Year Ended December 31, 2021
Balance as of December 31, 2020		12,507
Current period provision		69,731
Write-offs		(15,142	)

Balance as of December 31, 2021		67,096


	For the Year Ended December 31, 2022
Balance as of December 31, 2021		67,096
Current period provision		67,654
Write-offs		(13,043	)

Balance as of December 31, 2022		121,707


	For the Year Ended December 31, 2023
Balance as of December 31, 2022		121,707
Current period provision		70,357
Write-offs		(41,281	)

Balance as of December 31, 2023		150,783

Summary of Useful Lives of Property Plant and Equipment


	Estimated useful lives
Buildings		20 years
Machinery and equipment		15 months to 10 years
Charging infrastructure		5 years
Vehicles		4 to 5 years
Computer and electronic equipment		3 years
Others		2 to 5 years

Summary of Finite Lived Intangible Assets Useful Lives

Amortization of intangible assets with finite lives are computed using the straight-line method over the estimated useful lives as below:


	Estimated useful lives
Software		2 to 10 years
License of maintenance and overhauls		26 months
VPT		10 years
Robotics platform technology		10 years
Others		5 to 10 years

Business Combination

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combination

5. Business Combination

On August 27, 2023, the Company entered into a share purchase agreement (“SPA”) with DiDi Global Inc. (“DiDi”) and Da Vinci Auto Co. Limited (“Target HoldCo”, a direct and wholly

owned subsidiary of DiDi), pursuant to which the Company agreed to acquire and DiDi agreed to cause the Target HoldCo to sell the entire issued share capital of Xiaoju Smart Auto Co. Limited and its wholly-owned subsidiaries (“Xiaoju Group”), which were engaged in certain smart auto business that develops, designs and engineers A class automobile vehicles (“DiDi’s smart auto business”).

The Group believe

that the acquisition of DiDi’s smart auto business will increase the Group’s brand exposure and customer reach through DiDi’s platform, which will in turn result in commercial growth and opportunities in new international markets.

On November 13, 2023, the closing of the acquisition has been completed and the Company acquired an 100% equity interest in Xiaoju Group with a total purchase consideration of RMB3,782,206, after which Xiaoju Group became wholly-owned subsidiaries of the Company.

The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s common share of US$7.83 per share as of the acquisition date:


	As of acquisition date
Fair value of ordinary shares issued on the acquisition date (i)		3,087,849
Fair value of contingent consideration related to SOP Milestone (ii)		260,546
Fair value of contingent consideration related to Earn-Out Period Milestone (iii)		433,811

Total Consideration		3,782,206

(i)

The Company issued 58,164,217 Class A ordinary shares to DiDi on the acquisition date. A portion of the fair value for the shares issued, in the amount of RMB180,696 was attributed to a prepayment for subsequent technical support and advertising services to be provided by DiDi to the Group. Accordingly, this amount was not included in the total consideration of the acqu

sition.

(ii)

SOP Milestone refers to the start of production (“SOP”) of the new vehicle model (“Qualified New Model”) specified in the SPA for sales and delivery to ordinary customers. The acquisition of DiDi’s smart auto business includes a contingent consideration arrangement that requires an additional 4,636,447 Class A ordinary shares to be issued to DiDi if the SOP Milestone is met, which was classified as equity. In estimating the acquisition date fair value of the contingent consideration related to the SOP Milestone, the Company anticipated that the SOP Milestone would be met and the Company will issue these additional 4,636,447 Class A ordinary shares to DiDi upon the date of the SOP.

(iii)

The acquisition of DiDi’s smart auto business also includes a contingent consideration arrangement that requires additional Class A ordinary shares to be issued to DiDi based on (i) the aggregate delivery volume of the Qualified New Model within the

13-month

period immediately following the start of delivery (“First

Earn-Out

Period”) reaching 100,000 at any time during the period, or (ii) the aggregate delivery volume of the Qualified New Model within the

12-month

period immediately following the expiry of the First

Earn-

Period reaching 100,000 at any time during the period, both of which is defined as

“Earn-Out

Period Milestone”. The range of shares to be issued related to the

Earn-Out

Period Milestone is between nil and 28,331,126, leading to the range of fair value of the contingent consideration between nil and RMB1,592,071 on the

acquisition

date.

The Group estimated

the acquisition date fair value of the contingent consideration related to the

Earn-Out

Period Milestone, which is classified as a derivative liability, based on the total contingent shares to be issued

considering projected delivery volume,

and the closing price of the Company’s common share on the

acquisition

date. As of December 31, 2023, the fair value of the contingent consideration related to the

Earn-Out

Period Milestone was RMB393,473, with a fair value gain of RMB29,339 recorded in the consolidated statements of comprehensive loss, and the range of fair value of the contingent consideration was between nil and RMB1,463,821

which was mainly due to the change in the Company’s stock price.

The acquisition was accounted for as a business combination. The Group made estimates and judgements in determining the fair values of the assets acquired and liabilities assumed with the assistance from an independent valuation firm. The consideration was allocated on the acquisition date as follows:


	As of acquisition date
Intangible assets
- VPT (Note 10)		2,586,911
- VMTUD (Note 10)		609,170
- Software		9,570
Cash and cash equivalents		684,214
Prepayments and other current assets		254,402
Property and equipment, net		113,818
Deferred tax assets		453,125
Other non-current assets		127,256
Accounts and notes payable		(30,473	)
Accruals and other liabilities		(255,483	)
Deferred tax liabilities		(804,410	)
Goodwill		34,106

Total		3,782,206

The Group estimated the fair value of acquired VPT using the relief from royalty method. The value is estimated as the present value of the

after-tax

cost savings at an appropriate discount rate. In terms of the fair value of the acquired VMTUD, which was initially recognized as

in-process

research and development asset, the multiperiod excess earnings method was used. The value is estimated as the present value of the

earnings

calculated at an appropriate discount rate. The Group’s determination of the fair values of acquired VPT and VMTUD involved the use of estimates and assumptions related to projected revenues, royalty rate, and discount rates.

The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, including synergies which result from the assembled work force and the benefits of the strategic partnership with DiDi. None of the goodwill recognized is expected to be deductible for income tax purposes.

Pro forma information of the acquisition

The following unaudited pro forma information summarizes the results of operations for the years ended December 31, 2022 and 2023 of the Group as if the acquisition had occurred on January 1, 2022. The unaudited pro forma information includes: (i) amortization associated with estimates for the acquired intangible assets and corresponding deferred tax asset and liability; (ii) removal of the transaction costs related to the acquisition and (iii) the associated tax impact on these unaudited pro forma adjustments. The following pro forma financial information is presented for informational purpose only and is not necessarily indicative of the results that would have occurred had the acquisition been completed on January 1, 2022, nor is it indicative of future operating results.


	For the year ended December 31,
	2022			2023
Pro forma net revenues		26,855,119			30,856,674
Pro forma net loss		(12,035,550	)		(14,066,681	)

Since the acquisition date, Xiaoju Group contributed nil to the Group’s consolidated revenue and RMB47,655 to the Group’s consolidated net loss for the year ended December 31,2023, respectively.

Share-based Compensation - Additional Information (Detail) ¥ in Thousands		12 Months Ended
	Oct. 31, 2022 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 08, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		¥ 550,535	¥ 710,486	¥ 379,948
Common stock par or stated value per share \| $ / shares							$ 0.00001
Share Based Compensation Expense		¥ 550,535	¥ 710,486	¥ 379,948
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock par or stated value per share \| $ / shares					$ 0.00001	$ 0.00001
Common Class A [Member] \| Chengxing [Member] \| Two Thousand And Nineteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares		161,462,100
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, excluding option, cost not yet recognized, amount		¥ 987,535
Common stock par or stated value per share \| $ / shares					$ 0.00001
Nonvested award, cost not yet recognized, period for Recognition		1 year 7 months 13 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period \| shares		15,177,322	28,010,128	7,086,500
Restricted Stock Units (RSUs) [Member] \| Two Thousand And Nineteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, excluding option, cost not yet recognized, amount			¥ 68,376
Share Based Compensation Expense		¥ 26,582	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period \| shares	8,020,000.00
Restricted Stock Units (RSUs) [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage		25.00%
Share-based payment award, award vesting period		4 years
Restricted Stock Units (RSUs) [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage		15.00%
Share-based payment award, award vesting period		4 years
Share option vesting rights percentage		40.00%
Restricted Stock Units (RSUs) [Member] \| Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage		75.00%
Share-based payment award, award vesting period		3 years
Share option vesting rights percentage		25.00%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		¥ 12,922	¥ 21,994	¥ 0

Organization and Nature of Operations - Additional Information (Detail) ¥ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Jul. 31, 2021 HKD ($)	Dec. 31, 2020 CNY (¥)	Aug. 31, 2020 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jul. 22, 2022	Sep. 10, 2021	Sep. 06, 2021	Aug. 12, 2021	Jun. 23, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Net loss				¥ (10,375,775)		¥ (9,138,972)	¥ (4,863,096)
Accumulated deficit				35,760,301		25,330,916
Cash from operations				956,164		(8,232,376)	¥ (1,094,591)
Cash, cash equivalents, and short-term investments				21,127,163		14,607,774
Cash and cash equivalents				21,127,163		¥ 14,607,774
Xintu Technology [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest acquired, percentage												100.00%
Kuntu Technology [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest acquired, percentage											100.00%
Xiaopeng Technology [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest acquired, percentage										50.00%
Xiaopeng Chuxing [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest acquired, percentage									50.00%
Global Offering on HKEX [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds From Global Public Offering After Deducting Underwriting Discounts And Commissions \| $	$ 15,823,315
Proceeds from Sale and Maturity of Other Investments \| $					$ 5,019,599
Guangzhou Xuetao [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest acquired, percentage								100.00%
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from initial public offering, net of issuance costs			¥ 11,409,248
Public Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from FO, net of issurance cost		¥ 15,980,227
Unsecured Debt [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash, cash equivalents, and short-term investments				6,308
Cash and cash equivalents				¥ 41,888,851

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lessee Disclosure [Abstract]

Schedule of Balance Sheet Information Related to Leases

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


	As of December 31,
	2022		2023
Operating lease
Land use rights, net		393,561		401,901
Right-of-use assets, net		1,954,618		1,455,865

Total operating lease assets		2,348,179		1,857,766

Operating lease liabilities - current		490,811		365,999
Operating lease liabilities - non current		1,854,576		1,490,882

Total operating lease liabilities		2,345,387		1,856,881


	As of December 31,
	2022			2023

Finance lease
Property, plant and equipment, at cost		1,001,820			1,001,820
Accumulated depreciation		(25,046	)		(75,137	)

Property, plant and equipment, net		976,774			926,683

Finance lease liabilities - current		128,279			34,382
Finance lease liabilities - non current		797,743			777,697

Total finance lease liabilities		926,022			812,079

Summary of Components of Operating Lease Expense

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


	For the Year Ended December 31,
	2021		2022		2023

Operating lease expense:
Operating lease expense		340,744		595,032		540,688
Short-term lease expense		102,901		265,800		231,467

Total operating lease expenses		443,645		860,832		772,155

Finance lease expense:
Amortization expense		—		25,046		50,091
Interest expense		—		22,846		40,205

Total finance lease expenses		—		47,892		90,296

Total lease expenses		443,645		908,724		862,451

Schedule of Other Information Related to Operating Leases

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


	For the Year Ended December 31,
	2021			2022			2023
Weighted-average remaining lease term
Operating leases		5.3 years			5.1 years			4.6 years
Finance leases		—			6.6 years			5.6 years
Land use rights		—			49.5 years			49.0 years
Weighted-average discount rate
Operating leases		4.71	%		4.78	%		4.85	%
Finance leases		—			4.90	%		4.90	%
Land use rights		—			4.90	%		4.90	%

Summary of Cash Flow Information Related to Leases

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


	For the Year Ended December 31,
	2021		2022		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		289,456		486,260		268,290
Operating cash outflows from finance leases (interest payments)		—		22,846		40,205
Financing cash outflows from finance leases		—		15,355		113,943
Leased assets obtained in exchange for operating lease liabilities net of decrease in leased assets for early terminations		1,329,021		1,162,151		(316,558	)
Leased assets obtained in exchange for finance lease liabilities		—		1,001,820		—

Summary of Maturities of The Group's Operating Lease Liabilities

As of December 31, 2023, the maturities of the Group’s lease liabilities (excluding short-term leases) are as follows:


	As of December 31, 2023
	Finance Lease			Operating Lease
Within 1 year		59,371			444,268
Between 1 and 2 years		31,767			324,645
Between 2 and 3 years		31,767			276,070
Between 3 and 4 years		34,835			188,382
Between 4 and 5 years		31,767			155,199
Thereafter		825,955			797,075
Total minimum lease payments		1,015,462			2,185,639
Less: Interest		(203,383	)		(328,758	)
Present value of lease obligations		812,079			1,856,881
Less: Current portion		(34,382	)		(365,999	)

Non - current portion of lease obligations		777,697			1,490,882

Schedule Of Balance Sheet Information Of Lessor Related To Leases

The balances for the factory lease where the Group is the lessor are presented as follows within the consolidated balance

sheets:


	As of December 31,
	2022		2023
Other current assets
Finance lease receivables, current portion, net		—		11,100
Other non-current assets
Finance lease receivables, non-current portion, net		—		205,118

Total Finance lease receivables, net		—		216,218

Schedule Of Net Investment In sale Type Leases Receivable

The net investment in the sales-type lease consisted of:


	As of December 31,
	2021		2022		2023
Total minimum lease payments receivable		—		—		240,023
Unguaranteed residuals		—		—		27,736
Less: Unearned income		—		—		(51,541	)

Net investment in lease payments receivable		—		—		216,218

Current portion		—		—		11,100

Non-current portion		—		—		205,118

Sales Type And Direct Financing Leases Lease Receivable Maturity

Future minimum lease payments to be received for the sales-type lease for the five succe

ding fiscal years as of the December 31, 2023 are as follows:


	As of December 31,
	2023
Within 1 year		20,002
Between 1 and 2 years		16,001
Between 2 and 3 years		16,001
Between 3 and 4 years		16,001
Between 4 and 5 years		16,001
Thereafter		156,017

Total minimum lease payments receivable		240,023
Unguaranteed residuals		27,736
Less: Unearned income		(51,541	)

Net investment in sales-type lease		216,218

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

7. Inventory

Inventory consisted of the following:


	As of December 31,
	2022		2023
Finished goods		3,059,567		3,661,299
Raw materials		1,449,596		1,834,082
Work-in-process		12,210		30,831

Total		4,521,373		5,526,212

Finished goods primarily consist of vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at its delivery and service centers and charging piles.

