0001104659-24-046495 | 20-F | XBRL Viewer

For the Year Ended December 31,

Purchase service from Meituan

Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Parent Company Only Condensed Financial Information

Parent Company Only Condensed Financial Information

28. Parent Company Only Condensed Financial Information

The Company performed a test on the restricted net assets of its consolidated subsidiaries, VIEs and VIEs’ subsidiaries in accordance with Regulation S-X Rule 4-08 (e) (3), General Notes to Financial Statements and concluded that it was applicable for the Company to disclose the financial information for the Company only.

The subsidiaries did not pay any dividend to the Company for the years ended December 31, 2021, 2022 and 2023. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, or guarantees as of December 31, 2022 and 2023.

28. Parent Company Only Condensed Financial Information (Continued)

Condensed balance sheets


	As of December 31,
	2022	2023
	RMB	RMB

ASSETS
Current assets:
Cash and cash equivalents	974,224	1,121,233
Time deposits and short-term investments	2,195,952	—
Amounts due from subsidiaries of the Group	47,993,884	54,475,676
Prepayments and other current assets	3,132	—
Total current assets	51,167,192	55,596,909
Non-current assets:
Investments in subsidiaries	—	11,452,246
Long-term investments	12,968	10,268
Property, plant and equipment, net	18	10
Total non-current assets	12,986	11,462,524
Total assets	51,180,178	67,059,433
LIABILITIES
Current liabilities:
Short-term borrowings	6,965	6,719,797
Amounts due to subsidiaries of the Group	—	3,598
Accruals and other current liabilities	59,533	193,414
Total current liabilities	66,498	6,916,809
Non-current liabilities:
Long-term borrowings	6,254,979	—
Total non-current liabilities	6,254,979	—
Total liabilities	6,321,477	6,916,809
SHAREHOLDERS’ EQUITY
Class A Ordinary Shares	1,188	1,215
Class B Ordinary Shares	235	235
Treasury shares	(84)	(90)
Additional paid-in capital	53,869,322	57,479,857
Accumulated other comprehensive loss	(194,110)	(224,876)
(Accumulated deficit)/Retained earnings	(8,817,850)	2,886,283
Total shareholders’ equity	44,858,701	60,142,624
Total liabilities and shareholders’ equity	51,180,178	67,059,433

28. Parent Company Only Condensed Financial Information (Continued)

Condensed statements of comprehensive (loss)/income


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB

Operating expenses:
Selling, general and administrative	(27,288)	(35,642)	(44,419)
Research and development	(852)	(629)	—
Total operating expenses	(28,140)	(36,271)	(44,419)
Loss from operations	(28,140)	(36,271)	(44,419)
Other (expense)/income
Interest expense	(21,369)	(43,096)	(38,323)
Interest income and investment income, net	283,737	190,528	70,953
Equity in (loss)/income of subsidiaries	(563,106)	(2,300,538)	11,716,065
Others, net	7,423	177,165	(137)
(Loss)/Income before income tax expense	(321,455)	(2,012,212)	11,704,139
Income tax expense	—	(3)	(6)
Net (loss)/income	(321,455)	(2,012,215)	11,704,133
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of tax	(516,687)	1,327,761	(30,766)
Comprehensive (loss)/income	(838,142)	(684,454)	11,673,367

28. Parent Company Only Condensed Financial Information (Continued)

Condensed statements of cash flows


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities	367,063	450,517	56,515
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to, and investments in subsidiaries, VIEs and VIEs’ subsidiaries	(10,157,678)	(23,397,234)	(3,589,329)
Placement of time deposits	(298,284)	—	—
Redemption of time deposits	297,654	—	2,137,626
Placement of short-term investments	(173,133,568)	(2,609,767)	—
Redemption of short-term investments	180,386,757	8,036,663	—
Purchase of property, plant and equipment and intangible assets	—	(25)	—
Net cash used in investing activities	(2,905,119)	(17,970,363)	(1,451,703)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings and long-term borrowings	—	669,913	699,300
Repayment of long-term borrowings	—	(349,163)	(338,020)
Proceeds from issuance of convertible debts	5,533,238	—	—
Proceeds from IPOs and concurrent private placements, net of issuance cost	11,004,778	—	—
Proceeds from exercise of share options	1,139	6,728	11,953
Proceeds from issuance of ordinary shares	70	2,462,300	1,174,319
Net cash provided by financing activities	16,539,225	2,789,778	1,547,552
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(387,668)	941,417	(5,355)
Net increase/(decrease) in cash, cash equivalents and restricted cash	13,613,501	(13,788,651)	147,009
Cash, cash equivalents and restricted cash at beginning of the year	1,149,374	14,762,875	974,224
Cash, cash equivalents and restricted cash at end of the year	14,762,875	974,224	1,121,233

Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and VIEs.

For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and VIEs’ subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements.

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Non-Current Liabilities

Other Non - Current Liabilities

17. Other Non - Current Liabilities


	As of December 31,
	2022	2023
Accrued warranty, non-current	1,452,480	3,014,413
Deferred government grants, non-current	431,735	431,954
Payables for property, plant and equipment, non-current	214,092	217,111
Other payables	44,155	47,936
Total	2,142,462	3,711,414

Parent Company Only Condensed Financial Information - Condensed balance sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 91,329,030	$ 12,863,425	¥ 38,478,016
Time deposits and short-term investments	11,933,255	1,680,764	18,031,395
Prepayments and other current assets	4,247,318	598,222	1,689,860
Total current assets	114,525,584	16,130,591	66,992,487
Non-current assets:
Long-term investments	1,595,376	224,704	1,484,491
Property, Plant and Equipment, Net	15,745,018	2,217,639	11,187,898
Total non-current assets	28,941,887	4,076,379	19,545,464
Total assets	143,467,471	20,206,970	86,537,951
Current liabilities:
Short-term borrowings	6,975,399	982,464	390,750
Amounts due to related parties	¥ 10,607	$ 1,494	¥ 7,190
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accruals and other current liabilities	¥ 11,214,626	$ 1,579,547	¥ 5,684,644
Total current liabilities	72,742,709	10,245,595	27,372,601
Non-current liabilities:
Long-term borrowings	1,747,070	246,070	9,230,807
Total non-current liabilities	10,149,540	1,429,534	13,979,043
Total liabilities	82,892,249	11,675,129	41,351,644
SHAREHOLDERS' EQUITY
Treasury shares	(90)	(13)	(84)
Additional paid-in capital	57,479,857	8,095,869	53,869,322
Accumulated other comprehensive loss	(224,876)	(31,673)	(194,110)
(Accumulated deficit)/Retained earnings	2,441,698	343,906	(8,817,850)
Total Li Auto Inc. shareholders' equity	60,142,624	8,470,911	44,858,701
Total liabilities and shareholders' equity	143,467,471	20,206,970	86,537,951
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary Shares	1,215	171	1,188
Class B Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary Shares	235	$ 33	235
Parent company \| Reportable legal entity
Current assets:
Cash and cash equivalents	1,121,233		974,224	¥ 14,762,875	¥ 1,149,374
Time deposits and short-term investments	0		2,195,952
Amounts due from subsidiaries of the Group	¥ 54,475,676		¥ 47,993,884
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]	Affiliated Entity [Member]
Prepayments and other current assets	¥ 0		¥ 3,132
Total current assets	55,596,909		51,167,192
Non-current assets:
Investments in subsidiaries	11,452,246		0
Long-term investments	10,268		12,968
Property, Plant and Equipment, Net	10		18
Total non-current assets	11,462,524		12,986
Total assets	67,059,433		51,180,178
Current liabilities:
Short-term borrowings	6,719,797		6,965
Amounts due to related parties	¥ 3,598		¥ 0
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]	Affiliated Entity [Member]
Accruals and other current liabilities	¥ 193,414		¥ 59,533
Total current liabilities	6,916,809		66,498
Non-current liabilities:
Long-term borrowings	0		6,254,979
Total non-current liabilities	0		6,254,979
Total liabilities	6,916,809		6,321,477
SHAREHOLDERS' EQUITY
Treasury shares	(90)		(84)
Additional paid-in capital	57,479,857		53,869,322
Accumulated other comprehensive loss	(224,876)		(194,110)
(Accumulated deficit)/Retained earnings	2,886,283		(8,817,850)
Total Li Auto Inc. shareholders' equity	60,142,624		44,858,701
Total liabilities and shareholders' equity	67,059,433		51,180,178
Parent company \| Reportable legal entity \| Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary Shares	1,215		1,188
Parent company \| Reportable legal entity \| Class B Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary Shares	¥ 235		¥ 235

Other Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-current Assets

Schedule of other non-current assets


	As of December 31,
	2022	2023
Prepayments for purchase of property, plant and equipment ⁽ⁱ⁾	641,748	1,503,699
Long-term deposits paid to vendors	1,319,816	1,053,411
Deductible VAT input, non-current	454,359	243,229
Others	9,942	6,901
Less: Allowance for credit losses	(4,572)	(4,886)
Total	2,421,293	2,802,354

(i)

Prepayments for purchase of property, plant and equipment primarily consists of production facilities, leasehold improvements, equipment and mold and tooling.

(Loss)/Earnings Per Share

12 Months Ended

Dec. 31, 2023

(Loss)/Earnings Per Share

(Loss)/Earnings Per Share

21. (Loss)/Earnings Per Share

Basic and diluted net (loss)/earnings per share have been calculated in accordance with ASC 260 for the years ended December 31, 2021, 2022 and 2023 as follows:


	For the Year Ended December 31,
	2021	2022	2023
Numerator:
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc.	(321,455)	(2,012,215)	11,704,133
Dilution effect arising from convertible debt	—	—	32,657
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc. for computing diluted net (loss)/earnings per share	(321,455)	(2,012,215)	11,736,790

Denominator:
Weighted average ordinary shares outstanding—basic	1,853,320,448	1,941,230,998	1,967,863,759
Effects of dilutive securities
Options and RSUs	—	—	86,651,528
Convertible debt	—	—	60,861,105
Weighted average ordinary shares outstanding—diluted	1,853,320,448	1,941,230,998	2,115,376,392

Basic net (loss)/earnings per share attributable to ordinary shareholders of Li Auto Inc.	(0.17)	(1.04)	5.95
Diluted net (loss)/earnings per share attributable to ordinary shareholders of Li Auto Inc.	(0.17)	(1.04)	5.55

For the years ended December 31, 2021, 2022 and 2023, the Company had ordinary equivalent shares, including options and RSUs granted and convertible debt issued (shares subject to conversion) in April 2021 (Note 14). As the Group incurred a loss for the years ended December 31, 2021 and 2022, these ordinary equivalent shares were determined to be anti-dilutive and excluded from the calculation of diluted loss per share of the Company. The weighted average numbers of options and RSUs granted, and convertible debt (shares subject to conversion) excluded from the calculation of diluted loss per share of the Company were 72,791,430 and 44,853,801 for the year ended December 31, 2021 and 91,499,552 and 60,861,105 for the year ended December 31, 2022, respectively.

Parent Company Only Condensed Financial Information - Condensed statements of comprehensive (loss)/income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating expenses:
Selling, general and administrative	¥ (9,767,955)	$ (1,375,788)	¥ (5,665,301)	¥ (3,492,385)
Research and development	(10,586,129)	(1,491,025)	(6,780,032)	(3,286,389)
Total operating expenses	(20,089,874)	(2,829,600)	(12,445,333)	(6,778,774)
Loss from operations	7,406,877	1,043,237	(3,654,877)	(1,017,320)
Other (expense)/income:
Interest expense	(86,251)	(12,148)	(106,340)	(63,244)
Others, net	1,048,189	147,634	625,633	187,320
(Loss)/Income before income tax	10,451,763	1,472,100	(2,159,355)	(152,812)
Income tax expense	1,357,362	191,180	127,007	(168,643)
Net (loss)/income	11,809,125	$ 1,663,280	(2,032,348)	(321,455)
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of tax	(30,766)		1,327,761	(516,687)
Parent company \| Reportable legal entity
Operating expenses:
Selling, general and administrative	(44,419)		(35,642)	(27,288)
Research and development	0		(629)	(852)
Total operating expenses	(44,419)		(36,271)	(28,140)
Loss from operations	(44,419)		(36,271)	(28,140)
Other (expense)/income:
Interest expense	(38,323)		(43,096)	(21,369)
Interest income and investment income, net	70,953		190,528	283,737
Equity in (loss)/income of subsidiaries	11,716,065		(2,300,538)	(563,106)
Others, net	(137)		177,165	7,423
(Loss)/Income before income tax	11,704,139		(2,012,212)	(321,455)
Income tax expense	(6)		(3)	0
Net (loss)/income	11,704,133		(2,012,215)	(321,455)
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of tax	(30,766)		1,327,761	(516,687)
Comprehensive (loss)/income	¥ 11,673,367		¥ (684,454)	¥ (838,142)

Summary of Significant Accounting Policies - Intangible assets, net, Impairment of long lived assets and intangible assets with indefinite lives and Employee benefits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets	¥ 0		¥ 0		¥ 27,388
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income Extensible Enumeration not Disclosed Flag	true	true	true	true	true	true
Impairment of indefinite lived intangible assets	¥ 0		¥ 0		¥ 0
Employee benefits
Employee benefit expenses	¥ 1,682,610		¥ 1,092,499		¥ 482,536
Shares issued, value, share-based payment arrangement, forfeited \| $		$ 0		$ 0		$ 0
Software and Patents \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful lives	5 years	5 years
Software and Patents \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful lives	10 years	10 years

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)/income	¥ 11,809,125	$ 1,663,280	¥ (2,032,348)	¥ (321,455)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	1,805,001	254,229	1,213,855	590,397
Share-based compensation expenses	2,378,689	335,031	2,053,165	1,101,356
Foreign exchange loss	14,893	2,098	2,887	46,593
Interest and investment loss/(income)	(255,456)	(35,980)	9,438	13,797
Interest expense	18,470	2,601	29,627	60,628
Share of loss of equity method investees	9,527	1,342	10,449	83
Impairment loss related to property, plant and equipment	0	0	0	27,388
Inventory write-downs and losses on purchase commitments relating to inventory and loss on inventory obsolescence	236,740	33,344	1,127,332	62,031
Allowance for credit losses	(1,079)	(152)	2,910	6,415
Deferred income tax, net	(1,803,587)	(254,030)	(128,338)	168,643
Loss/(Gain) on disposal of property, plant and equipment	(130,978)	(18,448)	55,880	19,843
Changes in operating assets and liabilities:
Prepayments and other current assets	(2,369,287)	(333,704)	(1,172,064)	(99,421)
Inventories	(1,247,945)	(175,769)	(5,920,182)	(611,557)
Operating lease right-of-use assets	(2,161,408)	(304,428)	(766,681)	(675,322)
Operating lease liabilities	2,181,577	307,269	799,750	695,940
Other non-current assets	363,724	51,229	(745,320)	(633,307)
Trade receivable	(95,100)	(13,394)	72,211	(5,459)
Deferred revenue	1,186,929	167,175	5,020	287,577
Trade and notes payable	31,845,612	4,485,361	10,593,584	6,162,009
Amounts due to related parties	3,417	481	(30,266)	(11,751)
Accruals and other current liabilities	5,285,964	744,512	1,166,947	932,119
Other non-current liabilities	1,618,693	227,986	1,032,410	523,838
Net cash provided by operating activities	50,693,521	7,140,033	7,380,266	8,340,385
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets	(6,507,190)	(916,520)	(5,127,899)	(3,444,573)
Disposal of property, plant and equipment	284,000	40,001	4,528	38
Purchase of long-term investments	(198,213)	(27,918)	(713,775)	0
Placement of time deposits	(19,107,879)	(2,691,288)	(679,486)	(1,308,296)
Redemption of time deposits	9,201,713	1,296,034	514,242	1,630,773
Placement of short-term investments	(14,820,000)	(2,087,353)	(58,268,079)	(220,850,351)
Redemption of short-term investments	31,135,501	4,385,344	59,953,714	220,345,863
Placement of long-term financial instruments	0	0	(50,000)	0
Net cash used in investing activities	(12,068)	(1,700)	(4,364,661)	(4,257,244)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issuance through the ATM Offering, net of issuance cost	1,174,319	165,399	2,462,300	0
Proceeds from exercise of share options and vesting of RSUs	11,953	1,684	6,728	1,139
Proceeds from borrowings	1,750,194	246,510	3,741,482	600,000
Repayment of borrowings	(2,751,081)	(387,482)	(661,118)	0
Repayment of unsecured corporate loan	0	0	0	(429,692)
Proceeds from issuance of convertible debt	0	0	0	5,533,238
Capital injection from noncontrolling interest	0	0	90,000	0
Proceeds from HK IPO, net of issuance cost	0	0	0	11,004,778
Proceeds from issuance of ordinary shares	0	0	0	70
Net cash provided by financing activities	185,385	26,111	5,639,392	16,709,533
Effects of exchange rate changes on cash, cash equivalents and restricted cash	44,513	6,270	1,270,097	(472,129)
Net increase in cash, cash equivalents and restricted cash	50,911,351	7,170,714	9,925,094	20,320,545
Cash, cash equivalents and restricted cash at beginning of the year	40,418,158	5,692,778	30,493,064	10,172,519
Cash, cash equivalents and restricted cash at end of the year	91,329,509	12,863,492	40,418,158	30,493,064
Supplemental schedule of non-cash investing and financing activities
Payable related to acquisition of Chongqing Zhizao	0	0	0	(2,000)
Property, plant and equipment and other assets related to capital injection by noncontrolling interest shareholders	0	0	228,668	0
Supplemental Disclosures
Cash paid for interest, net of amounts capitalized	(41,469)	(5,841)	(87,935)	(10,173)
Cash paid for income tax	(58,645)	(8,260)	(1,331)	0
Changzhou Chehejin
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid related to acquisition, net of cash acquired	0	0	0	(563,118)
Chongqing Zhizao
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid related to acquisition, net of cash acquired	0	0	0	(67,580)
Changzhou Huixiang
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid related to acquisition, net of cash acquired	¥ 0	$ 0	¥ 2,094	¥ 0

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2023

Organization and Nature of Operations

Organization and Nature of Operations

1.	Organization and Nature of Operations

(a)Principal activities

Li Auto Inc. (“Li Auto”, or the “Company”) was incorporated under the laws of the Cayman Islands in April 2017 as an exempted company with limited liability. The Company, through its consolidated subsidiaries and the consolidated variable interest entities (the “VIEs”) and the VIEs’ subsidiaries (collectively, the “Group”), is primarily engaged in the design, development, manufacturing, and sales of new energy vehicles and providing other sales and services in the People’s Republic of China (the “PRC”).

(b)History of the Group and basis of presentation

In preparation for the Listing on the main board of the Stock Exchange of Hong Kong Limited (“HKEX”), the Group underwent reorganization of its corporate structure (the “2021 Reorganization”) in the second quarter of 2021. The major reorganization steps were as follows:

●

In accordance with the requirements under the Listing Decision LD43-3 of HKEX to the extent practicable, the Company underwent reorganization of the holding structure of its onshore subsidiaries and the VIEs. The 2021 Reorganization mainly involved changing certain VIEs to wholly owned or partly-owned subsidiaries of the Company, to the extent permitted under the relevant PRC laws and regulations. Please refer to Note 1 (b) (i).

