6-K - XPEV - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TORULE 13a-16 OR 15d-16

OF THESECURITIES EXCHANGE ACT OF 1934

March 2025

CommissionFile Number: 001-39466

XPENG INC.

No. 8 Songgang Road, Changxing Street

Cencun, Tianhe District, Guangzhou

Guangdong 510640

People’s Republic of China

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

TABLE OF CONTENTS

Exhibit 99.1	Press release: XPENG Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
Exhibit 99.2	Announcement: Annual Results Announcement For The Year Ended December 31, 2024

SIGNATURE

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

XPENG INC.
By:	/s/ Xiaopeng He
Name:	Xiaopeng He
Title:	Chairman and Chief Executive Officer

Date: March 18, 2025

EX-99.1

Exhibit 99.1

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XPENG Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

•	Cash and cash equivalents, restricted cash, short-term investments and time deposits wereRMB41.96 billion (US$5.75 billion) as of December 31, 2024
•	Quarterly total revenues were RMB16.11 billion, a 59.4% increasequarter-over-quarter
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•	Quarterly gross margin was 14.4%, an increase of 8.2 percentage points over the same period of 2023<br>
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•	Quarterly vehicle margin was 10.0%, an increase of 5.9 percentage points over the same period of 2023<br>
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•	Full year vehicle deliveries reached 190,068, a 34.2% increase year-over-year
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•	Full year revenues reached RMB40.87 billion, a 33.2% increase year-over-year<br>
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•	Full year gross margin was 14.3%, an increase of 12.8 percentage points year-over-year<br>
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GUANGZHOU, China, March 18, 2025 — XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2024.

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

	2024Q4
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%<br>from 60,158 in the corresponding period of 2023.
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•	XPENG’s physical sales network had a total of 690 stores, covering 226 cities as of December 31,<br>2024.
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•	XPENG self-operated charging station network reached 1,920 stations, including 928 XPENG S4 and S5<br>ultra-fast charging stations as of December 31, 2024.
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•	Total revenues were RMB16.11 billion (US$2.21 billion) for the fourth quarter of 2024, representing<br>an increase of 23.4% from the same period of 2023, and an increase of 59.4% from the third quarter of 2024.
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•	Revenues from vehicle sales were RMB14.67 billion (US$2.01 billion) for the fourth quarter of 2024,<br>representing an increase of 20.0% from the same period of 2023, and an increase of 66.8% from the third quarter of 2024.
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•	Gross margin was 14.4% for the fourth quarter of 2024, compared with 6.2% for the same period of 2023 and<br>15.3% for the third quarter of 2024.
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•	Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 10.0%<br>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.
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•	Net loss was RMB1.33 billion (US$0.18 billion) for the fourth quarter of 2024, compared with<br>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<br>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<br>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<br>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<br>(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<br>quarter of 2024, compared with RMB1.77 billion for the same period of 2023 and RMB1.53 billion for the third quarter of 2024.
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•	Basic and diluted net loss per American depositary share (ADS) were both RMB1.40 (US$0.19) and basicand 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.
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•	Non-GAAP basic and diluted net loss per ADS were both RMB1.47<br>(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.
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•	Cash and cash equivalents, restricted cash, short-term investments and time deposits were<br>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,<br>short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.
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Key Financial Results

(in RMB billions, except for percentage)

	For the Three Months Ended									% Change^i^
	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<br>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<br>
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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.
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•	As of February 28, 2025,<br>year-to-date total deliveries were 60,803 vehicles.
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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.

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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 administrativeexpenses 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.

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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 toordinary 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.

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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 anddevelopment 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 administrativeexpenses 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.

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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 ofXPENG, 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<br>approximately 317.0% to 326.2%.
•	Total revenues to be between RMB15.0 billion and RMB15.7 billion, representing a year-over-year<br>increase of approximately 129.1% to 139.8%.
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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.

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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.

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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 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

Source: XPeng Inc.

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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
Restricted cash		3,174,886	****	3,153,390
Short-term deposits		9,756,979	****	12,931,757
Restricted short-term deposits		—	****	110,699
Short-term investments		781,216	****	751,290
Long-term deposits, current portion		7,054,915	****	452,326
Accounts and notes receivable, net		2,716,216	****	2,449,629
Installment payment receivables, net, current portion		1,881,755	****	2,558,756
Inventory		5,526,212	****	5,562,922
Amounts due from related parties		12,948	****	43,714
Prepayments and other current assets		2,489,339	****	3,135,312
Total current assets		54,521,629	****	49,736,069
Non-current assets:
Long-term deposits		3,035,426	****	4,489,036
Restricted long-term deposits		767,899	****	1,487,688
Property, plant and equipment, net		10,954,485	****	11,521,863
Right-of-use<br>assets, net		1,455,865	****	1,261,663
Intangible assets, net		4,948,992	****	4,610,469
Land use rights, net		2,789,367	****	2,744,424
Installment payment receivables, net		3,027,795	****	4,448,416
Long-term investments		2,084,933	****	1,963,194
Other non-current assets		576,150	****	443,283
Total non-current assets		29,640,912	****	32,970,036
Total assets		84,162,541	****	82,706,105

All values are in US Dollars.