Raw materials primarily consist of materials for volume production as well as spare parts used for aftersales services.

Work-in-process

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

For

the years ended December 31, 2021, 2022 and 2023, write-downs of inventories to net realizable value, recognized in cost of sales, amounted to RMB162,433, RMB220,319 and RMB1,054,711,

(

out of which RMB77,310 was for the excess of dedicated raw materials as a result of the cessation of production of the G3i and upgrades of existing

models), respectively. For the impact of accelerated depreciation and loss on purchase commitments due to the cessation of production and upgrades of certain models, please refer to Note 9(iii) and Note 15, respectively.

Commitments and Contingencies - Summary of Purchase Expenditures (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments on purchase of raw materials	¥ 2,118,392	¥ 2,046,326

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary Of Borrowings

Borrowings consisted of the following:


	As of December 31,
	2022		2023
Current
Short-term borrowings:
Bank loans (i)		2,419,210		3,889,100

Long-term borrowings, current portion:
Bank loans (ii)		124,500		934,976
Asset-backed securities (iii)		637,359		185,864
Asset-backed notes (iv)		—		242,995

Total current borrowings		3,181,069		5,252,935

Non-Current
Long-term borrowings:
Bank loans (ii)		4,328,880		5,562,837
Other loans (ii)		100,000		—
Asset-backed securities (iii)		184,177		—
Asset-backed notes (iv)		—		87,945

Total non-current borrowings		4,613,057		5,650,782

Total borrowings		7,794,126		10,903,717

Other Non-Current Liabilities - Summary of Movements of Accrued Warranty (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Standard Product Warranty Disclosure [Abstract]
Accrued warranty - beginning of the year	¥ 641,062	¥ 371,140	¥ 111,351
Warranty costs incurred	(228,674)	(61,551)	(32,352)
Provision for warranty	596,605	331,473	292,141
Accrued warranty - end of year	1,008,993	641,062	371,140
Less: Current portion of warranty	(219,988)	(216,260)	(105,068)
Non-current portion of warranty	¥ 789,005	¥ 424,802	¥ 266,072

Business Combination - Summary of Pro forma financial information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combinations [Abstract]
Pro forma net revenues	¥ 30,856,674	¥ 26,855,119
Pro forma net loss	¥ (14,066,681)	¥ (12,035,550)

Manufacturing in Collaboration with Haima Auto - Additional Information (Detail) ¥ in Thousands			12 Months Ended
	Dec. 31, 2021	Mar. 31, 2017 units	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Offsetting Assets [Line Items]
Other operating expenses					¥ 132,856
Collaborative Arrangement [Member]
Offsetting Assets [Line Items]
Payment of termination Fee				¥ 0
Collaborative Arrangement [Member] \| Haima Auto [Member]
Offsetting Assets [Line Items]
Collaborative arrangement, date of contract		Mar. 31, 2017
Collaborative arrangement, expiration date	Dec. 31, 2021
Annual production capacity \| units		50,000
Other operating expenses					132,856
Relocation and disposal costs					96,031
Payment of termination Fee			¥ 43,903		¥ 43,755

Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

The principal related parties with which the Group had transactions during the years presented are as follows:


Name of Entity or Individual		Relationship with the Company
Mr. Xiaopeng He		Principal Shareholder of the Company, Chairman of the Board and Chief Executive Officer
Mr. Hongdi Brian Gu		Honorary Vice Chairman of the Board and President
Mr. Tao He (4)		Former Senior Vice President
HT Flying Car Inc.		A Company Significantly Influenced by the Principal Shareholder
HT Flying Car (Hong Kong) Limited		A Company Significantly Influenced by the Principal Shareholder
Guangzhou Huitian Aerospace Technology Co., Ltd. (“Guangzhou Huitian”) (1)		A Company Significantly Influenced by the Principal Shareholder
Guangdong Huitian Aerospace Technology Co., Ltd. (“Guangdong Huitian”) (1)		A Company Significantly Influenced by the Principal Shareholder
Guangzhou Zhongpeng Investment and Development Co., Ltd.		A Company Controlled by the Principal Shareholder
Rockets Capital L.P. (2)		A Partnership Significantly Influenced by the Company
Dogotix (3)		A Company Significantly Influenced by the Principal Shareholder
Dogotix (Hong Kong) Limited (3)		A Company Significantly Influenced by the Principal Shareholder
PX Robotics Inc. (“PX Robotics”) (3)		A Company Significantly Influenced by the Principal Shareholder
Shenzhen Pengxing Smart Co., Ltd. (“Shenzhen Pengxing”) (3)		A Company Significantly Influenced by the Principal Shareholder
Shenzhen Pengxing Research (3)		A Company Significantly Influenced by the Principal Shareholder
Guangzhou Xuetao (4)		A Company Jointly Controlled by the former Senior Vice President
XProbot Holdings Limited (“XProbot Holdings”)		A Company Controlled by the Principal Shareholder

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	XPeng Inc.
Entity Central Index Key	0001810997
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Transition Report	false
Document Annual Report	true
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity File Number	001-39466
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	No. 8 Songgang Road, Changxing Street
Entity Address, Address Line Two	Cencun, Tianhe District
Entity Address, City or Town	Guangzhou
Entity Address, Postal Zip Code	510640
Entity Address, Country	CN
Document Registration Statement	false
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	true
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Guangzhou, the People’s Republic of China
Document Shell Company Report	false
Document Financial Statement Error Correction [Flag]	false
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.00001 per share
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	1,536,728,823
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	348,708,257
American Depositary Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing two Class A ordinary shares
Trading Symbol	XPEV
Security Exchange Name	NYSE
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	No. 8 Songgang Road, Changxing Street
Entity Address, Address Line Two	Cencun, Tianhe District
Entity Address, City or Town	Guangzhou
Entity Address, Postal Zip Code	510640
Entity Address, Country	CN
Local Phone Number	6680-6680
Country Region	86
City Area Code	20
Contact Personnel Name	Hongdi Brian Gu
Contact Personnel Email Address	ir@xiaopeng.com

Ordinary Shares	12 Months Ended
Ordinary Shares	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Ordinary Shares	22. Ordinary Shares As of December 31, 2020, 971,341,066 Class A ordinary shares had been issued, 928,296,786 Class A ordinary shares outstanding, 429,846,136 Class B ordinary shares and 178,618,464 Class C ordinary shares had been issued and outstanding. The Group issued 35,868,362 Class A ordinary shares for the year ended December 31, 2021, out of which, 26,471,648 Class A ordinary shares are outstanding and transferred to employees for the vested RSUs and 9,396,714 Class A ordinary shares are treasury shares held by XPeng Inc. XPeng Inc. and XPeng Fortune Holding Limited transferred 40,569,304 Class A treasury shares to employees for the vested RSUs for the year ended December 31, 2021. The Company completed its Global Offering, including the Hong Kong Public Offering and the International Offering, on July 7, 2021. In connection with the Global Offering, 97,083,300 new Class A ordinary shares of the Group were issued and allotted at the offer price of HK$165 per Class A ordinary share. All Class B ordinary shares held by an executive director of the Company and all Class C ordinary shares were converted into Class A ordinary shares on a one-on-one basis upon the completion of the Global Offering. Upon the completion of the extraordinary general meeting held on December 8, 2021, the Company authorized 9,250,000,000 Class A ordinary shares and 750,000,000 Class B ordinary shares of par value US$0.00001. As of December 31, 2021, 1,302,911,192 Class A ordinary shares had been issued, out of which, 1,291,039,502 Class A ordinary shares were outstanding, and 409,846,136 Class B ordinary shares had been issued and outstanding. The Group issued 12,644,728 Class A ordinary shares for the year ended December 31, 2022, out of which, 2,030,152 Class A ordinary shares are outstanding and transferred to employees for the vested RSUs and 10,614,576 Class A ordinary shares are treasury shares held by XPeng Inc. XPeng Inc. and XPeng Fortune Holding Limited transferred 17,567,096 Class A treasury shares to employees and independent directors for the vested RSUs for the year ended December 31, 2022. 61,137,879 Class B ordinary shares held by an executive director of the Company were converted into Class A ordinary shares on a one-on-one basis upon his resignation took effect. As of December 31, 2022, 1,376,693,799 Class A ordinary shares had been issued, out of which, 1,371,774,629 Class A ordinary shares were outstanding, and 348,708,257 Class B ordinary shares had been issued and outstanding. The Group issued 9,171,738 Class A ordinary shares for the year ended December 31, 2023, out of which, 599,886 Class A ordinary shares are outstanding and transferred to employee s for the vested RSUs and 8,571,852 Class A ordinary shares are treasury shares held by XPeng Inc. XPeng Inc. and XPeng Fortune Holding Limited transferred 10,679,408 Class A treasury shares to employees and independent directors for the vested RSUs for the year ended December 31, 2023. On November 13, 2023, the Group allotted and issued 58,164,217 Class A ordinary shares as the purchase consideration to DiDi for completing the closing of acquisition of DiDi’s smart auto business (Note 5) . On July 26, 2023, the Group and Volkswagen entered into a forward share purchase agreement, pursuant to which the Group would issue a number of Class A ordinary shares that equal to the lower of 4.99% of its total share number as of five business days prior to the closing date and 94,666,666 to Volkswagen at the purchase price of US$7.5 per share in cash. The number of shares to be issued is subject to certain adjustments, which preclude the forward contract from meeting the “fixed-for-fixed” requirements under ASC 815-40 for equity classification. Accordingly, the forward share purchase agreement was classified as a liability measured at fair value with changes in fair value recognized in earnings. On December 6, 2023, t he Group allotted and issued 94,079,255 Class A ordinary shares to Volkswagen for the fulfillment of the forward share purchase agreement for strategic minority investment. The Group recognized a fair value loss on derivative liability amounting to RMB410,417 for the year ended December 31, 2023 . As of December 31, 2023, 1,538,109,009 Class A ordinary shares had been issued, out of which, 1,535,297,395 Class A ordinary shares were outstanding, and 348,708,257 Class B ordinary shares had been issued and outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Summary of Maturities of The Group's Operating Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance Lease
Within 1 year	¥ 59,371
Between 1 and 2 years	31,767
Between 2 and 3 years	31,767
Between 3 and 4 years	34,835
Between 4 and 5 years	31,767
Thereafter	825,955
Total minimum lease payments	1,015,462
Less: Interest	(203,383)
Present value of lease obligations	812,079	¥ 926,022
Less: Current portion	(34,382)	(128,279)
Non - current portion of lease obligations	777,697	797,743
Operating Lease
Within 1 year	444,268
Between 1 and 2 years	324,645
Between 2 and 3 years	276,070
Between 3 and 4 years	188,382
Between 4 and 5 years	155,199
Thereafter	797,075
Total minimum lease payments	2,185,639
Less: Interest	(328,758)
Present value of lease obligations	1,856,881	2,345,387
Less: Current portion	(365,999)	(490,811)
Non - current portion of lease obligations	¥ 1,490,882	¥ 1,854,576

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments and Other Current Assets

8. Prepayments and Other Current Assets

Prepayments and other current assets consisted of the following:


	As of December 31,
	2022		2023
Deductible input value-added tax		1,359,581		1,521,488
Prepayments		587,289		395,022
Deposits		92,023		125,451
Receivables from third party online payment service providers		38,201		36,939
Finance lease receivables, current portion, net (Note 18)		—		11,100
Others		388,990		399,339

Total		2,466,084		2,489,339

Prepayments primarily consist of prepayments for raw materials, marketing and consulting services provided by suppliers.