●

In April 2021, certain new contractual arrangements were entered into to replace the original contractual arrangements in place before the completion of 2021 Reorganization. Upon the completion of 2021 Reorganization, Beijing CHJ Information Technology Co., Ltd. ( “Beijing CHJ”) and one of the subsidiaries of Leading Ideal HK Limited (“Leading Ideal HK”) each held 50% equity interest of Chongqing Lixiang Automobile Co., Ltd. (“Chongqing Lixiang Automobile”) which was previously a wholly owned subsidiary of Beijing CHJ.

The transactions relating to the 2021 Reorganization were accounted for as common control transactions within the Group. Accordingly, the Group’s consolidated financial information was not impacted as a result of these transactions.

In March 2022, Beijing CHJ transferred its equity interest of Chongqing Lixiang Automobile to Leading Ideal HK’s subsidiary. Consequently, Chongqing Lixiang Automobile became a wholly owned subsidiary of the Company (“WFOE”). The transaction was accounted for as a common control transaction within the Group; accordingly, there was no impact to the Group’s consolidated financial information.

The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and the VIEs’ subsidiaries.

1. Organization and Nature of Operations (Continued)

As of December 31, 2023, the Company’s principal subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries are as follows:



	Equity Interest Held		Date of Incorporation or Date of Acquisition	Place of Incorporation	Principal Activities	Notes
Subsidiaries
Leading Ideal HK	100	%	May 15, 2017	Hong Kong, PRC	Investment holding
Beijing Co Wheels Technology Co., Ltd. (“Wheels Technology”)	100	%	December 19, 2017	Beijing, PRC	Technology development and corporate management
Beijing CHJ Automobile Technology Co., Ltd. (“Beijing CHJ Technology” )	100	%	March 22, 2021	Beijing, PRC	Technology development
Beijing Leading Automobile Sales Co., Ltd. (“Beijing Leading”)	100	%	August 6, 2019	Beijing, PRC	Sales and after sales management
Jiangsu Xindian Interactive Sales and Services Co., Ltd. (“Jiangsu XD”)	100	%	May 8, 2017	Changzhou, PRC	Sales and after sales management	(i)
Chongqing Chezhiyu Automobile Sales and Services Co., Ltd. (“Chongqing Chezhiyu”)	100	%	April 13, 2023	Chongqing, PRC	Sales and after sales management
Chongqing Lixiang Automobile	100	%	October 11, 2019	Chongqing, PRC	Manufacturing of automobile
Beijing Lixiang Automobile Co., Ltd. (“Beijing Lixiang Automobile”)	100	%	April 9, 2021	Beijing, PRC	Manufacturing of automobile
			Date of Incorporation	Place of Incorporation	Principal Activities	Notes
The VIEs
Beijing CHJ			April 10, 2015	Beijing, PRC	Technology development
Beijing Xindian Transport Information Technology Co., Ltd. (“Xindian Information”)			March 27, 2017	Beijing, PRC	Technology development

Notes:

(i)	Jiangsu XD was Beijing CHJ’s subsidiary before the 2021 Reorganization.

1. Organization and Nature of Operations (Continued)

(c)Variable interest entity

The Company’s subsidiary Wheels Technology has entered into contractual arrangements with Beijing CHJ and Xindian Information (collectively the “VIEs”) and their respective shareholders. Through these arrangements, the Company has a controlling financial interest (and is the primary beneficiary) in each of the VIEs (as defined under ASC 810) and, accordingly, consolidates each VIE under U.S. GAAP.

The following is a summary of the contractual arrangements by and among Wheels Technology, the VIEs, and their respective shareholders.

Powers of Attorney and Business Operation Agreement.

Each shareholder of Beijing CHJ signed a power of attorney to irrevocably authorize Wheels Technology to act as his or her attorney in-fact to exercise all of his or her rights as a shareholder of Beijing CHJ, including the right to convene shareholder meetings, the right to vote and sign any resolution as a shareholder, the right to appoint directors, supervisors, and officers, and the right to sell, transfer, pledge, and dispose of all or a portion of the equity interest held by such shareholder. These powers of attorney will remain in force for 10 years. Upon request by Wheels Technology, each shareholder of Beijing CHJ shall extend the term of its authorization prior to its expiration.

Pursuant to the Business Operation Agreements entered into in April 2021 by and among Wheels Technology, Xindian Information, and each of the shareholders of Xindian Information, Xindian Information will not take any action that may have a material adverse effect on its assets, businesses, human resources, rights, obligations, or business operations without prior written consent of Wheels Technology. Xindian Information and its shareholders further agreed to accept and strictly follow Wheels Technology’s instructions relating to Xindian Information’s daily operations, financial management, and election of directors appointed by Wheels Technology. The shareholders of Xindian Information agree to transfer any dividends or any other income or interests they receive as the shareholders of Xindian Information immediately and unconditionally to Wheels Technology. Unless Wheels Technology terminates this agreement in advance, this agreement will remain effective for 10 years and can be renewed upon request by Wheels Technology prior to its expiration. Xindian Information and its shareholders have no right to terminate this agreement unilaterally. Pursuant to the Business Operation Agreement, each shareholder of Xindian Information has executed a power of attorney to irrevocably authorize Wheels Technology to act as his or her attorney-in-fact to exercise all of his or her rights as a shareholder of Xindian Information. The terms of these powers of attorney are substantially similar to the powers of attorney executed by the shareholders of Beijing CHJ described above.

Spousal Consent Letters.

Spouses of two shareholders of Beijing CHJ, who collectively hold 100% of equity interests in Beijing CHJ, have each signed a spousal consent letter. Each signing spouse of the relevant shareholder acknowledges that the equity interests in Beijing CHJ held by the relevant shareholder of Beijing CHJ are the personal assets of that shareholder and not jointly owned by the married couple. Each signing spouse also has unconditionally and irrevocably disclaimed his or her rights to the relevant equity interests and any associated economic rights or interests to which he or she may be entitled pursuant to applicable laws, and has undertaken not to make any assertion of rights to such equity interests and the underlying assets. Each signing spouse has agreed and undertaken that he or she will not carry out in any circumstances any conducts that are contradictory to the contractual arrangements and the spousal consent letter.

Spouses of nine shareholders of Xindian Information, who collectively hold 98.1% equity interests in Xindian Information, have each signed a spousal consent letter, which includes terms substantially similar to the spousal consent letter relating to Beijing CHJ described above.

1. Organization and Nature of Operations (Continued)

Exclusive Consultation and Service Agreements.

Pursuant to the Exclusive Consultation and Service Agreement entered into in April 2021 by and between Wheels Technology and Beijing CHJ, Wheels Technology has the exclusive right to provide Beijing CHJ with software technology development, technology consulting, and technical services required by Beijing CHJ’s business. Without Wheels Technology’s prior written consent, Beijing CHJ cannot accept any same or similar services subject to this agreement from any third party. Beijing CHJ agrees to pay Wheels Technology a service fee at an amount that is adjusted in accordance with Wheels Technology’s sole discretion for the relevant quarter and also the mutually agreed amount for certain other technical services, both of which should be paid within 10 business days after Wheels Technology sends invoice within 30 days after the end of the relevant calendar quarter. Wheels Technology has exclusive ownership of all the intellectual property rights created as a result of the performance of the Exclusive Consultation and Service Agreement, to the extent permitted by applicable PRC laws. To guarantee Beijing CHJ’s performance of its obligations thereunder, the shareholders have agreed to pledge their equity interests in Beijing CHJ to Wheels Technology pursuant to the Equity Pledge Agreement. The Exclusive Consultation and Service Agreement will remain effective for 10 years, unless otherwise terminated by Wheels Technology. Upon request by Wheels Technology, the term of this agreement can be renewed prior to its expiration.

In April 2021, Wheels Technology, Xindian Information, and each of the shareholders of Xindian Information entered into an exclusive consultation and service agreement, which includes terms substantially similar to the Exclusive Consultation and Service Agreement relating to Beijing CHJ described above.

Equity Option Agreements.

Pursuant to the Equity Option Agreement entered into in April 2021 by and among Wheels Technology, Beijing CHJ, and each of the shareholders of Beijing CHJ, the shareholders of Beijing CHJ have irrevocably granted Wheels Technology an exclusive option to purchase all or part of their equity interests in Beijing CHJ, and Beijing CHJ has irrevocably granted Wheels Technology an exclusive option to purchase all or part of its assets. Wheels Technology or its designated person may exercise such options to purchase equity interests at the lower of the amount of their respective paid-in capital in Beijing CHJ and the lowest price permitted under applicable PRC laws. Wheels Technology or its designated person may exercise the options to purchase assets at the lowest price permitted under applicable PRC laws. The shareholders of Beijing CHJ have undertaken that, without Wheels Technology’s prior written consent, they will not, among other things, (i) transfer or otherwise dispose of their equity interests in Beijing CHJ, (ii) create any pledge or encumbrance on their equity interests in Beijing CHJ, (iii) change Beijing CHJ’s registered capital, (iv) merge Beijing CHJ with any other entity, (v) dispose of Beijing CHJ’s material assets (except in the ordinary course of business), or (vi) amend Beijing CHJ’s articles of association. The Equity Option Agreement will remain effective for 10 years and can be renewed upon request by Wheels Technology.

In April 2021, Wheels Technology, Xindian Information, and each of the shareholders of Xindian Information entered into an equity option agreement, which includes terms substantially similar to the equity option agreement relating to Beijing CHJ described above.

Equity Pledge Agreements.

Pursuant to the Equity Pledge Agreement entered into in April 2021 by and between Wheels Technology and the shareholders of Beijing CHJ, the shareholders of Beijing CHJ have agreed to pledge 100% of equity interests in Beijing CHJ to Wheels Technology to guarantee the performance by the shareholders of their obligations under the Equity Option Agreement and the Powers of Attorney, as well as the performance by Beijing CHJ of its obligations under the Equity Option Agreement, the Powers of Attorney, and payment of services fees to Wheels Technology under the Exclusive Consultation and Service Agreement. In the event of a breach by Beijing CHJ or any shareholder of contractual obligations under the Equity Pledge Agreement, Wheels Technology, as pledgee, will have the right to dispose of the pledged equity interests in Beijing CHJ and will have priority in receiving the proceeds from such disposal. The shareholders of Beijing CHJ also have undertaken that, without prior written consent of Wheels Technology, they will not dispose of, create, or allow any encumbrance on the pledged equity interests.

1. Organization and Nature of Operations (Continued)

In April 2021, Wheels Technology, Xindian Information, and each of the shareholders of Xindian Information entered into an Equity Pledge Agreement, which includes terms substantially similar to the Equity Pledge Agreement relating to Beijing CHJ described above.

The registration of the equity pledge relating to Beijing CHJ and Xindian Information with the competent office of the SAMR in accordance with the PRC Property Law has been completed.

(d)Risks in relations to the VIE structure

According to the Guidance Catalogue of Industries for Foreign Investment promulgated in 2017, or the Catalogue, foreign ownership of certain areas of businesses are subject to restrictions under current PRC laws and regulations. Pursuant to the 2021 Negative List, foreign investors are not allowed to own more than 50% of the equity interests in a value-added telecommunication service provider (excluding e-commerce, domestic multiparty communications, store-and-forward, and call centers). In addition, foreign investors are prohibited from investing in companies engaging in internet culture businesses (except for music) and radio and television program production businesses.

Part of the Group’s business is conducted through the VIEs of the Group, of which the Company is the ultimate primary beneficiary. In the opinion of the management, the contractual arrangements with the VIEs and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The nominee shareholders indicate they will not act contrary to the contractual arrangements. However, there are substantial uncertainties regarding the interpretation and application of the PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.

It is possible that the Group’s operations of certain of its businesses through the VIEs could be found by the PRC authorities to be in violation of the PRC laws and regulations prohibiting or restricting foreign ownership of companies that engage in such operations and businesses. While the Group’s management considers the possibility of such a finding by PRC regulatory authorities under current PRC law and regulations to be remote, on March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, which came into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture Enterprise Law, and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations. The Foreign Investment Law of the PRC embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. For example, the Foreign Investment Law of the PRC adds a catch-all clause to the definition of “foreign investment” so that foreign investment, by its definition, includes “investments made by foreign investors in China through other means defined by other laws or administrative regulations or provisions promulgated by the State Council” without further elaboration on the meaning of “other means”. It leaves leeway for the future legislations promulgated by the State Council to provide for contractual arrangements as a form of foreign investment. It is therefore uncertain whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group are currently leveraging the contractual arrangements to operate certain businesses in which foreign investors are prohibited from or restricted to investing. Furthermore, if future legislations prescribed by the State Council mandate further actions to be taken by companies with respect to existing contractual arrangement, the Group may face substantial uncertainties as to whether the Group can complete such actions in a timely manner, or at all. If the Group fail to take appropriate and timely measures to comply with any of these or similar regulatory compliance requirements, the Group’s current corporate structure, corporate governance and business operations could be materially and adversely affected.

1. Organization and Nature of Operations (Continued)

If the Company’s ownership structure, contractual arrangements, and businesses of the Company’s PRC subsidiaries or VIEs are found to be in violation of any existing or future PRC laws or regulations, or PRC subsidiaries or VIEs fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures, including:

●

revoke the business licenses and/or operating licenses of such entities;

●

shut down the servers or blocking the website or mobile application, or discontinue or place restrictions or onerous conditions on the Group’s operation through any transactions between the PRC subsidiaries and the VIEs;

●

impose fines, confiscate the income from the PRC subsidiaries or the VIEs, or imposing other requirements with which the VIEs may not be able to comply;

●

require the Group to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the Group’s ability to consolidate, derive economic interests from, or exert effective control over the VIEs;

●

restrict or prohibit the Group’s use of the proceeds of this offering to finance the Group’s business and operations in China; or

●

take other regulatory or enforcement actions that could be harmful to the Group’s business.

The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s businesses. In addition, if the imposition of any of these penalties causes the Group to lose the right to direct the activities of any of the VIEs (through its equity interests in its subsidiaries) or the right to receive their economic benefits, the Group will no longer be able to consolidate the relevant VIEs and its subsidiaries, if any. In the opinion of management, the likelihood of loss in respect of the Group’s current ownership structure or the contractual arrangements with its VIEs is remote. The Group’s operations depend on the VIEs and their nominee shareholders to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under the PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIE depend on nominee shareholders enforcing the contracts. There is a risk that nominee shareholders of the VIEs, who in some cases are also shareholders of the Company, may have conflicts of interest with the Company in the future or fails to perform their contractual obligations. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced.

The Group’s operations depend on the VIEs to honour their contractual agreements with the Group and the Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable and the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

1. Organization and Nature of Operations (Continued)

The following consolidated financial information of the Group’s VIEs and VIEs’ subsidiaries as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 were included in the accompanying Group’s consolidated financial statements as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Current assets:
Cash and cash equivalents	18,529,655	27,730,141
Restricted cash	977,346	—
Time deposits and short-term investments	8,344,332	10,207,873
Trade receivable	—	3,476
Amounts due from the Group companies⁽¹⁾	37,885,882	30,567,860
Inventories	254	254
Prepayments and other current assets	168,160	172,090
Total current assets	65,905,629	68,681,694
Non‑current assets:
Long‑term investments	142,539	362,773
Property, plant and equipment, net	101,577	112,586
Operating lease right‑of‑use assets, net	693,111	653,620
Intangible assets, net	740,570	669,495
Other non‑current assets	583,967	463,659
Total non-current assets	2,261,764	2,262,133
Total assets	68,167,393	70,943,827
Current liabilities:
Trade and notes payable	1,323,196	4,466,778
Amounts due to the Group companies⁽¹⁾	60,539,514	57,988,379
Amounts due to related parties	23	23
Operating lease liabilities, current	40,707	45,011
Accruals and other current liabilities	334,333	590,927
Total current liabilities	62,237,773	63,091,118
Non‑current liabilities:
Long-term borrowings	500,000	—
Operating lease liabilities, non‑current	738,673	705,635
Deferred tax liabilities	2,979	—
Other non‑current liabilities	7,720	25,321
Total non-current liabilities	1,249,372	730,956
Total liabilities	63,487,145	63,822,074
Total shareholders’ equity	4,680,248	7,121,753
Total liabilities and shareholders’ equity	68,167,393	70,943,827

1. Organization and Nature of Operations (Continued)

These balances have been reflected in the Group’s consolidated financial statements with intercompany transactions eliminated.


	For the Year Ended December 31,
	2021	2022	2023

Third-party revenues⁽²⁾	6,294,675	—	3,376
Inter-company revenues⁽³⁾	22,287,788	7,211,082	2,643,402

Third-party cost	(20,171,861)	(4,534,351)	(11,530)
Inter-company cost⁽³⁾	(5,891,611)	(8,290)	—

Third-party expenses	(2,401,187)	(1,638,834)	(1,275,066)
Inter-company expenses	(65,750)	(302)	(68,874)

Share of loss from subsidiaries	(13)	—	—
Other income/(expense)	2,610,121	(358,394)	1,099,921
Income before income tax	2,662,162	670,911	2,391,229
Income tax (expense)/benefit	(117,413)	8,701	(244,363)
Net income	2,544,749	679,612	2,146,866
Net income attributable to ordinary shareholders of Li Auto Inc.	2,544,749	679,612	2,146,866


	For the Year Ended December 31,
	2021	2022	2023
Net cash provided by inter-company transactions⁽⁴⁾	7,341,282	2,834,408	2,643,402
Net cash used in other transactions	(8,693,141)	(10,922,189)	(7,593,022)
Net cash used in operating activities	(1,351,859)	(8,087,781)	(4,949,620)

Investing activities used in external entities	(8,641,045)	(2,149,494)	(2,087,758)
Net cash used in investing activities	(8,641,045)	(2,149,494)	(2,087,758)

Inter-company loan financing provided by Group companies	14,858,966	20,417,626	15,279,213
Other financing activities provided by/(used in) external entities	81,308	1,598,877	(500,000)
Net cash provided by financing activities	14,940,274	22,016,503	14,779,213
Effects of exchange rate changes on cash, cash equivalents and restricted cash	—	32	481,305
Net increase in cash, cash equivalents and restricted cash	4,947,370	11,779,260	8,223,140
Cash, cash equivalents and restricted cash at beginning of the year	2,780,371	7,727,741	19,507,001
Cash, cash equivalents and restricted cash at end of the year	7,727,741	19,507,001	27,730,141

The Company’s involvement with the VIEs is through the contractual arrangements disclosed in Note 1(c). All recognized assets held by the VIEs are disclosed in the table above.

Notes:

(1)	The amounts due from Group companies represent the funds provided by the consolidated VIEs to the WFOEs, and the operating receivables resulting from the provision of goods and services to WFOEs;

The amounts due to Group companies represent the funds provided by Group companies to the consolidated VIEs, and the operating payables resulting from the technical service fees charged by WFOEs.

1. Organization and Nature of Operations (Continued)

(2)	Third-party revenues primarily result from vehicles sales to customers by certain of the VIEs’ subsidiaries before the 2021 Reorganization as described in Note 1(b) and no vehicle sales revenues were generated after the 2021 Reorganization.

(3)	Inter-company revenues mainly result from service fees, vehicle sales and transfer of intangible assets and inter-company costs related to vehicle sales and transfer of intangible assets.

(4)

For the years ended December 31, 2021, 2022, and 2023, cash paid by subsidiaries to VIEs for certain service fees, inter-company sales of vehicles and inter-company transfer of intangible assets were RMB7,341,282, RMB2,834,408 and RMB2,643,402, respectively. For the years ended December 31, 2021, 2022 and 2023, no management fees were paid by VIEs to WFOE as of December 31, 2023 (pursuant to each management fee arrangement with the VIEs).

