- The Company achieved a positive net profit of RMB0.38 billion in the fourth quarter of 2025, recorded a positive net profit for a single quarter for the first time.
- Cash position[i] was RMB47.66 billion (US$6.81 billion) as of December 31, 2025
- Quarterly total revenues were RMB22.25 billion, a 38.2% increase year-over-year
- Quarterly gross margin was 21.3%, an increase of 6.9 percentage points over the same period of 2024
- Quarterly vehicle margin was 13.0%, an increase of 3.0 percentage points over the same period of 2024
- Full year vehicle deliveries reached 429,445, a 125.9% increase year-over-year
- Full year revenues reached RMB76.72 billion, an 87.7% increase year-over-year
- Full year gross margin was 18.9%, an increase of 4.6 percentage points year-over-year
GUANGZHOU, China, March 20, 2026 /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company," NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2025.
Operational and Financial Highlights for the Three Months Ended December 31, 2025
2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3
Total deliveries 116,249 116,007 103,181 94,008 91,507 46,533
- Total deliveries of vehicles were 116,249 for the fourth quarter of 2025, representing an increase of 27.0% from 91,507 in the corresponding period of 2024.
- XPENG's physical sales network had a total of 721 stores, covering 255 cities as of December 31, 2025.
- XPENG self-operated charging station network reached 3,159 stations, including 2,108 XPENG ultra-fast charging stations as of December 31, 2025.
- Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from the same period of 2024, and an increase of 9.2% from the third quarter of 2025.
- Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from the same period of 2024, and an increase of 5.6% from the third quarter of 2025.
- Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.
- Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025.
- Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
- Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared a loss of with RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit attributable to ordinary shareholders of XPENG was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
- Basic and diluted net profit per American depositary share (ADS) were both RMB0.40 (US$0.06) and basic and diluted net profit per ordinary share were both RMB0.20 (US$0.03) for the fourth quarter of 2025. Each ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07), respectively, and non-GAAP basic and diluted net profit per ordinary share were both RMB0.26 (US$0.04) for the fourth quarter of 2025.
- Cash position was RMB47.66 billion (US$6.81 billion) as of December 31, 2025, compared with RMB41.96 billion as of December 31, 2024.
[i]
Cash position includes cash and cash equivalents, restricted cash, short-term investments and time deposits. Time deposits include restricted
short-term deposits, short-term deposits, current portion and non-current portion of 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 % Change[ii]
December 31, September 30, December 31,
2025 2025 2024 YoY QoQ
Vehicle sales 19.07 18.05 14.67 30.0 % 5.6 %
Vehicle margin 13.0 % 13.1 % 10.0 % 3.0 pts -0.1pts
Total revenues 22.25 20.38 16.11 38.2 % 9.2 %
Gross profit 4.74 4.10 2.32 104.0 % 15.5 %
Gross margin 21.3 % 20.1 % 14.4 % 6.9 pts 1.2 pts
Net profit (loss) 0.38 (0.38) (1.33) 128.8 % 200.6 %
Non-GAAP net profit (loss) 0.51 (0.15) (1.39) 136.3 % 432.6 %
Net profit (loss) attributable to 0.38 (0.38) (1.33) 128.8 % 200.6 %
ordinary shareholders
Non-GAAP net profit (loss) 0.51 (0.15) (1.39) 136.3 % 432.6 %
attributable to ordinary
shareholders
Comprehensive profit (loss) 0.22 (0.50) (0.90) 124.2 % 143.1 %
attributable to ordinary
shareholders
[ii] Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
"In 2025, XPENG delivered a total of 429,445 vehicles, representing a 125.9% year-over-year increase. We continue to push the boundaries of Physical AI, accelerating the mass production and commercialization of product innovations as we expand our global footprint," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "I believe XPENG is at a historical inflection point for Physical AI applications. Our goal is not only to grow our global market share of AI-defined vehicles and bridge the gap from L2+ assisted driving to L4 autonomous driving, but also to bring our second-generation VLA model to international markets and achieve scale production of advanced humanoid robots."
"In the fourth quarter of 2025, XPENG's gross margin reached 21.3%, reaching a new record high, with net profit hitting RMB0.38 billion. By leveraging a business model driven by technological leadership, we have established a profitability path that sets us apart from traditional automakers," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "Our cash on hand of RMB47.66 billion at 2025 year-end provides a solid foundation for our unwavering investment in Physical AI R&D."