Deposits primarily consist of deposits for short-term leases and the deposits to suppliers for guarantee of procurement.

Related Parties - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Jan. 31, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Interest expense on the loans from a shareholder	¥ 268,666	¥ 132,192	¥ 55,336
Amounts due to a related party	30,880	91,111
Purchases from related party	0	3,752	2,793
Rental income from a related party	306	534	40
Purchase of service from related parties	1,068	663	54
Disposal of long-term investments	0	165,000	0
Revenue from related parties	¥ 30,676,067	26,855,119	20,988,131
Revenue, Related Party, Type [Extensible Enumeration]	Related Party [Member]
Investment commitment	¥ 541,186	658,160
Dogotix [Member]
Related Party Transaction [Line Items]
Equity interest held				74.82%
Payments to acquire interest in subsidiaries and affiliates	344,019
Debt Securities [Member]
Related Party Transaction [Line Items]
Disposal of long-term investments	0	165,000	0
Operation Support Service [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	0	31,293	36,857
Xiaopeng He [Member]
Related Party Transaction [Line Items]
Rental expenses to a shareholder	0	0	10,150
Purchases from related party		0	698
Rental income from a related party		55	862
Purchase of service from related parties	0	0	101
Revenue from related parties	1,172	2,167	140
Xiaopeng He [Member] \| Operation Support Service [Member]
Related Party Transaction [Line Items]
Purchases from related party	14,823	20,210	2,300
Tao He [Member] \| Variable Interest Entity VIE Activities [Member]
Related Party Transaction [Line Items]
Equity interest held						50.00%
Related Party [Member]
Related Party Transaction [Line Items]
Interest expense on the loans from a shareholder	2,402	1,021	¥ 0
Amounts due to a related party					¥ 61,663
Related Party [Member] \| Cost of Sales [Member]
Related Party Transaction [Line Items]
Amount due from related parties	382	2,369
Related Party [Member] \| Vice President [Member]
Related Party Transaction [Line Items]
Amounts due to a related party	30,872	28,470
Related Party [Member] \| Purchase Of Assets [Member]
Related Party Transaction [Line Items]
Amounts due to a related party	978
Related Party [Member] \| Operation Support Service [Member]
Related Party Transaction [Line Items]
Amount due from related parties	12,566	¥ 44,755
Principal Owner [Member]
Related Party Transaction [Line Items]
Other liabilities	¥ 8

Business Combination (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Summary of Business Acquistion Equity Intererests Issued or Issuable

The following table summarizes the components of the purchase consideration transferred based on the closing price of the Company’s common share of US$7.83 per share as of the acquisition date:


	As of acquisition date
Fair value of ordinary shares issued on the acquisition date (i)		3,087,849
Fair value of contingent consideration related to SOP Milestone (ii)		260,546
Fair value of contingent consideration related to Earn-Out Period Milestone (iii)		433,811

Total Consideration		3,782,206

Summary of the Assets Acquired and Liabilities Assumed


	As of acquisition date
Intangible assets
- VPT (Note 10)		2,586,911
- VMTUD (Note 10)		609,170
- Software		9,570
Cash and cash equivalents		684,214
Prepayments and other current assets		254,402
Property and equipment, net		113,818
Deferred tax assets		453,125
Other non-current assets		127,256
Accounts and notes payable		(30,473	)
Accruals and other liabilities		(255,483	)
Deferred tax liabilities		(804,410	)
Goodwill		34,106

Total		3,782,206

Summary of Pro forma financial information


	For the year ended December 31,
	2022			2023
Pro forma net revenues		26,855,119			30,856,674
Pro forma net loss		(12,035,550	)		(14,066,681	)

Taxation - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Loss	¥ 45,422,967
Tax losses	1,234,180
Subsidiaries [Member]
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount	¥ 536,974
Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	16.50%
Tax losses	¥ 671,655
United States [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	27.98%	27.98%	27.98%
Tax losses	¥ 562,525
PRC [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	25.00%
Preferential income tax rate	25.00%
Withholding tax rate	10.00%
Effective income tax rate reconciliation, tax credit, research, percent	75.00%
PRC [Member] \| HNTE [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	25.00%
Preferential income tax rate	15.00%
PRC [Member] \| Beneficial Owner [Member]
Operating Loss Carryforwards [Line Items]
Withholding tax rate	5.00%
Hong Kong and Others [Member]
Operating Loss Carryforwards [Line Items]
Tax losses	¥ 1,234,180

Summary of Significant Accounting Policies -Summary of Finite Lived Intangible Assets Useful Lives (Detail)	Dec. 31, 2023
License Of Maintenance And Overhauls [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	26 months
VPT [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	10 years
Robotics Platform Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	10 years
Maximum [Member] \| Software [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	10 years
Maximum [Member] \| Others [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	10 years
Minimum [Member] \| Software [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	2 years
Minimum [Member] \| Others [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	5 years

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share based Compensation [Line Items]

Summary of Restricted Stock and Restricted Stock Unit, Activity

A summary of the Group’s RSU activity for the years ended December 31, 2021, 2022 and 2023 follows:


	Number of restricted share units			Weighted average grant date fair value
				RMB
Outstanding as of December 31, 2020		48,288,134			14.20
Granted		7,086,500			132.02
Vested		(18,577,032	)		11.51
Forfeited		(2,937,374	)		43.23

Outstanding as of December 31, 2021		33,860,228			38.75

Expected to vest as of December 31, 2021		30,900,145

	Number of restricted share units			Weighted average grant date fair value
				RMB
Outstanding as of December 31, 2021		33,860,228			38.75
Granted (i)		28,010,128			68.29
Vested		(19,564,802	)		37.27
Forfeited		(6,309,648	)		81.29

Outstanding as of December 31, 2022		35,995,906			59.72

Expected to vest as of December 31, 2022		33,116,233

	Number of restricted share units			Weighted average grant date fair value
				RMB
Outstanding as of December 31, 2022		35,995,906			59.72
Granted		15,177,322			39.31
Vested		(11,276,824	)		55.66
Forfeited		(10,701,587	)		51.52

Outstanding as of December 31, 2023 (i)		29,194,817			54.42

Expected to vest as of December 31, 2023 (i)		24,487,867

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	3. Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment’s performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted. The Group are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the Group’s consolidated financial statements, once adopted.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 65
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (g)(2)(iii)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	¥ 14,212,514	¥ 12,492,581
Less: Accumulated depreciation	(3,151,019)	(1,788,193)
Property, plant and equipment, net	10,954,485	10,606,745
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,647,957	2,589,709
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,125,849	2,206,923
Molds and toolings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,179,681	1,505,876
Less: Impairment	(107,010)	(97,643)
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	898,607	867,434
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	695,972	681,341
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	663,640	3,858,358
Computer And Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	388,071	282,082
Charging Infrastructure [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	385,832	369,994
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	¥ 226,905	¥ 130,864

Long-Term Investments - Schedule of Long-term investments (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of LongTermInvestments [Line Items]
Beginning balance	¥ 2,295,032	¥ 1,549,176	¥ 1,000
Additons	127,018	730,477	959,855
Investment gain(loss)	(224,364)	25,062	591,506
Disposals (Note 26(5))	0	(165,000)	0
Share of results of equity method investees	54,740	4,117	0
Transfer	(204,836)
Foreign currency translation	37,343	151,200	(3,185)
Ending balance	2,084,933	2,295,032	1,549,176
Equity Securities [Member]
Schedule Of LongTermInvestments [Line Items]
Beginning balance	191,000	210,354	1,000
Additons	0	0	209,900
Changes from debt investments to equity investments without readily determinable fair values	57,832
Investment gain(loss)	(50,826)	95,752	0
Changes from equity investment to debt investment		(116,129)
Foreign currency translation	0	1,023	(546)
Ending balance	198,006	191,000	210,354
Equity investments with readily determinable fair values [Member]
Schedule Of LongTermInvestments [Line Items]
Beginning balance	112,641	0	0
Additons	0	191,981	0
Investment gain(loss)	(7,989)	(78,282)	0
Foreign currency translation	320	(1,058)	0
Ending balance	104,972	112,641	0
Debt Securities [Member]
Schedule Of LongTermInvestments [Line Items]
Beginning balance	1,626,131	1,338,822	0
Additons	0	209,451	749,955
Changes from debt investments to equity investments without readily determinable fair values	(57,832)
Investment gain(loss)	(165,549)	7,592	591,506
Changes from equity investment to debt investment		116,129
Disposals (Note 26(5))	0	(165,000)	0
Transfer	(204,836)
Foreign currency translation	30,681	119,137	(2,639)
Ending balance	1,228,595	1,626,131	1,338,822
Equity method investments [Member]
Schedule Of LongTermInvestments [Line Items]
Beginning balance	365,260	0	0
Additons	127,018	329,045	0
Share of results of equity method investees	54,740	4,117
Foreign currency translation	6,342	32,098	0
Ending balance	¥ 553,360	¥ 365,260	¥ 0

Fair Value of Financial Instruments - Summary of Fair Value of the Financial Instruments that are Measured at Fair Value on a Recurring Basis (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Short-term investments(i) (Note 2(k))	¥ 781,216	¥ 1,262,129
Debt investments(ii) (Note 13)	1,228,595	1,626,131
Equity investments with readily determinable fair values(iii) (Note 13)	104,972	112,641
Long-term Debt, Fair Value	2,114,783	3,000,901
Liabilities
Derivative liability relating to the contingent consideration(iv) (Note 5)	393,473	0
Level I [Member]
Assets
Short-term investments(i) (Note 2(k))	0	0
Debt investments(ii) (Note 13)	0	0
Equity investments with readily determinable fair values(iii) (Note 13)	104,972	112,641
Long-term Debt, Fair Value	104,972	112,641
Liabilities
Derivative liability relating to the contingent consideration(iv) (Note 5)	0	0
Level II [Member]
Assets
Short-term investments(i) (Note 2(k))	781,216	1,262,129
Debt investments(ii) (Note 13)	0	0
Equity investments with readily determinable fair values(iii) (Note 13)	0	0
Long-term Debt, Fair Value	781,216	1,262,129
Liabilities
Derivative liability relating to the contingent consideration(iv) (Note 5)	0	0
Level III [Member]
Assets
Short-term investments(i) (Note 2(k))	0	0
Debt investments(ii) (Note 13)	1,228,595	1,626,131
Equity investments with readily determinable fair values(iii) (Note 13)	0	0
Long-term Debt, Fair Value	1,228,595	1,626,131
Liabilities
Derivative liability relating to the contingent consideration(iv) (Note 5)	¥ 393,473	¥ 0

Installment Payment Receivables, Net

12 Months Ended

Dec. 31, 2023

Lessor Disclosure [Abstract]

Installment Payment Receivables, Net

12. Installment Payment Receivables, Net

Installment payment receivables relating to the installment payments for vehicles and batteries from customers consisted of the following:


	As of December 31,
	2022		2023
Current portion of installment payment receivables, net		1,294,665		1,881,755
Non-current portion of installment payment receivables, net		2,188,643		3,027,795

Total		3,483,308		4,909,550

Installment payment receivables consisted of the following:


	As of December 31,
	2022			2023
Current portion of installment payment receivables		1,328,283			1,929,463
Non-current portion of installment payment receivables		2,243,169			3,102,488
Allowance for doubtful accounts		(88,144	)		(122,401	)

Total		3,483,308			4,909,550

The Group recognized interest income resulting from installment payment sales of RMB89,895, RMB204,765 and RMB278,199 for the years ended December 31, 2021, 2022 and 2023,

respectively.


