$XPNGF

XPENG INC.

CIK:0001810997|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenues
Total revenues	¥ 76,719,742	¥ 40,866,309	¥ 30,676,067
Cost of sales
Total cost of sales	(62,246,823)	(35,020,541)	(30,224,912)
Gross profit	14,472,919	5,845,768	451,155
Operating expenses
Research and development expenses	(9,489,979)	(6,456,734)	(5,276,574)
Selling, general and administrative expenses	(9,398,456)	(6,870,644)	(6,558,942)
Other income, net	1,761,419	589,227	465,588
Fair value gain (loss) on derivative liability relating to the contingent consideration	(117,305)	234,245	29,339
Total operating expenses, net	(17,244,321)	(12,503,906)	(11,340,589)
Loss from operations	(2,771,402)	(6,658,138)	(10,889,434)
Interest income	1,163,210	1,374,525	1,260,162
Interest expenses	(379,931)	(343,982)	(268,666)
Fair value loss on derivative liability	0	0	(410,417)
Investment (loss) gain on long-term investments	500,533	(261,991)	(224,364)
Exchange gain (loss) from foreign currency transactions	285,998	(49,543)	97,080
Other non-operating income, net	44,789	108,154	41,934
Loss before income tax (expenses) benefit and share of results of equity method investees	(1,156,803)	(5,830,975)	(10,393,705)
Income tax (expenses) benefit	(13,585)	69,780	(36,810)
Share of results of equity method investees	30,928	(29,069)	54,740
Net loss	(1,139,460)	(5,790,264)	(10,375,775)
Net loss attributable to ordinary shareholders of XPeng Inc.	(1,139,460)	(5,790,264)	(10,375,775)
Other comprehensive income (loss)
Foreign currency translation adjustment, net of tax	(331,065)	262,870	286,614
Total comprehensive loss attributable to XPeng Inc.	(1,470,525)	(5,527,394)	(10,089,161)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.	¥ (1,470,525)	¥ (5,527,394)	¥ (10,089,161)
Weighted average number of ordinary shares, Basic \| shares	1,903,989,310	1,891,357,212	1,740,921,519
Weighted average number of ordinary shares, Diluted \| shares	1,903,989,310	1,891,357,212	1,740,921,519
Net loss per ordinary share, Basic \| (per share)	¥ (0.6)	¥ (3.06)	¥ (5.96)
Net loss per ordinary share, Diluted \| (per share)	¥ (0.6)	¥ (3.06)	¥ (5.96)
Vehicle [Member]
Revenues
Total revenues	¥ 68,378,920	¥ 35,829,402	¥ 28,010,857
Cost of sales
Total cost of sales	(59,598,391)	(32,866,163)	(28,457,909)
Services and others [Member]
Revenues
Total revenues	8,340,822	5,036,907	2,665,210
Cost of sales
Total cost of sales	¥ (2,648,432)	¥ (2,154,378)	¥ (1,767,003)