Recent Developments
DeliveriesinJanuary and February2026
- Total deliveries were 20,011 vehicles in January 2026.
- Total deliveries were 15,256 vehicles in February 2026.
- As of February 28, 2026, year-to-date total deliveries were 35,267 vehicles.
Deployment Progress and Technological breakthroughs of VLA 2.0 Intelligent Driving System
During XPENG's "The Future" VLA Media Experience Day on March 2, 2026, the company unveiled the architecture and deployment plan for its VLA 2.0 intelligent driving system.
Unaudited Financial Results for the Three Months Ended December 31, 2025
Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from RMB16.11 billion for the same period of 2024 and an increase of 9.2% from RMB20.38 billion for the third quarter of 2025.
Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from RMB14.67 billion for the same period of 2024, and an increase of 5.6% from RMB18.05 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.
Revenues from services and others were RMB3.18 billion (US$0.45 billion) for the fourth quarter of 2025, representing an increase of 121.9% from RMB1.43 billion for the same period of 2024 and an increase of 36.7% from RMB2.33 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from (i) technical research and development services ("technical R&D services") rendered to a car manufacturer (the "Manufacturer") with the successful achievement of certain key milestones in the current quarter, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.
Cost of sales was RMB17.51 billion (US$2.50 billion) for the fourth quarter of 2025, representing an increase of 27.1% from RMB13.78 billion for the same period of 2024 and an increase of 7.6% from RMB16.28 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above.
Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.
Vehicle margin was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.
Services and others margin was 70.8% for the fourth quarter of 2025, compared with 59.6% for the same period of 2024 and 74.6% for the third quarter of 2025. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.
Research and development expenses were RMB2.87 billion (US$0.41 billion) for the fourth quarter of 2025, representing an increase of 43.2% from RMB2.01 billion for the same period of 2024 and an increase of 18.3% from RMB2.43 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.
Selling, general and administrative expenses were RMB2.79 billion (US$0.40 billion) for the fourth quarter of 2025, representing an increase of 22.7% from RMB2.28 billion for the same period of 2024 and an increase of 12.0% from RMB2.49 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the higher commission to the franchised stores related to sales volume and the launch of new models. The year-over-year increase was further due to higher marketing and advertising expenses.
Other income, net was RMB0.84 billion (US$0.12 billion) for the fourth quarter of 2025, representing an increase of 327.5% from RMB0.20 billion for the same period of 2024 and an increase of 498.6% from RMB0.14 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the increase in receipt of government subsidies.
Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with gain of RMB0.20 billion for the same period of 2024 and loss of RMB0.07 billion for the third quarter of 2025. 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 RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with RMB1.56 billion for the same period of 2024 and RMB0.75 billion for the third quarter of 2025.
Non-GAAP profit from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.08 billion (US$0.01 billion) for the fourth quarter of 2025, compared with a loss of RMB1.62 billion for the same period of 2024 and a loss of RMB0.52 billion for the third quarter of 2025.
Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.
Non-GAAP net profit, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.
Non-GAAP net profit attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
Basic and diluted net profit per ADS were both RMB0.40 (US$0.06) for the fourth quarter of 2025, compared with RMB1.40 basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.40 basic and diluted net loss per ADS for the third quarter of 2025.
Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07) for the fourth quarter of 2025, respectively, compared with RMB1.47 non-GAAP basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.16 non-GAAP basic and diluted net loss per ADS for the third quarter of 2025.
Balance Sheets
As of December 31, 2025, the Company had cash position of RMB47.66 billion (US$6.81 billion), compared with RMB41.96 billion as of December 31, 2024 and RMB48.33 billion as of September 30, 2025.
Unaudited Financial Results for the Fiscal Year Ended December 31, 2025
Total revenues were RMB76.72 billion (US$10.97 billion) for fiscal year of 2025, representing an increase of 87.7% from RMB40.87 billion for the prior year.
Revenues from vehicle sales were RMB68.38 billion (US$9.78 billion) for fiscal year of 2025, representing an increase of 90.8% from RMB35.83 billion for the prior year. The year-over-year increase was mainly attributable to higher deliveries.
