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CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥)
¥ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net Income (Loss) ¥ (5,790,264) ¥ (10,375,775) ¥ (9,138,972)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation of property, plant and equipment 1,571,754 1,645,760 915,481
Amortization of intangible assets 537,669 230,501 65,714
Amortization of right-of-use assets 413,349 182,195 379,200
Amortization of land use rights 49,868 48,828 50,309
Loss of disposal of property, plant and equipment 21,787 4,863 15,682
Loss of disposal of intangible assets 74 409 0
Impairment of property, plant and equipment 137,519 81,814 30,849
Impairment of intangible assets 0 8,712 26,418
Current expected credit loss of accounts receivable 20,328 18,222 11,369
Current expected credit loss of installment payment receivables (16,651) 47,352 43,971
Current expected credit loss of other current assets 1,895 4,783 12,314
Inventory write-downs 943,734 1,054,711 220,319
Exchange loss (gain) from foreign currency transactions 49,543 (97,080) 1,460,151
Interest income (40,244) (352,179) (237,657)
Share-based compensation 473,655 550,535 710,486
Fair value (gain) loss on derivative assets or derivative liabilities 0 410,417 (59,357)
Fair value gain on derivative liability relating to the contingent consideration (234,245) (29,339) 0
Investment (gain) loss on long-term investments 261,991 224,364 (25,062)
Share of results of equity method investees 29,069 (54,740) (4,117)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts and notes receivable 246,259 1,138,408 (1,210,721)
Inventory (1,060,210) (2,358,763) (2,475,785)
Amounts due from related parties (30,766) 34,176 (14,339)
Prepayments and other current assets (321,139) 329,654 (219,127)
Other non-current assets (40,163) 150,944 (23,124)
Accounts and notes payable 870,050 7,955,933 1,860,670
Deferred tax liabilities (62,086) 18,797 0
Deferred revenue 798,492 216,694 185,961
Operating lease liabilities (405,680) (172,612) (380,006)
Accruals and other liabilities 1,533,014 1,089,108 119,283
Other non-current liabilities 95,322 443,545 237,117
Installment payment receivables (2,080,971) (1,473,594) (776,585)
Amounts due to related parties 5,933 1,433 (17,736)
Income taxes payable 8,771 (21,912) 4,918
Net cash (used in) provided by operating activities (2,012,343) 956,164 (8,232,376)
Cash flows from investing activities      
Maturity (Placement) of short-term deposits (2,984,153) 5,441,363 11,922,171
Maturity of short-term investments 62,799 524,172 1,625,763
(Placement) Maturity of long-term deposits 5,179,690 (2,548,847) (3,822,326)
Placement of restricted short-term deposits (588,000) (1,010,000) 0
Maturity of restricted short-term deposits 558,000 1,010,000 0
Placement of restricted long-term deposits (1,100,000) (580,000) 0
Purchase of property, plant and equipment (2,226,111) (2,096,326) (4,275,838)
Receipt of government subsidy related to assets 19,200 111,944 166,260
Maturity of derivative assets or derivative liabilities 0 0 10,752
Purchase of intangible assets (196,901) (124,838) (98,047)
Disposal of property, plant and equipment 169,539 8,380 77,059
Purchase of land use rights (4,925) (90,341) (306,014)
Disposal of long-term investments 0 0 165,000
Cash paid for long-term investments (144,237) (188,681) (618,814)
Cash acquired relating to a business combination 0 684,214 0
Cash paid for an asset acquisition, net of cash acquired 0 (509,872) 0
Net cash provided by (used in) investing activities (1,255,099) 631,168 4,845,966
Cash flows from financing activities      
Proceeds from issuance of ordinary shares to Volkswagen Group 0 5,019,599 0
Proceeds from borrowings 10,718,107 8,271,823 6,800,730
Repayments of borrowings (9,489,570) (5,162,232) (681,710)
Repayments of amounts to a related party (27,449) 0 0
Repayment of debt from third party investors (500,000) 0 (98,000)
Repayments of finance lease liabilities (31,767) (113,943) (15,355)
Payments of listing expenses 0 0 (1,830)
Net cash provided by financing activities 669,321 8,015,247 6,003,835
Effects of exchange rate changes on cash, cash equivalents and restricted cash 35,736 (14,576) 461,740
Net increase (decrease) in cash, cash equivalents and restricted cash (2,562,385) 9,588,003 3,079,165
Cash, cash equivalents and restricted cash at beginning of the year 24,302,049 14,714,046 11,634,881
Cash, cash equivalents and restricted cash at end of the year 21,739,664 24,302,049 14,714,046
Supplemental disclosure of cash flows information      
Cash paid for interest, net of amounts capitalized (465,031) (306,656) (162,470)
Cash paid for income taxes (33,635) (25,727) (36,071)
Acquisition of property, plant and equipment included in liabilities 1,799,882 1,723,130 1,624,432
Cash acquired relating to a business combination 0 684,214 0
Cash paid for an asset acquisition 0 (710,479) 0
Cash acquired relating to an asset acquisition 0 200,607 0
Supplemental disclosure of non-cash investing activities:      
Ordinary shares issued for the acquisition of DiDi's smart auto business 0 3,087,849 0
Fair value of contingent consideration relating to the acquisition of DiDi's smart auto business ¥ 0 ¥ 694,357 ¥ 0