	As of December 31,
	2023
Within 1 year		1,985,380
Between 1 and 2 years		1,553,474
Between 2 and 3 years		1,088,336
Between 3 and 4 years		677,517
Between 4 and 5 years		313,795
Thereafter		1,586

Total receivables of installment payments		5,620,088

Less: Unrealized finance income		(588,137	)

Installment payment receivables, gross		5,031,951
Less: Allowance for installment payment receivables		(122,401	)

Installment payment receivables, net		4,909,550

Land Use Rights, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2022
Schedule Of Land Use Rights Finite Lived [Line Items]
Prepayment for acquisition of land use rights	¥ 0	¥ 0	¥ 1,507,170
Land right of use asset				¥ 389,508
Land [Member]
Schedule Of Land Use Rights Finite Lived [Line Items]
Amortization of land use rights	48,828	50,309	¥ 9,642
Plants and Buildings [Member] \| CHINA
Schedule Of Land Use Rights Finite Lived [Line Items]
Prepayment for acquisition of land use rights	¥ 90,341	¥ 2,202,692

Business Combination - Summary of Business Acquistion Equity Intererests Issued or Issuable (Parenthetical) (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands		12 Months Ended
	Nov. 13, 2023 CNY (¥) units shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 $ / shares	Nov. 13, 2023 USD ($) shares
Business Combination [Line items]
Business combination gain loss due to changes in fair value of contingent consideration liability		¥ (29,339)	¥ 0	¥ 0
Xiaoju Group [Member]
Business Combination [Line items]
Share price \| $ / shares					$ 7.83
Xiaoju Group [Member] \| Common Class A [Member]
Business Combination [Line items]
Business combination equity interests issued or issuable shares \| shares	58,164,217
Payment towards technical support and advisory services	¥ 180,696
Xiaoju Group [Member] \| Common Class A [Member] \| Start of production milestone [Member]
Business Combination [Line items]
Business combination equity interests issued or issuable shares \| shares	4,636,447
Xiaoju Group [Member] \| Common Class A [Member] \| Earn out period milestone [Member]
Business Combination [Line items]
Number of units to be delivered based on which shares will be issued contingently \| units	100,000
Business combination shares to be issued contingently minimum \| shares	0					0
Business combination shares to be issued contingently maximum \| shares	28,331,126					28,331,126
Business combination contingent consideration arrangements range of outcomes value low \| $						$ 0
Business combination contingent consideration arrangements range of outcomes value high	¥ 1,592,071
Business combination contingent consideration liability		393,473
Business combination gain loss due to changes in fair value of contingent consideration liability		29,339
Xiaoju Group [Member] \| Common Class A [Member] \| Earn out period milestone [Member] \| Maximum [Member]
Business Combination [Line items]
Business combination contingent consideration arrangements, change in range of outcomes contingent consideration, liability, value, high		1,463,821
Xiaoju Group [Member] \| Common Class A [Member] \| Earn out period milestone [Member] \| Minimum [Member]
Business Combination [Line items]
Business combination contingent consideration arrangements, change in range of outcomes contingent consideration, liability, value, low		¥ 0

Installment Payment Receivables, Net -Summary of Installment payment receivables consisted of the following (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	¥ (122,401)
Installment payment receivables - net	4,909,550	¥ 3,483,308
Interest Income [Member]
Current portion of installment payment receivables	1,929,463	1,328,283
Non-current portion of installment payment receivables	3,102,488	2,243,169
Allowance for doubtful accounts	(122,401)	(88,144)
Installment payment receivables - net	¥ 4,909,550	¥ 3,483,308

Other Non-current Assets - Summary of Other Non-current Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets, Noncurrent [Abstract]
Finance lease receivables, non-current portion, net	¥ 205,118
Deposits	120,354	¥ 151,914
Prepayments for purchase of property and equipment	118,945	47,258
Non-current portion of prepayments for advertising and technical support services	87,656
Goodwill	34,106
Others	9,971	2,099
Total	¥ 576,150	¥ 201,271

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Land Use Rights, Net

12 Months Ended

Dec. 31, 2023

Land and Land Improvements [Abstract]

Land Use Rights, Net

11. Land Use Rights, Net

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


	As of December 31,
	2022			2023
Land use rights		2,822,757			2,913,098
Less: Accumulated amortization		(74,903	)		(123,731	)

Total land use rights, net		2,747,854			2,789,367

For the years ended December 31, 2022 and 2023, the Group acquired land use rights of RMB2,202,692 and RMB90,341, respectively, to build plants and buildings for its manufacturing of vehicles and daily operation.

The Group entered into a lease contract with Guangzhou GET New Energy to lease the plant and underlying land use right of Guangzhou manufacturing plant and further had an obligation to purchase the plant and underlying land use right at the construction cost at the end of lease term. On July 1, 2022, the lease commencement date, the right of use asset for the land was recorded with the amount of RMB389,508, being the present value of the lease payment and the exercise price of the purchase obligation(Note 18).

The Group recorded amortization expenses for land use rights of RMB9,642, RMB50,309 and RMB48,828 for the years ended December 31, 2021, 2022 and 2023, respectively.

Property, Plant and Equipment, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2022
Property, Plant and Equipment [Line Items]
Depreciation expenses	¥ 1,645,760	¥ 915,481	¥ 573,247
Finance Lease, Liability	812,079	926,022
Accelarated depreciation on property plant and equipment	295,930
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Interest expenses capitalized	107,415	84,998	¥ 10,598
Tools, Dies And Molds [Member]
Property, Plant and Equipment [Line Items]
Accumulated impairment loss	¥ (107,010)	¥ (97,643)
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Finance Lease, Liability				¥ 1,001,820

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 08, 2021	Dec. 31, 2020
Common stock par or stated value per share				$ 0.00001
Common Class A [Member]
Common stock par or stated value per share	$ 0.00001	$ 0.00001
Common Stock Shares Authorized	9,250,000,000	9,250,000,000		9,250,000,000
Common Stock Shares Issued	1,538,109,009	1,376,693,799	1,302,911,192		971,341,066
Common Stock Shares Outstanding	1,535,297,395	1,371,774,629	1,291,039,502		928,296,786
Common Class B [Member]
Common stock par or stated value per share	$ 0.00001	$ 0.00001
Common Stock Shares Authorized	750,000,000	750,000,000		750,000,000
Common Stock Shares Issued	348,708,257	348,708,257	409,846,136
Common Stock Shares Outstanding	348,708,257	348,708,257	409,846,136		429,846,136

Company Financial Statements (Parent Company Only) - Condensed Statements of Comprehensive Loss (Detail) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating expenses

Selling, general and administrative expenses

^[1]

¥ (6,558,942)

¥ (6,688,246)

¥ (5,305,433)

Total operating expenses

^[1]

(11,835,516)

(11,903,082)

(9,419,700)

(Loss) gain from operations

(10,889,434)

(8,705,523)

(6,579,405)

Interest income

1,260,162

1,058,771

743,034

Other non-operating income, net

41,934

36,318

70,253

Exchange gain (loss) from foreign currency transactions

97,080

(1,460,151)

313,580

Fair value gain (loss) on derivative assets or derivative liabilities

(410,417)

59,357

79,262

Loss before income tax expenses and share of results of equity method investees

(10,393,705)

(9,118,358)

(4,837,106)

Income tax expenses

36,810

24,731

25,990

Share of results of equity method investees

54,740

4,117

Net loss

(10,375,775)

(9,138,972)

(4,863,096)

Net loss attributable to ordinary shareholders of XPeng Inc.

(10,375,775)

(9,138,972)

(4,863,096)

Other comprehensive (loss) income

Foreign currency translation adjustment, net of tax

286,614

3,192,573

(918,168)

Total comprehensive loss attributable to XPeng Inc.

(10,089,161)

(5,946,399)

(5,781,264)

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

(10,089,161)

(5,946,399)

(5,781,264)

Parent [Member]

Operating expenses

Selling, general and administrative expenses

(28,511)

(22,896)

(8,966)

Total operating expenses

(28,511)

(22,896)

(8,966)

Fair value gain on derivative liability relating to the contingent consideration

29,339

(Loss) gain from operations

828

(22,896)

(8,966)

Interest income

601,475

314,668

208,463

Equity in loss of subsidiaries and VIEs

(10,165,831)

(7,074,057)

(5,696,578)

Other non-operating income, net

17,718

35,867

84,620

Exchange gain (loss) from foreign currency transactions

(473,467)

(2,380,873)

470,103

Investment loss on long-term investments

(821)

(75,155)

Fair value gain (loss) on derivative assets or derivative liabilities

(410,417)

59,357

79,262

Loss before income tax expenses and share of results of equity method investees

(10,430,515)

(9,143,089)

(4,863,096)

Income tax expenses

Share of results of equity method investees

54,740

4,117

Net loss

(10,375,775)

(9,138,972)

(4,863,096)

Net loss attributable to ordinary shareholders of XPeng Inc.

(10,375,775)

(9,138,972)

(4,863,096)

Other comprehensive (loss) income

Foreign currency translation adjustment, net of tax

286,614

3,192,573

(918,168)

Total comprehensive loss attributable to XPeng Inc.

(10,089,161)

(5,946,399)

(5,781,264)

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

¥ (10,089,161)

¥ (5,946,399)

¥ (5,781,264)

[1]	Share-based compensation was allocated in cost of sales and operating expenses as follows

Business Combination - Summary of the Assets Acquired and Liabilities Assumed (Detail) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Business Combination [Line items]
Goodwill	¥ 34,106
Xiaoju Group [Member]
Business Combination [Line items]
Business combination cash and cash equivalents	684,214
Business combination prepayments and other current assets	254,402
Business combination property and equipment, net	113,818
Business combination deferred tax assets	453,125
Business combination other non-current assets	127,256
Business combination accounts and notes payable	(30,473)
Accruals and other liabilities	(255,483)
Deferred tax liabilities	(804,410)
Goodwill	34,106
Total	3,782,206
VPT [Member] \| Xiaoju Group [Member]
Business Combination [Line items]
Business combination intangible assets acquired	2,586,911
VMTUD [Member] \| Xiaoju Group [Member]
Business Combination [Line items]
Business combination intangible assets acquired	609,170
Software [Member] \| Xiaoju Group [Member]
Business Combination [Line items]
Business combination intangible assets acquired	¥ 9,570

Business Combination - Summary of Business Acquistion Equity Intererests Issued or Issuable (Detail) - Xiaoju Group [Member] - CNY (¥) ¥ in Thousands		12 Months Ended
	Nov. 13, 2023	Dec. 31, 2023
Business Combination [Line items]
Fair value of ordinary shares issued on the acquisition date (i)		¥ 3,087,849
Total Consideration	¥ 3,782,206	3,782,206
SOP Milestone [Member]
Business Combination [Line items]
Fair value of contingent consideration related to SOP Milestone (ii)		260,546
Earn Out Period Milestone [Member]
Business Combination [Line items]
Fair value of contingent consideration related to Earn-Out Period Milestone (iii)		¥ 433,811

Inventory - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Inventory write-downs	¥ 1,054,711	¥ 220,319	¥ 162,433
Raw Materials [Member]
Inventory [Line Items]
Inventory write-downs	¥ 77,310

Share-based Compensation

12 Months Ended

Dec. 31, 2023

Share-based Payment Arrangement [Abstract]

Share-based Compensation

23. Share-based Compensation

On June 28, 2020, the board of directors of the Company approved the 2019 Equity Incentive Plan (“2019 Plan”) with 161,462,100 Class A ordinary shares reserved. Options, restricted shares, RSUs, dividend equivalents, share appreciation rights and share payments may be granted under the 2019 Plan.

One RSU represents a right relating to one Class A ordinary share of the Group with a par value of US$0.00001 per share.

The RSUs primarily include both service and performance conditions. For service condition, vesting schedules include: (i) 25% of the RSUs shall become vested on each anniversary of the vesting commencement date for four years thereafter; (ii) 40% of the RSUs shall become vested on the grant date and 15% of the RSUs become vested on each anniversary of the vesting commencement date for four years thereafter; (iii) 25% of the RSUs shall become vested on the first anniversary of the vesting commencement date, and the remaining 75% of the RSUs shall become vested in equal installments on each quarterly anniversary of the vesting commencement date for

three

years thereafter. In addition to the service conditions, for the RSUs granted prior to the completion of the IPO, employees are also required to provide continued service through the satisfaction of the occurrence of change of control or an IPO (“Liquidity Event”) that occurs within seven or ten years after the vesting commencement date. For RSUs with performance conditions which were granted subsequent to the completion of the IPO, employees are required to achieve the performance targets relating to performance appraisal results as set out in the respective relevant award agreements over the respective requisite service period.

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

Subsequent to the completion of the IPO, RSUs with only a service condition to employees under the 2019 Plan are vested on a straight-line basis net of estimated forfeitures, if any, over the requisite service period. RSUs with both service and performance conditions are recognized as expenses using the graded vesting method, net of estimated forfeitures, if any, over the requisite service period, when the performance condition is concluded to be probable to achieve.

A summary of the Group’s RSU activity for the years ended December 31, 2021, 2022 and 2023 follows:


	Number of restricted share units			Weighted average grant date fair value
				RMB
Outstanding as of December 31, 2020		48,288,134			14.20
Granted		7,086,500			132.02
Vested		(18,577,032	)		11.51
Forfeited		(2,937,374	)		43.23

Outstanding as of December 31, 2021		33,860,228			38.75

Expected to vest as of December 31, 2021		30,900,145

	Number of restricted share units			Weighted average grant date fair value
				RMB
Outstanding as of December 31, 2021		33,860,228			38.75
Granted (i)		28,010,128			68.29
Vested		(19,564,802	)		37.27
Forfeited		(6,309,648	)		81.29

Outstanding as of December 31, 2022		35,995,906			59.72

Expected to vest as of December 31, 2022		33,116,233

	Number of restricted share units			Weighted average grant date fair value
				RMB
Outstanding as of December 31, 2022		35,995,906			59.72
Granted		15,177,322			39.31
Vested		(11,276,824	)		55.66
Forfeited		(10,701,587	)		51.52

Outstanding as of December 31, 2023 (i)		29,194,817			54.42

Expected to vest as of December 31, 2023 (i)		24,487,867

Share-based compensation expense amounting to RMB379,948, RMB710,486 and RMB550,535 was recognized for RSUs for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2023, there was RMB987,535 of unrecognized compensation expense relating to the RSUs. Excluding the 2022 Performance Based Award mentioned below, the expense is expected to be recognized over a weighted average period of 1.62 years.