Revenues from services and others were RMB8.34 billion (US$1.19 billion) for fiscal year of 2025, representing an increase of 65.6% from RMB5.04 billion for the prior year. The year-over-year increase was primarily attributable to the increased revenues from (i) technical R&D services rendered to the Manufacturer with the successful achievement of certain key milestones in the current period, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.
Cost of sales was RMB62.25 billion (US$8.9 billion) for fiscal year of 2025, representing an increase of 77.7% from RMB35.02 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.
Gross margin was 18.9% for fiscal year of 2025, compared with 14.3% for the prior year.
Vehicle margin was 12.8% for fiscal year of 2025, compared with 8.3% for the prior year. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.
Services and others margin was 68.2% for fiscal year of 2025, compared with 57.2% for the prior year. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.
Research and development expenses were RMB9.49 billion (US$1.36 billion) for fiscal year of 2025, representing an increase of 47.0% from RMB6.46 billion for the prior year. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.
Selling, general and administrative expenses were RMB9.40 billion (US$1.34 billion) for fiscal year of 2025, representing an increase of 36.8% from RMB6.87 billion for the prior year. The year-over-year increase was primarily due to the higher commission to the franchised stores driven by higher sales volume, higher marketing and advertising expenses and higher employee compensation as a result of the growth in number of employees.
Other income, net was RMB1.76 billion (US$0.25 billion) for fiscal year of 2025, representing an increase of 198.9% from RMB0.59 billion for the prior year. The year-over-year increase was primarily due to the increase in receipt of government subsidies.
Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.12 billion (US$0.02 billion) for fiscal year of 2025, compared with gain of RMB0.23 billion for the prior year. 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 RMB2.77 billion (US$0.40 billion) for fiscal year of 2025, compared with RMB6.66 billion for the prior year.
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 RMB2.09 billion (US$0.30 billion) for fiscal year of 2025, compared with RMB6.42 billion for the prior year.
Net loss was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.
Non-GAAP net loss, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.
Net loss attributable to ordinary shareholders of XPENG was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.
Basic and diluted net loss per ADS were both RMB1.20 (US$0.17) for fiscal year of 2025, compared with RMB6.12 for the prior year.
Non-GAAP basic and diluted net loss per ADS were both RMB0.48 (US$0.07) for fiscal year of 2025, compared with RMB5.87 for the prior year.
Business Outlook
For the first quarter of 2026, the Company expects:
- Deliveriesofvehicles to be between 61,000 and 66,000, representing a year-over-year decrease of approximately 29.79% to 35.11%.
- Totalrevenues to be between RMB12.20 billion and RMB13.28 billion, representing a year-over-year decrease of approximately 16.01% to 22.84%.
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 20, 2026 (8:00 PM Beijing/Hong Kong Time on March 20, 2026).
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 2025 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10052981-bng765.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 27, 2026, 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: 10052981
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 become a smart technology company trusted and loved by users worldwide. 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, Shenzhen, Silicon Valley and San Diego. 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) profit from operations, non-GAAP net (loss) profit, non-GAAP net (loss) profit attributable to ordinary shareholders, non-GAAP basic (loss) profit per weighted average number of ordinary shares and non-GAAP basic (loss) profit per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses 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) profit or other consolidated statements of comprehensive (loss) profit 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 RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, 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 Enquiries
IR Department
XPeng Inc.
E-mail: ir@xiaopeng.com
Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com
For Media Enquiries
PR Department
XPeng Inc.