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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	****		****
Accounts and notes payable		22,210,431		****	23,080,481	****		****
Amounts due to related parties		30,880		****	9,364	****		****
Operating lease liabilities, current portion		365,999		****	324,496	****		****
Finance lease liabilities, current portion		34,382		****	41,940	****		****
Deferred revenue, current portion		630,997		****	1,275,716	****		****
Long-term borrowings, current portion		1,363,835		****	1,858,613	****		****
Accruals and other liabilities		7,580,195		****	8,650,636	****		****
Income taxes payable		5,743		****	14,514	****		****
Total current liabilities		36,111,562		****	39,864,883	****		****
Non-current liabilities
Long-term borrowings		5,650,782		****	5,664,518	****		****
Operating lease liabilities		1,490,882		****	1,345,852	****		****
Finance lease liabilities		777,697		****	777,697	****		****
Deferred revenue		668,946		****	822,719	****		****
Derivative liability		393,473		****	167,940	****		****
Deferred tax liabilities		404,018		****	341,932	****		****
Other non-current liabilities		2,336,654		****	2,445,776	****		****
Total non-current liabilities		11,722,452		****	11,566,434	****		****
Total liabilities		47,834,014		****	51,431,317	****		****
SHAREHOLDERS’ EQUITY
Class A Ordinary shares		103		****	104	****		****
Class B Ordinary shares		21		****	21	****		****
Additional paid-in capital		70,198,031		****	70,671,685	****		****
Statutory and other reserves		60,035		****	95,019	****		****
Accumulated deficit		(35,760,301	)	****	(41,585,549	)		)
Accumulated other comprehensive income		1,830,638		****	2,093,508	****		****
Total shareholders’ equity		36,328,527		****	31,274,788	****		****
Total liabilities and shareholders’ equity		84,162,541		****	82,706,105	****		****

All values are in US Dollars.

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XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE 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,
	2023			2024			2024			2024
	RMB			RMB			RMB			US
Revenues
Vehicle sales		12,228,314			8,795,011		****	14,671,128	****		****
Services and others		822,116			1,306,699		****	1,433,968	****		****
Total revenues		13,050,430			10,101,710		****	16,105,096	****		****
Cost of sales
Vehicle sales		(11,732,955	)		(8,039,240	)	****	(13,200,594	)		)
Services and others		(508,003	)		(521,022	)	****	(579,725	)		)
Total cost of sales		(12,240,958	)		(8,560,262	)	****	(13,780,319	)		)
Gross profit		809,472			1,541,448		****	2,324,777	****		****
Operating expenses
Research and development expenses		(1,307,745	)		(1,633,071	)	****	(2,006,463	)		)
Selling, general and administrative expenses		(1,936,503	)		(1,633,196	)	****	(2,275,400	)		)
Total operating expenses		(3,244,248	)		(3,266,267	)	****	(4,281,863	)		)
Other income, net		352,391			39,908		****	196,436	****		****
Fair value gain (loss) on derivative liability relating to the contingent<br>consideration		29,339			(162,185	)	****	204,637	****		****
Loss from operations		(2,053,046	)		(1,847,096	)	****	(1,556,013	)		)
Interest income		342,780			318,021		****	301,177	****		****
Interest expense		(73,225	)		(83,461	)	****	(94,001	)		)
Fair value gain on derivative liability		561,415			—		****	—	****		****
Investment (loss) gain on long-term investments		(185,318	)		(216,768	)	****	10,069	****		****
Exchange gain (loss) from foreign currency transactions		46,362			47,565		****	(104,994	)		)
Other non-operating income, net		27,364			6,444		****	94,093	****		****
Loss before income tax (expenses) benefit and share of results of equity methodinvestees		(1,333,668	)		(1,775,295	)	****	(1,349,669	)		)
Income tax (expenses) benefit		(21,754	)		(7,025	)	****	44,092	****		****
Share of results of equity method investees		7,807			(25,400	)	****	(24,396	)		)
Net loss		(1,347,615	)		(1,807,720	)	****	(1,329,973	)		)
Net loss attributable to ordinary shareholders of XPeng Inc.		(1,347,615	)		(1,807,720	)	****	(1,329,973	)		)

All values are in US Dollars.

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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)

	Three Months Ended
	December 31,			September 30,			December 31,			December 31,
	2023			2024			2024			2024
	RMB			RMB			RMB			US
Net loss		(1,347,615	)		(1,807,720	)	****	(1,329,973	)		)
Other comprehensive loss
Foreign currency translation adjustment, net of tax		(222,618	)		(284,343	)	****	433,820	****		****
Total comprehensive loss attributable to XPeng Inc.		(1,570,233	)		(2,092,063	)	****	(896,153	)		)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.		(1,570,233	)		(2,092,063	)	****	(896,153	)		)
Weighted average number of ordinary shares used in computing net loss per ordinaryshare
Basic and diluted		1,787,655,242			1,893,857,778		****	1,898,086,802	****		****
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted		(0.75	)		(0.95	)	****	(0.70	)		)
Weighted average number of ADS used in computing net loss per share
Basic and diluted		893,827,621			946,928,889		****	949,043,401	****		****
Net loss per ADS attributable to ordinary shareholders
Basic and diluted		(1.51	)		(1.91	)	****	(1.40	)		)

All values are in US Dollars.

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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,
	2023			2024			2024			2024
	RMB			RMB			RMB			US
Loss from operations		(2,053,046	)		(1,847,096	)	****	(1,556,013	)		)
Fair value gain on derivative liability relating to the contingent consideration		(29,339	)		162,185		****	(204,637	)		)
Share-based compensation expenses		167,036			113,963		****	143,675	****		****
Non-GAAP loss from operations		(1,915,349	)		(1,570,948	)	****	(1,616,975	)		)
Net loss		(1,347,615	)		(1,807,720	)	****	(1,329,973	)		)
Fair value (gain) loss on derivative liability relating to the contingent<br>consideration		(29,339	)		162,185		****	(204,637	)		)
Fair value gain on derivative liability		(561,415	)		—		****	—	****		****
Share-based compensation expenses		167,036			113,963		****	143,675	****		****
Non-GAAP net loss		(1,771,333	)		(1,531,572	)	****	(1,390,935	)		)
Net loss attributable to ordinary shareholders		(1,347,615	)		(1,807,720	)	****	(1,329,973	)		)
Fair value (gain) loss on derivative liability relating to the contingent<br>consideration		(29,339	)		162,185		****	(204,637	)		)
Fair value gain on derivative liability		(561,415	)		—		****	—	****		****
Share-based compensation expenses		167,036			113,963		****	143,675	****		****
Non-GAAP net loss attributable to ordinaryshareholders of XPeng Inc.		(1,771,333	)		(1,531,572	)	****	(1,390,935	)		)

All values are in US Dollars.