For the years ended December 31, 2021, 2022 and 2023, nil, 21,994 and 12,922 RSUs with no condition were granted to the Company’s independent directors and the RSUs were vested upon granted, respectively.

(i) 2022 Performance Based Award

In November 2022, the board of directors of the Company granted 8.02 million RSUs to certain employees (“2022 Award”) under 2019 Plan. The 2022 Award consists of five vesting tranches with both service and performance conditions. Such employees are required to provide continued services through the achievement of the performance conditions which were different for each vesting tranche. The Group will recognize the compensation cost when the performance conditions become probable of achievement. One of the five tranches of the 2022 Award had achieved the necessary performance condition as of December 31, 2023 and become

probable to vest

. For the years ended December 31, 2022 and 2023, share-based compensation expense related to

the 2022 Award

amounted to

nil

and RMB26,582, respectively. As of December 31, 2023, unrecognized compensation expenses relating to the 2022 Award amounted to RMB68,376 as the remaining performance conditions were still not considered probable of achievement.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of presentation

(a) Basis of presentation

Principles of consolidation

(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

Business combinations and goodwill

(e) Business combinations and goodwill

Fair value

(f) Fair value

non-current

assets,

non-current

portion of long-term deposits, restricted long-term deposit,

non-current

portion of long-term borrowings, and

non-current

portion of lease liabilities, approximated their respective 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 statements of cash flows are presented separately on the consolidated balance sheets as follows:


	As of December 31, 2022				As of December 31, 2023
	Amount		RMB equivalent		Amount		RMB equivalent
Cash and cash equivalents:
RMB		13,230,745		13,230,745		13,597,107		13,597,107
US$		194,588		1,355,226		1,021,773		7,236,909
HK$		9,256		8,268		4,218		3,823
Others		not applicable		13,535		not applicable		289,324

Total				14,607,774				21,127,163

As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents were held in reputable financial institutions located in the PRC, Hong Kong and United States.

Restricted cash

(h) Restricted cash

Short-term and long term deposits

(i) Short-term and long-term deposits

Current expected credit losses

(j) Current expected credit losses

non-current

assets were RMB67,181 and RMB54,526, respectively. As of December 31, 2023, the expected credit loss provision recorded in current and

non-current

assets were RMB76,090 and RMB74,693, respectively.

Accounts and notes receivable are amounts due from large-volume buyers for vehicle sales in the ordinary course and amounts due from government subsidies that are collected on behalf of customers.

non-performing

case-by-case

basis for particular aged receivable balances.


	For the Year Ended December 31, 2021
Balance as of December 31, 2020		12,507
Current period provision		69,731
Write-offs		(15,142	)

Balance as of December 31, 2021		67,096


	For the Year Ended December 31, 2022
Balance as of December 31, 2021		67,096
Current period provision		67,654
Write-offs		(13,043	)

Balance as of December 31, 2022		121,707


	For the Year Ended December 31, 2023
Balance as of December 31, 2022		121,707
Current period provision		70,357
Write-offs		(41,281	)

Balance as of December 31, 2023		150,783

Short-term investments

(k) Short-term investments

as “Interest income”

in the consolidated statements of comprehensive loss. The Group’s short-term investments in financial instruments were RMB1,262,129 and RMB781,216 as of December 31, 2022 and 2023, respectively.

Inventory

(l) Inventory

Inventory write-downs of RMB162,433, RMB220,319 and RMB1,054,711 were recognized in cost of sales for the years ended December 31, 2021, 2022 and 2023, respectively.

Property, plant and equipment, net

(m) Property, plant and equipment, net

two

ten


	Estimated useful lives
Buildings		20 years
Machinery and equipment		15 months to 10 years
Charging infrastructure		5 years
Vehicles		4 to 5 years
Computer and electronic equipment		3 years
Others		2 to 5 years

Depreciation for molds and toolings is computed using the

units-of-production

method whereby capitalized costs are amortized over the total estimated productive units 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


	Estimated useful lives
Software		2 to 10 years
License of maintenance and overhauls		26 months
VPT		10 years
Robotics platform technology		10 years
Others		5 to 10 years

contract

terms. The Group estimates the useful life of other intangible assets to be 5 to 10 years, based on the laws and regulations by registration authorities.

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

Land use rights, net

(o) Land use rights, net

Long-term investments

(p) Long-term investments

Equity Method Investments

The Group’s long-term investments also include other equity investments, over which the Group has neither significant influence nor control, and debt investments.

Equity Investments with Readily Determinable Fair Values

Equity Investments without Readily Determinable Fair Values

Debt Investments

instrument-by-instrument

Impairment of long-lived assets

(q) Impairment of long-lived assets

Warranties

(r) 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

(s) 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

606-10-32-37

are not met.

Initial refundable deposits for intention orders and

non-refundable

Other services

Revenue from services embedded in a sales contract included free battery charging within

years or

100,000

Practical expedients and exemptions

on-site

troubleshooting and parts replacement service and others. 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. As of December 31, 2022, the

trade-in

program has been closed. If the owners of G3 2019, who elected the

trade-in

right, did not sign the

trade-in

contracts or reach an additional agreement with the Group in 2022, the

trade-in

right will be expired.

Cost of sales

(t) Cost of sales

Vehicle

on-hand

inventories that are either obsolete or in excess of forecasted demand, losses on purchase commitments relating to inventory, and impairment charge of property, plant and equipment.

Services and others

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

non-warranty

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

Research and development expenses

(u) Research and development expenses

Selling, general and administrative expenses

(v) Selling, general and administrative expenses

Employee benefits

(w) Employee benefits

Government grants

(x) Government grants

non-current

liabilities if the amount is received in advance (of the incurrence of interest expense). Such amounts would then reduce related interest expense when incurred.

Nonrefundable grants received without further performance or conditions are recognized immediately as other income upon receipt.

Other income, net

(y) Other income, net

Income taxes

(z) Income taxes

Uncertain tax positions

Share-based compensation

(aa) 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.

Statutory and other reserves

(ab) Statutory and other reserves

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

non-distributable

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

For the years ended December 31, 2021, 2022 and 2023, appropriations to the general reserve fund

the statutory surplus fund

and safety production reserve

amounted to RMB6,047, RMB378 and RMB53,610, respectively.

Comprehensive loss

(ac) Comprehensive loss

Leases

(ad) 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

right-of-use

assets.

“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 vehicle leasing income was immaterial for the years ended December 31, 2021, 2022 and 2023, respectively.

The Group

classifies

a lease as a sales-type when the lease meets any of one of the following criteria at lease commencement:

i. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

ii. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

iii. The lease term is for the major part of the remaining economic life of the underlying asset.

v. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

non-current

The Group provides a

15-year

lease of a factory under

sales-type lease. As of December 31, 2023, total finance lease receivable

related to this lease amounted to

RMB240,023

Dividends

(af) Dividends

Dividends are recognized when declared. No dividend was declared for the years ended December 31, 2021, 2022 and 2023, respectively.

Earnings (losses) per share

(ag) Earnings (losses) per share

two-class

method. Under the

two-class

Segment reporting

(ah) Segment reporting

Accounts and notes payable

(ae) Accounts and notes payable Accounts and notes payable represent the amount due to the suppliers by the Group for the purchase of raw materials. The Group normally receives credit terms of 0 days to 180 days from its suppliers. Accounts payable were RMB7,269,757 and RMB13,491,144 as of December 31, 2022 and 2023, respectively. Notes payable, which were pledged by bank deposits (note 2(h)), were RMB6,953,099 and RMB8,719,287 as of December 31, 2022 and 2023, respectively.

Long-Term Investments

12 Months Ended

Dec. 31, 2023

Long-term Investments [Abstract]

Long-Term Investments

13. Long-term investments

Long-term investments consisted of the following:


	Equity investments without readily determinable fair values (i)			Equity investments with readily determinable fair values (ii)			Debt investments (iii)			Equity method investments (iv)		Total
Balance as of December 31, 2020		1,000			—			—			—		1,000
Additions		209,900			—			749,955			—		959,855
Investment gain		—			—			591,506			—		591,506
Foreign currency translation		(546	)		—			(2,639	)		—		(3,185	)

Balance as of December 31, 2021		210,354			—			1,338,822			—		1,549,176


	Equity investments without readily determinable fair values (i)			Equity investments with readily determinable fair values (ii)			Debt investments (iii)			Equity method investments (iv)		Total
Balance as of December 31, 2021		210,354			—			1,338,822			—		1,549,176
Additions		—			191,981			209,451			329,045		730,477
Investment gain(loss)		95,752			(78,282	)		7,592			—		25,062
Share of results of equity method investees (iv)		—			—			—			4,117		4,117
Changes from equity investment to debt investment (iii)		(116,129	)		—			116,129			—		—
Disposals (Note 26(5))		—			—			(165,000	)		—		(165,000	)
Foreign currency translation		1,023			(1,058	)		119,137			32,098		151,200

Balance as of December 31, 2022		191,000			112,641			1,626,131			365,260		2,295,032


	Equity investments without readily determinable fair values (i)			Equity investments with readily determinable fair values (ii)			Debt investments (iii)			Equity method investments (iv)		Total
Balance as of December 31, 2022		191,000			112,641			1,626,131			365,260		2,295,032
Additions		—			—			—			127,018		127,018
Changes from debt investments to equity investments without readily determinable fair values (i)		57,832			—			(57,832	)		—		—
Investment loss		(50,826	)		(7,989	)		(165,549	)		—		(224,364	)
Share of results of equity method investees (iv)		—			—			—			54,740		54,740
Transfer (iii)		—			—			(204,836	)		—		(204,836	)
Foreign currency translation		—			320			30,681			6,342		37,343

Balance as of December 31, 2023		198,006			104,972			1,228,595			553,360		2,084,933

(i) Equity investments without readily determinable fair values

In December 2021, the Group acquired a minority common equity interest in a company, engaged in manufacturing of batteries for new energy vehicles for a total cash consideration of RMB190,000. The equity interests in common stock do not have readily determinable fair values because the investee is a privately held company. Accordingly, the Group elected to use the measurement alternative under ASC 321 to measure such investment.

In April 2022, the Group acquired a minority preferred equity interest in a company engaged in research, development, production and sales of batteries for new energy vehicles for a total cash consideration of RMB50,000, which were redeemable merely by the passage of time at the option of the Group as a holder. Accordingly, the Group elected to account for this investment under the fair value option model. In May 2023, upon completion of the modification in the investee’s shareholding structure, the preferred shares held by the Group were converted into common shares, which do not have readily determinable fair values because the investee is a privately held company. Accordingly, the Group reclassified this investment from debt securities to equity securities at the fair value of RMB57,832 upon the modification, and elected to use the measurement alternative under ASC 321 to measure this investment.

The difference in the carrying value and the fair value of this investment immediately before the modification was immaterial.

For equity investments accounted for using the measurement alternative as of December 31, 2023, the Company recorded cumulative upward adjustments of RMB39,107 and cumulative downward adjustments due to impairments of RMB89,933. For these investments, the Company recorded upward adjustments of RMB39,107 and downward adjustments due to

impairments

of RMB89,933 in earnings during the year ended December 31, 2023.

(ii) Equity investments with readily determinable fair values

In December 2021, the Group prepaid RMB50,000 as a subscription for a minority equity interest in common shares of a company engaged in research, development, production and sales of semiconductors, which was converted into common shares in January 2022.

In October 2022, the Group paid HK$156,982 (equivalent to RMB141,981 as of the injection date) to acquire a minority equity interest in common shares of a company engaged in research, development, production and sales of batteries for new energy vehicles.

The minority equity interests in common shares have readily determinable fair values because the investees are listed companies and the Group does not have the ability to exercise significant influence over these investments. Accordingly, the Group accounted for them at fair value based on the quoted prices in active markets.

(iii) Debt investments

Investment in HT Flying Car Inc. (“Huitian”)

Huitian is a company incorporated in the Cayman Islands with limited liability and is mainly engaged in research, development, production and sales of flying vehicles. In January 2021, the Group acquired minority preferred equity interests of Huitian (“Huitian’s Series Angel preferred shares”), a related party of the Group, for a total consideration of RMB24,551 during Huitian’s Angel round of fund raising. The equity interests were not considered to be

in-substance

common stock as the preferred stock has substantive liquidation preference over the investee’s common stock. Huitian’s Series Angel preferred shares investment are considered equity securities that do not have readily determinable fair values given that it is a privately held company. Accordingly, upon the acquisition of the minority preferred equity interests of Huitian, the Group elected to use the measurement alternative under ASC 321 to measure such investment.