As a result of the contractual arrangements between Wheels Technology, the VIEs and the VIEs’ shareholders, Wheels Technology has a controlling financial interest and is the primary beneficiary (pursuant to ASC 810) of the Group’s consolidated VIEs and the VIEs’ subsidiaries and can have assets transferred out of such VIEs and VIEs’ subsidiaries without restriction. Therefore, it is considered that there is no asset in the Group’s VIEs and the VIEs’ subsidiaries that can be used only to settle their obligations except for registered capitals and PRC statutory reserves of the Group’s consolidated VIEs and VIEs’ subsidiaries amounting to RMB5,230,100 and RMB5,664,972 as of December 31, 2022 and 2023, respectively. As the Group’s consolidated VIEs and VIEs’ subsidiaries are incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of Wheels Technology for all the liabilities of the Group’s consolidated VIEs and VIEs’ subsidiaries. The accumulated deficit of the Group’s consolidated VIEs and VIEs’ subsidiaries was RMB549,853 as of December 31, 2022 and the retained earnings was RMB1,456,781 as of December 31, 2023,respectively.

Currently there is no contractual arrangement that could require the Company, Wheels Technology or other subsidiaries of the Company to provide additional financial support to the Group’s consolidated VIEs and VIEs’ subsidiaries. As the Company is conducting certain businesses in the PRC through the consolidated VIEs and VIEs’ subsidiaries, the Company may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

Summary of Significant Accounting Policies - Property, plant and equipment, net (Details)	Dec. 31, 2023
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	20 years
Minimum \| Buildings improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Minimum \| Production machineries, facilities and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	2 years
Minimum \| Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	2 years
Maximum \| Buildings improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years
Maximum \| Production machineries, facilities and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years
Maximum \| Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	4 years

Taxation - Movement of valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation allowance
Balance at beginning of the year	¥ 2,113,455	¥ 1,297,395
Additions	176,145	1,147,602
Reversals	(1,990,245)	(331,542)
Balance at end of the year	¥ 299,355	¥ 2,113,455

Accruals and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accruals and Other Current Liabilities

Schedule of accruals and other current liabilities


	As of December 31,
	2022	2023
Payables for purchase of property, plant and equipment	2,335,084	2,667,165
Salaries and benefits payable	633,215	2,204,050
Tax payable	445,853	1,657,471
Payables for research and development expenses	525,667	1,371,125
Payables for logistics expenses	414,353	794,512
Accrued costs of purchase commitments relating to inventory	498,060	600,778
Payables for marketing and promotional expenses	150,706	415,474
Accrued warranty, current	141,832	236,699
Advances from customers	10,500	81,925
Deposits from vendors	32,013	67,035
Other payables	497,361	1,118,392
Total	5,684,644	11,214,626

Long-term Investments - Equity Security with Or without Readily Determinable Fair Values (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Equity Security with Readily Determinable Fair Values
Fair Value		¥ 294,561		¥ 12,966
Purchase of long-term investments	¥ 400,000	198,213	$ 27,918	713,775	¥ 0
Unrealized loss				17,487	35,330
Unrealized gain		270,468
Equity Securities without Readily Determinable Fair Values
Impairment		0		7,200	¥ 0
Equity investments accounted for using the equity method		¥ 160,526		¥ 155,053

Leases - Maturities operating lease liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases
2024	¥ 1,385,284
2025	950,277
2026	727,051
2027	594,807
2028	487,549
Thereafter	1,684,771
Total undiscounted lease payments	5,829,739
Less: imputed interest	(1,005,341)
Total operating lease liabilities	¥ 4,824,398	¥ 2,642,821

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Treasury Shares Cumulative effect of adoption of credit loss guidance CNY (¥)	Treasury Shares IPO and concurrent private placement CNY (¥)	Treasury Shares CNY (¥) shares	Ordinary Shares Cumulative effect of adoption of credit loss guidance Class A Ordinary Shares CNY (¥)	Ordinary Shares Cumulative effect of adoption of credit loss guidance Class B Ordinary Shares CNY (¥)	Ordinary Shares Class A Ordinary Shares IPO and concurrent private placement CNY (¥) shares	Ordinary Shares Class A Ordinary Shares CNY (¥) shares	Ordinary Shares Class B Ordinary Shares IPO and concurrent private placement CNY (¥)	Ordinary Shares Class B Ordinary Shares CNY (¥) shares	Additional Paid-in Capital Cumulative effect of adoption of credit loss guidance CNY (¥)	Additional Paid-in Capital IPO and concurrent private placement CNY (¥)	Additional Paid-in Capital CNY (¥)	Accumulated Other Comprehensive Loss Cumulative effect of adoption of credit loss guidance CNY (¥)	Accumulated Other Comprehensive Loss IPO and concurrent private placement CNY (¥)	Accumulated Other Comprehensive Loss CNY (¥)	Statutory Reserves CNY (¥)	Accumulated Deficit Cumulative effect of adoption of credit loss guidance CNY (¥)	Accumulated Deficit IPO and concurrent private placement CNY (¥)	Accumulated Deficit CNY (¥)	Noncontrolling Interests CNY (¥)	Cumulative effect of adoption of credit loss guidance CNY (¥)	Class A Ordinary Shares shares	Class B Ordinary Shares shares	IPO and concurrent private placement CNY (¥)	CNY (¥) shares	USD ($) shares
Balance at the beginning of period at Dec. 31, 2020			¥ 0				¥ 1,010		¥ 235			¥ 37,289,761			¥ (1,005,184)				¥ (6,482,225)						¥ 29,803,597
Balance at the beginning of period (in shares) at Dec. 31, 2020 \| shares							1,453,476,230		355,812,080
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign currency translation adjustment, net of tax			0				¥ 0		¥ 0			0			(516,687)				0						(516,687)
Share issuance, net of issuance costs		¥ 0				¥ 74		¥ 0			¥ 10,995,213			¥ 0				¥ 0						¥ 10,995,287
Share issuance, net of issuance costs (in shares) \| shares						113,869,700
Issuance of ordinary shares as treasury shares			¥ (22)				¥ 22		0			0			0				0						0
Issuance of ordinary shares as treasury shares ( Shares) \| shares			(34,000,000)				34,000,000
Issuance of ordinary shares for granting Award Shares to CEO			¥ (70)				¥ 70		0			70			0				0						70
Issuance of ordinary shares for granting Award Shares to CEO (Shares) \| shares			(108,557,400)				108,557,400
Exercise of share options			¥ 3				¥ 0		0			4,086			0				0						4,089
Exercise of share options (Shares) \| shares			6,404,416
Share-based compensation			¥ 0				0		0			1,101,356			0				0						1,101,356
Net loss			0				0		0			0			0				(321,455)						(321,455)
Balance at the end of period at Dec. 31, 2021	¥ 0		¥ (89)	¥ 0	¥ 0		¥ 1,176		¥ 235	¥ 0		49,390,486	¥ 0		(1,521,871)		¥ (1,955)		(6,805,635)	¥ 0	¥ (1,955)				41,064,302
Balance at the end of period (in shares) at Dec. 31, 2021 \| shares							1,709,903,330		355,812,080
Balance at the end of period (in shares) at Dec. 31, 2021 \| shares			(136,152,984)
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign currency translation adjustment, net of tax			¥ 0				¥ 0		¥ 0			0			1,327,761				0	0					1,327,761
Share issuance, net of issuance costs			0				¥ 12		0			2,421,699			0				0	0					2,421,711
Share issuance, net of issuance costs (in shares) \| shares							18,862,564
Issuance of ordinary shares as treasury shares ( Shares) \| shares																						0
Exercise of share options			¥ 5				¥ 0		0			3,972			0				0	0					3,977
Exercise of share options (Shares) \| shares			5,928,902
Share-based compensation			¥ 0				0		0			2,053,165			0				0	0					2,053,165
Capital injection by noncontrolling interests			0				0		0			0			0				0	347,739					347,739
Net loss			0				0		0			0			0				(2,012,215)	(20,133)					(2,032,348)
Balance at the end of period at Dec. 31, 2022			¥ (84)				¥ 1,188		¥ 235			53,869,322			(194,110)	¥ 0			(8,817,850)	327,606					¥ 45,186,307
Balance at the end of period (in shares) at Dec. 31, 2022 \| shares							1,728,765,894		355,812,080													1,728,765,894	355,812,080		1,954,353,892	1,954,353,892
Balance at the end of period (in shares) at Dec. 31, 2022 \| shares			(130,224,082)
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign currency translation adjustment, net of tax			¥ 0				¥ 0		¥ 0			0			(30,766)	0			0	0					¥ (30,766)
Share issuance, net of issuance costs			0				¥ 6		0			1,215,558			0	0			0	0					¥ 1,215,564
Share issuance, net of issuance costs (in shares) \| shares							8,142,294																		27,004,858	27,004,858
Issuance of ordinary shares as treasury shares			¥ (21)				¥ 21		0			0			0	0			0	0					¥ 0
Issuance of ordinary shares as treasury shares ( Shares) \| shares			(29,300,000)				29,300,000															29,300,000
Exercise of share options (Shares) \| shares																									22,726,238	22,726,238
Share-based compensation			¥ 0				¥ 0		0			2,378,689			0	0			0	0					¥ 2,378,689
Exercise of share options and vesting of RSUs (in shares) \| shares			23,166,744
Exercise of share options and vesting of RSUs			¥ 15				0		0			16,288			0	0			0	0					16,303
Appropriation to statutory reserves			0				0		0			0			0	444,585			(444,585)	0					0
Net loss			0				0		0			0			0	0			11,704,133	104,992					11,809,125	$ 1,663,280
Balance at the end of period at Dec. 31, 2023			¥ (90)				¥ 1,215		¥ 235			¥ 57,479,857			¥ (224,876)	¥ 444,585			¥ 2,441,698	¥ 432,598					¥ 60,575,222	$ 8,531,841
Balance at the end of period (in shares) at Dec. 31, 2023 \| shares							1,766,208,188		355,812,080													1,766,208,188	355,812,080		1,985,662,930	1,985,662,930
Balance at the end of period (in shares) at Dec. 31, 2023 \| shares			(136,357,338)

Deferred Revenue

12 Months Ended

Dec. 31, 2023

Deferred Revenue

Deferred Revenue

19. Deferred Revenue

The following table includes a rollforward of the deferred revenue balance for each year presented:


	For the Year Ended December 31,
	2022	2023
Deferred revenue—at beginning of the year	694,745	1,150,832
Additions	45,614,278	124,123,223
Recognition	(45,158,191)	(122,936,294)
Deferred revenue—at end of the year	1,150,832	2,337,761
Including: Deferred revenue, current	569,234	1,525,543
Deferred revenue, non‑current	581,598	812,218

Deferred revenue represents contract liabilities allocated to the performance obligations that are unsatisfied, or partially satisfied which primarily resulted from undelivered vehicles, uninstalled charging stalls and other performance obligations identified in the vehicle sales contracts.

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Revenue

Schedule of rollforward of deferred revenue


	For the Year Ended December 31,
	2022	2023
Deferred revenue—at beginning of the year	694,745	1,150,832
Additions	45,614,278	124,123,223
Recognition	(45,158,191)	(122,936,294)
Deferred revenue—at end of the year	1,150,832	2,337,761
Including: Deferred revenue, current	569,234	1,525,543
Deferred revenue, non‑current	581,598	812,218

Trade and Notes Payable - Aging Analysis Of Trade and Notes Payable (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Trade and Notes Payable
Total	¥ 51,870,097	$ 7,305,750	¥ 20,024,329
Supplier Finance Program, Obligation, Current	¥ 712,039		¥ 55,783
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities Current	Accrued Liabilities and Other Liabilities Current	Accrued Liabilities and Other Liabilities Current
Maximum
Trade and Notes Payable
Trade and note payable period	180 days
Minimum
Trade and Notes Payable
Trade and note payable period	30 days
Within 3 months
Trade and Notes Payable
Total	¥ 45,079,655		¥ 19,806,395
Trade and note payable period	3 months
Between 3 months and 6 months
Trade and Notes Payable
Total	¥ 6,565,284		124,122
Between 3 months and 6 months \| Maximum
Trade and Notes Payable
Trade and note payable period	6 months
Between 3 months and 6 months \| Minimum
Trade and Notes Payable
Trade and note payable period	3 months
Between 6 months and 1 year
Trade and Notes Payable
Total	¥ 126,799		31,051
Between 6 months and 1 year \| Maximum
Trade and Notes Payable
Trade and note payable period	1 year
Between 6 months and 1 year \| Minimum
Trade and Notes Payable
Trade and note payable period	6 months
More than 1 year
Trade and Notes Payable
Total	¥ 98,359		¥ 62,761
Trade and note payable period	1 year

Summary of Significant Accounting Policies - Product warranties (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Accrued warranty at beginning of the year	¥ 1,594,312	¥ 842,345
Warranty cost incurred	(127,901)	(48,963)
Provision for warranty	2,268,650	800,930
Adjustments to pre-existing warranty liabilities	(483,949)	0
Accrued warranty at end of the year	¥ 3,251,112	¥ 1,594,312

Leases - Supplemental cash flows information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows payments for operating leases	¥ 1,159,891	¥ 610,490	¥ 346,757
Right-of-use assets obtained in exchange for lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities	¥ 3,010,986	¥ 2,071,200	¥ 1,120,392

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

11. Leases

Operating leases of the Group mainly include land use rights and leases of offices, retail stores, charging stations and delivery and servicing centers and the finance lease was the lease of certain manufacturing base production plants.

The components of lease expenses were as follows:


	For the Year Ended December 31,
	2021	2022	2023
Lease cost
Finance lease cost:
Amortization of assets	12,122	—	—
Interest of lease liabilities	19,322	—	—
Operating lease cost	367,375	698,280	1,059,148
Short‑term lease cost	15,559	54,683	108,689
Total	414,378	752,963	1,167,837

11. Leases (Continued)

Supplemental information related to leases was as follows (in thousands, except lease terms and discount rate):


	For the Year Ended December 31,
	2021	2022	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows payments for operating leases	346,757	610,490	1,159,891
Right-of-use assets obtained in exchange for lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities	1,120,392	2,071,200	3,010,986


	As of December 31,
	2022	2023
Operating Leases
Land use rights, net	1,010,640	1,249,551
Operating lease right-of-use assets, net (excluding land use rights)	2,528,271	4,689,679
Total operating lease right-of-use assets, net	3,538,911	5,939,230
Operating lease liabilities, current	696,454	1,146,437
Operating lease liabilities, non-current	1,946,367	3,677,961
Total operating lease liabilities	2,642,821	4,824,398


	As of December 31,
	2022		2023
Weighted-average remaining lease term
Land use rights	49 years		48 years
Operating leases	7 years		9 years
Weighted-average discount rate
Land use rights	—		—
Operating leases	5.8	%	5.8	%

Maturities of operating lease liabilities were as follows:


		For the Year Ending December 31,
2024		1,385,284
2025		950,277
2026		727,051
2027		594,807
2028		487,549
Thereafter		1,684,771
Total undiscounted lease payments		5,829,739
Less: imputed interest		(1,005,341)
Total operating lease liabilities		4,824,398

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings

Schedule of short-term and long-term borrowings

Borrowings consist of the following:


	As of December 31,
	2022	2023
Short-term borrowings:
Convertible debt⁽¹⁾	—	6,031,566
Unsecured borrowing⁽²⁾	—	688,231
Secured borrowing⁽³⁾	283,785	155,602
Credit guaranteed borrowing⁽⁴⁾	106,965	100,000
Total short-term borrowings⁽⁵⁾	390,750	6,975,399


	As of December 31,
	2022	2023
Long-term borrowings:
Secured borrowing⁽³⁾	2,065,927	1,647,070
Credit guaranteed borrowing⁽⁴⁾	751,165	100,000
Convertible debt⁽¹⁾	5,913,715	—
Unsecured borrowing⁽²⁾	500,000	—
Total long-term borrowings	9,230,807	1,747,070
Total borrowings	9,621,557	8,722,469

(1)

In April 2021, the Company issued and sold convertible debt in an aggregate principal of US$862,500 through a private placement. The convertible debt will mature in 2028, bearing the interest at a rate of 0.25% per annum. The related interest is payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2021. The net proceeds from this offering were approximately US$844,876, equivalent to RMB5,533,238.

The convertible debt may be converted, at an initial conversion rate of 35.2818 American depositary shares (the “ADSs”) per US$1,000 principal amount (which represents an initial conversion price of approximately US$28.34 per ADS) at each holder’s option at any time on or after November 1, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date of May 1, 2028. Upon conversion, the Company will pay or deliver to such converting holders, as the case may be, either cash, ADSs, or a combination of cash and ADSs, at its election.

The initial conversion price of US$28.34 per ADS, or US$14.17 per Class A ordinary share (the latter represents the effective cost per Class A Ordinary Share), represents a discount of approximately 26.56% to the maximum Public Offer Price of HK$150.00 per Class A Ordinary Share. The initial conversion rate may be adjusted in certain circumstances, including but not limited to when the Company effects a share split or share combination. As of December 31, 2023, no adjustment had been made to the initial conversion rate.

Holders of the convertible debt have the rights to require the Company to repurchase all or a portion for their convertible debt on May 1, 2024 and May 1, 2026 or in the event of certain fundamental changes, at a repurchase price equal to 100% of the principal amount of the convertible debt to be repurchased, plus accrued and unpaid interest. As of December 31, 2023, the convertible debt was reclassified to short-term borrowings to reflect the early redemption right by the holders of the convertible debt on May 1, 2024.

14. Borrowings (Continued)

The Company accounted for the convertible debt as a single instrument measured at its amortized cost as borrowings on the consolidated balance sheets. The issuance costs were recorded as an adjustment to the borrowings and are amortized as interest expense using the effective interest method with an effective interest rate of 0.55% per annum over the contractual life to the maturity date (i.e., May 1, 2028). For the years ended December 31, 2021, 2022 and 2023, the convertible debt related interest expense was RMB21,369, RMB31,076 and RMB32,657, respectively. As of December 31, 2022 and December 31, 2023, the principal amount of the convertible debt was RMB6,006,968 and RMB6,108,829, and the unamortized debt issuance cost was RMB93,253 and RMB77,263, respectively.

(2)

As of December 31, 2022, the Group obtained an unsecured borrowing from a bank of RMB500,000 in the aggregate. The annual interest rates of these borrowings are approximately 1-year Loan Prime Rate (“LPR”) as published by the National Interbank Funding Center, minus 0.70%. The borrowing is denominated in RMB. The borrowing was fully repaid in 2023.

In November 2023, the Group issued RMB700,000 bonds in Mainland China. The bond has a term maturity of one year and bears coupon rate of 2.50% per annum.

(3)

As of December 31, 2022, the Group obtained secured borrowings from several banks of RMB2,349,712 in the aggregate. The annual interest rates of these borrowings ranged from approximately the 5-year LPR minus 0.80% to 5-year LPR minus 0.31%. The maturity dates ranged from March 25, 2025 to June 21, 2034. The borrowings are denominated in RMB. Borrowings of RMB1,559,703 was repaid in 2023.

As of December 31, 2023, the Group obtained secured borrowing from several banks of RMB1,802,672 in the aggregate. The annual interest rate of these borrowings ranged from approximately 5-year LPR minus 0.80% to 5-year LPR minus 0.60%. The maturity dates ranged from March 25, 2025 to June 21, 2034. The borrowings are denominated in RMB.