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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,
	2023			2024			2024			2024
	RMB			RMB			RMB			US
Weighted average number of ordinary shares used in calculatingNon-GAAP net loss per share
Basic and diluted		1,787,655,242			1,893,857,778		****	1,898,086,802	****		****
Non-GAAP net loss per ordinary share
Basic and diluted		(0.99	)		(0.81	)	****	(0.73	)		)
Weighted average number of ADS used in calculatingNon-GAAP net loss per share
Basic and diluted		893,827,621			946,928,889		****	949,043,401	****		****
Non-GAAP net loss per ADS
Basic and diluted		(1.98	)		(1.62	)	****	(1.47	)		)

All values are in US Dollars.

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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
	2023			2024			2024
	RMB			RMB			US
Revenues
Vehicle sales		28,010,857		****	35,829,402	****		****
Services and others		2,665,210		****	5,036,907	****		****
Total revenues		30,676,067		****	40,866,309	****		****
Cost of sales
Vehicle sales		(28,457,909	)	****	(32,866,163	)		)
Services and others		(1,767,003	)	****	(2,154,378	)		)
Total cost of sales		(30,224,912	)	****	(35,020,541	)		)
Gross profit		451,155		****	5,845,768	****		****
Operating expenses
Research and development expenses		(5,276,574	)	****	(6,456,734	)		)
Selling, general and administrative expenses		(6,558,942	)	****	(6,870,644	)		)
Total operating expenses		(11,835,516	)	****	(13,327,378	)		)
Other income, net		465,588		****	589,227	****		****
Fair value gain on derivative liability relating to the contingent consideration		29,339		****	234,245	****		****
Loss from operations		(10,889,434	)	****	(6,658,138	)		)
Interest income		1,260,162		****	1,374,525	****		****
Interest expense		(268,666	)	****	(343,982	)		)
Fair value loss on derivative liability		(410,417	)	****	—	****		****
Investment loss on long-term investments		(224,364	)	****	(261,991	)		)
Exchange gain (loss) from foreign currency transactions		97,080		****	(49,543	)		)
Other non-operating income, net		41,934		****	108,154	****		****
Loss before income tax (expenses) benefit and share of results of equity methodinvestees		(10,393,705	)	****	(5,830,975	)		)
Income tax (expenses) benefit		(36,810	)	****	69,780	****		****
Share of results of equity method investees		54,740		****	(29,069	)		)
Net loss		(10,375,775	)	****	(5,790,264	)		)
Net loss attributable to ordinary shareholders of XPeng Inc.		(10,375,775	)	****	(5,790,264	)		)

All values are in US Dollars.

LOGO

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
	2023			2024			2024
	RMB			RMB			US
Net loss		(10,375,775	)	****	(5,790,264	)		)
Other comprehensive income
Foreign currency translation adjustment, net of tax		286,614		****	262,870	****		****
Total comprehensive loss attributable to XPeng Inc.		(10,089,161	)	****	(5,527,394	)		)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.		(10,089,161	)	****	(5,527,394	)		)
Weighted average number of ordinary shares used in computing net loss per ordinaryshare
Basic and diluted		1,740,921,519		****	1,891,357,212	****		****
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted		(5.96	)	****	(3.06	)		)
Weighted average number of ADS used in computing net loss per share
Basic and diluted		870,460,760		****	945,678,606	****		****
Net loss per ADS attributable to ordinary shareholders
Basic and diluted		(11.92	)	****	(6.12	)		)

All values are in US Dollars.

LOGO

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
	2023			2024			2024
	RMB			RMB			US
Loss from operations		(10,889,434	)	****	(6,658,138	)		)
Fair value gain on derivative liability relating to the contingent consideration		(29,339	)	****	(234,245	)		)
Share-based compensation expenses		550,535		****	473,655	****		****
Non-GAAP loss from operations		(10,368,238	)	****	(6,418,728	)		)
Net loss		(10,375,775	)	****	(5,790,264	)		)
Fair value gain on derivative liability relating to the contingent consideration		(29,339	)	****	(234,245	)		)
Fair value loss on derivative liability		410,417		****	—	****		****
Share-based compensation expenses		550,535		****	473,655	****		****
Non-GAAP net loss		(9,444,162	)	****	(5,550,854	)		)
Net loss attributable to ordinary shareholders		(10,375,775	)	****	(5,790,264	)		)
Fair value gain on derivative liability<br><br><br>relating to the contingent consideration		(29,339	)	****	(234,245	)		)
Fair value loss on derivative liability		410,417		****	—	****		****
Share-based compensation expenses		550,535		****	473,655	****		****
Non-GAAP net loss attributable to ordinaryshareholders of XPeng Inc.		(9,444,162	)	****	(5,550,854	)		)
Weighted average number of ordinary shares used in calculatingNon-GAAP net loss per share
Basic and diluted		1,740,921,519		****	1,891,357,212	****		****
Non-GAAP net loss per ordinary share
Basic and diluted		(5.42	)	****	(2.93	)		)
Weighted average number of ADS used in calculatingNon-GAAP net loss per share
Basic and diluted		870,460,760		****	945,678,606	****		****
Non-GAAP net loss per ADS
Basic and diluted		(10.85	)	****	(5.87	)		)

All values are in US Dollars.

EX-99.2

Exhibit 99.2

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

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

(Stock Code: 9868)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED DECEMBER 31, 2024

XPeng Inc. (“XPENG” or the “Company”, HKEX stock code: 9868 and NYSE symbol: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced the unaudited financial results of the Company and its subsidiaries and consolidated affiliated entities (the “Group”) for the year ended December 31, 2024 (the “Reporting Period”).