In October 2021, the Group further invested US$90,000, equivalent to RMB574,146 as of the injection date, into Huitian during Huitian’s A round of fund raising. Among this investment, US$70,000 was in form of preferred shares (“Huitian’s Series A preferred shares”) and US$20,000 was in form of a convertible bond. Concurrently, Huitian’s Series Angel preferred shares previously acquired by the Group in January 2021 were modified to align with the terms of the newly invested Huitian’s Series A preferred shares. The Group concluded that both Huitian’s Series Angel and Series A preferred shares investment are debt securities since Huitian’s Series Angel (with now modified terms) and Series A preferred shares held by the Group are redeemable merely by the passage of time and redeemable at the option of the Group.

In anticipation of the change in accounting model applicable to Huitian’s Series Angel preferred shares as a result of the modification, the Group opted to change its measurement accounting policy relating to Huitian’s Series Angel preferred shares as permitted by ASC 321, and elected to measure the original Huitian’s Series Angel preferred shares at fair value immediately before the modification (discussed in the preceding paragraph). The difference of RMB591,506 between the carrying value and the fair value of Huitian’s Series Angel preferred shares immediately before the modification was recognized in earnings. The Group then reclassified Huitian’s Series Angel preferred shares from equity securities to debt securities upon the modification. The modified Huitian’s Series Angel preferred shares investment together with the new Series A preferred shares investment will be measured on an ongoing basis at fair value with changes recognized in earnings. In addition, the convertible bond (acquired in October 2021) held by the Group in Huitian was also accounted for under the fair value option model.

Investment in Dogotix

Dogotix is a company incorporated in the Cayman Islands with limited liability and is mainly engaged in research and development of robots with human-robot interaction function. In April 2021, the Group acquired minority preferred equity interests of Dogotix (“Dogotix’s Series Angel preferred shares”), a related party of the Group, for a total cash consideration of RMB19,900 during Dogotix’s Angel round of fund raising. The equity interests were not considered to be

in-substance

common stock as the preferred stock has substantive liquidation preference over the investee’s common stock.

The investment is considered as equity securities that do not have readily determinable fair values given that it is a privately held company. Accordingly, the Group elected to use the measurement alternative under ASC 321 to measure such investment. In October 2021, the Group acquired Dogotix’s convertible bonds in the amount of US$6,440 (equivalent to RMB41,258 as of the injection date) and elected to account for this investment at fair value option model.

In July 2022, the Group further invested US$14,000 (equivalent to RMB94,451 as of the injection date) into Dogotix’s preferred shares during its A round of fund raising (“Dogotix’s Series A preferred shares”). Concurrently, Dogotix’s Series Angel preferred shares previously acquired by the Group in 2021 were modified to align with the terms of the newly invested Dogotix’s Series A preferred shares. The Group concluded that both Dogotix’s Series Angel and Series A preferred shares investment are debt securities since Dogotix’s Series Angel (with now modified terms) and Series A preferred shares held by the Group are redeemable merely by the passage of time and redeemable at the option of the Group. In addition, the convertible bond (acquired in October 2021) held by the Group in Dogotix was converted into Series A preferred shares in July 2022 and accounted for as debt investments under the fair value option model.

In anticipation of the change in accounting model applicable to Dogotix’s Series Angel preferred shares as a result of the modification, the Group opted to change its measurement accounting policy relating to Dogotix’s Series Angel preferred shares as permitted by ASC 321, and elected to measure the original Dogotix’s Series Angel preferred shares at fair value immediately before the modification (discussed in the preceding paragraph). The difference of RMB95,752 between the carrying value and the fair value of Dogotix’s Series Angel preferred shares immediately before the modification was recognized in earnings. The Group then reclassified Dogotix’s Series Angel preferred shares amounting to RMB116,129 from equity securities to debt securities upon the modification. The modified Dogotix’s Series Angel preferred shares investment together with the new Series A preferred shares investment will be measured on an ongoing basis at fair value with changes recognized in earnings.

On October 9, 2023, the Group completed the acquisition of the remaining equity interest in Dogotix and Dogotix became a wholly owned subsidiary of the Group (Note 10(ii)). Upon the completion of the acquisition, the fair value of the previously held equity interest in Dogotix, classified as a debt investment amounting to

RMB

204,836

, was derecognized and Dogotix was consolidated within the Group’s financial position and results.

Other principal debt investments

In December 2021, the Group acquired minority preferred equity interests of a company engaged in research, development, production and sales of LiDAR for a total cash consideration of RMB100,000. Subsequently, the Group disposed of this debt investment for a cash consideration of RMB100,000 to a related party in April 2022 (Note 26(5)).

In January 2022, the Group acquired minority preferred equity interests of a company engaged in research, development, production and sales of semiconductors for a total cash consideration of RMB65,000. Subsequently, the Group disposed of this debt investment for a cash consideration of RMB65,000 to a related party in October 2022 (Note 26(5)).

The preferred shares held by the Group in connection with above each investment are debt securities as they become redeemable merely by the passage of time and are redeemable at the option of the Group as a holder. Accordingly, the Group elected to account for these investments under the fair value option model.

(iv) Equity Method Investments

In March 2022, the Company and other third party investors jointly set up an offshore investment fund (“Fund”), named Rockets Capital L.

P.,

for the purpose of making investments in companies and businesses engaging in high technology sectors. The Company subscribed for a commitment of US$150,000 to the Fund and invested consideration of US$51,874 (equivalent to RMB329,045 as of the injection date) and US$69,965 (equivalent to RMB456,063 as of the injection date) into the Fund as of December 31, 2022 and 2023, respectively. The Company held a 60.7% financial interests in the Fund as a limited partner while the other 39.3% financial interests were held by other third party investors as of December 31, 2022 and 2023.

Based on the Company’s assessment under ASC

810-10-15-14,

the investment fund (a limited partnership) is considered to be a VIE for accounting purposes. The Company is not considered the primary beneficiary of the investment due to the fact that the Company does not possess the power to direct activities of the Fund that would mostly impact its economics performance. As a result, the Company accounts for its 60.7% financial interests in the Fund using the equity method of accounting pursuant to ASC

323-30

considering that the Company has significant influence over the operating and investing activities of the Fund.

Leases - Schedule of Other Information Related to Operating Leases (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Remaining Lease Term [Abstract]
Operating leases	4 years 7 months 6 days	5 years 1 month 6 days	5 years 3 months 18 days
Finance leases	5 years 7 months 6 days	6 years 7 months 6 days
Land use rights	49 years	49 years 6 months
Weighted Average Discount Rate [Abstract]
Operating leases	4.85%	4.78%	4.71%
Finance leases	4.90%	4.90%
Land use rights	4.90%	4.90%

Ordinary Shares - Additional Information (Detail) ¥ in Thousands					12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares	Jul. 07, 2021 $ / shares shares	Dec. 31, 2020 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2023 $ / shares shares	Dec. 06, 2023 shares	Nov. 13, 2023 shares	Jul. 26, 2023 $ / shares shares	Dec. 08, 2021 $ / shares shares
Stockholders Equity Note [Line Items]
Common stock par or stated value per share \| $ / shares												$ 0.00001
Fair value (gain) loss on derivative assets or derivative liabilities \| ¥					¥ 410,417	¥ (59,357)	¥ (79,262)
Common Class A [Member]
Stockholders Equity Note [Line Items]
Common stock shares authorized	9,250,000,000							9,250,000,000				9,250,000,000
Common stock par or stated value per share \| $ / shares	$ 0.00001							$ 0.00001
Common stock shares issued	1,376,693,799	1,302,911,192		971,341,066			1,302,911,192	1,538,109,009
Common stock shares outstanding	1,371,774,629	1,291,039,502		928,296,786			1,291,039,502	1,535,297,395
Stock issued during period shares new issues	9,171,738	12,644,728		35,868,362
Common Class A [Member] \| Director [Member]
Stockholders Equity Note [Line Items]
Conversion of Stock, Shares Converted					61,137,879
Common Class A [Member] \| Share Issue Period One [Member]
Stockholders Equity Note [Line Items]
Common stock shares outstanding	2,030,152	26,471,648					26,471,648	599,886
Common Class A [Member] \| Global Offering [Member]
Stockholders Equity Note [Line Items]
Shares issued, price per share \| $ / shares			$ 165
Stock issued during period shares new issues			97,083,300
Stock Conversion Basis			one-on-one
Common Class A [Member] \| Treasury Stock, Common [Member]
Stockholders Equity Note [Line Items]
Treasury shares outstanding	10,614,576	9,396,714					9,396,714	8,571,852
Common Class A [Member] \| XPeng Fortune Holding Limited [Member]
Stockholders Equity Note [Line Items]
Issuance of ordinary shares for the vested Restricted Share Units ("RSUs")					10,679,408	17,567,096	40,569,304
Common Class A [Member] \| Didi [Member]
Stockholders Equity Note [Line Items]
Common stock shares issued										58,164,217
Common Class A [Member] \| Volkswagen [Member]
Stockholders Equity Note [Line Items]
Shares issued, price per share \| $ / shares											$ 7.5
Common stock shares issued									94,079,255		94,666,666
Percentage of equity shares acquired											4.99%
Common Class B [Member]
Stockholders Equity Note [Line Items]
Common stock shares authorized	750,000,000							750,000,000				750,000,000
Common stock par or stated value per share \| $ / shares	$ 0.00001							$ 0.00001
Common stock shares issued	348,708,257	409,846,136					409,846,136	348,708,257
Common stock shares outstanding	348,708,257	409,846,136		429,846,136			409,846,136	348,708,257
Common Class C [Member]
Stockholders Equity Note [Line Items]
Common stock shares issued				178,618,464
Common stock shares outstanding				178,618,464

Business Combination - Additional Information (Detail) - Xiaoju Group [Member] - CNY (¥) ¥ in Thousands		2 Months Ended	12 Months Ended
	Nov. 13, 2023	Dec. 31, 2023	Dec. 31, 2023
Business Combination [Line items]
Business combination equity interests percentage	100.00%
Business combination total consideration	¥ 3,782,206		¥ 3,782,206
Business acquistion revenue of acquiree since acquistion date		¥ 0
Business acquistion earnings loss of acquiree since acquisition date		¥ 47,655

Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Long Term Investments [Abstract]

Schedule of Long-term investments

Long-term investments consisted of the following:


	Equity investments without readily determinable fair values (i)			Equity investments with readily determinable fair values (ii)			Debt investments (iii)			Equity method investments (iv)		Total
Balance as of December 31, 2020		1,000			—			—			—		1,000
Additions		209,900			—			749,955			—		959,855
Investment gain		—			—			591,506			—		591,506
Foreign currency translation		(546	)		—			(2,639	)		—		(3,185	)

Balance as of December 31, 2021		210,354			—			1,338,822			—		1,549,176


	Equity investments without readily determinable fair values (i)			Equity investments with readily determinable fair values (ii)			Debt investments (iii)			Equity method investments (iv)		Total
Balance as of December 31, 2021		210,354			—			1,338,822			—		1,549,176
Additions		—			191,981			209,451			329,045		730,477
Investment gain(loss)		95,752			(78,282	)		7,592			—		25,062
Share of results of equity method investees (iv)		—			—			—			4,117		4,117
Changes from equity investment to debt investment (iii)		(116,129	)		—			116,129			—		—
Disposals (Note 26(5))		—			—			(165,000	)		—		(165,000	)
Foreign currency translation		1,023			(1,058	)		119,137			32,098		151,200

Balance as of December 31, 2022		191,000			112,641			1,626,131			365,260		2,295,032


	Equity investments without readily determinable fair values (i)			Equity investments with readily determinable fair values (ii)			Debt investments (iii)			Equity method investments (iv)		Total
Balance as of December 31, 2022		191,000			112,641			1,626,131			365,260		2,295,032
Additions		—			—			—			127,018		127,018
Changes from debt investments to equity investments without readily determinable fair values (i)		57,832			—			(57,832	)		—		—
Investment loss		(50,826	)		(7,989	)		(165,549	)		—		(224,364	)
Share of results of equity method investees (iv)		—			—			—			54,740		54,740
Transfer (iii)		—			—			(204,836	)		—		(204,836	)
Foreign currency translation		—			320			30,681			6,342		37,343

Balance as of December 31, 2023		198,006			104,972			1,228,595			553,360		2,084,933

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

9. Property, Plant and Equipment, Net

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


	As of December 31,
	2022			2023

Machinery and equipment		2,589,709			4,647,957
Buildings (i)(ii)		2,206,923			4,125,849
Molds and toolings		1,505,876			2,179,681
Vehicles		867,434			898,607
Leasehold improvements		681,341			695,972
Construction in process (i)		3,858,358			663,640
Computer and electronic equipment		282,082			388,071
Charging infrastructure		369,994			385,832
Others		130,864			226,905

Sub-total		12,492,581			14,212,514

Less: Accumulated depreciation (iii)		(1,788,193	)		(3,151,019	)
Less: Impairment (iv)		(97,643	)		(107,010	)

Property, plant and equipment, net		10,606,745			10,954,485

The Group recorded depreciation expenses of RMB573,247, RMB915,481 and RMB1,645,760 for the years ended December 31, 2021, 2022 and 2023, respectively.