E-mail: pr@xiaopeng.com
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
2024 2025 2025
RMB RMB US$
ASSETS 18,586,274 17,329,612 2,478,102
Current assets
Cash and cash equivalents
Restricted cash 3,153,390 6,071,491 868,212
Short-term deposits 12,931,757 11,388,834 1,628,582
Restricted short-term deposits 110,699 296,277 42,367
Short-term investments 751,290 3,217,293 460,067
Long-term deposits, current portion 452,326 3,020,317 431,900
Restricted long-term deposits, current portion - 600,472 85,866
Accounts and notes receivable, net 2,449,629 1,996,917 285,555
Installment payment receivables, net, 2,558,756 3,553,054 508,080
current portion
Inventory 5,562,922 10,380,668 1,484,416
Amounts due from related parties 43,714 102,219 14,617
Prepayments and other current assets 3,135,312 5,296,673 757,415
Total current assets 49,736,069 63,253,827 9,045,179
Non-current assets 4,489,036 4,263,542 609,678
Long-term deposits
Restricted long-term deposits 1,487,688 1,468,708 210,022
Property, plant and equipment, net 11,521,863 13,527,237 1,934,369
Right-of-use assets, net 1,261,663 3,730,921 533,515
Intangible assets, net 4,610,469 4,253,168 608,195
Land use rights, net 2,744,424 3,216,526 459,957
Installment payment receivables, net 4,448,416 6,496,020 928,919
Long-term investments 1,963,194 2,523,037 360,789
Other non-current assets 443,283 429,644 61,438
Total non-current assets 32,970,036 39,908,803 5,706,882
Total assets 82,706,105 103,162,630 14,752,061
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
2024 2025 2025
RMB RMB US$
LIABILITIES
Current liabilities
Short-term borrowings 4,609,123 4,282,000 612,318
Accounts payable 15,181,585 18,001,675 2,574,205
Notes payable 7,898,896 19,161,724 2,740,090
Amounts due to related parties 9,364 1,064 152
Income taxes payable 14,514 44,682 6,389
Derivative liability 281,009 40,184
Operating lease liabilities, current portion 324,496 445,901 63,763
Finance lease liabilities, current portion 41,940 55,581 7,948
Deferred revenue, current portion 1,275,716 1,463,065 209,216
Long-term borrowings, current portion 1,858,613 1,837,950 262,823
Accruals and other liabilities 8,650,636 12,538,698 1,793,010
Total current liabilities 39,864,883 58,113,349 8,310,098
Non-current liabilities
Long-term borrowings 5,664,518 6,588,865 942,195
Operating lease liabilities 1,345,852 4,246,599 607,256
Finance lease liabilities 777,697 740,576 105,901
Deferred revenue 822,719 1,206,014 172,458
Derivative liability 167,940
Deferred tax liabilities 341,932 330,353 47,240
Other non-current liabilities 2,445,776 1,568,284 224,262
Total non-current liabilities 11,566,434 14,680,691 2,099,312
Total liabilities 51,431,317 72,794,040 10,409,410
SHAREHOLDERS' EQUITY
Class A Ordinary shares 104 105 15
Class B Ordinary shares 21 21 3
Additional paid-in capital 70,671,685 71,236,011 10,186,614
Statutory and other reserves 95,019 137,720 19,694
Accumulated deficit (41,585,549) (42,767,710) (6,115,701)
Accumulated other comprehensive income 2,093,508 1,762,443 252,026
Total shareholders' equity 31,274,788 30,368,590 4,342,651
Total liabilities and shareholders' equity 82,706,105 103,162,630 14,752,061
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE PROFIT/(LOSS)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
Three Months Ended
December 31, September 30, December 31, December 31,
2024 2025 2025 2025
RMB RMB RMB US$
Revenues
Vehicle sales 14,671,128 18,053,752 19,072,174 2,727,285
Services and others 1,433,968 2,327,198 3,181,585 454,961
Total revenues 16,105,096 20,380,950 22,253,759 3,182,246
Cost of sales
Vehicle sales (13,200,594) (15,686,646) (16,583,754) (2,371,445)
Services and others (579,725) (590,051) (928,199) (132,731)
Total cost of sales (13,780,319) (16,276,697) (17,511,953) (2,504,176)
Gross profit 2,324,777 4,104,253 4,741,806 678,070
Operating expenses
Research and development expenses (2,006,463) (2,428,863) (2,874,248) (411,012)
Selling, general and administrative (2,275,400) (2,492,897) (2,792,254) (399,287)
expenses
Other income, net 196,436 140,283 839,694 120,075
Fair value gain (loss) on derivative 204,637 (73,824) 40,744 5,826
liability relating to the contingent
consideration
Total operating expenses, net (3,880,790) (4,855,301) (4,786,064) (684,398)
Loss from operations (1,556,013) (751,048) (44,258) (6,328)
Interest income 301,177 300,840 262,919 37,597
Interest expense (94,001) (99,350) (76,485) (10,937)
Investment gain on long-term investments 10,069 131,115 265,364 37,947
Exchange (loss) gain from foreign (104,994) 25,860 (12,994) (1,858)
currency transactions
Other non-operating income (expenses), 94,093 (1,113) 22,173 3,171
net
(Loss) profit before income tax benefit (1,349,669) (393,696) 416,719 59,592
(expenses) and share of results of
equity method investees
Income tax benefit (expenses) 44,092 7,113 (22,128) (3,164)
Share of results of equity method (24,396) 5,715 (11,383) (1,628)
investees
Net (loss) profit (1,329,973) (380,868) 383,208 54,800
Net (loss) profit attributable to (1,329,973) (380,868) 383,208 54,800
ordinary shareholders of XPeng Inc.