OPERATIONAL AND FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2024

•	Total deliveries of vehicles were 190,068 in 2024, representing an increase of 34.2% from 141,601 in 2023.<br>
•	XPENG’s physical sales network had a total of 690 stores, covering 226 cities as of December 31,<br>2024.
---	---
•	XPENG self-operated charging station network reached 1,920 stations, including 928 XPENG S4 and S5<br>ultra-fast charging stations as of December 31, 2024.
---	---
•	Total revenues were RMB40.87 billion for the year ended December 31, 2024, representing an<br>increase of 33.2% from RMB30.68 billion for the year ended December 31, 2023.
---	---
•	Revenues from vehicle sales were RMB35.83 billion for the year ended December 31, 2024,<br>representing an increase of 27.9% from RMB28.01 billion for the year ended December 31, 2023.
---	---
•	Gross margin was 14.3% for the year ended December 31, 2024, compared with 1.5% for the year ended<br>December 31, 2023.
---	---
•	Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 8.3%<br>for the year ended December 31, 2024, compared with negative 1.6% for the year ended December 31, 2023.
---	---

•	Net loss was RMB5.79 billion for the year ended December 31, 2024, compared with<br>RMB10.38 billion for the year ended December 31, 2023. Excluding share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB5.55 billion for the year ended December 31, 2024, compared with RMB9.44 billion for the year ended December 31, 2023.
•	Net loss attributable to ordinary shareholders of XPENG was RMB5.79 billion for the year ended<br>December 31, 2024, compared with RMB10.38 billion for the year ended December 31, 2023. Excluding share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the<br>contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB5.55 billion for the year ended December 31, 2024, compared with RMB9.44 billion for the<br>year ended December 31, 2023.
---	---
•	Basic and diluted net loss per American depositary share (ADS) were both RMB6.12 for fiscal year 2024,<br>compared with RMB11.92 for the prior year. Basic and diluted net loss per ordinary share were both RMB3.06 for fiscal year 2024, compared with RMB5.96 for the prior year. Each ADS represents two Class A ordinary shares.<br>
---	---
•	Non-GAAP basic and diluted net loss per ADS were both RMB5.87 for<br>fiscal year 2024, compared with RMB10.85 for the prior year. Non-GAAP basic and diluted net loss per ordinary share were both RMB2.93 for fiscal year 2024, compared with RMB5.42 for the prior year.<br>
---	---
•	Cash and cash equivalents, restricted cash, short-term investments and time deposits were<br>RMB41.96 billion as of December 31, 2024, compared with RMB45.70 billion as of December 31, 2023. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.
---	---

MANAGEMENT COMMENTARY

RECENT DEVELOPMENTS

Deliveries inJanuary 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,<br>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 inChina

UNAUDITED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

Total revenues were RMB40.87 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 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 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 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.

Cost of sales was RMB35.02 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.

Research and development expenses were RMB6.46 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 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 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 liabilityrelating to the contingent consideration was gain of RMB0.23 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 Global Inc. (“DiDi”)’s smart auto business.

Loss from operations was RMB6.66 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 for fiscal year of 2024, compared with RMB10.37 billion for the prior year.

Net loss was RMB5.79 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 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 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 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 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 for fiscal year of 2024, compared with RMB10.85 for the prior year.

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 compared with RMB45.70 billion as of **** December 31, 2023.

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<br>approximately 317.0% to 326.2%.
•	Total revenues to be between RMB15.0 billion and RMB15.7 billion, representing a year-over-year<br>increase of approximately 129.1% to 139.8%.
---	---

MANAGEMENT DISCUSSION AND ANALYSIS

1.	Liquidity and capital resources

The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB5.79 billion and RMB10.38 billion for the years ended December 31, 2024 and 2023, respectively. Accumulated deficit amounted to RMB41.59 billion as of December 31, 2024. Net cash used in operating activities was approximately RMB2.01 billion for the year ended December 31, 2024 and net cash provided by operating activities was approximately RMB0.96 billion 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 initial public offering and follow-on offering on New York Stock Exchange in August and December 2020, the Group received the net proceeds, after deducting the underwriting discounts and commissions, fees and offering expenses, of RMB11.41 billion and RMB15.98 billion, respectively. In July 2021, with the completion of its global offering, including the Hong Kong Public Offering and the International Offering, on Hong Kong Stock Exchange, the Group received the net proceeds, after deducting the underwriting discounts and commissions, of HKD15.82 billion. In December 2023, with the completion of the investment by the Volkswagen Group, the Group received the net proceeds, after deducting related costs and expenses, of RMB5.02 billion.

As of December 31, 2024, the balance of cash and cash equivalents, restricted cash, excluding RMB0.01 billion (December 31, 2023: RMB0.01 billion) restricted as to withdrawal or use for legal disputes, short-term investments and time deposits was RMB41.95 billion (December 31, 2023: RMB45.69 billion).

2.	Interest-bearing bank and other borrowings
(i)	Short-term bank loans
---	---

As of December 31, 2024, the Group’s short-term borrowings from banks in the PRC amounted to RMB4.61 billion in aggregate. The effective interest rate of these borrowings was 2.24% per annum. As of December 31, 2023, short-term borrowings from banks in the PRC amounted to RMB3.89 billion 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 nil and RMB0.20 billion, as of December 31, 2024 and December 31, 2023, respectively, which are classified as “Restricted long-term deposits”.