(i)

Construction in progress primarily consists of the construction of Guangzhou

Xiaopeng technology park

, Wuhan, Guangzhou and Zhaoqing manufacturing plants, molds, toolings, machinery and equipment relating to the manufacturing of the Group’s vehicles. For the years ended December 31, 2021, 2022 and 2023, the Group capitalized RMB10,598, RMB84,998 and RMB107,415 of gross interest expenses, respectively. Government grants related to capitalized interest expense were accounted for as a reduction of such amounts capitalized in connection with the construction of the manufacturing plants. The benefits of these grants will be reflected through reduced depreciation charges over the useful lives of these assets. Government grants relating to expensed interest are recognized as a liability if received in advance (of the incurrence of the interest expense). Such amounts, when recognized, will reduce the respective interest expense to which the subsidies relate. In September 2022, the construction of the first phase of Guangzhou manufacturing equipment had been completed and transferred to respective fixed assets. In May 2023, the construction of the first phase of Wuhan buildings and manufacturing equipment had been completed and transferred to respective fixed assets.

(ii)

The Group entered into a lease contract with Guangzhou GET New Energy Technology Co., Ltd. (“Guangzhou GET New Energy”) to lease the plant and underlying land use right of Guangzhou manufacturing plant and further had an obligation to purchase the plant and underlying land use right at the construction cost at the end of lease term. On July 1, 2022, the lease commencement date, the lease asset for the plant was recorded with the amount of RMB1,001,820, being the present value of the lease payment and the exercise price of the purchase obligation (Note 18).

(iii)

For the year ended of December 31, 2023, the Company completed an assessment of the estimated units of production of certain molds and toolings and the useful lives of certain production facilities, all of which can only be used for certain vehicle production. The Company’s assessment in 2023, which considered the planned cessation or upgraded of certain vehicle production, indicated that certain production facilities directly used for certain vehicle production will not be used for the period of time originally estimated. As a result, the Company changed its estimates of useful lives for the certain production facilities as well as its estimates of the production volume of certain molds and toolings. These changes in estimates are accounted for on a prospective basis with an acceleration of recorded depreciation expense for impacted production facilities and molds and toolings. The Company recorded an accelerated depreciation expense of RMB295,930 related to these changes in estimates for the year ended December 31, 2023.

(iv)

The accumulated impairment loss was RMB97,643 and RMB107,010 as of December 31, 2022 and 2023, respectively, primarily due to the upgrade of vehicles.

Taxation - Summary of Components of Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of Deferred Tax Assets [Abstract]
Net operating loss carry-forwards	¥ 10,189,606	¥ 5,026,589	¥ 3,051,082
Government grants	41,713	72,674	41,565
Impairment of long-lived assets	29,660	17,372	12,239
Inventory reserve	69,730	55,397	7,221
Accruals and others	457,366	591,354	452,612
Leases	502,799
Valuation allowance	(10,277,822)	(5,763,386)	(3,564,719)	¥ (2,214,951)
Sub-total	1,013,052	0	0
Components of Deferred Tax Liabilities [Abstract]
Leases	(509,441)
Acquired intangible assets	(907,629)	0	0
Sub-total	(1,417,070)
Total deferred tax liabilities, net	¥ (404,018)	¥ 0	¥ 0

Company Financial Statements (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2023

Text Block [Abstract]

Condensed Balance Sheets


	As of December 31,
	2022		2023
ASSETS
Current assets
Cash and cash equivalents		951,656		5,187,597
Short-term deposits		12,145,309		7,906,283
Long-term deposits, current portion		—		1,852,070
Prepayments and other current assets		36,541		46,685

Total current assets		13,133,506		14,992,635

Non-current assets
Investments in subsidiaries and VIEs		21,997,908		21,126,723
Long-term deposits		1,416,782		—
Long-term investments		431,028		618,629

Total non-current assets		23,845,718		21,745,352

Total assets		36,979,224		36,737,987

LIABILITIES
Current liabilities
Amount due to a related party		61,663		—
Accruals and other liabilities		6,896		15,987

Total current liabilities		68,559		15,987

Non-current liabilities
Derivative liability		—		393,473

Total non-current liabilities		—		393,473

Total liabilities		68,559		409,460


	As of December 31,
	2022			2023
SHAREHOLDERS’ EQUITY
Class A Ordinary shares		92			103
Class B Ordinary shares		21			21
Additional paid-in capital		60,691,019			70,198,031
Statutory and other reserves		6,425			60,035
Accumulated deficit		(25,330,916	)		(35,760,301	)
Accumulated other comprehensive income		1,544,024			1,830,638

Total shareholders’ equity		36,910,665			36,328,527

Total liabilities and shareholders’ equity		36,979,224			36,737,987

Condensed Statements of Comprehensive Loss


	For the Year Ended December 31,
	2021			2022			2023
Operating expenses
Selling, general and administrative expenses		(8,966	)		(22,896	)		(28,511	)

Total operating expenses		(8,966	)		(22,896	)		(28,511	)

Fair value gain on derivative liability relating to the contingent consideration		—			—			29,339

(Loss) gain from operations		(8,966	)		(22,896	)		828
Interest income		208,463			314,668			601,475
Equity in loss of subsidiaries and VIEs		(5,696,578	)		(7,074,057	)		(10,165,831	)
Other non-operating income, net		84,620			35,867			17,718
Exchange gain (loss) from foreign currency transactions		470,103			(2,380,873	)		(473,467	)
Investment loss on long-term investments		—			(75,155	)		(821	)
Fair value gain (loss) on derivative assets or derivative liabilities		79,262			59,357			(410,417	)

Loss before income tax expenses and share of results of equity method investees		(4,863,096	)		(9,143,089	)		(10,430,515	)

Income tax expenses		—			—			—
Share of results of equity method investees		—			4,117			54,740

Net loss		(4,863,096	)		(9,138,972	)		(10,375,775	)

Net loss attributable to ordinary shareholders of XPeng Inc.		(4,863,096	)		(9,138,972	)		(10,375,775	)

Net loss		(4,863,096	)		(9,138,972	)		(10,375,775	)
Other comprehensive (loss) income
Foreign currency translation adjustment, net of tax		(918,168	)		3,192,573			286,614

Total comprehensive loss attributable to XPeng Inc.		(5,781,264	)		(5,946,399	)		(10,089,161	)

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.		(5,781,264	)		(5,946,399	)		(10,089,161	)

Consolidated Statements of Cash Flows

Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2021			2022			2023


Cash flows from operating activities		232,625			175,195			520,066

Cash flows from investing activities
(Placement) maturities of term deposits		(14,607,257	)		3,099,780			4,164,149
Investment in equity investees		(19,015,285	)		(6,934,426	)		(5,306,987	)
Cash paid for long-term investments		—			(409,363	)		(188,681	)
Maturities of derivative assets or derivative liabilities		233,050			10,752			—

Net cash used in investing activities		(33,389,492	)		(4,233,257	)		(1,331,519	)

Cash flows from financing activities
Proceeds from Global Offering, net of issuance cost		13,146,811			—			—
Payments of listing expenses		(36,924	)		(1,830	)		—
Proceeds from issuance of ordinary shares to Volkswagen		—			—			5,019,599

Net cash provided by (used in) financing activities		13,109,887			(1,830	)		5,019,599

Effects of exchange rate changes on cash, cash equivalents and restricted cash		(316,835	)		500,454			27,795
Net (decrease) increase in cash, cash equivalents and restricted cash		(20,363,815	)		(3,559,438	)		4,235,941
Cash, cash equivalents and restricted cash at beginning of the year		24,874,909			4,511,094			951,656

Cash, cash equivalents and restricted cash at end of the year		4,511,094			951,656			5,187,597

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Text Block [Abstract]

Capital expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements

Capital expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows:


	As of December 31,
	2022		2023

Investments		658,160		541,186
Property, plant and equipment		1,721,666		191,690

Total		2,379,826		732,876

Summary of Purchase expenditures not recognized in the consolidated financial statements

Purchase expenditures contracted for at the balance sheet dates but not recognized in the consolidated financial statements are as follows:


	As of December 31,
	2022		2023
Purchase commitments on purchase of raw materials (i)		2,046,326		2,118,392

(i)

Such amount excludes purchase commitments related to certain models which have been upgraded or where production has ceased. Losses on such

commitments

have been provided for during the year ended December 31, 2023 (Note 15).

Organization and Nature of Operations - Summary of Company's Principal Subsidiaries and VIEs (Detail) - Variable Interest Entity VIE Activities [Member]	12 Months Ended
	Dec. 31, 2023
Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. ("Chengxing") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jan. 09, 2015
Equity interest held	100.00%
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	Design and technology development
Zhaoqing Xiaopeng New Energy Investment Co., Ltd.("Zhaoqing Xiaopeng New Energy") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Feb. 13, 2020
Equity interest held	100.00%
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 battery pack
Xiaopeng Motors Sales Co., Ltd. ("Xiaopeng Motors Sales") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jan. 08, 2018
Equity interest held	100.00%
Principal activities	Vehicle wholesale and retail
Beijing Xiaopeng Automobile Co., Ltd.("Beijing Xiaopeng") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Apr. 28, 2018
Equity interest held	100.00%
Principal activities	Vehicle wholesale and retail, design and technology development
Beijing Xiaopeng Automobile Sales Service Co., Ltd. [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Nov. 09, 2020
Equity interest held	100.00%
Principal activities	Vehicle wholesale and retail
Guangzhou Xiaopeng Automatic Driving Technology Co., Ltd. [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Nov. 18, 2019
Equity interest held	100.00%
Principal activities	Technology development
Guangzhou Xiaopeng Smart Charging Technology Co., Ltd. [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jun. 22, 2020
Equity interest held	100.00%
Principal activities	Smart charging technology development
Xiaopeng Automobile Central China (Wuhan) Co.,Ltd.("Wuhan Xiaopeng") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Apr. 30, 2021
Equity interest held	100.00%
Principal activities	Technology development and vehicle retail
Shanghai Xiaopeng Motors Technology Co., Ltd.("Shanghai Xiaopeng") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Feb. 12, 2018
Equity interest held	100.00%
Principal activities	Technology development and vehicle retail
Guangzhou Zhipeng Manufacturing Co., Ltd. [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jan. 14, 2021
Equity interest held	100.00%
Principal activities	Manufacturing of vehicles
Wuhan Xiaopeng Smart Manufacturing Co., Ltd. [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Aug. 16, 2021
Equity interest held	100.00%
Principal activities	Manufacturing of battery pack and electric drive system
XPeng Huitian Holding Limited [Member] \| VIRGIN ISLANDS, BRITISH
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Oct. 12, 2020
Equity interest held	100.00%
Principal activities	Investment holding
XPeng Dogotix Holding Limited [Member] \| VIRGIN ISLANDS, BRITISH
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Jan. 05, 2021
Equity interest held	100.00%
Principal activities	Investment holding
Dogotix Inc. [Member] \| VIRGIN ISLANDS, BRITISH
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Oct. 09, 2023
Equity interest held	100.00%
Principal activities	Investment holding
XPeng (Hong Kong) Limited [Member] \| HONG KONG
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation or acquisition	Feb. 12, 2019
Equity interest held	100.00%
Principal activities	Investment holding
Guangzhou Zhipeng IoV Technology Co., Ltd. ("Zhipeng IoV") [member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
VIE -Date of incorporation or acquisition	May 23, 2018
VIA -Principal activities	Business of development and the operation of an Internet of Vehicles network
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. ("Yidian Chuxing") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
VIE -Date of incorporation or acquisition	May 24, 2018
VIA -Principal activities	Business of provision of online-hailing services through online platform
Guangzhou Xintu Technology Co., Ltd. ("Xintu Technology") [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
VIE -Date of incorporation or acquisition	Apr. 27, 2021
VIA -Principal activities	Surveying and mapping
Guangdong Intelligent Insurance Agency Co., Ltd. ("GIIA", formerly known as Qingdao Miaobao Insurance Agency Co., Ltd.) [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
VIE -Date of incorporation or acquisition	Jul. 22, 2022
VIA -Principal activities	Insurance agency
Jiangsu Zhipeng Kongjian Information Technology Co., Ltd. ("Zhipeng Kongjian", formerly known as Jiangsu Zhitu Technology Co., Ltd., a subsidiary of Xintu Technology) [Member] \| CHINA [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
VIE -Date of incorporation or acquisition	Jun. 23, 2021
VIA -Principal activities	Surveying and mapping