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE PROFIT/(LOSS) (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
Three Months Ended
December 31, September 30, December 31, December 31,
2024 2025 2025 2025
RMB RMB RMB US$
Net (loss) profit (1,329,973) (380,868) 383,208 54,800
Other comprehensive profit (loss)
Foreign currency translation adjustment, 433,820 (122,747) (166,194) (23,765)
net of tax
Total comprehensive (loss) profit (896,153) (503,615) 217,014 31,035
attributable to XPeng Inc.
Comprehensive (loss) profit (896,153) (503,615) 217,014 31,035
attributable to ordinary
shareholders of XPeng Inc.
Weighted average number of
ordinary shares used in computing
net (loss) profit per ordinary share
Basic 1,898,086,802 1,905,381,418 1,908,651,262 1,908,651,262
Diluted 1,898,086,802 1,905,381,418 1,934,719,272 1,934,719,272
Net (loss) profit per ordinary share
attributable to ordinary
shareholders
Basic (0.70) (0.20) 0.20 0.03
Diluted (0.70) (0.20) 0.20 0.03
Weighted average number of ADS
used in computing net (loss) profit
per share
Basic 949,043,401 952,690,709 954,325,631 954,325,631
Diluted 949,043,401 952,690,709 967,359,636 967,359,636
Net (loss) profit per ADS attributable
to ordinary shareholders
Basic (1.40) (0.40) 0.40 0.06
Diluted (1.40) (0.40) 0.40 0.06
XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
Three Months Ended
December 31, September 30, December 31, December 31,
2024 2025 2025 2025
RMB RMB RMB US$
Loss from operations (1,556,013) (751,048) (44,258) (6,328)
Fair value (gain) loss on derivative (204,637) 73,824 (40,744) (5,826)
liability relating to the contingent
consideration
Share-based compensation expenses 143,675 155,195 162,629 23,256
Non-GAAP (loss) profit from (1,616,975) (522,029) 77,627 11,102
operations
Net (loss) profit (1,329,973) (380,868) 383,208 54,800
Fair value (gain) loss on derivative (204,637) 73,824 (40,744) (5,826)
liability relating to the contingent
consideration
Share-based compensation expenses 143,675 155,195 162,629 23,256
Non-GAAP net (loss) profit (1,390,935) (151,849) 505,093 72,230
Net (loss) profit attributable to (1,329,973) (380,868) 383,208 54,800
ordinary shareholders
Fair value (gain) loss on derivative (204,637) 73,824 (40,744) (5,826)
liability relating to the contingent
consideration
Share-based compensation expenses 143,675 155,195 162,629 23,256
Non-GAAP net (loss) profit (1,390,935) (151,849) 505,093 72,230
attributable to ordinary
shareholders of XPeng Inc.
XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
Three Months Ended
December 31, September 30, December 31, December 31,
2024 2025 2025 2025
RMB RMB RMB US$
Weighted average number of
ordinary shares used in
calculating Non-GAAP net (loss)
profit per share
Basic 1,898,086,802 1,905,381,418 1,908,651,262 1,908,651,262
Diluted 1,898,086,802 1,905,381,418 1,934,719,272 1,934,719,272
Non-GAAP net (loss) profit per
ordinary share
Basic (0.73) (0.08) 0.26 0.04
Diluted (0.73) (0.08) 0.26 0.04
Weighted average number of ADS
used in calculating Non-GAAP
net (loss) profit per share
Basic 949,043,401 952,690,709 954,325,631 954,325,631
Diluted 949,043,401 952,690,709 967,359,636 967,359,636
Non-GAAP net (loss) profit per ADS
Basic (1.47) (0.16) 0.53 0.08
Diluted (1.47) (0.16) 0.52 0.07
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
For the Year Ended December 31
2024 2025 2025
RMB RMB US$
Revenues
Vehicle sales 35,829,402 68,378,920 9,778,056
Services and others 5,036,907 8,340,822 1,192,722
Total revenues 40,866,309 76,719,742 10,970,778
Cost of sales
Vehicle sales (32,866,163) (59,598,391) (8,522,457)
Services and others (2,154,378) (2,648,432) (378,721)
Total cost of sales (35,020,541) (62,246,823) (8,901,178)
Gross profit 5,845,768 14,472,919 2,069,600
Operating expenses
Research and development expenses (6,456,734) (9,489,979) (1,357,049)
Selling, general and administrative expenses (6,870,644) (9,398,456) (1,343,961)
Other income, net 589,227 1,761,419 251,880
Fair value gain (loss) on derivative liability 234,245 (117,305) (16,774)
relating to the contingent consideration
Total operating expenses, net (12,503,906) (17,244,321) (2,465,904)
Loss from operations (6,658,138) (2,771,402) (396,304)
Interest income 1,374,525 1,163,210 166,337
Interest expense (343,982) (379,931) (54,329)
Investment (loss) gain on long-term investments (261,991) 500,533 71,575
Exchange (loss) gain from foreign currency (49,543) 285,998 40,897
transactions
Other non-operating income, net 108,154 44,789 6,405
Loss before income tax benefit (expenses) and (5,830,975) (1,156,803) (165,419)
share of results of equity method investees
Income tax benefit (expenses) 69,780 (13,585) (1,943)
Share of results of equity method investees (29,069) 30,928 4,423
Net loss (5,790,264) (1,139,460) (162,939)
Net loss attributable to ordinary shareholders (5,790,264) (1,139,460) (162,939)
of XPeng Inc.
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
For the Year Ended December 31
2024 2025 2025
RMB RMB US$
Net loss (5,790,264) (1,139,460) (162,939)
Other comprehensive income
Foreign currency translation adjustment, 262,870 (331,065) (47,342)
net of tax
Total comprehensive loss attributable (5,527,394) (1,470,525) (210,281)
to XPeng Inc.
Comprehensive loss attributable to (5,527,394) (1,470,525) (210,281)
ordinary shareholders of XPeng Inc.
Weighted average number of ordinary
shares used in computing net loss per
ordinary share
Basic and diluted 1,891,357,212 1,903,989,310 1,903,989,310
Net loss per ordinary share
attributable to ordinary shareholders
Basic and diluted (3.06) (0.60) (0.09)
Weighted average number of ADS used
in computing net loss per share
Basic and diluted 945,678,606 951,994,655 951,994,655
Net loss per ADS attributable to
ordinary shareholders
Basic and diluted (6.12) (1.20) (0.17)
XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
For the Year Ended December 31
2024 2025 2025
RMB RMB US$
Loss from operations (6,658,138) (2,771,402) (396,304)
Fair value (gain) loss on derivative liability (234,245) 117,305 16,774
relating to the contingent consideration
Share-based compensation expenses 473,655 564,327 80,698
Non-GAAP loss from operations (6,418,728) (2,089,770) (298,832)
Net loss (5,790,264) (1,139,460) (162,939)
Fair value (gain) loss on derivative liability (234,245) 117,305 16,774
relating to the contingent consideration
Share-based compensation expenses 473,655 564,327 80,698
Non-GAAP net loss (5,550,854) (457,828) (65,467)
Net loss attributable to ordinary shareholders (5,790,264) (1,139,460) (162,939)
Fair value (gain) loss on derivative liability (234,245) 117,305 16,774
relating to the contingent consideration
Share-based compensation expenses 473,655 564,327 80,698
Non-GAAP net loss attributable to (5,550,854) (457,828) (65,467)
ordinary shareholders of XPeng Inc.
Weighted average number of ordinary
shares used in calculating Non-GAAP
net loss per share
Basic and diluted 1,891,357,212 1,903,989,310 1,903,989,310
Non-GAAP net loss per ordinary share
Basic and diluted (2.93) (0.24) (0.03)
Weighted average number of ADS used
in calculating Non-GAAP net loss per
share
Basic and diluted 945,678,606 951,994,655 951,994,655
Non-GAAP net loss per ADS
Basic and diluted (5.87) (0.48) (0.07)
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SOURCE XPeng Inc.