The borrowings are pledged by certain manufacturing facilities and land use rights of the Group as of December 31, 2022 and December 31, 2023. The borrowings contain covenants which includes limitations on certain asset sales, requirements to maintain current assets and maintain financial assets on the specific account. The Group is in compliance with all of the loan covenants as of December 31, 2023.

(4)

As of December 31, 2022, the Group obtained credit guaranteed borrowing from several banks of RMB858,130 in the aggregate. The annual interest rates of these borrowings ranged from 1-year LPR minus 0.90% to a secured overnight financing rate. The maturity dates ranged from June 29, 2024 to December 26, 2025. The borrowings are denominated in RMB and U.S. dollars. Borrowings of RMB309,900 denominated in RMB and US$50,000 denominated in U.S. dollars was repaid in 2023.

14. Borrowings (Continued)

As of December 31, 2023, the Group obtained credit guaranteed borrowing from one bank of RMB200,000 in the aggregate. The annual interest rate of this borrowing was approximately 1-year LPR minus 0.75%. The maturity date was July 26, 2025. The borrowing is denominated in RMB.

The borrowings are guaranteed by a subsidiary of the Group as of December 31, 2022 and December 31, 2023. One of the borrowings as of December 31, 2022 is denominated in U.S. dollars and contains covenants which includes certain required minimum liquidity ratios and requirements on stock price and vehicle deliveries. The Group fully repaid this particular borrowing in 2023. Except for this particular borrowing, there are no other credit guaranteed borrowing as of December 31, 2022 and 2023 which contain covenants.

(5)

As of December 31, 2022 and 2023, the weighted average interest rate on short-term borrowings excluding convertible debt was 3.69% and 2.69%.

Schedule of the Group's borrowings


		For the
		Year Ending
		December 31,
2024		943,833
2025		266,331
2026		166,119
2027		167,749
2028		195,621
2029 and thereafter		951,250

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2023

Related Party Balances and Transactions

26. Related Party Balances and Transactions

The principal related parties with which the Group had material transactions during the periods presented are as follows:


Name of Entity or Individual		Relationship with the Company
Meituan		A principal shareholder of the company

The Group entered into the following significant related party transactions:

The Group had the following significant related party balances:


	As of December 31,
	2022	2023
Due to Meituan	1,246	9,036

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Restricted Net Assets

12 Months Ended

Dec. 31, 2023

Restricted Net Assets

Restricted Net Assets

27. Restricted Net Assets

The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries, consolidated VIEs and VIEs’ subsidiaries incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries, the VIEs and the VIEs’ subsidiaries.

In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax profits to the general reserve fund until such reserve fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserved funds can only be used for specific purposes and are not distributable as cash dividends.

Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual after-tax profits until such statutory surplus fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. A domestic enterprise is also required to provide discretionary surplus fund, at the discretion of the board of directors, from the net profits reported in the enterprise’s PRC statutory financial statements. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends.

As a result of these PRC laws and regulations that require annual appropriations of 10% of after-tax profits to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Group’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. The balance of statutory reserves were nil and RMB444,585 as of December 31, 2022 and 2023, respectively.

Amounts restricted include paid-in capital, additional paid-in capital and statutory reserve funds, less accumulated deficit, totaling approximately RMB9,492,844 and RMB18,833,015 as of December 31, 2022 and 2023, respectively; therefore in accordance with Securities and Exchange Commission Regulation S-X Rules 4-08 (e) (3), the condensed parent company only financial statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 are disclosed in Note 28.

Summary of Significant Accounting Policies - Inventories (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Inventory write-downs and losses on inventory purchase commitments	¥ 234,769	¥ 1,112,015	¥ 51,256

Summary of Significant Accounting Policies - Trade receivable and current expected credit losses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	¥ (1,079)	$ (152)	¥ 2,910	¥ 6,415
Trade receivables
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	¥ 0		¥ 0	¥ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
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-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 88: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Parent Company Only Condensed Financial Information

Schedule of condensed balance sheets of parent company


	As of December 31,
	2022	2023
	RMB	RMB

ASSETS
Current assets:
Cash and cash equivalents	974,224	1,121,233
Time deposits and short-term investments	2,195,952	—
Amounts due from subsidiaries of the Group	47,993,884	54,475,676
Prepayments and other current assets	3,132	—
Total current assets	51,167,192	55,596,909
Non-current assets:
Investments in subsidiaries	—	11,452,246
Long-term investments	12,968	10,268
Property, plant and equipment, net	18	10
Total non-current assets	12,986	11,462,524
Total assets	51,180,178	67,059,433
LIABILITIES
Current liabilities:
Short-term borrowings	6,965	6,719,797
Amounts due to subsidiaries of the Group	—	3,598
Accruals and other current liabilities	59,533	193,414
Total current liabilities	66,498	6,916,809
Non-current liabilities:
Long-term borrowings	6,254,979	—
Total non-current liabilities	6,254,979	—
Total liabilities	6,321,477	6,916,809
SHAREHOLDERS’ EQUITY
Class A Ordinary Shares	1,188	1,215
Class B Ordinary Shares	235	235
Treasury shares	(84)	(90)
Additional paid-in capital	53,869,322	57,479,857
Accumulated other comprehensive loss	(194,110)	(224,876)
(Accumulated deficit)/Retained earnings	(8,817,850)	2,886,283
Total shareholders’ equity	44,858,701	60,142,624
Total liabilities and shareholders’ equity	51,180,178	67,059,433

Schedule of condensed statements of comprehensive (loss)/income of parent company


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB

Operating expenses:
Selling, general and administrative	(27,288)	(35,642)	(44,419)
Research and development	(852)	(629)	—
Total operating expenses	(28,140)	(36,271)	(44,419)
Loss from operations	(28,140)	(36,271)	(44,419)
Other (expense)/income
Interest expense	(21,369)	(43,096)	(38,323)
Interest income and investment income, net	283,737	190,528	70,953
Equity in (loss)/income of subsidiaries	(563,106)	(2,300,538)	11,716,065
Others, net	7,423	177,165	(137)
(Loss)/Income before income tax expense	(321,455)	(2,012,212)	11,704,139
Income tax expense	—	(3)	(6)
Net (loss)/income	(321,455)	(2,012,215)	11,704,133
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of tax	(516,687)	1,327,761	(30,766)
Comprehensive (loss)/income	(838,142)	(684,454)	11,673,367

Schedule of condensed statements of cash flows of parent company


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities	367,063	450,517	56,515
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to, and investments in subsidiaries, VIEs and VIEs’ subsidiaries	(10,157,678)	(23,397,234)	(3,589,329)
Placement of time deposits	(298,284)	—	—
Redemption of time deposits	297,654	—	2,137,626
Placement of short-term investments	(173,133,568)	(2,609,767)	—
Redemption of short-term investments	180,386,757	8,036,663	—
Purchase of property, plant and equipment and intangible assets	—	(25)	—
Net cash used in investing activities	(2,905,119)	(17,970,363)	(1,451,703)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings and long-term borrowings	—	669,913	699,300
Repayment of long-term borrowings	—	(349,163)	(338,020)
Proceeds from issuance of convertible debts	5,533,238	—	—
Proceeds from IPOs and concurrent private placements, net of issuance cost	11,004,778	—	—
Proceeds from exercise of share options	1,139	6,728	11,953
Proceeds from issuance of ordinary shares	70	2,462,300	1,174,319
Net cash provided by financing activities	16,539,225	2,789,778	1,547,552
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(387,668)	941,417	(5,355)
Net increase/(decrease) in cash, cash equivalents and restricted cash	13,613,501	(13,788,651)	147,009
Cash, cash equivalents and restricted cash at beginning of the year	1,149,374	14,762,875	974,224
Cash, cash equivalents and restricted cash at end of the year	14,762,875	974,224	1,121,233

Share-based Compensation - RSU activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share based Compensation
Beginning Balance	30,993,124	8,586	0
Beginning Balance	$ 17.20	$ 17.25	$ 0
Granted (in Shares)	46,992,750	36,199,400	8,586
Granted	$ 15.53	$ 17.13	$ 17.25
Vested (in Shares)	(12,646,762)	(127,062)
Vested	$ 15.56	$ 18.76
Forfeited (in shares)	(3,584,600)	(5,087,800)
Forfeited	$ 15.79	$ 16.74
Ending Balance	61,754,512	30,993,124	8,586	0
Ending Balance	$ 16.34	$ 17.20	$ 17.25	$ 0
Weighted Average Grant Date Fair Value
Weighted Average Remaining Contractual Life	9 years 1 month 20 days	9 years 2 months 15 days	9 years 6 months	0 years

Borrowings - Additional information (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Nov. 30, 2023 CNY (¥)	Apr. 30, 2022	Apr. 30, 2021 CNY (¥)	Apr. 30, 2021 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Apr. 30, 2021 $ / shares	Apr. 30, 2021 USD ($)
Short term borrowings
Principal amount \| $											$ 862,500
Share price \| $ / shares										$ 150.00
Weighted average interest rate on short-term borrowings					2.69%		3.69%
Proceeds from borrowings					¥ 1,750,194,000	$ 246,510	¥ 3,741,482,000		¥ 600,000,000
Debt instrument convertible conversion ratio		28.34	14.17	14.17
Debt instrument principal amount			100.00%	100.00%
Convertible debt
Short term borrowings
Interest expense debt					32,657,000		31,076,000		¥ 21,369,000
Principal amount					6,108,829,000		6,006,968,000
Unamortized debt issuance cost					77,263,000		93,253,000
USD
Short term borrowings
Debt instrument convertible conversion ratio			28.34	28.34
RMB
Short term borrowings
Debt instrument convertible conversion ratio			35.2818	35.2818
Secured Borrowings
Short term borrowings
Principal amount					1,802,672,000		¥ 2,349,712,000
Repayments of Secured Debt					¥ 1,559,703,000
Secured Borrowings \| 5-year LPR \| Maximum
Short term borrowings
Interest rate (as a percent)					0.60%	0.60%	0.31%	0.31%
Secured Borrowings \| 5-year LPR \| Minimum
Short term borrowings
Interest rate (as a percent)					0.80%	0.80%	0.80%	0.80%
Convertible debt
Short term borrowings
Principal amount \| $											$ 1,000
Percentage of discount on share issue price			26.56%	26.56%
Effective interest rate					0.55%
Interest rate (as a percent)											0.25%
Proceeds from borrowings			¥ 5,533,238,000	$ 844,876
Unsecured borrowing
Short term borrowings
Principal amount							¥ 500,000
Interest rate (as a percent)							0.70%	0.70%
Bonds
Short term borrowings
Principal amount	¥ 700,000
Term of borrowings (in years)	1 year
Interest rate (as a percent)	2.50%
Credit Guaranteed Borrowings
Short term borrowings
Principal amount					¥ 200,000,000		¥ 858,130,000
Repayments of Secured Debt							¥ 309,900,000	$ 50,000
Credit Guaranteed Borrowings \| 1-year LPR
Short term borrowings
Interest rate (as a percent)					0.75%	0.75%	(0.90%)	(0.90%)

Trade and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2023

Trade and Notes Payable

Schedule of trade and notes payable


	As of December 31,
	2022	2023
Trade payable for raw materials	15,410,150	34,839,546
Notes payable⁽ⁱ⁾	4,614,179	17,030,551
Total	20,024,329	51,870,097

(i)

Certain banks offer supply chain financing channels to the Group’s suppliers. In connection with this program, the Group issues notes to participating suppliers which can elect to assign such notes, at a discount, to the banks for payment at or before the maturity of each note. The maturity of each note is consistent with the original supplier payment terms. The Group incurs insignificant bank service fees in connection with this arrangement. All terms related to the Group’s payment obligations to participating suppliers (which may be assigned to the banks) remain unchanged as part of this program. The outstanding amount of the company’s supply chain financing channels program as of December 31, 2022 and 2023 were RMB55,783 and RMB712,039, respectively.

Schedule of maturity of trade and notes payable


	As of December 31,
	2022	2023
Within 3 months	19,806,395	45,079,655
Between 3 months and 6 months	124,122	6,565,284
Between 6 months and 1 year	31,051	126,799
More than 1 year	62,761	98,359
Total	20,024,329	51,870,097

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award

Summary of compensation expenses recognized for share-based awards


	For the Year Ended December 31,
	2021	2022	2023
Research and development expenses	741,793	1,333,710	1,552,421
Selling, general and administrative expenses	332,850	674,610	779,637
Cost of sales	26,713	44,845	46,631
Total	1,101,356	2,053,165	2,378,689

2019 and 2020 Share Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award

Summary of stock option activities


			Weighted
		Weighted	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise Price	Contractual Life	Value
		US$	In Years	US$
Outstanding as of December 31, 2020	56,914,000	0.10	5.95	814,724
Granted	36,987,700	0.10
Exercised	(6,404,416)	0.10
Forfeited	(4,106,000)	0.10
Outstanding as of December 31, 2021	83,391,284	0.10	6.70	1,330,091
Granted	579,600	0.10
Exercised	(5,801,840)	0.10
Forfeited	(3,832,800)	0.10
Outstanding as of December 31, 2022	74,336,244	0.10	5.56	750,796
Granted	—	—
Exercised	(10,519,982)	0.10
Forfeited	(3,508,800)	0.10
Outstanding as of December 31, 2023	60,307,462	0.10	4.41	1,122,594

Vested and expected to vest as of December 31, 2022	71,370,113	0.10	5.46	720,838
Exercisable as of December 31, 2022	46,292,444	0.10	4.06	467,554
Vested and expected to vest as of December 31, 2023	58,836,673	0.10	4.34	1,095,245
Exercisable as of December 31, 2023	43,618,062	0.10	3.35	811,950

Summary of options fair value assumptions


	For the Year Ended December 31,
	2021	2022
Exercise price (US$)	0.10	0.10
Fair value of the ordinary shares on the grant date (US$)	14.42-17.35	16.05
Risk‑free interest rate	0.93%-1.48%	1.51%
Expected term (in years)	10.00	10.00
Expected dividend yield	0%	0%
Expected volatility	47%-48%	48%

Summary of RSU activity


		Weighted Average	Weighted Average
	Number of	Grant Date	Remaining
	Shares	Fair Value	Contractual Life
		US$	In Years
Unvested as of December 31, 2020	—	—	—
Granted	8,586	17.25
Unvested as of December 31, 2021	8,586	17.25	9.50
Granted	36,199,400	17.13
Vested	(127,062)	18.76
Forfeited	(5,087,800)	16.74
Unvested as of December 31, 2022	30,993,124	17.20	9.21
Granted	46,992,750	15.53
Vested	(12,646,762)	15.56
Forfeited	(3,584,600)	15.79
Unvested as of December 31, 2023	61,754,512	16.34	9.14

2021 Share Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award

Summary of stock option activities


		Weighted	Weighted Average
	Number of	Average Exercise	Remaining
	Shares	Price	Contractual Life
		US$	In Years
December 31, 2020	—	—	—
Granted	108,557,400	14.63	—
December 31, 2021	108,557,400	14.63	9.19
Granted	—	—	—
December 31, 2022	108,557,400	14.63	8.19
Granted	—	—	—
December 31, 2023	108,557,400	14.63	7.19

Summary of options fair value assumptions


	For the Year Ended December 31,
	2021
Exercise price (US$)	14.63
Fair value of the ordinary shares on the date of restricted shares grant (US$)	10.67
Risk-free interest rate	1.59	%
Expected term (in years)	10.00
Expected dividend yield	0	%
Expected volatility	47	%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Parent Company Only Condensed Financial Information - Condensed statements of cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities	¥ 50,693,521	$ 7,140,033	¥ 7,380,266	¥ 8,340,385
CASH FLOWS FROM INVESTING ACTIVITIES
Placement of time deposits	(19,107,879)	(2,691,288)	(679,486)	(1,308,296)
Redemption of time deposits	9,201,713	1,296,034	514,242	1,630,773
Placement of short-term investments	(14,820,000)	(2,087,353)	(58,268,079)	(220,850,351)
Redemption of short-term investments	31,135,501	4,385,344	59,953,714	220,345,863
Purchase of property, plant and equipment and intangible assets	(6,507,190)	(916,520)	(5,127,899)	(3,444,573)
Net cash used in investing activities	(12,068)	(1,700)	(4,364,661)	(4,257,244)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings and long-term borrowings	1,750,194	246,510	3,741,482	600,000
Proceeds from issuance of convertible debt	0	0	0	5,533,238
Proceeds from issuance of ordinary shares	0	0	0	70
Net cash provided by financing activities	185,385	26,111	5,639,392	16,709,533
Effects of exchange rate changes on cash, cash equivalents and restricted cash	44,513	6,270	1,270,097	(472,129)
Net increase in cash, cash equivalents and restricted cash	50,911,351	7,170,714	9,925,094	20,320,545
Cash, cash equivalents and restricted cash at beginning of the year	38,478,016
Cash, cash equivalents and restricted cash at end of the year	91,329,030	$ 12,863,425	38,478,016
Parent company \| Reportable legal entity
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities	56,515		450,517	367,063
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to, and investments in subsidiaries, VIEs and VIEs' subsidiaries	(3,589,329)		(23,397,234)	(10,157,678)
Placement of time deposits	0		0	(298,284)
Redemption of time deposits	2,137,626		0	297,654
Placement of short-term investments	0		(2,609,767)	(173,133,568)
Redemption of short-term investments	0		8,036,663	180,386,757
Purchase of property, plant and equipment and intangible assets	0		(25)	0
Net cash used in investing activities	(1,451,703)		(17,970,363)	(2,905,119)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings and long-term borrowings	699,300		669,913	0
Repayment of long-term borrowings	(338,020)		(349,163)	0
Proceeds from issuance of convertible debt	0		0	5,533,238
Proceeds from IPOs and concurrent private placements, net of issuance cost	0		0	11,004,778
Proceeds from exercise of share options	11,953		6,728	1,139
Proceeds from issuance of ordinary shares	1,174,319		2,462,300	70
Net cash provided by financing activities	1,547,552		2,789,778	16,539,225
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(5,355)		941,417	(387,668)
Net increase in cash, cash equivalents and restricted cash	147,009		(13,788,651)	13,613,501
Cash, cash equivalents and restricted cash at beginning of the year	974,224		14,762,875	1,149,374
Cash, cash equivalents and restricted cash at end of the year	¥ 1,121,233		¥ 974,224	¥ 14,762,875

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of components of lease expenses


	For the Year Ended December 31,
	2021	2022	2023
Lease cost
Finance lease cost:
Amortization of assets	12,122	—	—
Interest of lease liabilities	19,322	—	—
Operating lease cost	367,375	698,280	1,059,148
Short‑term lease cost	15,559	54,683	108,689
Total	414,378	752,963	1,167,837

Supplemental cash flows information related to leases


	For the Year Ended December 31,
	2021	2022	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows payments for operating leases	346,757	610,490	1,159,891
Right-of-use assets obtained in exchange for lease liabilities:
Right-of-use assets obtained in exchange for new operating lease liabilities	1,120,392	2,071,200	3,010,986

Supplemental balance sheet information related to operating leases


	As of December 31,
	2022	2023
Operating Leases
Land use rights, net	1,010,640	1,249,551
Operating lease right-of-use assets, net (excluding land use rights)	2,528,271	4,689,679
Total operating lease right-of-use assets, net	3,538,911	5,939,230
Operating lease liabilities, current	696,454	1,146,437
Operating lease liabilities, non-current	1,946,367	3,677,961
Total operating lease liabilities	2,642,821	4,824,398

