Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

16. Borrowings

Borrowings consisted of the following:

	As of December 31,
	2023		2024
Current
Short-term borrowings:
Bank loans(i)		3,889,100		4,609,123
Long-term borrowings, current portion:
Bank loans(ii)		934,976		1,188,998
Asset-backed securities(iii)		185,864		587,470
Asset-backed notes(iv)		242,995		82,145
Total current borrowings		5,252,935		6,467,736
Non-Current
Long-term borrowings:
Bank loans(ii)		5,562,837		5,431,711
Asset-backed securities(iii)		—		232,807
Asset-backed notes(iv)		87,945		—
Total non-current borrowings		5,650,782		5,664,518
Total borrowings		10,903,717		12,132,254

(i) Short-term bank loans

As of December 31, 2023, short-term borrowings from banks in the PRC amounted to RMB3,889,100 in aggregate. The effective interest rate of these borrowings was 2.62% per annum. As of December 31, 2024, the Group’s short-term borrowings from banks in the PRC amounted to RMB4,609,123 in aggregate. The effective interest rate of these borrowings was 2.24% per annum. Certain short-term bank loans were collateralized by pledges of long-term deposits with carrying values of RMB203,777 and nil, as of December 31, 2023 and December 31, 2024, respectively, which are classified as “Restricted long-term deposits”.

(ii) Long-term bank loans:

		As of December 31, 2023									As of December 31, 2024
Ref.	Company	Outstanding loan		Current portion according to the repayment schedule		Long-term portion		Effective interest rate			Outstanding loan		Current portion according to the repayment schedule		Long-term portion		Effective interest rate
1	Zhaoqing XPeng		2,174,200		681,400		1,492,800		3.84	%		1,491,800		234,800		1,257,000		4.05	%
2	Zhaoqing Xiaopeng New Energy		1,253,125		124,300		1,128,825		3.06	%		1,241,825		743,325		498,500		3.04	%
3	Guangzhou Xiaopeng Automobile Finance Leasing Co., Ltd.		175,000		17,500		157,500		3.80	%		157,500		17,500		140,000		3.80	%
4	Xiaopeng Technology		—		—		—		—			500,000		2,000		498,000		2.35	%
5	Wuhan Xiaopeng		2,035,520		101,776		1,933,744		4.47	%		2,077,006		174,906		1,902,100		3.81	%
6	Guangzhou Pengyue Automobile Development Co., Ltd.		21,110		—		21,110		3.75	%		323,720		6,467		317,253		3.43	%
7	Guangzhou Xiaopeng New Energy Automobile Co., Ltd.		838,858		10,000		828,858		4.99	%		828,858		10,000		818,858		4.56	%
	TOTAL		6,497,813		934,976		5,562,837		—			6,620,709		1,188,998		5,431,711		—

As of December 31, 2023, the Group obtained secured borrowings from several banks of RMB6,497,813 in aggregate. The maturity dates ranged from November 2024 to November 2033. As of December 31, 2024, the Group obtained secured borrowings from several banks of RMB6,620,709 in aggregate. The maturity dates ranged from January 2025 to November 2033.

Moreover, the Group received subsidies from the local government for interest expenses incurred associated with the borrowings. As of December 31, 2023 and 2024, the aggregate sum of loans receiving government - subsidized interest amounts to RMB3,650,378 and RMB3,673,864, respectively. For the years ended December 31, 2022, 2023 and 2024, 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.

Certain of the Group’s banking facilities are subject to the fulfillment of certain financial covenants, including the current ratio and liabilities to assets ratio tests, which are commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants, the drawn down facilities would become payable on demand. The Group regularly monitors its compliance with these covenants. As of December 31, 2023 and 2024, none of the covenants relating to drawn down facilities had been breached. Certain long-term bank loans are collateralized by a pledge of certain buildings and land use rights in the PRC with carrying values of RMB2,280,419 and RMB3,287,759 as of December 31, 2023 and 2024, respectively. As of December 31, 2023 and 2024, long-term deposits of RMB564,122 and RMB1,138,479 were collateralized as pledges for certain long-term bank loans, which are classified as “Restricted long-term deposits”.

(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, 2023, the balance of current and non-current portion of the ABS were RMB185,864 and nil, respectively. As of December 31, 2024, the balance of current and non-current portion of the ABS were RMB587,470 and RMB232,807, 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, 2023, the balance of current and non-current portion of the ABN were RMB242,995 and RMB87,945, respectively. As of December 31, 2024, the balance of current and non-current portion of the ABN were RMB82,145 and nil, respectively.

The aggregate carrying value of the borrowings approximates fair value as of December 31, 2023 and 2024, respectively. The interest rates under the loan agreements with the banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level II.