(ii)	Long-term bank loans:
				As of December 31, 2024									As of December 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Ref.	Company	Outstandingloan		Currentportionaccordingto therepaymentschedule		Long-termportion		Effectiveinterestrate			Outstanding<br>loan		Current<br>portion<br>according<br>to the<br>repayment<br>schedule		Long-<br>term<br>portion		Effective<br>interest<br>rate
1	Zhaoqing Xiaopeng Automobile Co., Ltd.	****	1.49	****	0.23	****	1.26	****	4.05	%		2.17		0.68		1.49		3.84	%
2	Zhaoqing Xiaopeng New Energy Investment Co., Ltd.	****	1.24	****	0.74	****	0.50	****	3.04	%		1.25		0.12		1.13		3.06	%
3	Guangzhou Xiaopeng Automobile Finance Leasing Co., Ltd.	****	0.16	****	0.02	****	0.14	****	3.80	%		0.18		0.02		0.16		3.80	%
4	Guangdong Xiaopeng Motors Technology Co., Ltd.	****	0.50	****	0.00	****	0.50	****	2.35	%		—		—		—		—
5	Xiaopeng Automobile Central China (Wuhan) Co., Ltd.	****	2.08	****	0.18	****	1.90	****	3.81	%		2.04		0.10		1.94		4.47	%
6	Guangzhou Pengyue Automobile Development Co., Ltd.	****	0.32	****	0.01	****	0.31	****	3.43	%		0.02		—		0.02		3.75	%
7	Guangzhou Xiaopeng New Energy Automobile Co., Ltd.	****	0.83	****	0.01	****	0.82	****	4.56	%		0.84		0.01		0.83		4.99	%
	TOTAL	****	6.62	****	1.19	****	5.43	****	—	****	****	6.50	****	0.93	****	5.57	****	—	****

As of December 31, 2024, the Group obtained secured borrowings from several banks of RMB6.62 billion in aggregate. The maturity dates ranged from January 2025 to November 2033. As of December 31, 2023, the Group obtained secured borrowings from several banks of RMB6.50 billion in aggregate. The maturity dates ranged from November 2024 to November 2033.

Moreover, the Group received subsidies from the local government for interest expenses incurred associated with the borrowings. As of December 31, 2024 and 2023, the aggregate sum of loans receiving government-subsidized interest amounted to RMB3.67 billion and RMB3.65 billion, respectively. For the years ended December 31, 2024 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, Guangzhou manufacturing plant and Wuhan manufacturing base or to reduce the related interest expenses as incurred, if any.

(iii)	Asset-backed securities (“ABS”)

In November 2022, March 2024 and October 2024, the Group entered into asset-backed securitization arrangements with third-party financial institutions and set up three 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 will be 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. As of December 31, 2024, the balance of current and non-current portion of the ABS were RMB0.59 billion and RMB0.23 billion, respectively. As of December 31, 2023, the balance of current and non-current portion of the ABS were RMB0.18 billion 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 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 will be 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, 2024, the balance of current and non-current portion of the ABN were RMB0.08 billion and nil, respectively. As of December 31, 2023, the balance of current and non-current portion of the ABN were RMB0.24 billion and RMB0.09 billion, respectively.

As of December 31, 2024, all of the bank loans and other borrowings of the Group were denominated in RMB and bore fixed and floating interest rate, and the Group had not been in violation of any of the covenants pursuant to the applicable agreement(s) entered with the lenders.

3.	Pledge of assets

As of December 31, 2024, the Group pledged restricted cash and restricted deposits of RMB4.75 billion (December 31, 2023: RMB3.94 billion) for bank borrowings and the issuance of letter of guarantee, bank notes, legal disputes and others. Certain manufacturing buildings of Guangzhou and Zhaoqing plants and the land use right of the Wuhan base and Guangzhou Xiaopeng technology park and the equipment of Wuhan base were secured for the long-term bank loan with a total appraised value of RMB5.36 billion (December 31, 2023: RMB4.26 billion).

4.	Gearing ratio

Gearing ratio equals total debt divided by total equity as of the end of the period. Total debt is defined to include short-term borrowings, current portion of long-term borrowings and long-term borrowings which are all interest-bearing borrowings. As of December 31, 2024, the gearing ratio of the Group was 38.8% (December 31, 2023: 30.0%).

5.	Material investments

For the year ended December 31, 2024, the Group did not have any significant investments (including any investment in an investee company with a value of 5% or more of the Group’s total assets as of December 31, 2024). As of December 31, 2024, the Group did not have other plans for material investments and capital assets.

6.	Capital commitments and capital expenditure

As of December 31, 2024, the Group had capital commitments amounting to RMB0.31 billion for the acquisition of property, plant and equipment, which was primarily for Guangzhou and Zhaoqing plants and Wuhan base, and RMB0.40 billion for other investments.

7.	Contingent liabilities

As of December 31, 2024, the Group did not have any material contingent liabilities.

8.	Material acquisitions and disposals

For the year ended December 31, 2024, the Group did not have any material acquisitions and disposals.

9.	Risk management

Foreign Exchange Risk

The Group uses Renminbi as its reporting currency. Most of the Group’s revenues and expenses are denominated in Renminbi, while the Group also has certain portion of cash denominated in the U.S. dollar from its financing activities. The functional currency of the Company and subsidiaries in the United States and Hong Kong is the U.S. dollar or HK dollar. The functional currency of subsidiaries in the PRC, the variable interest entity (“VIE”) and the VIE’s subsidiaries is the Renminbi. The Group’s exposure to U.S. dollars exchanges rate fluctuation mainly arises from the Renminbi-denominated cash and cash equivalents and other receivables held by the Group and its subsidiaries whose functional currency is U.S. dollars and the U.S.

dollar-denominated other receivables held by the Group and its subsidiaries whose functional currency is Renminbi. The Group may enter into hedging transactions in an effort to reduce its exposure to foreign currency exchange risk. During the year ended December 31, 2024, the Group did not enter into any foreign exchange forward contracts. As of December 31, 2024, the Group did not hold any foreign exchange forward contracts for hedging purposes.

To the extent that the Group needs to convert U.S. dollars into Renminbi for its operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount that the Group receives from the conversion. Conversely, if the Group decides to convert Renminbi into U.S. dollars for the purpose of making payments for dividends on its Class A ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amounts available to the Group.

Interest Rate Risk

The Group’s interest rate risk arises from investments and borrowings. Investments in both fixed rate and floating rate interest-earning instruments carry a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than expected if interest rates fall. Borrowings in both fixed rate and floating rate carry a degree of interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk, while borrowings issued at variable rates expose the Group to cash flow interest rate risk.

The Group had not used any financial instrument to hedge its exposure to interest rate risk.