Schedule of weighted-average remaining lease term and discount rate


	As of December 31,
	2022		2023
Weighted-average remaining lease term
Land use rights	49 years		48 years
Operating leases	7 years		9 years
Weighted-average discount rate
Land use rights	—		—
Operating leases	5.8	%	5.8	%

Schedule of maturities of operating lease liabilities


		For the Year Ending December 31,
2024		1,385,284
2025		950,277
2026		727,051
2027		594,807
2028		487,549
Thereafter		1,684,771
Total undiscounted lease payments		5,829,739
Less: imputed interest		(1,005,341)
Total operating lease liabilities		4,824,398

Fair Value Measurement - Assets and liabilities measured at fair value on a recurring basis (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Long-term financial instruments	¥ 0	¥ 50,615
Equity securities with readily determinable fair values	294,561	12,966
Recurring
Assets
Short-term investments	1,677,128	18,026,310
Long-term financial instruments		50,615
Equity securities with readily determinable fair values	294,561	12,966
Total assets	1,971,689	18,089,891
Recurring \| Level 1
Assets
Equity securities with readily determinable fair values	294,561	12,966
Total assets	294,561	12,966
Recurring \| Level 2
Assets
Short-term investments	1,677,128	18,026,310
Long-term financial instruments		50,615
Total assets	¥ 1,677,128	¥ 18,076,925

Other Non-Current Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other Non-Current Liabilities
Accrued warranty, non-current	¥ 3,014,413		¥ 1,452,480
Deferred government grants, non-current	431,954		431,735
Payables for property, plant and equipment, non-current	217,111		214,092
Other payables	47,936		44,155
Total	¥ 3,711,414	$ 522,742	¥ 2,142,462

Revenue Disaggregation - Revenue By Timing of Recognition (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenue Disaggregation
Revenues	¥ 123,851,332	$ 17,444,096	¥ 45,286,816	¥ 27,009,779
Motor vehicles
Revenue Disaggregation
Revenues	120,294,667	16,943,150	44,106,434	26,128,469
Other sales and services
Revenue Disaggregation
Revenues	3,556,665	$ 500,946	1,180,382	881,310
Revenue recognized at a point in time
Revenue Disaggregation
Revenues	123,623,481		45,150,485	26,917,836
Revenue recognized at a point in time \| Motor vehicles
Revenue Disaggregation
Revenues	120,294,667		44,106,434	26,128,469
Revenue recognized at a point in time \| Other sales and services
Revenue Disaggregation
Revenues	3,328,814		1,044,051	789,367
Revenue recognized over time
Revenue Disaggregation
Revenues	¥ 227,851		¥ 136,331	¥ 91,943

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2023

Share based Compensation

Share based Compensation

22. Share-based Compensation

Compensation expenses recognized for share-based awards granted by the Group were as follows:


	For the Year Ended December 31,
	2021	2022	2023
Research and development expenses	741,793	1,333,710	1,552,421
Selling, general and administrative expenses	332,850	674,610	779,637
Cost of sales	26,713	44,845	46,631
Total	1,101,356	2,053,165	2,378,689

(i)	2019 and 2020 Share Incentive Plan

In July 2019, the Group adopted the 2019 Share Incentive Plan (the “2019 Plan”), which allows the Company to grant options and RSUs of the Group to its employees, directors and consultants. As of December 31, 2023, the maximum number of Class A ordinary shares that may be issued under the 2019 Plan is 141,083,452.

The Group began to grant share options to employees from 2015. In conjunction with the Company’s Reorganization in July 2019, the Group transferred share options from Beijing CHJ to the Company according to the 2019 Plan. The share options of the Group under the 2019 Plan have a contractual term of ten years from the grant date.

In July 2020, the Group adopted the 2020 Share Incentive Plan (the “2020 Plan”), which allows the Company to grant options and RSUs of the Group to its employees, directors and consultants. As of December 31, 2023, the maximum number of Class A ordinary shares that may be issued under the 2020 Plan is 165,696,625. The Company commenced to grant options and RSUs from January 1, 2021 under the 2020 plan. The contractual term is ten years from the grant date and the options and RSUs granted only have service conditions. The options and RSUs are generally scheduled to be vested over five years, one-fifth of the awards shall be vested after one service year from the vesting commencement date.

22. Share-based Compensation (Continued)

(a)	The following table summarizes Company’s share option activity under the 2019 Plan and 2020 Plan for the years ended December 31, 2021, 2022 and 2023:


			Weighted
		Weighted	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise Price	Contractual Life	Value
		US$	In Years	US$
Outstanding as of December 31, 2020	56,914,000	0.10	5.95	814,724
Granted	36,987,700	0.10
Exercised	(6,404,416)	0.10
Forfeited	(4,106,000)	0.10
Outstanding as of December 31, 2021	83,391,284	0.10	6.70	1,330,091
Granted	579,600	0.10
Exercised	(5,801,840)	0.10
Forfeited	(3,832,800)	0.10
Outstanding as of December 31, 2022	74,336,244	0.10	5.56	750,796
Granted	—	—
Exercised	(10,519,982)	0.10
Forfeited	(3,508,800)	0.10
Outstanding as of December 31, 2023	60,307,462	0.10	4.41	1,122,594

Vested and expected to vest as of December 31, 2022	71,370,113	0.10	5.46	720,838
Exercisable as of December 31, 2022	46,292,444	0.10	4.06	467,554
Vested and expected to vest as of December 31, 2023	58,836,673	0.10	4.34	1,095,245
Exercisable as of December 31, 2023	43,618,062	0.10	3.35	811,950

The aggregate intrinsic value in the table above is calculated as the difference between the closing stock price on the last trading day of the period and the exercise price of the underlying awards.

Total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was US$97,252, US$84,635 and US$174,170 (RMB1,236,589), respectively. The total fair value of options vested during the years ended December 31, 2021, 2022 and 2023 was US$4,387, US$110,880, and US$95,174 (RMB675,725), respectively.

The weighted-average grant date fair value for options granted under the Company’s 2019 Plan and 2020 Plan for the years ended December 31, 2021 and 2022 was US$15.78 and US$16.05, respectively, computed using the binomial option pricing model. No share options were granted for the year ended December 31, 2023.

22. Share-based Compensation (Continued)

The fair value of each option granted under the Company’s 2019 Plan and 2020 Plan for the years ended December 31, 2021 and 2022 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table:


	For the Year Ended December 31,
	2021	2022
Exercise price (US$)	0.10	0.10
Fair value of the ordinary shares on the grant date (US$)	14.42-17.35	16.05
Risk‑free interest rate	0.93%-1.48%	1.51%
Expected term (in years)	10.00	10.00
Expected dividend yield	0%	0%
Expected volatility	47%-48%	48%

The risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Group has never declared or paid any cash dividend on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options.

As of December 31, 2023, there were US$59,539 (RMB422,719) of unrecognized compensation expenses related to the share options granted to the Group’s employees, which are expected to be recognized over a weighted-average period of 2.32 years and may be adjusted for future changes in forfeitures.

(b)	The following table summarizes Company’s RSU activity under the 2019 plan and 2020 Plan for the years ended December 31, 2021, 2022 and 2023:


		Weighted Average	Weighted Average
	Number of	Grant Date	Remaining
	Shares	Fair Value	Contractual Life
		US$	In Years
Unvested as of December 31, 2020	—	—	—
Granted	8,586	17.25
Unvested as of December 31, 2021	8,586	17.25	9.50
Granted	36,199,400	17.13
Vested	(127,062)	18.76
Forfeited	(5,087,800)	16.74
Unvested as of December 31, 2022	30,993,124	17.20	9.21
Granted	46,992,750	15.53
Vested	(12,646,762)	15.56
Forfeited	(3,584,600)	15.79
Unvested as of December 31, 2023	61,754,512	16.34	9.14

The total fair value of the restricted shares vested during the years ended December 31, 2021, 2022 and 2023 was nil, US$2,384 and US$196,799 (RMB1,397,252), respectively.

As of December 31, 2023, there was US$568,141 (RMB4,033,744) of unrecognized compensation expense related to RSUs granted to the Group’s employees, which are expected to be recognized over a weighted-average period of 4.03 years and may be adjusted for future changes in forfeitures.

22. Share-based Compensation (Continued)

(ii)	2021 Share Incentive Plan

In March 2021, the Group adopted the 2021 Share Incentive Plan (the “2021 Plan”), which granted options to purchase 108,557,400 Class B ordinary shares to Mr. Li Xiang, the Company’s founder and chief executive officer. The exercise price of the options is US$14.63 per share, or US$29.26 per ADS. The date of expiration for this grant is March 8, 2031. The granted options are subject to performance-based vesting conditions. The granted options are divided into six equal tranches, or 18,092,900 each. The first tranche will become vested when the aggregate number of the Group’s vehicle deliveries in any 12 consecutive months exceeds 500,000. The second to sixth tranches will become vested when the aggregate number of vehicle deliveries in any 12 consecutive months exceeds 1,000,000, 1,500,000, 2,000,000, 2,500,000 and 3,000,000, respectively.

On May 5, 2021, the board of directors of the Company approved to replace the options to purchase 108,557,400 Class B ordinary shares of the Company under the Company’s 2021 Share Incentive Plan previously granted to Mr. Li Xiang on March 8, 2021 with the same amount of restricted Class B ordinary shares (the “Award Shares”) under the same plan, all of which will become legally vested upon grant on May 5, 2021. However, Mr. Li Xiang has also agreed, undertaken, and covenanted not to transfer or dispose of, directly or indirectly, any interest in the Class B ordinary shares acquired upon vesting of the Award Shares, which are still subject to certain restrictions, terms and performance conditions substantially similar to the vesting conditions of the options being replaced. In addition to the performance conditions, Mr. Li Xiang is required to pay US$14.63 per share, which is equal to the exercise price of the options being replaced, to have the relevant tranche of the Award Shares released from the restrictions. Mr. Li Xiang also has agreed, undertaken, and covenanted not to cast any vote or claim any dividend paid on any Award Shares before such number of Award Shares are released from the restrictions. Any Award Shares that are not released from the restrictions by March 8, 2031 are subject to compulsory repurchase by the Company at their par value.

In July 2021, all such 108,557,400 Award Shares were converted from Class B ordinary shares (10 votes per share) to Class A ordinary shares (1 vote per share) on one-to-one basis with effect immediately upon the Company’s listing on the Main Board of HKEX in August 2021. The modification is solely subjected to satisfy HKEX’s requirement from legal perspective. Pursuant to the grant of the Award shares, Mr. Li Xiang has undertaken and covenanted that unless and until, in respect of any tranche of Award Shares, (a) the relevant performance condition has been met and (b) the relevant exercise price (US$14.63) has been paid, Mr. Li Xiang will not offer, pledge, sell any relating award shares and claim dividend or voting rights in respect of the Award Shares.

As of December 31, 2023, there have been no shares granted in connection with the 2021 Plan since 2021 and the Group has not recognized any compensation expense since inception of the 2021 Plan, because the Group considers it is not probable, that the performance-based vesting conditions will be satisfied. Therefore, there were US$538,445 (RMB3,822,906) of unrecognized compensation expenses related to the restricted shares granted under 2021 Plan as of December 31, 2023.

The following table summarizes activities of the Company’s performance-based restricted shares under the 2021 Plan for the years ended December 31, 2021, 2022 and 2023:


		Weighted	Weighted Average
	Number of	Average Exercise	Remaining
	Shares	Price	Contractual Life
		US$	In Years
December 31, 2020	—	—	—
Granted	108,557,400	14.63	—
December 31, 2021	108,557,400	14.63	9.19
Granted	—	—	—
December 31, 2022	108,557,400	14.63	8.19
Granted	—	—	—
December 31, 2023	108,557,400	14.63	7.19

22. Share-based Compensation (Continued)

The weighted-average grant date fair value for restricted shares granted under the Company’s 2021 Plan for the year ended December 31, 2021 were US$4.96, computed using the binomial pricing model.

The fair value of the options (later replaced with restricted shares) granted under the Company’s 2021 Plan was estimated on the date of grant using the binomial pricing model with the assumptions (or ranges thereof) in the following table (no new grants during the comparative December 31, 2022 and 2023 period):


	For the Year Ended December 31,
	2021
Exercise price (US$)	14.63
Fair value of the ordinary shares on the date of restricted shares grant (US$)	10.67
Risk-free interest rate	1.59	%
Expected term (in years)	10.00
Expected dividend yield	0	%
Expected volatility	47	%

(Loss)/Earnings Per Share - Additional information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Options granted
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted average numbers of shares excluded from the calculation of diluted loss per share	91,499,552	72,791,430
Convertible debts
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted average numbers of shares excluded from the calculation of diluted loss per share	60,861,105	44,853,801

Trade receivable (Tables)

12 Months Ended

Dec. 31, 2023

Trade receivable

Schedule of aging analysis of trade receivable


	As of December 31,
	2022	2023
Within 3 months	35,065	133,285
Between 3 months and 6 months	41	1,437
Between 6 months and 1 year	1	647
More than 1 year	13,274	8,154
Total	48,381	143,523

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurement

Schedule of major financial instruments measured at fair value, by level within the fair value hierarchy


		Fair Value Measurement at Reporting Date Using
		Quoted Prices
	Fair Value as of	in Active Markets for	Significant Other	Significant
	December 31,	Identical Assets	Observable Inputs	Unobservable Inputs
	2022	(Level 1)	(Level 2)	(Level 3)
Assets
Short-term investments	18,026,310		18,026,310
Long-term financial instruments	50,615		50,615
Equity securities with readily determinable fair values	12,966	12,966
Total assets	18,089,891	12,966	18,076,925


		Fair Value Measurement at Reporting Date Using
		Quoted Prices
	Fair Value as of	in Active Markets for	Significant Other	Significant
	December 31,	Identical Assets	Observable Inputs	Unobservable Inputs
	2023	(Level 1)	(Level 2)	(Level 3)
Assets
Short-term investments	1,677,128		1,677,128
Equity securities with readily determinable fair values	294,561	294,561
Total assets	1,971,689	294,561	1,677,128

Acquisition

12 Months Ended

Dec. 31, 2023

Acquisition

Acquisition

5. Acquisition

In July 2021, Beijing CHJ, a wholly owned subsidiary of the Group, and Suzhou Huichuan United Power System Co., LTD (“Suzhou Huichuan”), an independent third party, signed a shareholders’ agreement to establish Changzhou Huixiang, which engaged in producing auto parts for NEVs.

The registered capital of Changzhou Huixiang was RMB150,000, and Beijing CHJ will contribute RMB73,500 to acquire a 49% ownership share.

In September 2022, Beijing CHJ and Suzhou Huichuan entered into another agreement regarding the investment in Changzhou Huixiang. Both parties agreed that Beijing CHJ would contribute RMB87,040 to acquire 87.34% shares, with Suzhou Huichuan making no further capital contribution. Upon the completion of the transaction, the Group has voting interest control over Changzhou Huixiang and consolidates the entity in the Group’s consolidated financial statements. The impact of the acquisition to the Group’s financial results and position was immaterial.

Trade and Notes Payable

12 Months Ended

Dec. 31, 2023

Trade and Notes Payable

Trade and Notes Payable

15. Trade and Notes Payable

Trade and notes payable consist of the following:


	As of December 31,
	2022	2023
Trade payable for raw materials	15,410,150	34,839,546
Notes payable⁽ⁱ⁾	4,614,179	17,030,551
Total	20,024,329	51,870,097

(i)

15. Trade and Notes Payable(Continued)

An aging analysis of the trade and notes payable as at December 31, 2022 and 2023, based on the recognition date, is as follows:


	As of December 31,
	2022	2023
Within 3 months	19,806,395	45,079,655
Between 3 months and 6 months	124,122	6,565,284
Between 6 months and 1 year	31,051	126,799
More than 1 year	62,761	98,359
Total	20,024,329	51,870,097

The trade payable and notes payable are non - interest - bearing and are normally settled on 30 - 180 day terms.

Trade receivable

12 Months Ended

Dec. 31, 2023

Trade receivable

Trade receivable

7. Trade receivable

An aging analysis of the trade receivable as of December 31, 2022 and 2023, based on the recognition date and net of allowance for credit losses, is as follows:


	As of December 31,
	2022	2023
Within 3 months	35,065	133,285
Between 3 months and 6 months	41	1,437
Between 6 months and 1 year	1	647
More than 1 year	13,274	8,154
Total	48,381	143,523

The increase in trade receivable whose aging was within 3 months was primarily attributable to increased commission service fee receivables derived from banks and insurance companies. The Group earns such fees in facilitating customer use of services offered by these entities.

Intangible Assets, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets, net	¥ 682,174	¥ 682,174
Definite-lived intangible assets	259,399	203,542
Accumulated amortization	(77,393)	(53,096)
Definite-lived intangible assets, net	182,006	150,446
Total intangible assets, net	864,180	832,620		$ 121,717
Amortization expenses	24,297	19,074	¥ 11,300
Software
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Definite-lived intangible assets	258,705	202,848
Accumulated amortization	(76,699)	(52,402)
Patents
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Definite-lived intangible assets	694	694
Accumulated amortization	(694)	(694)
Automotive Manufacturing Permission
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets, net	647,174	647,174
Insurance Agent License [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets, net	¥ 35,000	¥ 35,000

Share-based Compensation - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Number of Options and Shares, Exercised	(22,726,238)
2019 and 2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of Options and Shares Outstanding, Beginning balance	74,336,244	83,391,284		56,914,000
Number of Options and Shares, Granted	0	579,600	36,987,700
Number of Options and Shares, Exercised	(10,519,982)	(5,801,840)	(6,404,416)
Number of Options and Shares, Forfeited	(3,508,800)	(3,832,800)	(4,106,000)
Number of Options and Shares Outstanding, Ending balance	60,307,462	74,336,244	83,391,284
Weighted average exercise price, Outstanding	$ 0.10	$ 0.10	$ 0.10
Weighted average exercise price, Granted	0	0.10	0.10
Weighted average exercise price, Exercised	0.10	0.10	0.10
Weighted average exercise price, Forfeited	0.10	0.10	0.10
Weighted average exercise price, Outstanding	$ 0.10	$ 0.10	$ 0.10	$ 0.10
Weighted average remaining contractual life (in years)	4 years 4 months 28 days	5 years 6 months 21 days	6 years 8 months 12 days	5 years 11 months 12 days
Aggregate intrinsic value, Outstanding	$ 1,122,594	$ 750,796	$ 1,330,091	$ 814,724
Number of Options Outstanding, Vested and expected	58,836,673	71,370,113
Weighted average exercise price, Vested and expected	$ 0.10	$ 0.10
Weighted average remaining contractual life , Vested and expected (in years)	4 years 4 months 2 days	5 years 5 months 15 days
Aggregate intrinsic value, Vested and expected	$ 1,095,245	$ 720,838
Number of Options Outstanding, Exercisable	43,618,062	46,292,444
Weighted average exercise price, Exercisable	$ 0.10	$ 0.10
Weighted average remaining contractual life , Exercisable (in years)	3 years 4 months 6 days	4 years 21 days
Aggregate intrinsic value, Exercisable	$ 811,950	$ 467,554
2021 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of Options and Shares Outstanding, Beginning balance	108,557,400	108,557,400	0
Number of Options and Shares, Granted	0	0	108,557,400
Number of Options and Shares Outstanding, Ending balance	108,557,400	108,557,400	108,557,400	0
Weighted average exercise price, Outstanding	$ 14.63	$ 14.63	$ 0
Weighted average exercise price, Granted	0	0	14.63
Weighted average exercise price, Outstanding	$ 14.63	$ 14.63	$ 14.63	$ 0
Weighted average remaining contractual life (in years)	7 years 2 months 8 days	8 years 2 months 8 days	9 years 2 months 8 days	0 years

Inventories (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Inventories
Inventories	¥ 6,940,885		¥ 7,163,294
Inventory valuation allowance	(68,906)		(358,601)
Inventories, net	6,871,979	$ 967,898	6,804,693
Vehicles
Inventories
Inventories	3,914,310		3,786,673
Other finished products
Inventories
Inventories	504,870		232,337
Raw materials and work in process
Inventories
Inventories	¥ 2,521,705		¥ 3,144,284

Share-based Compensation - Schedule of options fair value assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
2019 and 2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Exercise price (US$)	$ 0.10	$ 0.10
Fair value of the ordinary shares on the grant date (US$)	$ 16.05	$ 15.78
Risk-free interest rate	1.51%
Expected term (in years)	10 years	10 years
Expected dividend yield	0.00%	0.00%
Expected volatility	48.00%
2019 and 2020 Share Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of the ordinary shares on the grant date (US$)		$ 14.42
Risk-free interest rate		0.93%
Expected volatility	47.00%
2019 and 2020 Share Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of the ordinary shares on the grant date (US$)		$ 17.35
Risk-free interest rate		1.48%
Expected volatility	48.00%
2021 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Exercise price (US$)		$ 14.63
Fair value of the ordinary shares on the grant date (US$)		4.96
Fair value of the ordinary shares on the date of restricted shares grant (US$)		$ 10.67
Risk-free interest rate		1.59%
Expected term (in years)		10 years
Expected dividend yield		0.00%
Expected volatility		47.00%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Schedule of capital commitments


	Total	Less than One Year	1‑3 Years	3‑5 Years
Capital commitments	6,305,909	5,574,251	22,698	708,960

Schedule of purchase obligations


	Total	Less than One Year	1‑3 Years	3‑5 Years
Purchase obligations	27,950,301	18,623,396	8,543,419	783,486

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Basis of presentation

(a)Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below.