Loss Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss	¥ (10,375,775)	¥ (9,138,972)	¥ (4,863,096)
Net loss attributable to ordinary shareholders of XPeng Inc.	¥ (10,375,775)	¥ (9,138,972)	¥ (4,863,096)
Weighted average number of ordinary shares outstanding-Basic	1,740,921,519	1,712,533,564	1,642,906,400
Weighted average number of ordinary shares outstanding-Diluted	1,740,921,519	1,712,533,564	1,642,906,400
Net loss per ordinary share, Basic	¥ (5.96)	¥ (5.34)	¥ (2.96)
Net loss per ordinary share, Diluted	¥ (5.96)	¥ (5.34)	¥ (2.96)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Commitments and Contingencies - Summary of Capital Expenditures (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Amount	¥ 732,876	¥ 2,379,826
Investments [Member]
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Amount	541,186	658,160
Property, plant and equipment [Member]
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Amount	¥ 191,690	¥ 1,721,666

Leases - Schedule Of Balance Sheet Information Of Lessor Related To Leases (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Finance lease receivables, current portion, net	¥ 1,881,755	¥ 1,294,665
Finance lease receivables, non-current portion, net	3,027,795	2,188,643
Total Finance lease receivables, net	4,909,550	3,483,308
Factory [Member]
Lessor, Lease, Description [Line Items]
Finance lease receivables, current portion, net	11,100	0	¥ 0
Finance lease receivables, non-current portion, net	205,118	0	0
Total Finance lease receivables, net	¥ 216,218	¥ 0	¥ 0

Leases - Sales Type And Direct Financing Leases Lease Receivable Maturity (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Within 1 year	¥ 1,985,380
Between 1 and 2 years	1,553,474
Between 2 and 3 years	1,088,336
Between 3 and 4 years	677,517
Between 4 and 5 years	313,795
Net investment in sales-type lease	4,909,550	¥ 3,483,308
Factory [Member]
Lessor, Lease, Description [Line Items]
Within 1 year	20,002
Between 1 and 2 years	16,001
Between 2 and 3 years	16,001
Between 3 and 4 years	16,001
Between 4 and 5 years	16,001
Thereafter	156,017
Total minimum lease payments receivable	240,023	0	¥ 0
Unguaranteed residuals	27,736	0	0
Less: Unearned income	(51,541)	0	0
Net investment in sales-type lease	¥ 216,218	¥ 0	¥ 0

Related Parties - Summary of Related Parties and Nature of Relationship (Detail)	12 Months Ended
	Dec. 31, 2023
Xiaopeng He [Member]
Related Party Transaction [Line Items]
Relationship with the company	Principal Shareholder of the Company, Chairman of the Board and Chief Executive Officer
Hongdi Brian Gu [Member]
Related Party Transaction [Line Items]
Relationship with the company	Honorary Vice Chairman of the Board and President
Tao He [Member]
Related Party Transaction [Line Items]
Relationship with the company	Former Senior Vice President
HT Flying Car Inc. [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
HT Flying Car (Hong Kong) Limited [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
Guangzhou Huitian Aerospace Technology Co., Ltd. (Guangzhou Huitian) [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
Guangdong Huitian Aerospace Technology Co., Ltd. (Guangdong Huitian) [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
Guangzhou Zhongpeng Investment and Development Co., Ltd. [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Controlled by the Principal Shareholder
Rockets Capital L.P [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Partnership Significantly Influenced by the Company
Dogotix [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
Dogotix (HongKong) Limited [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
PX Robotics Inc. ("PX Robotics") [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
Shenzhen Pengxing Smart Co., Ltd. ("Shenzhen Pengxing") [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
Shenzhen Pengxing Research [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Significantly Influenced by the Principal Shareholder
Guangzhou Xuetao [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Jointly Controlled by the former Senior Vice President
XProbot Holdings Limited ("XProbot Holdings") [Member]
Related Party Transaction [Line Items]
Relationship with the company	A Company Controlled by the Principal Shareholder

Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

19. Revenues

Revenues by source consisted of the following:


	For the Year Ended December 31,
	2021		2022		2023
Vehicle sales		20,041,955		24,839,637		28,010,857
Services and others		946,176		2,015,482		2,665,210

Total		20,988,131		26,855,119		30,676,067

- Definition

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.

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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2021, 2022 and 2023 as follows:


	For the Year Ended December 31,
	2021			2022			2023
Numerator:
Net loss		(4,863,096	)		(9,138,972	)		(10,375,775	)

Net loss attributable to ordinary shareholders of XPeng Inc.		(4,863,096	)		(9,138,972	)		(10,375,775	)

Denominator:
Weighted average number of ordinary shares outstanding-basic and diluted		1,642,906,400			1,712,533,564			1,740,921,519

Basic and diluted net loss per share attributable to ordinary shareholders of XPeng Inc.		(2.96	)		(5.34	)		(5.96	)

Company Financial Statements (Parent Company Only) - Consolidated Statement of Cash Flows (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities	¥ 956,164	¥ (8,232,376)	¥ (1,094,591)
Cash flows from investing activities
(Placement) maturities of term deposits	5,441,363	11,922,171	(24,899,368)
Investment in equity investees	0	0	(50,000)
Cash paid for long-term investments	(188,681)	(618,814)	(959,855)
Maturities of derivative assets or derivative liabilities	0	10,752	233,050
Net cash (used in) provided by investing activities	631,168	4,845,966	(33,075,878)
Cash flows from financing activities
Proceeds from Global Offering, net of issuance cost	0	0	13,146,811
Payments of listing expenses	0	(1,830)	(36,924)
Net cash provided by financing activities	8,015,247	6,003,835	14,627,093
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(14,576)	461,740	(363,276)
Net (decrease) increase in cash, cash equivalents and restricted cash	9,588,003	3,079,165	(19,906,652)
Cash, cash equivalents and restricted cash at beginning of the year	14,714,046	11,634,881	31,541,533
Cash, cash equivalents and restricted cash at end of the year	24,302,049	14,714,046	11,634,881
Parent [Member]
Cash flows from operating activities	520,066	175,195	232,625
Cash flows from investing activities
(Placement) maturities of term deposits	4,164,149	3,099,780	(14,607,257)
Investment in equity investees	(5,306,987)	(6,934,426)	(19,015,285)
Cash paid for long-term investments	(188,681)	(409,363)	0
Maturities of derivative assets or derivative liabilities	0	10,752	233,050
Net cash (used in) provided by investing activities	(1,331,519)	(4,233,257)	(33,389,492)
Cash flows from financing activities
Proceeds from Global Offering, net of issuance cost	0	0	13,146,811
Payments of listing expenses	0	(1,830)	(36,924)
Proceeds from issuance of ordinary shares to Volkswagen	5,019,599	0	0
Net cash provided by financing activities	5,019,599	(1,830)	13,109,887
Effects of exchange rate changes on cash, cash equivalents and restricted cash	27,795	500,454	(316,835)
Net (decrease) increase in cash, cash equivalents and restricted cash	4,235,941	(3,559,438)	(20,363,815)
Cash, cash equivalents and restricted cash at beginning of the year	951,656	4,511,094	24,874,909
Cash, cash equivalents and restricted cash at end of the year	¥ 5,187,597	¥ 951,656	¥ 4,511,094

Deferred Revenue - Additional Information (Detail) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) Kilometers	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Capitalized Contract Cost [Line Items]
Deferred revenue \| ¥	¥ 1,299,943	¥ 1,083,249	¥ 897,288	¥ 308,384
Performance obligation satisfied over time percentage	49.00%
Performance obligation satisfied over time explanation	January 1, 2024 to December 31, 2024
Remaining performance obligation percentage	51.00%
Remaining performance obligation expected timing of satisfaction explanation	January 1, 2025 to December 31, 2033
Vehicle [Member]
Capitalized Contract Cost [Line Items]
Free charging period	4 years
Free charging kilometers \| Kilometers	100,000

CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	¥ 21,127,163	¥ 14,607,774
Restricted cash	3,174,886	106,272
Short-term deposits	9,756,979	14,921,688
Short-term investments	781,216	1,262,129
Long-term deposits, current portion	7,054,915	427,466
Accounts and notes receivable, net	2,716,216	3,872,846
Installment payment receivables, net, current portion	1,881,755	1,294,665
Inventory	5,526,212	4,521,373
Amounts due from related parties	¥ 12,948	¥ 47,124
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepayments and other current assets	¥ 2,489,339	¥ 2,466,084
Total current assets	54,521,629	43,527,421
Non-current assets
Long-term deposits	3,035,426	6,926,450
Restricted long-term deposits	767,899	0
Property, plant and equipment, net	10,954,485	10,606,745
Right-of-use assets, net	1,455,865	1,954,618
Intangible assets, net	4,948,992	1,042,972
Land use rights, net	2,789,367	2,747,854
Installment payment receivables, net	3,027,795	2,188,643
Long-term investments	2,084,933	2,295,032
Other non-current assets	576,150	201,271
Total non-current assets	29,640,912	27,963,585
Total assets	84,162,541	71,491,006
Current liabilities
Short-term borrowings	3,889,100	2,419,210
Accounts and notes payable	22,210,431	14,222,856
Amounts due to related parties	¥ 30,880	¥ 91,111
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Operating lease liabilities, current portion	¥ 365,999	¥ 490,811
Finance lease liabilities, current portion	34,382	128,279
Deferred revenue, current portion	630,997	389,243
Long-term borrowings, current portion	1,363,835	761,859
Accruals and other liabilities	7,580,195	5,583,829
Income taxes payable	5,743	27,655
Total current liabilities	36,111,562	24,114,853
Non-current liabilities
Long-term borrowings	5,650,782	4,613,057
Operating lease liabilities	1,490,882	1,854,576
Finance lease liabilities	777,697	797,743
Deferred revenue	668,946	694,006
Derivative liability	393,473	0
Deferred tax liabilities	404,018	0
Other non-current liabilities	2,336,654	2,506,106
Total non-current liabilities	11,722,452	10,465,488
Total liabilities	47,834,014	34,580,341
Commitments and contingencies
SHAREHOLDERS' EQUITY
Additional paid-in capital	70,198,031	60,691,019
Statutory and other reserves	60,035	6,425
Accumulated deficit	(35,760,301)	(25,330,916)
Accumulated other comprehensive income	1,830,638	1,544,024
Total shareholders' equity	36,328,527	36,910,665
Total liabilities and shareholders' equity	84,162,541	71,491,006
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	103	92
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	¥ 21	¥ 21

Other Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets, Noncurrent [Abstract]

Summary of Other Non-current Assets

Other

non-current

assets consisted of the following:


	As of December 31,
	2022		2023

Finance lease receivables, non-current portion, net (Note 18)		—		205,118
Deposits (i)		151,914		120,354
Prepayments for purchase of property and equipment		47,258		118,945
Non-current portion of prepayments for advertising and technical support services (Note 5)		—		87,656
Goodwill (Note 5)		—		34,106
Others		2,099		9,971

Total		201,271		576,150

Accruals and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accruals and Other Liabilities

15. Accruals and Other Liabilities

Accruals and other liabilities consisted of the following:


	As of December 31,
	2022		2023

Payables for purchase of property, plant and equipment		1,624,432		1,723,130
Payables for R&D expenses		1,023,344		1,085,353
Employee compensation payables		729,806		939,023
Accrued expenses		417,396		598,423
Debt from a third party investor(Note 1 7 (i))		—		541,918
Deposits from third parties		386,412		501,197
Payables for marketing events		483,059		368,163
Tax payables		51,147		350,263
Accrued cost of purchase commitments (i)		—		285,519
Warranty provisions		216,260		219,988
Advance from customers		113,730		100,281
Refundable deposit from customers		26,806		61,717
Interest payables		39,082		44,526
Others		472,355		760,694

Total		5,583,829		7,580,195

Accrued expenses primarily included receipts of goods and services that the Group had not been invoiced yet. As the Group are invoiced for these goods and services, this balance will decrease and accounts payable will

increase.

(i)

For the year ended December 31, 2023, in response to the planned cessation of the G3i and upgrades of certain models, the Group recorded the loss on purchase commitments mainly related to raw materials that are specifically related to these models with amount of RMB285,519.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment, Net

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


	As of December 31,
	2022			2023

Machinery and equipment		2,589,709			4,647,957
Buildings (i)(ii)		2,206,923			4,125,849
Molds and toolings		1,505,876			2,179,681
Vehicles		867,434			898,607
Leasehold improvements		681,341			695,972
Construction in process (i)		3,858,358			663,640
Computer and electronic equipment		282,082			388,071
Charging infrastructure		369,994			385,832
Others		130,864			226,905

Sub-total		12,492,581			14,212,514

Less: Accumulated depreciation (iii)		(1,788,193	)		(3,151,019	)
Less: Impairment (iv)		(97,643	)		(107,010	)

Property, plant and equipment, net		10,606,745			10,954,485

Land Use Rights, Net - Summary of Land Use Rights and Related Accumulated Amortization (Detail) - Use Rights [Member] - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Land Use Rights Finite Lived [Line Items]
Land use rights	¥ 2,913,098	¥ 2,822,757
Less: Accumulated amortization	(123,731)	(74,903)
Total	¥ 2,789,367	¥ 2,747,854