10.	Employees and remuneration policies

The following table sets forth the breakdown of the Group’s employees by function as of December 31, 2024:

Function	Number ofEmployees
Research and development		6,200
Sales and marketing		4,888
Manufacturing		3,702
General and administration		83
Operation		491
Total	****	15,364

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

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

OTHER INFORMATION

Purchase, sale or redemption of theCompany’s listed securities

On February 19, 2024, the Company issued 34,874 Class A ordinary shares to satisfy the restricted share units (the “RSUs”) pursuant to the 2019 equity incentive plan approved and adopted in June 2020, as amended and restated in August 2020 and June 2021 (the “2019 Equity Incentive Plan”)

On March 25, 2024, the Company issued 2,070,152 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On April 10, 2024, the Company issued 650,000 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On June 20, 2024, the Company issued 2,646,192 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On July 5, 2024, the Company issued 293,558 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On August 13, 2024, the Company allotted and issued 4,636,447 Class A ordinary shares as the SOP consideration shares to DiDi pursuant to the share purchase agreement as disclosed in the announcement of the Company dated August 28, 2023.

On September 23, 2024, the Company issued 2,008,310 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On October 2, 2024, the Company issued 32,070 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

On December 18, 2024, the Company issued 1,228,750 Class A ordinary shares to satisfy the RSUs pursuant to the 2019 Equity Incentive Plan.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares) during the Reporting Period.

The Company did not have any treasury shares (within the meaning of the Listing Rules) as at December 31, 2024.

Compliance with Corporate Governance Code

The Company’s corporate governance practices are based on the principles and code provisions set forth in the Corporate Governance Code (the “CGCode”) contained in Appendix C1 **** to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange **** (the “Listing Rules”).

Pursuant to code provision C.2.1 of part 2 of the CG Code as set out in Appendix C1 to the Listing Rules, companies listed on the Hong Kong Stock Exchange are expected to comply with, but may choose to deviate from the requirement that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. The Company does not have a separate role for chairman and chief executive officer and **** Mr. Xiaopeng He currently performs these two roles. The board of directors (the “Directors”) of the Company (the “Board”) believes that vesting the roles of both chairman and chief executive officer in the same person has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board considers that the balance of power and authority for the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively.

Other than the above, the Company has complied with the code provisions set out in part 2 of the CG Code during the Reporting Period.

Compliance with Code for Securities Transactions

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Listing Rules as its code of conduct regarding directors’ securities transactions. Having made specific enquiries to all of the Directors, all Directors confirmed that they have fully complied with all relevant requirements set out in the Model Code during the Reporting Period.

Important Events after the Reporting Period

Save as disclosed in this announcement, no important events affecting the Group occurred since December 31, 2024 and up to the date of this announcement.

Scope of work of PricewaterhouseCoopers

The unaudited financial information disclosed in this announcement is preliminary. The figures in respect of the Group’s unaudited condensed consolidated balance sheets, unaudited condensed consolidated statement of comprehensive loss and the related notes thereto for the year ended December 31, 2024 as set out in the preliminary announcement have been agreed by the Group’s auditor, PricewaterhouseCoopers, to the amounts set out in the Group’s draft consolidated financial statements for the year ended December 31, 2024. The work performed by PricewaterhouseCoopers in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no opinion or assurance conclusion has been expressed by PricewaterhouseCoopers on the preliminary announcement.

Audit committee review of financial statements

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

The Audit Committee has reviewed the unaudited condensed consolidated financial statements and annual results of the Group for the year ended December 31, 2024. The Audit Committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control with members of senior management and the external auditor of the Company, PricewaterhouseCoopers.

Final dividend

The Board does not recommend the distribution of a final dividend for the year ended December 31, 2024.

Publication of annual results and annual report

This announcement is published on the website of the Hong Kong Stock Exchange at **** http://www.hkexnews.hk and on the website of the Company at http://ir.xiaopeng.com. The 2024 annual report of the Company containing all the information required by the Listing Rules will be dispatched to the shareholders (if applicable) and will be made available on the websites of the Company and the Hong Kong Stock Exchange in due course.

Appreciation

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

About XPENG

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 loss on derivative liability and fair value gain 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 Annual Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Safe Harbor Statement

By order of the Board
XPeng Inc.
Xiaopeng He
Chairman

Hong Kong, Tuesday, March 18, 2025

As at the date of this announcement, the board of directors of the Company comprises Mr. Xiaopeng He as an executive Director, Mr. Ji-Xun Foo as a non-executive Director, and Mr. Donghao Yang, Ms. Fang Qu and Mr. HongJiang Zhang as independentnon-executive Directors.

*	For identification purpose only

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT

OF COMPREHENSIVE LOSS

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

			For the Year EndedDecember 31
	Note		2024			2023
			RMB			RMB
Revenues
Vehicle sales		3	****	35,829,402	****		28,010,857
Services and others		3	****	5,036,907	****		2,665,210
Total revenues		3	****	40,866,309	****		30,676,067
Cost of sales
Vehicle sales			****	(32,866,163	)		(28,457,909	)
Services and others			****	(2,154,378	)		(1,767,003	)
Total cost of sales			****	(35,020,541	)		(30,224,912	)
Gross profit			****	5,845,768	****		451,155
Operating expenses
Research and development expenses			****	(6,456,734	)		(5,276,574	)
Selling, general and administrative expenses			****	(6,870,644	)		(6,558,942	)
Total operating expenses			****	(13,327,378	)		(11,835,516	)
Other income, net			****	589,227	****		465,588
Fair value gain on derivative liability relating to the contingent consideration			****	234,245	****		29,339
Loss from operations			****	(6,658,138	)		(10,889,434	)
Interest income			****	1,374,525	****		1,260,162
Interest expenses			****	(343,982	)		(268,666	)
Fair value loss on derivative liability			****	—	****		(410,417	)
Investment loss on long-term investments			****	(261,991	)		(224,364	)
Exchange (loss) gain from foreign currency transactions			****	(49,543	)		97,080
Other non-operating income, net			****	108,154	****		41,934
Loss before income tax benefit (expenses) and share of results of equity methodinvestees			****	(5,830,975	)		(10,393,705	)
Income tax benefit (expenses)		4	****	69,780	****		(36,810	)
Share of results of equity method investees			****	(29,069	)		54,740
Net loss			****	(5,790,264	)		(10,375,775	)
Net loss attributable to ordinary shareholders of XPeng Inc.			****	(5,790,264	)		(10,375,775	)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT

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
	Note		2024			2023
			RMB			RMB
Net loss			****	(5,790,264	)		(10,375,775	)
Other comprehensive income
Foreign currency translation adjustment, net of tax				262,870			286,614
Total comprehensive loss attributable to XPeng Inc.			****	(5,527,394	)		(10,089,161	)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.			****	(5,527,394	)		(10,089,161	)
Weighted average number of ordinary shares used in computing net loss per ordinaryshare
Basic and diluted		5		1,891,357,212			1,740,921,519
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted		5		(3.06	)		(5.96	)
Weighted average number of ADS used in computing net loss per share
Basic and diluted				945,678,606			870,460,760
Net loss per ADS attributable to ordinary shareholders
Basic and diluted				(6.12	)		(11.92	)

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,
	Note		2024		2023
			RMB		RMB
ASSETS
Current assets
Cash and cash equivalents			****	18,586,274		21,127,163
Restricted cash			****	3,153,390		3,174,886
Short-term deposits			****	12,931,757		9,756,979
Restricted short-term deposits			****	110,699		—
Short-term investments			****	751,290		781,216
Long-term deposits, current portion			****	452,326		7,054,915
Accounts and notes receivable, net		6	****	2,449,629		2,716,216
Installment payment receivables, net, current portion			****	2,558,756		1,881,755
Inventory			****	5,562,922		5,526,212
Amounts due from related parties			****	43,714		12,948
Prepayments and other current assets			****	3,135,312		2,489,339
Total current assets			****	49,736,069		54,521,629
Non-current assets
Long-term deposits			****	4,489,036		3,035,426
Restricted long-term deposits			****	1,487,688		767,899
Property, plant and equipment, net			****	11,521,863		10,954,485
Right-of-use<br>assets, net			****	1,261,663		1,455,865
Intangible assets, net			****	4,610,469		4,948,992
Land use rights, net			****	2,744,424		2,789,367
Installment payment receivables, net			****	4,448,416		3,027,795
Long-term investments			****	1,963,194		2,084,933
Other non-current assets			****	443,283		576,150
Total non-current assets			****	32,970,036		29,640,912
Total assets			****	82,706,105		84,162,541

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,
	Note		2024		2023
			RMB		RMB
LIABILITIES
Current liabilities
Short-term borrowings			****	4,609,123		3,889,100
Accounts and notes payable		7	****	23,080,481		22,210,431
Amounts due to related parties			****	9,364		30,880
Operating lease liabilities, current portion			****	324,496		365,999
Finance lease liabilities, current portion			****	41,940		34,382
Deferred revenue, current portion			****	1,275,716		630,997
Long-term borrowings, current portion			****	1,858,613		1,363,835
Accruals and other liabilities			****	8,650,636		7,580,195
Income taxes payable			****	14,514		5,743
Total current liabilities			****	39,864,883		36,111,562
Non-current liabilities
Long-term borrowings			****	5,664,518		5,650,782
Operating lease liabilities			****	1,345,852		1,490,882
Finance lease liabilities			****	777,697		777,697
Deferred revenue			****	822,719		668,946
Derivative liability			****	167,940		393,473
Deferred tax liabilities			****	341,932		404,018
Other non-current liabilities			****	2,445,776		2,336,654
Total non-current liabilities			****	11,566,434		11,722,452
Total liabilities			****	51,431,317		47,834,014

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			2023
	RMB			RMB
SHAREHOLDERS’ EQUITY
Class A Ordinary shares (US0.00001 par value; 9,250,000,000 and<br>9,250,000,000 shares authorized, 1,551,709,362 and 1,538,109,009 shares issued, 1,549,404,500 and 1,535,297,395 shares outstanding as of December 31, 2024 and 2023, respectively)	****	104	****		103
Class B Ordinary shares (US0.00001 par value, 750,000,000 and<br>750,000,000 shares authorized, 348,708,257 and 348,708,257 shares issued and outstanding as of December 31, 2024 and 2023, respectively)	****	21	****		21
Additional paid-in capital	****	70,671,685	****		70,198,031
Statutory and other reserves	****	95,019	****		60,035
Accumulated deficit	****	(41,585,549	)		(35,760,301	)
Accumulated other comprehensive income	****	2,093,508	****		1,830,638
Total shareholders’ equity	****	31,274,788	****		36,328,527
Total liabilities and shareholders’ equity	****	82,706,105	****		84,162,541

All values are in US Dollars.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

1.	General Information

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 its own manufacturing base in Wuhan. As of December 31, 2024, its primary operations are conducted in the People’s Republic of China (“PRC”).

2.	Summary of Significant Accounting Policies
(a)	Basis of presentation
---	---

The unaudited condensed 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 and the disclosure requirements of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, as amended, supplemented or otherwise modified from time to time (the “HK Listing Rules”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

(b)	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 revenue and gross profit 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 and the revenue is mainly generated in the PRC, no segment geographical information is presented.

For the operating results of segment provided to and reviewed by CODM, please refer to the unaudited condensed consolidated statements of comprehensive loss.