Principles of consolidation

(b)Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and the VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”); to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has established a controlling financial interest (as defined in ASC 810) and is able to direct the activities and derive the economic benefits of the entity. Accordingly, the Company is considered the primary beneficiary of each VIE and consolidates each entity in accordance with U.S. GAAP.

2. Summary of Significant Accounting Policies (Continued)

All significant transactions and balances between the Company, its subsidiaries, the VIEs and the VIEs’ subsidiaries have been eliminated upon consolidation.

Use of estimates

(c)Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes.

Significant accounting estimates reflected in the Group’s consolidated financial statements, to the extent applicable, mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition and determination of the amortization period of these obligations, the determination of share-based compensation expenses, fair value of investments, useful lives and assessment for impairment of long-lived assets and intangible assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, losses on purchase commitments relating to inventory, product warranties and valuation allowance for deferred tax assets. Actual results could differ from these estimates under different assumptions and conditions.

Functional currency and foreign currency translation

(d)Functional currency and foreign currency translation

The Group’s reporting currency is the Renminbi (“RMB”). The functional currencies of the Company and its subsidiaries which are incorporated in Hong Kong and Singapore are United States dollars (“US$”). The Company’s subsidiaries,the VIEs and the VIEs’ subsidiaries with operations in Chinese mainland and other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters.

Transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive (loss)/income as “Others, net”.

The financial statements of the Group’s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The foreign currency translation adjustments are recorded in accumulated other comprehensive (loss)/ income as a component of shareholders’ equity.

Convenience translation

(e)Convenience translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive (loss)/income and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999, representing the exchange rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.

Cash, cash equivalents and restricted cash

(f)Cash, cash equivalents and restricted cash

Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

2. Summary of Significant Accounting Policies (Continued)

Cash that is restricted as to withdrawal for use or pledged as security is reported as “Restricted cash” in the consolidated balance sheets. The Group’s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of letter of credit, bank guarantee and bank acceptance bill; (b) the deposits held in designated bank accounts for security of the repayment of the notes payable (Note 15).

Time deposits and short-term investments

(g)Time deposits and short-term investments

Time deposits are those balances placed with the banks. These deposits that have original maturities longer than three months but less than one year are classified as short-term time deposits which are reflected in the consolidated balance sheets as “Time deposits and short‑term investments”, while the balances with original maturities longer than one year are classified as long-term time deposits which are reflected in the consolidated balance sheets as “Long‑term investments”. The time deposits have a fixed interest rate return and the Group has the intent and ability to hold the deposits to maturity. Time deposits are recorded at amortized cost which approximates fair value.

Short-term investments are investments in financial instruments with variable interest rates. These financial instruments which have maturity dates within one year are classified as short-term investments and are reflected in the consolidated balance sheets as “Time deposits and short‑term investments”, while those financial instruments which have maturity dates longer than one year are classified as “Long-term investments” in the consolidated balance sheets. The Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive (loss)/income as “Interest income and investment income, net”.

Trade receivables and current expected credit losses

(h)Trade receivable and current expected credit losses

Trade receivable primarily includes commission service fee receivables derived from insurance companies and banks (the Group earns such fees in facilitating customer use of services offered by these entities). The Groups collects order payment from customers before the delivery, thus no trade receivable recognized related to vehicle sales. The Group provides an allowance against trade receivable based on the expected credit loss approach and writes off trade receivable when they are deemed uncollectible. No material allowance for credit loss on trade receivable was recognized for the years ended December 31, 2021,2022 and 2023.

Inventories

(i)Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the weighted average basis and includes costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written down, a new, lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. The Group recognized RMB51,256, RMB1,112,015 and RMB234,769 in write-downs of inventories to net realizable value and losses on inventory purchase commitments in cost of sales for the years ended December 31, 2021, 2022 and 2023, respectively (Note 8).

Property, plant and equipment, net

(j)Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis or using the units-of-production method, as appropriate. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. Direct costs that are related to the construction of property, plant and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Interest expense on specific outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest expense on construction-in-progress is included within property, plant and equipment and is amortized over the life of the related assets. Construction in progress is transferred to specific property, plant and equipment and the depreciation of these assets commences when the assets are ready for their intended use.

The estimated useful lives are as follows:


		Useful Lives
Buildings		20 years
Buildings improvements		5 to 10 years
Production machineries, facilities and equipment		2 to 10 years
Motor vehicles		2 to 4 years
Mold and tooling		Units-of-production
Leasehold improvements		Shorter of the estimated useful life or lease term

The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the consolidated statements of comprehensive (loss)/income as “Other operating income, net”.

The Group reviews the estimated useful lives of its property, plant and equipment on an ongoing basis. In evaluating useful lives, the Group considers how long assets will remain functionally efficient and effective, given levels of production, competitive factors, and the economic environment. If the assessment indicates that the assets will continue to be used for a shorter or longer period than previously anticipated, the useful life of the assets is revised, resulting in a change in estimate. Changes in estimates are accounted for on a prospective basis by depreciating the assets’ current carrying values over their revised remaining useful lives.

Intangible assets, net

(k)Intangible assets, net

Definite lived intangible assets are carried at cost less accumulated amortization and impairment, if any. Definite lived intangible assets are amortized using the straight-line method over the estimated useful lives as below:


		Useful Lives
Software and Patents		5 to 10 years

The Group estimates the useful life of the software and patents to be 5 to 10 years based on the contract terms, expected technical obsolescence and innovations and industry experience of such intangible assets.

Intangible assets that have indefinite useful life represent the automotive manufacturing permission and the insurance agent license, which are carried at cost less any subsequent impairment loss. The automotive manufacturing permission is necessary to produce the passenger vehicles. No useful life was determined in the contract terms when the Group acquired the automotive manufacturing permission and the insurance agent license. The Group expects that the permission and the license are unlikely to be terminated based on industry experience and will continue to contribute revenue in the future. The Group believes, based upon regulatory precedent, that the automotive manufacturing permission maintenance and required license renewals (as approved by government authorities) are normal activities, thus providing the basis for the indefinite life assumption.

Goodwill

(l)Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis, as of December 31, or more frequently if events or changes in circumstances indicate that it might be impaired.

The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. Fair value is estimated by the Group using the income approach which is based on the present value of the estimated future cash flows that the reporting unit is expected to generate over its remaining life. Cash flow projections were based on the Group’s estimates of revenue growth rates, profitability, and the discount rate. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. There is one reporting unit in the Group and no impairment loss of goodwill was recognized for the years ended December 31, 2022 and 2023, respectively.

Impairment of long lived assets and intangible assets

(m)Impairment of long-lived assets and intangible assets

Long-lived assets include property, plant and equipment and intangible assets with definite lives. Long-lived assets are assessed for impairment, whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate the carrying value of an asset may not be recoverable in accordance with ASC 360. The Group measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. An impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. RMB27,388, nil and nil impairment loss of long-lived assets were recognized for the years ended December 31, 2021, 2022 and 2023, respectively.

2. Summary of Significant Accounting Policies (Continued)

Intangible assets with indefinite lives are tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value using a discounted cash flow method of the intangible asset and perform the quantitative impairment test by comparing the fair value of the asset with its carrying amount. Inherent in development of cash flow projections are highly subjective assumptions and estimates derived from a review of the Group’s operating results, business plan forecasts, expected growth rates, and cost of capital, similar to those a market participant would use to assess fair value. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. No impairment loss of indefinite-lived intangible assets was recognized for the years ended December 31, 2021, 2022 and 2023.

Long-term investments

(n)Long-term investments

Long-term investments are comprised of equity investments in publicly traded companies and privately-held companies, as well as long-term time deposits and long-term financial instruments.

Equity investments

Equity securities not accounted for using the equity method are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive (loss)/income as “Interest income and investment income, net”, according to ASC 321 “Investments — Equity Securities”.

The Group elected to record investments in privately held companies using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. These equity investments are subject to periodic impairment reviews. The impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these equity securities.

Equity investments with readily determinable fair values are measured and recorded at fair value using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level I of fair value measurements.

2. Summary of Significant Accounting Policies (Continued)

Investments in entities over which the Group can exercise significant influence and hold an investment in common shares or in-substance common shares (or both) of the investee but do not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323, Investment—Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in long-term investments on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize its proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other–than-temporary. The Group performs an impairment assessment of its equity method investments whenever events or changes in circumstances indicate that the carrying value of the investment may not be fully recoverable. The primary factors the Group considers in its determination include, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. No impairment of equity method investments was recognized for the years ended December 31, 2021, 2022 and 2023.

Long-term time deposits

Long-term time deposits are those balances placed with the banks with original maturities longer than one year.

Long-term financial instruments

Long-term financial instruments are investments in financial instruments with variable interest rates and maturity dates greater than one year. The Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Fair value is estimated based on quoted prices provided by financial institutions at the end of each period. Changes in the fair value are reflected in the consolidated statements of comprehensive (loss)/income as “Interest income and investment income, net.”

Employee benefits

(o)Employee benefits

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs and VIEs’ subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. For the years ended December 31, 2021, 2022 and 2023, there are no forfeited contribution that may be used by the Group as the employer to reduce the existing level of contributions. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB482,536, RMB1,092,499 and RMB1,682,610 for the years ended December 31, 2021, 2022 and 2023, respectively.

Product warranties

(p)Product warranties

The Group generally provides product warranties mainly on all vehicles based on the contracts with its customers at the time of sale of vehicles. The Group accrues a warranty reserve for the vehicles sold by multiplying the expected unit costs for warranty services by the sales volume, which includes the best estimate of projected costs to repair or replace items under warranties and recalls when identified. These estimates are made primarily based on actual claims incurred to date and the estimates of the nature, frequency and average costs of future claims. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within the accruals and other current liabilities while the remaining balance is included within other non-current liabilities in the consolidated balance sheets. Warranty cost is recorded as a component of cost of sales in the consolidated statements of comprehensive (loss)/income. The Group reevaluates the adequacy of the warranty accrual on a regular basis.

The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain.

The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide greater quality assurance to customers and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees. The Group also provides extended lifetime warranty for certain vehicle. The extended lifetime warranty is an incremental service offered to customers and is considered a separate performance obligation distinct from other promises and is accounted for in accordance with ASC 606.

The accrued warranty activity consists of the following:


	For the Year Ended December 31,
	2022	2023
Accrued warranty at beginning of the year	842,345	1,594,312
Warranty cost incurred	(48,963)	(127,901)
Provision for warranty	800,930	2,268,650
Adjustments to pre-existing warranty liabilities⁽ⁱ⁾	—	(483,949)
Accrued warranty at end of the year	1,594,312	3,251,112
Including: Accrued warranty, current	141,832	236,699
Accrued warranty, non-current	1,452,480	3,014,413

(i)The Group periodically revisits historic warranty cost incurred and updates estimates of costs of future claims using this information. In this regard, the Group reversed the pre-existing warranty liabilities of nil and RMB483,949 for the years ended December 31, 2022 and 2023, respectively.

Revenue recognition

(q)Revenue recognition

Revenues of the Group are primarily derived from sales of vehicles, along with multiple distinct performance obligations within each sale of vehicle, as well as other sales and services which are sold or provided separately which include the sales of Li Plus Membership, sales of goods from online store and accessories, sales and installment of charging stalls, and providing non-warranty after-sales services and commission service.

Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance:

●provides all of the benefits received and consumed simultaneously by the customer;

2. Summary of Significant Accounting Policies (Continued)

●creates and enhances an asset that the customer controls as the Group performs; or

●does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition.

When either party to a contract has performed, the Group presents the contract in the balance sheets as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment.

A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

Vehicle sales

The Group generates revenue from sales of vehicles, together with a number of embedded products and services through a contract. There are multiple distinct performance obligations explicitly stated in the sales contracts including sales of vehicles, charging stalls, vehicle internet connection services, firmware over-the-air upgrades (or “FOTA upgrades”) , Li Plus Membership, certain products and initial owner extended warranty.

The revenue for sales of the vehicles, charging stalls and certain products are recognized at a point in time when the control is transferred to the customer. For the vehicle internet connection service and FOTA upgrades, the Group recognizes the revenue using a straight-line method over the service period. As for the initial owner extended warranty, given the limited operating history and lack of historical data, the Group recognizes the revenue over time based on a straight-line method over the extended warranty period initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available.

The Group records a contract liability as deferred revenue regarding the unperformed obligations when cash is received.

Sales of Li Plus Membership

The Group also sells the Li Plus Membership to enrich the ownership experience of customers. Total Li Plus Membership fee is allocated to each performance obligation based on the relative estimated standalone selling price. And the revenue for each performance obligation is recognized either over the service period or at a point in time when the relevant goods or service is delivered or when the membership is expired, whichever is earlier.

2. Summary of Significant Accounting Policies (Continued)

Sales of goods from online store and accessories

The Group sells goods from online store and accessories separately and the revenue are recognized at a point in time when the control is transferred to the customer.

After-sales services

The Group also provides the after-sales repair and maintenance services and the revenues are recognized at a point in time when the relevant service is delivered.

Customer loyalty points

The Group offers customer loyalty points, which can be used in the Group’s online store to redeem the Group’s merchandise or services. The Group determines the value of each customer loyalty point based on cost of the Group’s merchandise or service that can be obtained through redemption of customer loyalty points.

The Group concludes the customer loyalty points offered to customers in connection with the purchase of vehicles is a material right and is considered as a separate performance obligation. The amount allocated to the customer loyalty points as separate performance obligation is recorded as deferred revenue and revenue is recognized when the customer loyalty points are used or expired.

To encourage user engagement and generate market awareness, customers or users of the Group’s mobile application can also obtain customer loyalty points through referring new customers to purchase the vehicles. The Group accounts for such points as selling and marketing expenses with a corresponding liability recorded under accruals and other current liabilities upon the points offering.

Practical expedients and exemptions

The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes certain services, including lifetime roadside assistance, are not material performance obligations considering these services are not critical items.

Considering the result of the qualitative assessment and the quantitative estimate, the Group concluded not to assess whether promises are performance obligations if they are immaterial in the context of the contract and the relative stand-alone fair value individually and in aggregate is immaterial to reported consolidated results.

Cost of sales

(r)Cost of sales

Vehicle sales

Cost of vehicle sales consists of direct production and material costs, labor costs, manufacturing overhead (including depreciation of assets associated with the production), shipping and logistic costs and reserves for estimated warranty costs. The cost of sales also includes adjustments to warranty costs and charges to write down the carrying value of the inventory when it exceeds its estimated net realizable value or the inventory is either obsolete or in excess of forecasted demand, losses on inventory purchase commitments as well as impairment charges of manufacturing property, plant and equipment.

2. Summary of Significant Accounting Policies (Continued)

Other sales and services

Cost of other sales and services generally includes cost of goods from online stores, accessories, installation costs of charging stalls, vehicle internet connection costs, costs associated with providing non-warranty after-sales services and shipping and logistic costs related to sale of accessories.

Research and development expenses

(s)Research and development expenses

Research and development (“R&D”) expenses are primarily comprised of salaries, bonuses, benefits and share-based compensation expenses for those employees engaged in research, design and development activities, consultation fees, validation and testing fees, and other expenses that are directly attributable to the development of new technologies and products, depreciation and amortization of equipment and software of R&D activities and other expenses. R&D costs are expensed as incurred.

Selling and marketing expenses

(t)Selling and marketing expenses

Selling and marketing expenses consist primarily of salaries, bonuses, benefits and share-based compensation expenses for sales and marketing personnel, marketing and promotional expenses, rental and related expenses for retail stores and delivery and service centers.

General and administrative expenses

(u)General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses, benefits and share-based compensation expenses for employees involved in general corporate functions, professional service fees, depreciation and amortization expenses, rental and other general corporate related expenses.

Government grants

(v)Government grants

The Group receives government subsidies from certain local governments. The Group’s government subsidies consist of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as research and development purpose, construction of production plants and facilities related to manufacturing base. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group, receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances.

The government subsidies are recorded when received with no further conditions to be met or certain operating conditions are met for which the grants are intended to compensate. Government subsidies compensate for asset are recognized as a deduction of the carrying amount of the asset when conditions are met.

As of December 31, 2022 and December 31, 2023, liabilities included RMB431,735 and RMB481,548 in deferred government grants. For the years ended December 31, 2021,2022 and 2023, the Group recognized government grants of approximately RMB47,222, RMB405,999 and RMB1,080,373, respectively.

Fair value

(w)Fair value

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

Share-based compensation

(x)Share-based compensation

The Company grants share options and RSUs to eligible employees, directors and consultants and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation.

Employees’ share-based awards granted with service conditions and performance condition, are measured at the grant date fair value. Employees’ share-based awards granted with only service conditions are recognized as expenses over the vesting period, using the graded vesting method, net of estimated forfeitures. For performance-based awards, share-based compensation expense is recognized over the expected performance achievement period as the achievement of each performance condition becomes probable.

The binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rates and expected dividends.

Taxation

(y)Taxation

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive (loss)/income as “Income tax (expense)/benefit” in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

2. Summary of Significant Accounting Policies (Continued)

The Group records liabilities related to uncertain tax positions when, despite the Group’s belief that the Group’s tax return positions are supportable, the Group believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Group did not recognize uncertain tax positions as of December 31, 2022 and 2023.

Leases

(z)Leases

The Group accounts for leases in accordance with ASC 842, Leases (“ASC 842”), which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements.