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	¥ (1,139,460)	¥ (5,790,264)	¥ (10,375,775)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation of property, plant and equipment	1,804,658	1,571,754	1,645,760
Amortization of intangible assets	567,390	537,669	230,501
Amortization of right-of-use assets	540,068	413,349	182,195
Amortization of land use rights	75,819	49,868	48,828
Loss of disposal of property, plant and equipment	25,967	21,787	4,863
Loss of disposal of intangible assets	651	74	409
Impairment of property, plant and equipment	109,471	137,519	81,814
Impairment of intangible assets	885	0	8,712
Current expected credit loss of accounts receivable	66,205	20,328	18,222
Current expected credit loss (gain) of installment payment receivables	63,195	(16,651)	47,352
Current expected credit loss (gain) of other current assets	(3,102)	1,895	4,783
Inventory write-downs	555,368	943,734	1,054,711
Exchange (gain) loss from foreign currency transactions	(285,998)	49,543	(97,080)
Interest income	(168,325)	(40,244)	(352,179)
Share-based compensation	564,327	473,655	550,535
Fair value loss on derivative assets or derivative liabilities	0	0	410,417
Fair value (gain) loss on derivative liability relating to the contingent consideration	117,305	(234,245)	(29,339)
Investment loss (gain) on long-term investments	(500,533)	261,991	224,364
Share of results of equity method investees	(30,928)	29,069	(54,740)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts and notes receivable	386,507	246,259	1,138,408
Inventory	(5,772,107)	(1,060,210)	(2,358,763)
Amounts due from related parties	(58,505)	(30,766)	34,176
Prepayments and other current assets	(2,188,536)	(321,139)	329,654
Other non-current assets	(34,424)	(40,163)	150,944
Accounts payable	2,820,090	1,690,441	6,189,745
Notes payable	11,262,828	(820,391)	1,766,188
Deferred tax liabilities	(11,579)	(62,086)	18,797
Deferred revenue	570,644	798,492	216,694
Operating lease liabilities	(535,095)	(405,680)	(172,612)
Accruals and other liabilities	3,443,333	1,533,014	1,089,108
Other non-current liabilities	(904,361)	95,322	443,545
Installment payment receivables	(3,105,097)	(2,080,971)	(1,473,594)
Amounts due to related parties	(8,300)	5,933	1,433
Income taxes payable	30,168	8,771	(21,912)
Net cash provided by (used in) operating activities	8,258,529	(2,012,343)	956,164
Cash flows from investing activities
Maturity (Placement) of short-term deposits	1,206,328	(2,984,153)	5,441,363
Maturity (Placement) of short-term investments	(2,305,091)	62,799	524,172
(Placement) Maturity of long-term deposits	(2,192,304)	5,179,690	(2,548,847)
Placement of restricted short-term deposits	(619,100)	(588,000)	(1,010,000)
Maturity of restricted short-term deposits	433,100	558,000	1,010,000
Placement of restricted long-term deposits	(550,000)	(1,100,000)	(580,000)
Purchase of property, plant and equipment	(3,155,865)	(2,226,111)	(2,096,326)
Receipt of government subsidy related to assets	60,543	19,200	111,944
Purchase of intangible assets	(191,192)	(196,901)	(124,838)
Disposal of property, plant and equipment	52,431	169,539	8,380
Purchase of land use rights	0	(4,925)	(90,341)
Disposal of long-term investments	82,357	0	0
Cash paid for long-term investments	(103,016)	(144,237)	(188,681)
Cash acquired relating to a business combination	0	0	684,214
Cash paid for an asset acquisition, net of cash acquired	0	0	(509,872)
Purchase of retained asset-backed notes and securities	(80,250)	0	0
Proceeds from maturities of retained asset-backed notes and securities	27,577	0	0
Net cash used in investing activities	(7,334,482)	(1,255,099)	631,168
Cash flows from financing activities
Proceeds from issuance of ordinary shares to Volkswagen Group	0	0	5,019,599
Proceeds from borrowings	8,870,092	10,718,107	8,271,823
Repayments of borrowings	(8,293,531)	(9,489,570)	(5,162,232)
Repayments of amounts to a related party	0	(27,449)	0
Repayment of debt from third party investors	0	(500,000)	0
Repayments of finance lease liabilities	(61,801)	(31,767)	(113,943)
Net cash provided by financing activities	514,760	669,321	8,015,247
Effects of exchange rate changes on cash, cash equivalents and restricted cash	222,632	35,736	(14,576)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,661,439	(2,562,385)	9,588,003
Cash, cash equivalents and restricted cash at beginning of the year	21,739,664	24,302,049	14,714,046
Cash, cash equivalents and restricted cash at end of the year	23,401,103	21,739,664	24,302,049
Supplemental disclosure of cash flows information
Cash paid for interest, net of amounts capitalized	(503,740)	(465,031)	(306,656)
Cash paid for income taxes, net of refunds	(17,259)	(33,635)	(25,727)
Acquisition of property, plant and equipment included in liabilities	2,282,932	1,799,882	1,723,130
Cash acquired relating to a business combination	0	0	684,214
Cash paid for an asset acquisition	0	0	(710,479)
Cash acquired relating to an asset acquisition	0	0	200,607
Supplemental disclosure of non-cash investing activities:
Ordinary shares issued for the acquisition of DiDi's smart auto business	0	0	3,087,849
Fair value of contingent consideration relating to the acquisition of DiDi's smart auto business	¥ 0	¥ 0	¥ 694,357

CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	¥ 17,329,612	¥ 18,586,274
Restricted cash	6,071,491	3,153,390
Short-term deposits	11,388,834	12,931,757
Restricted short-term deposits	296,277	110,699
Short-term investments	3,217,293	751,290
Long-term deposits, current portion	3,020,317	452,326
Restricted long-term deposits, current portion	600,472	0
Accounts and notes receivable, net	1,996,917	2,449,629
Installment payment receivables, net, current portion	3,553,054	2,558,756
Inventory	10,380,668	5,562,922
Amounts due from related parties	¥ 102,219	¥ 43,714
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepayments and other current assets, net	¥ 5,296,673	¥ 3,135,312
Total current assets	63,253,827	49,736,069
Non-current assets
Long-term deposits	4,263,542	4,489,036
Restricted long-term deposits	1,468,708	1,487,688
Property, plant and equipment, net	13,527,237	11,521,863
Right-of-use assets, net	3,730,921	1,261,663
Intangible assets, net	4,253,168	4,610,469
Land use rights, net	3,216,526	2,744,424
Installment payment receivables, net	6,496,020	4,448,416
Long-term investments	2,523,037	1,963,194
Other non-current assets	429,644	443,283
Total non-current assets	39,908,803	32,970,036
Total assets	103,162,630	82,706,105
Current liabilities
Short-term borrowings	4,282,000	4,609,123
Accounts payable	18,001,675	15,181,585
Notes payable	19,161,724	7,898,896
Amounts due to related parties	1,064	9,364
Income taxes payable	44,682	14,514
Derivative liability	¥ 281,009	¥ 0
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Operating lease liabilities, current portion	¥ 445,901	¥ 324,496
Finance lease liabilities, current portion	55,581	41,940
Deferred revenue, current portion	1,463,065	1,275,716
Long-term borrowings, current portion	1,837,950	1,858,613
Accruals and other liabilities	12,538,698	8,650,636
Total current liabilities	58,113,349	39,864,883
Non-current liabilities
Long-term borrowings	6,588,865	5,664,518
Operating lease liabilities	4,246,599	1,345,852
Finance lease liabilities	740,576	777,697
Deferred revenue	1,206,014	822,719
Derivative liability	0	167,940
Deferred tax liabilities	330,353	341,932
Other non-current liabilities	1,568,284	2,445,776
Total non-current liabilities	14,680,691	11,566,434
Total liabilities	72,794,040	51,431,317
Commitments and contingencies
SHAREHOLDERS' EQUITY
Additional paid-in capital	71,236,011	70,671,685
Statutory and other reserves	137,720	95,019
Accumulated deficit	(42,767,710)	(41,585,549)
Accumulated other comprehensive income	1,762,443	2,093,508
Total shareholders' equity	30,368,590	31,274,788
Total liabilities and shareholders' equity	103,162,630	82,706,105
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	105	104
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	¥ 21	¥ 21