3.	Revenues

Revenues by source consisted of the following:

	For the Year Ended December 31,
	2024		2023
	RMB’000		RMB’000
Revenue from contracts with customers
Vehicle sales
— At a point in time	****	35,829,402		28,010,857
Services and others
— At a point in time	****	1,936,834		1,722,152
— Over time	****	2,694,713		618,276
Revenue from other sources
Services and others	****	405,360		324,782
Total	****	40,866,309		30,676,067

4.	Taxation

Income taxes

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

	For the Year Ended December 31,
	2024			2023
	RMB’000			RMB’000
Current income tax expenses	****	22,297	****		18,014
Deferred income tax (benefit) expenses	****	(92,077	)		18,796
Income tax (benefit) expenses	****	(69,780	)		36,810
5.	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, 2024 and 2023 as follows:

	For the Year Ended December 31,
	2024			2023
	RMB’000			RMB’000
Numerator:
Net loss	****	(5,790,264	)		(10,375,775	)
Net loss attributable to ordinary shareholders of XPeng Inc.	****	(5,790,264	)		(10,375,775	)
Denominator:
Weighted average number of ordinary shares outstanding-basic and diluted	****	1,891,357,212	****		1,740,921,519
Basic and diluted net loss per share attributable to ordinary shareholders of XPeng Inc.		(3.06	)		(5.96	)

For the years ended December 31, 2024 and 2023, the Company had potential ordinary shares, including non-vested RSUs granted and contingently issuable shares relating to the contingent consideration. As the Group incurred losses for the years ended December 31, 2024 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 31,407,488 and 34,385,852 as of December 31, 2024 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 between nil and 14,276,521, between nil and 32,967,573, as of December 31, 2024 and 2023, respectively.

6.	Accounts and Notes Receivable, net
	As of		As of
---	---	---	---	---
	December 31,2024		December 31,<br>2023
	RMB’000		RMB’000
Accounts receivable, net	****	1,803,035		2,689,310
Notes receivable	****	646,594		26,906
Total	****	2,449,629		2,716,216

Accounts receivable consisted of the following:

	As of			As of
	December 31,2024			December 31,<br>2023
	RMB’000			RMB’000
Accounts receivable, gross	****	1,823,819	****		2,706,480
Allowance for doubtful accounts	****	(20,784	)		(17,170	)
Accounts receivable, net	****	1,803,035	****		2,689,310

The accounts receivable mainly included the amounts of vehicle sales in relation to government subsidies to be collected from government on behalf of customers. Sales to individual customers were normally made with advances from customers. Sales to large-volume buyers were made on credit terms ranging from 30 to 60 days.

An aging analysis of accounts receivable based on the relevant recognition dates is as follows:

	As of		As of
	December 31,2024		December 31,<br>2023
	RMB’000		RMB’000
0–3 months	****	587,516		586,876
3–6 months	****	125,601		7,290
6–12 months	****	42,922		4,380
Over 1 year	****	1,067,780		2,107,934
Accounts receivable, gross	****	1,823,819		2,706,480

The notes receivable mainly included the amounts of vehicle sales in relation to large-volume buyers for vehicle sales in the ordinary course. Sales to large-volume buyers were made on credit terms ranging from 30 to 150 days

An aging analysis of notes receivable based on the relevant issuance dates is as follows:

	As of		As of
	December 31,2024		December 31,<br>2023
	RMB’000		RMB’000
0–3 months	****	300,227		26,906
3–6 months	****	346,367		—
Notes receivable, gross	****	646,594		26,906
7.	Accounts and Notes Payable
---	---

Accounts and notes payable consists of the following:

	As of		As of
	December 31,2024		December 31,<br>2023
	RMB’000		RMB’000
Accounts payable	****	15,181,585		13,491,144
Notes payable	****	7,898,896		8,719,287
Total	****	23,080,481		22,210,431

The Group normally receives credit terms of 0 days to 180 days from its suppliers. An aging analysis of accounts payable based on the relevant recognition dates is as follows:

	As of		As of
	December 31,2024		December 31,<br>2023
	RMB’000		RMB’000
0–3 months	****	14,377,611		11,953,357
3–6 months	****	327,586		1,048,031
6–12 months	****	229,439		285,234
Over 1 year	****	246,949		204,522
Total	****	15,181,585		13,491,144

An aging analysis of notes payable based on the relevant issuance dates is as follows:

	As of		As of
	December 31,2024		December 31,<br>2023
	RMB’000		RMB’000
0–3 months	****	5,448,028		5,995,953
3–6 months	****	2,450,868		2,723,334
Total	****	7,898,896		8,719,287
8.	Dividends
---	---

Dividends are recognized when declared. No dividend was declared for the years ended December 31, 2024 and 2023, respectively.

XPENG INC.

UNAUDITED ANNUAL 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			2023
	RMB			RMB
Loss from operations	****	(6,658,138	)		(10,889,434	)
Fair value gain on derivative liability relating to the contingent consideration	****	(234,245	)		(29,339	)
Share-based compensation expenses	****	473,655	****		550,535
Non-GAAP loss from operations	****	(6,418,728	)		(10,368,238	)
Net loss	****	(5,790,264	)		(10,375,775	)
Fair value gain on derivative liability relating to the contingent consideration	****	(234,245	)		(29,339	)
Fair value loss on derivative liability	****	—	****		410,417
Share-based compensation expenses	****	473,655	****		550,535
Non-GAAP net loss	****	(5,550,854	)		(9,444,162	)
Net loss attributable to ordinary shareholders of XPeng Inc.	****	(5,790,264	)		(10,375,775	)
Fair value gain on derivative liability relating to the contingent consideration	****	(234,245	)		(29,339	)
Fair value loss on derivative liability	****	—	****		410,417
Share-based compensation expenses	****	473,655	****		550,535
Non-GAAP net loss attributable to ordinaryshareholders of XPeng Inc.	****	(5,550,854	)		(9,444,162	)
Weighted average number of ordinary shares used in calculatingNon-GAAP net loss per share
Basic and diluted	****	1,891,357,212	****		1,740,921,519
Non-GAAP net loss per ordinary share
Basic and diluted	****	(2.93	)		(5.42	)
Weighted average number of ADS used in calculatingNon-GAAP net loss per share
Basic and diluted	****	945,678,606	****		870,460,760
Non-GAAP net loss per ADS
Basic and diluted	****	(5.87	)		(10.85	)