The Group determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset which the Group does not own and whether it has the right to direct the use of an identified asset in exchange for consideration. Right-of-use assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Right-of-use assets are recognized as the amount of the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Group’s incremental borrowing rate (“IBR”), because the interest rate implicit in most of the Group’s leases is not readily determinable. The IBR is a hypothetical rate based on the Group’s understanding of what its credit rating would be to borrow and resulting interest the Group would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in the Group’s lease liability calculation. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred.

The land use rights are operating leases with terms of about 50 years. Other than the land use rights, the lease terms of operating and finance leases vary from more than one year to 15 years. Operating leases are included in operating lease right-of-use assets, current and non-current operating lease liabilities on the Group’s consolidated balance sheets.

In a sale and leaseback transaction, one party (the seller-lessee) sells an asset it owns to another party (the buyer-lessor) and simultaneously leases back all or a portion of the same asset for all, or part of, the asset’s remaining economic life. The seller-lessee transfers legal ownership of the asset to the buyer-lessor in exchange for consideration, and then makes periodic rental payments to the buyer-lessor to retain the use of the asset. The Group applies requirements in Topic 606 on revenue from contracts with customers when determining whether the transfer of an asset shall be accounted for as a sale of the asset.

An option for the seller-lessee to repurchase the asset would preclude accounting for the transfer of the asset as a sale of the asset unless both of the following criteria are met:

The exercise price of the option is the fair value of the asset at the time the option is exercised.

There are alternative assets, substantially the same as the transferred asset, readily available in the marketplace.

(Loss)/Earnings per share

(aa)(Loss)/Earnings per share

Basic net (loss)/earnings per share is computed using the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net (loss)/earnings is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the (loss)/earnings.

Diluted net (loss)/earnings per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period. Potential ordinary shares include ordinary shares issuable upon the exercise of outstanding share options and vesting of restricted share units by using the treasury stock method and ordinary shares issuable upon the conversion of convertible debt using the if-converted method. Potential ordinary shares are not included in the denominator of the diluted net (loss)/earnings per share calculation when inclusion of such shares would be anti-dilutive.

Segment reporting

(ab)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 results 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 the purpose of internal reporting. As the Group’s long-lived assets are substantially located in the PRC, no geographical segment information is presented.

(Loss)/Earnings Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net loss	¥ 11,809,125	$ 1,663,280	¥ (2,032,348)	¥ (321,455)
Dilution effect arising from convertible debt \| ¥	32,657		0	0
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc. for computing diluted net (loss)/earnings per share \| ¥	11,736,790		(2,012,215)	(321,455)
Less: Net (loss)/income attributable to noncontrolling interests	104,992	14,788	(20,133)	0
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc.	¥ 11,704,133	$ 1,648,492	¥ (2,012,215)	¥ (321,455)
Denominator:
Weighted average ordinary shares outstanding-basic	1,967,863,759	1,967,863,759	1,941,230,998	1,853,320,448
Effects of dilutive securities
Options and RSUs	86,651,528	86,651,528	0	0
Convertible debt	60,861,105	60,861,105	0	0
Weighted average ordinary shares outstanding-diluted	2,115,376,392	2,115,376,392	1,941,230,998	1,853,320,448
Basic net (loss)/earnings per share attributable to ordinary shareholders of Li Auto Inc. \| (per share)	¥ 5.95	$ 0.84	¥ (1.04)	¥ (0.17)
Diluted net (loss)/earnings per share attributable to ordinary shareholders of Li Auto Inc. \| (per share)	¥ 5.55	$ 0.78	¥ (1.04)	¥ (0.17)

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2023

Recent Accounting Pronouncements

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

Recently adopted accounting pronouncements

In September 2022, the FASB issued ASU 2022-04, “Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which requires a buyer in a supplier finance program to disclose qualitative and quantitative information about the supplier finance program. The ASU does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The new guidance is required to be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Group adopted the ASU on January 1, 2023, except for the amendment on rollforward information, and the adoption did not have a significant impact on the Group’s consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

In June 2022, the FASB issued ASU 2022-03 “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group is in the process of evaluating the impact of the new guidance and does not expect it to have a material impact on its consolidated financial statements.

3. Recent Accounting Pronouncements (Continued)

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Group is in the process of evaluating the impact of the new guidance and does not expect it to have a significant impact on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Deferred Revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Deferred Revenue (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
Deferred Revenue
Deferred revenue-at beginning of the period	¥ 1,150,832	¥ 694,745
Additions	124,123,223	45,614,278
Recognition	(122,936,294)	(45,158,191)
Deferred revenue-at end of the period	2,337,761	1,150,832
Deferred revenue, current	1,525,543	569,234	$ 214,868
Deferred revenue, non-current	¥ 812,218	¥ 581,598	$ 114,399

Borrowings - Groups borrowings excluding convertible debt (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Borrowings
2024	¥ 943,833
2025	266,331
2026	166,119
2027	167,749
2028	195,621
2029 and thereafter	¥ 951,250

Organization and Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2023

Variable Interest Entity [Line Items]

Schedule of Company's principal subsidiaries, consolidated VIEs and VIEs' subsidiaries



	Equity Interest Held		Date of Incorporation or Date of Acquisition	Place of Incorporation	Principal Activities	Notes
Subsidiaries
Leading Ideal HK	100	%	May 15, 2017	Hong Kong, PRC	Investment holding
Beijing Co Wheels Technology Co., Ltd. (“Wheels Technology”)	100	%	December 19, 2017	Beijing, PRC	Technology development and corporate management
Beijing CHJ Automobile Technology Co., Ltd. (“Beijing CHJ Technology” )	100	%	March 22, 2021	Beijing, PRC	Technology development
Beijing Leading Automobile Sales Co., Ltd. (“Beijing Leading”)	100	%	August 6, 2019	Beijing, PRC	Sales and after sales management
Jiangsu Xindian Interactive Sales and Services Co., Ltd. (“Jiangsu XD”)	100	%	May 8, 2017	Changzhou, PRC	Sales and after sales management	(i)
Chongqing Chezhiyu Automobile Sales and Services Co., Ltd. (“Chongqing Chezhiyu”)	100	%	April 13, 2023	Chongqing, PRC	Sales and after sales management
Chongqing Lixiang Automobile	100	%	October 11, 2019	Chongqing, PRC	Manufacturing of automobile
Beijing Lixiang Automobile Co., Ltd. (“Beijing Lixiang Automobile”)	100	%	April 9, 2021	Beijing, PRC	Manufacturing of automobile
			Date of Incorporation	Place of Incorporation	Principal Activities	Notes
The VIEs
Beijing CHJ			April 10, 2015	Beijing, PRC	Technology development
Beijing Xindian Transport Information Technology Co., Ltd. (“Xindian Information”)			March 27, 2017	Beijing, PRC	Technology development

Notes:

(i)	Jiangsu XD was Beijing CHJ’s subsidiary before the 2021 Reorganization.

VIEs and VIEs' subsidiaries

Variable Interest Entity [Line Items]

Schedule of consolidated financial information of the Group's VIEs and VIEs' subsidiaries


	As of December 31,
	2022	2023
	RMB	RMB
Current assets:
Cash and cash equivalents	18,529,655	27,730,141
Restricted cash	977,346	—
Time deposits and short-term investments	8,344,332	10,207,873
Trade receivable	—	3,476
Amounts due from the Group companies⁽¹⁾	37,885,882	30,567,860
Inventories	254	254
Prepayments and other current assets	168,160	172,090
Total current assets	65,905,629	68,681,694
Non‑current assets:
Long‑term investments	142,539	362,773
Property, plant and equipment, net	101,577	112,586
Operating lease right‑of‑use assets, net	693,111	653,620
Intangible assets, net	740,570	669,495
Other non‑current assets	583,967	463,659
Total non-current assets	2,261,764	2,262,133
Total assets	68,167,393	70,943,827
Current liabilities:
Trade and notes payable	1,323,196	4,466,778
Amounts due to the Group companies⁽¹⁾	60,539,514	57,988,379
Amounts due to related parties	23	23
Operating lease liabilities, current	40,707	45,011
Accruals and other current liabilities	334,333	590,927
Total current liabilities	62,237,773	63,091,118
Non‑current liabilities:
Long-term borrowings	500,000	—
Operating lease liabilities, non‑current	738,673	705,635
Deferred tax liabilities	2,979	—
Other non‑current liabilities	7,720	25,321
Total non-current liabilities	1,249,372	730,956
Total liabilities	63,487,145	63,822,074
Total shareholders’ equity	4,680,248	7,121,753
Total liabilities and shareholders’ equity	68,167,393	70,943,827


	For the Year Ended December 31,
	2021	2022	2023

Third-party revenues⁽²⁾	6,294,675	—	3,376
Inter-company revenues⁽³⁾	22,287,788	7,211,082	2,643,402

Third-party cost	(20,171,861)	(4,534,351)	(11,530)
Inter-company cost⁽³⁾	(5,891,611)	(8,290)	—

Third-party expenses	(2,401,187)	(1,638,834)	(1,275,066)
Inter-company expenses	(65,750)	(302)	(68,874)

Share of loss from subsidiaries	(13)	—	—
Other income/(expense)	2,610,121	(358,394)	1,099,921
Income before income tax	2,662,162	670,911	2,391,229
Income tax (expense)/benefit	(117,413)	8,701	(244,363)
Net income	2,544,749	679,612	2,146,866
Net income attributable to ordinary shareholders of Li Auto Inc.	2,544,749	679,612	2,146,866


	For the Year Ended December 31,
	2021	2022	2023
Net cash provided by inter-company transactions⁽⁴⁾	7,341,282	2,834,408	2,643,402
Net cash used in other transactions	(8,693,141)	(10,922,189)	(7,593,022)
Net cash used in operating activities	(1,351,859)	(8,087,781)	(4,949,620)

Investing activities used in external entities	(8,641,045)	(2,149,494)	(2,087,758)
Net cash used in investing activities	(8,641,045)	(2,149,494)	(2,087,758)

Inter-company loan financing provided by Group companies	14,858,966	20,417,626	15,279,213
Other financing activities provided by/(used in) external entities	81,308	1,598,877	(500,000)
Net cash provided by financing activities	14,940,274	22,016,503	14,779,213
Effects of exchange rate changes on cash, cash equivalents and restricted cash	—	32	481,305
Net increase in cash, cash equivalents and restricted cash	4,947,370	11,779,260	8,223,140
Cash, cash equivalents and restricted cash at beginning of the year	2,780,371	7,727,741	19,507,001
Cash, cash equivalents and restricted cash at end of the year	7,727,741	19,507,001	27,730,141

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Weighted-average remaining lease term and discount rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term
Land use rights	48 years	49 years
Operating leases	9 years	7 years
Weighted-average discount rate
Land use rights	0.00%	0.00%
Operating leases	5.80%	5.80%

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net

Summary of intangible assets, net


	As of December 31,
	2022	2023
Automotive Manufacturing Permission	647,174	647,174
Insurance Agent License	35,000	35,000
Indefinite‑lived intangible assets, net	682,174	682,174
Software	202,848	258,705
Patents	694	694
Definite‑lived intangible assets	203,542	259,399
Less: Accumulated amortization
Software	(52,402)	(76,699)
Patents	(694)	(694)
Accumulated amortization	(53,096)	(77,393)
Definite‑lived intangible assets, net	150,446	182,006
Total intangible assets, net	832,620	864,180

Summary of amortization expenses related to intangible assets for future periods


		For the Year Ending December 31,
2024		26,975
2025		24,795
2026		23,970
2027		21,798
2028 and Thereafter		84,468
Total		182,006

Commitments and Contingencies (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Capital commitments
Less than One Year	¥ 5,574,251
1-3 Years	22,698
3-5 Years	708,960
Total	6,305,909
Purchase obligations
Less than One Year	18,623,396
13 Years	8,543,419
35 Years	783,486
Total	¥ 27,950,301

Taxation - Reconciliations of income tax expense/(benefit) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Reconciliations of the income tax expenses
(Loss)/Income before income tax	¥ 10,451,763	$ 1,472,100	¥ (2,159,355)	¥ (152,812)
Income tax (benefit)/expense computed at PRC statutory income tax rate of 25%	2,612,941		(539,839)	(38,203)
Tax effect of tax-exempt entity and preferential tax rate	(1,613,371)		(321,507)	(89,928)
Tax effect of Super R&D Deduction and others	(1,055,404)		(648,317)	(314,141)
Non-deductible expenses	512,572		566,597	318,185
Change in valuation allowance	(1,814,100)		816,059	292,730
Income tax expense/ (benefit)	¥ (1,357,362)	$ (191,180)	¥ (127,007)	¥ 168,643
PRC statutory tax rate (in percent)	25.00%	25.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Schedule of estimated useful lives of property, plant and equipment


		Useful Lives
Buildings		20 years
Buildings improvements		5 to 10 years
Production machineries, facilities and equipment		2 to 10 years
Motor vehicles		2 to 4 years
Mold and tooling		Units-of-production
Leasehold improvements		Shorter of the estimated useful life or lease term

Schedule of estimated useful lives of intangible assets


		Useful Lives
Software and Patents		5 to 10 years

Schedule of accrued warranty activity


	For the Year Ended December 31,
	2022	2023
Accrued warranty at beginning of the year	842,345	1,594,312
Warranty cost incurred	(48,963)	(127,901)
Provision for warranty	800,930	2,268,650
Adjustments to pre-existing warranty liabilities⁽ⁱ⁾	—	(483,949)
Accrued warranty at end of the year	1,594,312	3,251,112
Including: Accrued warranty, current	141,832	236,699
Accrued warranty, non-current	1,452,480	3,014,413

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

(a)Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below.

(b)Principles of consolidation

2. Summary of Significant Accounting Policies (Continued)

All significant transactions and balances between the Company, its subsidiaries, the VIEs and the VIEs’ subsidiaries have been eliminated upon consolidation.

(c)Use of estimates

(d)Functional currency and foreign currency translation

(e)Convenience translation

(f)Cash, cash equivalents and restricted cash

2. Summary of Significant Accounting Policies (Continued)

(g)Time deposits and short-term investments

(h)Trade receivable and current expected credit losses

2. Summary of Significant Accounting Policies (Continued)

(i)Inventories

(j)Property, plant and equipment, net

The estimated useful lives are as follows:


		Useful Lives
Buildings		20 years
Buildings improvements		5 to 10 years
Production machineries, facilities and equipment		2 to 10 years
Motor vehicles		2 to 4 years
Mold and tooling		Units-of-production
Leasehold improvements		Shorter of the estimated useful life or lease term

2. Summary of Significant Accounting Policies (Continued)

(k)Intangible assets, net


		Useful Lives
Software and Patents		5 to 10 years

(l)Goodwill

(m)Impairment of long-lived assets and intangible assets

2. Summary of Significant Accounting Policies (Continued)

(n)Long-term investments

Long-term investments are comprised of equity investments in publicly traded companies and privately-held companies, as well as long-term time deposits and long-term financial instruments.

Equity investments

2. Summary of Significant Accounting Policies (Continued)

Long-term time deposits

Long-term time deposits are those balances placed with the banks with original maturities longer than one year.

Long-term financial instruments

(o)Employee benefits

2. Summary of Significant Accounting Policies (Continued)

(p)Product warranties

The accrued warranty activity consists of the following:


	For the Year Ended December 31,
	2022	2023
Accrued warranty at beginning of the year	842,345	1,594,312
Warranty cost incurred	(48,963)	(127,901)
Provision for warranty	800,930	2,268,650
Adjustments to pre-existing warranty liabilities⁽ⁱ⁾	—	(483,949)
Accrued warranty at end of the year	1,594,312	3,251,112
Including: Accrued warranty, current	141,832	236,699
Accrued warranty, non-current	1,452,480	3,014,413

(q)Revenue recognition

●provides all of the benefits received and consumed simultaneously by the customer;

2. Summary of Significant Accounting Policies (Continued)

●creates and enhances an asset that the customer controls as the Group performs; or

●does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Vehicle sales

The Group records a contract liability as deferred revenue regarding the unperformed obligations when cash is received.

Sales of Li Plus Membership

2. Summary of Significant Accounting Policies (Continued)

Sales of goods from online store and accessories

The Group sells goods from online store and accessories separately and the revenue are recognized at a point in time when the control is transferred to the customer.

After-sales services

The Group also provides the after-sales repair and maintenance services and the revenues are recognized at a point in time when the relevant service is delivered.

Customer loyalty points

Practical expedients and exemptions

(r)Cost of sales

Vehicle sales

2. Summary of Significant Accounting Policies (Continued)

Other sales and services

(s)Research and development expenses

(t)Selling and marketing expenses

(u)General and administrative expenses

(v)Government grants

2. Summary of Significant Accounting Policies (Continued)

(w)Fair value

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

(x)Share-based compensation

The Company grants share options and RSUs to eligible employees, directors and consultants and accounts for share-based compensation in accordance with ASC 718, Compensation—Stock Compensation.

(y)Taxation

2. Summary of Significant Accounting Policies (Continued)

(z)Leases

An option for the seller-lessee to repurchase the asset would preclude accounting for the transfer of the asset as a sale of the asset unless both of the following criteria are met:

The exercise price of the option is the fair value of the asset at the time the option is exercised.

There are alternative assets, substantially the same as the transferred asset, readily available in the marketplace.

