XPENG Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

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

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

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

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

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

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

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

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

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

 

2024Q4

2024Q3

2024Q2

2024Q1

2023Q4

2023Q3

 

 

 

 

 

 

 

Total deliveries

91,507

46,533

30,207

21,821

60,158

40,008

 

 

 

 

 

 

 

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

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

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

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

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

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

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

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

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

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

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

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

Key Financial Results

(in RMB billions, except for percentage)

 

For the Three Months Ended

      % Changei

 

December 31,

September 30,

December 31,

 

 

2024 

2024 

2023 

YoY

QoQ

 

 

 

 

 

 

Vehicle sales

14.67

8.80

12.23

20.0%

66.8%

Vehicle margin

10.0%

8.6%

4.1%

5.9pts

1.4pts

Total revenues

16.11

10.10

13.05

23.4%

59.4%

Gross profit

2.32

1.54

0.81

187.2%

50.8%

Gross margin

14.4%

15.3%

6.2%

8.2pts

-0.9pts

Net loss

1.33

1.81

1.35

-1.3%

-26.4%

Non-GAAP net loss

1.39

1.53

1.77

-21.5%

-9.2%

Net loss attributable to ordinary shareholders

1.33

1.81

1.35

-1.3%

-26.4%

Non-GAAP net loss attributable to ordinary shareholders

1.39

1.53

1.77

-21.5%

-9.2%

Comprehensive loss attributable to ordinary shareholders

0.90

2.09

1.57

-42.9%

-57.2%

_____________________________

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

Management Commentary

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

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

Recent Developments

Deliveries in January and February 2025

Total deliveries were 30,350 vehicles in January 2025.

Total deliveries were 30,453 vehicles in February 2025.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Balance Sheets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Business Outlook

For the first quarter of 2025, the Company expects:

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

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

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

Conference Call

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

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

Event Title:

XPENG Fourth Quarter and Fiscal Year 2024 Earnings Conference Call

Pre-registration link:

https://s1.c-conf.com/diamondpass/10044942-kinyg.html

 

 

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

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

United States:

+1-855-883-1031

International:

+61-7-3107-6325

Hong Kong, China:

800-930-639

Mainland China:

400-120-9216

Replay Access Code:

10044942

 

 

About XPENG

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

Use of Non-GAAP Financial Measures

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

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

Exchange Rate Information

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

Safe Harbor Statement

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

For Investor EnquiriesIR DepartmentXPeng Inc.E-mail:

Jenny CaiPiacente Financial CommunicationsTel: +1-212-481-2050 or +86-10-6508-0677E-mail:

For Media Enquiries PR DepartmentXPeng Inc.E-mail:

Source: XPeng Inc.

XPENG INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

 

 

 

 

As of December 31

 

 

2023

 

2024

 

2024

 

 

RMB

 

RMB

 

US$

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

21,127,163

 

18,586,274

 

2,546,309

Restricted cash

 

3,174,886

 

3,153,390

 

432,013

Short-term deposits

 

9,756,979

 

12,931,757

 

1,771,643

Restricted short-term deposits

  

-

 

110,699

 

15,166

Short-term investments

 

781,216

 

751,290

 

102,926

Long-term deposits, current portion

 

7,054,915

 

452,326

 

61,968

Accounts and notes receivable, net

 

2,716,216

 

2,449,629

 

335,598

Installment payment receivables, net, current portion

 

1,881,755

 

2,558,756

 

350,548

Inventory

 

5,526,212

 

5,562,922

 

762,117

Amounts due from related parties

 

12,948

 

43,714

 

5,989

Prepayments and other current assets

 

2,489,339

 

3,135,312

 

429,535

Total current assets

 

54,521,629

 

49,736,069

 

6,813,812

Non-current assets:

 

 

 

 

 

 

Long-term deposits

 

3,035,426

 

4,489,036

 

614,995

Restricted long-term deposits

 

767,899

 

1,487,688

 

203,812

Property, plant and equipment, net

 

10,954,485

 

11,521,863

 

1,578,489

Right-of-use assets, net

 

1,455,865

 

1,261,663

 

172,847

Intangible assets, net

 

4,948,992

 

4,610,469

 

631,632

Land use rights, net

 

2,789,367

 

2,744,424

 

375,985

Installment payment receivables, net

 

3,027,795

 

4,448,416

 

609,430

Long-term investments

 

2,084,933

 

1,963,194

 

268,956

Other non-current assets

 

576,150

 

443,283

 

60,730

Total non-current assets

 

29,640,912

 

32,970,036

 

4,516,876

Total assets

 

84,162,541

 

82,706,105

 

11,330,688

 

 

 

 

 

 

 

XPENG INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

 

 

 

 

As of December 31

 

 

2023

 

 

2024

 

 

2024

 

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Short-term borrowings

 

3,889,100

 

 

4,609,123

 

 

631,447

 

Accounts and notes payable

 

22,210,431

 

 

23,080,481

 

 

3,162,013

 

Amounts due to related parties

 

30,880

 

 

9,364

 

 

1,283

 

Operating lease liabilities, current portion

 

365,999

 

 

324,496

 

 

44,456

 

Finance lease liabilities, current portion

 

34,382

 

 

41,940

 

 

5,746

 

Deferred revenue, current portion

 

630,997

 

 

1,275,716

 

 

174,772

 

Long-term borrowings, current portion

 

1,363,835

 

 

1,858,613

 

 

254,629

 

Accruals and other liabilities

 

7,580,195

 

 

8,650,636

 

 

1,185,132

 

Income taxes payable

 

5,743

 

 

14,514

 

 

1,988

 

Total current liabilities

 

36,111,562

 

 

39,864,883

 

 

5,461,466

 

Non-current liabilities

 

 

 

 

 

 

Long-term borrowings

 

5,650,782

 

 

5,664,518

 

 

776,036

 

Operating lease liabilities

 

1,490,882

 

 

1,345,852

 

 

184,381

 

Finance lease liabilities

 

777,697

 

 

777,697

 

 

106,544

 

Deferred revenue

 

668,946

 

 

822,719

 

 

112,712

 

Derivative liability

 

393,473

 

 

167,940

 

 

23,008

 

Deferred tax liabilities

 

404,018

 

 

341,932

 

 

46,844

 

Other non-current liabilities

 

2,336,654

 

 

2,445,776