2. Summary of Significant Accounting Policies (Continued)

(aa)(Loss)/Earnings per share

(ab)Segment reporting

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 123,851,332	$ 17,444,096	¥ 45,286,816	¥ 27,009,779
Cost of sales:
Total cost of sales	(96,354,581)	(13,571,259)	(36,496,360)	(21,248,325)
Gross profit	27,496,751	3,872,837	8,790,456	5,761,454
Operating expenses:
Research and development	(10,586,129)	(1,491,025)	(6,780,032)	(3,286,389)
Selling, general and administrative	(9,767,955)	(1,375,788)	(5,665,301)	(3,492,385)
Other operating income, net	264,210	37,213	0	0
Total operating expenses	(20,089,874)	(2,829,600)	(12,445,333)	(6,778,774)
(Loss)/Income from operations	7,406,877	1,043,237	(3,654,877)	(1,017,320)
Other (expense)/income:
Interest expense	(86,251)	(12,148)	(106,340)	(63,244)
Interest income and investment income, net	2,082,948	293,377	976,229	740,432
Others, net	1,048,189	147,634	625,633	187,320
(Loss)/Income before income tax	10,451,763	1,472,100	(2,159,355)	(152,812)
Income tax (expense)/benefit	1,357,362	191,180	127,007	(168,643)
Net (loss)/income	11,809,125	1,663,280	(2,032,348)	(321,455)
Less: Net (loss)/income attributable to noncontrolling interests	104,992	14,788	(20,133)	0
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc.	¥ 11,704,133	$ 1,648,492	¥ (2,012,215)	¥ (321,455)
Weighted average number of ordinary shares used in computing net (loss)/earnings per share
Basic (in shares)	1,967,863,759	1,967,863,759	1,941,230,998	1,853,320,448
Diluted (in shares)	2,115,376,392	2,115,376,392	1,941,230,998	1,853,320,448
Net (loss)/earnings per share attributable to ordinary shareholders
Basic earnings (in per share) \| (per share)	¥ 5.95	$ 0.84	¥ (1.04)	¥ (0.17)
Diluted earnings (in per share) \| (per share)	¥ 5.55	$ 0.78	¥ (1.04)	¥ (0.17)
Net (loss)/income	¥ 11,809,125	$ 1,663,280	¥ (2,032,348)	¥ (321,455)
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of tax	(30,766)	(4,333)	1,327,761	(516,687)
Total other comprehensive (loss)/income	(30,766)	(4,333)	1,327,761	(516,687)
Total comprehensive (loss)/income	11,778,359	1,658,947	(704,587)	(838,142)
Less: Net (loss)/income attributable to noncontrolling interests	104,992	14,788	(20,133)	0
Comprehensive (loss)/income attributable to ordinary shareholders of Li Auto Inc.	11,673,367	1,644,159	(684,454)	(838,142)
Motor vehicles
Revenues:
Total revenues	120,294,667	16,943,150	44,106,434	26,128,469
Cost of sales:
Total cost of sales	(94,482,347)	(13,307,560)	(35,688,343)	(20,755,578)
Other sales and services
Revenues:
Total revenues	3,556,665	500,946	1,180,382	881,310
Cost of sales:
Total cost of sales	¥ (1,872,234)	$ (263,699)	¥ (808,017)	¥ (492,747)

Ordinary Shares (Details) ¥ in Thousands, $ in Thousands, $ in Thousands			1 Months Ended							12 Months Ended
	Jun. 28, 2022 USD ($) shares	Aug. 07, 2020 USD ($) shares	Sep. 30, 2021 HKD ($) shares	Aug. 31, 2021 HKD ($) shares	May 31, 2021 shares	Feb. 28, 2021 shares	Dec. 31, 2020 shares	Aug. 31, 2020 USD ($) shares	Jul. 31, 2019 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥)
(Loss)/Earnings Per Share
Cash paid										¥ 0	$ 0	¥ 0	¥ 70
Share issuance, net of issuance costs (in shares)										27,004,858	27,004,858
Number of shares per ADS (in shares)	2
Exercise of share options (Shares)										22,726,238	22,726,238
Number of shares issued (in shares)										1,985,662,930	1,985,662,930	1,954,353,892
Number of shares outstanding (in shares)										1,985,662,930	1,985,662,930	1,954,353,892
Share issuance upon the Hong Kong public offering ("HK IPO"), net of issuance costs (Shares))										27,004,858	27,004,858
Options vested (in shares)										12,773,824	12,773,824
Prospectus Supplement \| $	$ 2,000,000
Over-allotment option
(Loss)/Earnings Per Share
Net proceeds \| $				$ 11,633,130
Follow-on offering
(Loss)/Earnings Per Share
Cash paid \| $			$ 1,634,462
Class A Ordinary Shares
(Loss)/Earnings Per Share
Ordinary shares, shares authorized									3,830,157,186	4,500,000,000	4,500,000,000	4,500,000,000
Number of votes entitled									one
Class B to Class A Ordinary Shares, conversion ratio									1
Cash paid \| $								$ 380,000
Share issuance, net of issuance costs (in shares)			13,869,700	100,000,000				66,086,955
Number of shares issued (in shares)										1,766,208,188	1,766,208,188	1,728,765,894
Number of shares outstanding (in shares)										1,629,850,850	1,629,850,850	1,598,541,812
Issuance of ordinary shares as treasury shares ( Shares)						34,000,000				29,300,000	29,300,000	0
Share issuance upon the Hong Kong public offering ("HK IPO"), net of issuance costs (Shares))			13,869,700	100,000,000				66,086,955
Class A Ordinary Shares \| Mr. Li Xiang
(Loss)/Earnings Per Share
Shares issued upon conversion of preferred shares (in shares)								1,045,789,275
Class A Ordinary Shares \| IPO
(Loss)/Earnings Per Share
Share issuance, net of issuance costs (in shares)								190,000,000
Net proceeds \| $								$ 1,042,137
Share issuance upon the Hong Kong public offering ("HK IPO"), net of issuance costs (Shares))								190,000,000
Class A Ordinary Shares \| Over-allotment option
(Loss)/Earnings Per Share
Cash paid \| $		$ 157,320
Share issuance, net of issuance costs (in shares)		28,500,000					14,100,000
Share issuance upon the Hong Kong public offering ("HK IPO"), net of issuance costs (Shares))		28,500,000					14,100,000
Class A Ordinary Shares \| Follow-on offering
(Loss)/Earnings Per Share
Share issuance, net of issuance costs (in shares)							108,100,000
Share issuance upon the Hong Kong public offering ("HK IPO"), net of issuance costs (Shares))							108,100,000
Class B Ordinary Shares
(Loss)/Earnings Per Share
Ordinary shares, shares authorized									240,000,000	500,000,000	500,000,000	500,000,000
Number of votes entitled									ten
Number of shares issued (in shares)										355,812,080	355,812,080	355,812,080
Number of shares outstanding (in shares)										355,812,080	355,812,080	355,812,080
Class B Ordinary Shares \| Mr. Li Xiang
(Loss)/Earnings Per Share
Share issuance, net of issuance costs (in shares)					108,557,400
Shares issued upon conversion of preferred shares (in shares)								115,812,080
Share issuance upon the Hong Kong public offering ("HK IPO"), net of issuance costs (Shares))					108,557,400

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

25. Commitments and Contingencies

(a)Capital commitments

The Group’s capital commitments primarily relate to commitments on construction and purchase of production facilities, equipment and tooling. Total capital commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 were as follows:


	Total	Less than One Year	1‑3 Years	3‑5 Years
Capital commitments	6,305,909	5,574,251	22,698	708,960

(b)Purchase obligations

The Group’s purchase obligations primarily relate to commitments on purchase of raw materials. Total purchase obligations contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 were as follows:


	Total	Less than One Year	1‑3 Years	3‑5 Years
Purchase obligations	27,950,301	18,623,396	8,543,419	783,486

(c)Legal proceedings

The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis.

The Group does not have any material litigation, and has not recorded any material liabilities in this regard as of December 31, 2022 and December 31, 2023.

Revenue Disaggregation

12 Months Ended

Dec. 31, 2023

Revenue Disaggregation

Revenue Disaggregation

18. Revenue Disaggregation

Revenue by timing of recognition is analyzed as follows:


	For the Year Ended December 31,
	2021	2022	2023
Revenue recognized at a point in time	26,917,836	45,150,485	123,623,481
Including: Vehicle sales	26,128,469	44,106,434	120,294,667
Other sales and services	789,367	1,044,051	3,328,814
Revenue recognized over time	91,943	136,331	227,851
Total	27,009,779	45,286,816	123,851,332

Revenues arising from vehicle sales are recognized at a point in time when the control of the products are transferred to the users. Revenues from other sales and services which are recognized at a point in time primarily include (i) sales and installment of charging stalls, (ii) sales of goods from online store and accessories, (iii) non-warranty after-sales services, (iv) commission service fee and (v) certain services under the Li Plus Membership. In such instances, revenues are recognized at a point in time when the control of the products and services are transferred to the users.

Certain revenue arising from other sales and services is recognized over time, primarily including vehicle internet connection services, FOTA upgrades and certain services under the Li Plus Membership.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Leases - Supplemental balance sheet information - Operating lease (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Leases
Land use rights, net	¥ 1,249,551		¥ 1,010,640
Operating lease right-of-use assets, net (excluding land use rights)	4,689,679		2,528,271
Total operating lease right-of-use assets, net	5,939,230	$ 836,523	3,538,911
Operating lease liabilities, current	1,146,437	161,472	696,454
Operating lease liabilities, non-current	3,677,961	$ 518,030	1,946,367
Total operating lease liabilities	¥ 4,824,398		¥ 2,642,821

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories.

Summary of inventories


	As of December 31,
	2022	2023
Finished products
Vehicles	3,786,673	3,914,310
Other finished products	232,337	504,870
Raw materials and work in process	3,144,284	2,521,705
Inventories	7,163,294	6,940,885
Inventory valuation allowance	(358,601)	(68,906)
Inventories, net	6,804,693	6,871,979

Time deposits and short-term investments

12 Months Ended

Dec. 31, 2023

Time deposits and shortterm investments

Time deposits and shortterm investments

6. Time deposits and short‑term investments

The Group’s time deposits and short-term investments on the consolidated balance sheets consist of the following:


	As of December 31,
	2022	2023
Short-term time deposits	5,085	10,256,127
Short-term financial instruments	18,026,310	1,677,128
Total	18,031,395	11,933,255

Restricted Net Assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Restricted Net Assets
Restricted net assets	¥ 18,833,015		¥ 9,492,844
Statutory reserves	444,585	$ 62,618	0
Statutory surplus reserve
Restricted Net Assets
Statutory reserves	¥ 444,585		¥ 0
PRC
Restricted Net Assets
Required minimum percentage of annual appropriations to general reserve fund or statutory surplus fund	10.00%
PRC \| Foreign invested enterprise \| General reserve fund
Restricted Net Assets
Required minimum percentage of annual appropriations to general reserve fund	10.00%
Maximum percentage of statutory general reserve related to entity's registered capital	50.00%
PRC \| Domestic enterprise \| Statutory surplus reserve
Restricted Net Assets
Required minimum percentage of annual appropriations to statutory surplus fund	10.00%
Maximum percentage of statutory surplus reserve related to entity's registered capital	50.00%

Organization and Nature of Operations - Cash, cash equivalents and restricted cash (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Variable interest entity
Net cash used in operating activities	¥ 50,693,521	$ 7,140,033	¥ 7,380,266	¥ 8,340,385
Net cash used in investing activities	(12,068)	(1,700)	(4,364,661)	(4,257,244)
Net cash provided by financing activities	185,385	26,111	5,639,392	16,709,533
Effects of exchange rate changes on cash, cash equivalents and restricted cash	44,513	6,270	1,270,097	(472,129)
Net increase in cash, cash equivalents and restricted cash	50,911,351	7,170,714	9,925,094	20,320,545
Cash, cash equivalents and restricted cash at beginning of the year	40,418,158	5,692,778	30,493,064	10,172,519
Cash, cash equivalents and restricted cash at end of the year	91,329,509	$ 12,863,492	40,418,158	30,493,064
VIEs and VIEs' subsidiaries
Variable interest entity
Net cash used in operating activities	(4,949,620)		(8,087,781)	(1,351,859)
Net cash used in investing activities	(2,087,758)		(2,149,494)	(8,641,045)
Net cash provided by financing activities	14,779,213		22,016,503	14,940,274
Effects of exchange rate changes on cash, cash equivalents and restricted cash	481,305		32	0
Net increase in cash, cash equivalents and restricted cash	8,223,140		11,779,260	4,947,370
Cash, cash equivalents and restricted cash at beginning of the year	19,507,001		7,727,741	2,780,371
Cash, cash equivalents and restricted cash at end of the year	27,730,141		19,507,001	7,727,741
VIEs and VIEs' subsidiaries - Inter-company
Variable interest entity
Net cash used in operating activities	2,643,402		2,834,408	7,341,282
Net cash provided by financing activities	15,279,213		20,417,626	14,858,966
VIEs and VIEs' subsidiaries - Other
Variable interest entity
Net cash used in operating activities	(7,593,022)		(10,922,189)	(8,693,141)
Net cash used in investing activities	(2,087,758)		(2,149,494)	(8,641,045)
Net cash provided by financing activities	¥ (500,000)		¥ 1,598,877	¥ 81,308

Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Taxation

Schedule of composition of income tax expense/(benefit)


	For the Year Ended December 31,
	2021	2022	2023
Current income tax expense	—	1,331	446,225
Deferred income tax expense/(benefit)	168,643	(128,338)	(1,803,587)
Income tax expense/ (benefit)	168,643	(127,007)	(1,357,362)

Schedule of reconciliations of the income tax expense/(benefit)


	For the Year Ended December 31,
	2021	2022	2023
(Loss)/Income before income tax	(152,812)	(2,159,355)	10,451,763
Income tax (benefit)/expense computed at PRC statutory income tax rate of 25%	(38,203)	(539,839)	2,612,941
Tax effect of tax‑exempt entity and preferential tax rate	(89,928)	(321,507)	(1,613,371)
Tax effect of Super R&D Deduction and others	(314,141)	(648,317)	(1,055,404)
Non‑deductible expenses	318,185	566,597	512,572
Change in valuation allowance	292,730	816,059	(1,814,100)
Income tax expense/(benefit)	168,643	(127,007)	(1,357,362)

Schedule of components of the group's deferred tax assets (liabilities)


	As of December 31,
	2022	2023
Deferred tax assets:
Net operating loss carryforwards	1,522,412	1,782,118
Warranty reserves	411,905	872,976
Others	253,905	262,167
Total deferred tax assets	2,188,222	2,917,261
Less: Valuation allowance	(2,113,455)	(299,355)
Deferred tax assets, net of valuation allowance	74,767	2,617,906
Deferred tax liabilities:
Accelerated tax depreciation and others	(68,652)	(783,206)
Fair value change of certain investments	(9,157)	(45,332)
Total deferred tax liabilities	(77,809)	(828,538)
Deferred tax (liabilities)/assets, net	(3,042)	1,789,368

Schedule of movement of valuation allowance


	As of December 31,
	2022	2023
Valuation allowance
Balance at beginning of the year	1,297,395	2,113,455
Additions	1,147,602	176,145
Reversals	(331,542)	(1,990,245)
Balance at end of the year	2,113,455	299,355

Inventories

12 Months Ended

Dec. 31, 2023

Inventories.

Inventories

8. Inventories

Inventories consist of the following:


	As of December 31,
	2022	2023
Finished products
Vehicles	3,786,673	3,914,310
Other finished products	232,337	504,870
Raw materials and work in process	3,144,284	2,521,705
Inventories	7,163,294	6,940,885
Inventory valuation allowance	(358,601)	(68,906)
Inventories, net	6,804,693	6,871,979

Finished products primarily include vehicles ready for transit at production plants, vehicles in transit to fulfil customers’ orders, new vehicles available for immediate sales at the Group’s sales and servicing center locations, spare parts used for after-sales services and goods for online store and accessories.

Raw materials and work in process primarily consist of materials for volume production which will be transferred into production cost when incurred.

(Loss)/Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

(Loss)/Earnings Per Share

Schedule of basic and diluted loss per share


	For the Year Ended December 31,
	2021	2022	2023
Numerator:
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc.	(321,455)	(2,012,215)	11,704,133
Dilution effect arising from convertible debt	—	—	32,657
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc. for computing diluted net (loss)/earnings per share	(321,455)	(2,012,215)	11,736,790

Denominator:
Weighted average ordinary shares outstanding—basic	1,853,320,448	1,941,230,998	1,967,863,759
Effects of dilutive securities
Options and RSUs	—	—	86,651,528
Convertible debt	—	—	60,861,105
Weighted average ordinary shares outstanding—diluted	1,853,320,448	1,941,230,998	2,115,376,392

Basic net (loss)/earnings per share attributable to ordinary shareholders of Li Auto Inc.	(0.17)	(1.04)	5.95
Diluted net (loss)/earnings per share attributable to ordinary shareholders of Li Auto Inc.	(0.17)	(1.04)	5.55

Share-based Compensation - Compensation expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	¥ 2,378,689	¥ 2,053,165	¥ 1,101,356
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	1,552,421	1,333,710	741,793
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	779,637	674,610	332,850
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	¥ 46,631	¥ 44,845	¥ 26,713

Time deposits and short-term investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Time deposits and shortterm investments
Short-term time deposits	¥ 10,256,127		¥ 5,085
Short-term financial instruments	1,677,128		18,026,310
Total	¥ 11,933,255	$ 1,680,764	¥ 18,031,395

Related Party Balances and Transactions - Significant related party transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Services \| Meituan
Related Party Balances and Transactions
Purchases from related party	¥ 21,956	¥ 6,711	¥ 969

Organization and Nature of Operations - Variable interest entity (Details) - shareholder	12 Months Ended
	Dec. 31, 2023	Apr. 30, 2021
Variable interest entity
Percent of equity interests in a value added telecommunication service provider	50.00%
Beijing CHJ
Variable interest entity
Power of attorney period (in years)	10 years
Beijing CHJ \| Spouses of shareholders
Variable interest entity
Number of shareholders' spousal consent letters	2
Ownership percent	100.00%
Xindian Information \| Spouses of shareholders
Variable interest entity
Number of shareholders' spousal consent letters	9
Ownership percent	98.10%
Leading Ideal Hk Limited [Member] \| Beijing CHJ
Variable interest entity
Ownership percent		50.00%
Leading Ideal Hk Limited [Member] \| Chongqing Lixiang Automobile
Variable interest entity
Ownership percent		50.00%
Wheels Technology
Variable interest entity
Power of attorney period (in years)	10 years
Wheels Technology \| Beijing CHJ \| Exclusive Consultation and Service Agreements
Variable interest entity
Service fee payment period (in days)	10 days
Service fee payment period with which after end of relevant calendar quarter (in days)	30 days
Contract term (in years)	10 years
Wheels Technology \| Beijing CHJ \| Equity Option Agreements
Variable interest entity
Contract term (in years)	10 years
Wheels Technology \| Beijing CHJ \| Equity Pledge Agreements
Variable interest entity
Equity interests agreed to pledge (as a percent)		100.00%

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-39407
Entity Registrant Name	Li Auto Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	11 Wenliang Street
Entity Address, Adress Line Two	Shunyi District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	101399
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Beijing, the People’s Republic of China
Entity Central Index Key	0001791706
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	11 Wenliang Street
Entity Address, Adress Line Two	Shunyi District
Contact Personnel Name	Tie Li
Contact Personnel Email Address	ir@lixiang.com
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	101399
Entity Address, Country	CN
Country Region	86
City Area Code	10
Local Phone Number	8742-7209
American depository shares
Document Information [Line Items]
Title of 12(b) Security	American depositary shares, each representing two Class A ordinary shares, par value US$0.0001 per share
Trading Symbol	LI
Security Exchange Name	NASDAQ
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share
Entity Common Stock, Shares Outstanding	1,738,408,250
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	355,812,080

Taxation

12 Months Ended

Dec. 31, 2023

Taxation

Taxation

23. Taxation

(a)Value added tax (“VAT”)

The Group is subject to statutory VAT rate of 13% for revenue from sales of vehicles, sales and instalment of charging stalls, sales of goods from online store and sales of accessories in the PRC.

One of the Group’s subsidiaries is subject to 13% VAT for sales of self-developed software products. The subsidiary is entitled to a VAT refund in excess of 3% output VAT on the total VAT payable from April 2021, after completing the registration with relevant authorities and obtaining a refund approval from local tax bureau.

(b)Income taxes

Cayman Islands

The Company is incorporated in the Cayman Islands and conducts most of its business through its subsidiaries located in Mainland China and Hong Kong. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

PRC

Beijing CHJ is qualified as a “high and new technology enterprise” under the PRC Enterprise Income Tax law (the “EIT Law”) in October 2019 and 2022 respectively. Beijing CHJ Technology, and Shanghai Lixiang Automobile Technology Co., Ltd. (“Shanghai Automobile”) are qualified as a “high and new technology enterprise” under EIT Law in October and November 2023 respectively. These companies are eligible for a preferential enterprise income tax rate of 15%. The high and new technology enterprise certificate is effective for a period of three years. Sichuan Li Xinchen Technology Co., Ltd. (“Sichuan Li Xinchen”) is in line with China’s Western Region Development Strategy for a preferential enterprise income tax rate of 15% from the year ended December 31, 2023 to the year ending December 31, 2030.

23. Taxation (Continued)

Wheels Technology was awarded as a Software Enterprise in March 2022 and was thereby entitled to an income tax exemption for two years beginning from its first profitable calendar year since 2022, and a 50% reduction in the standard statutory income tax rate for the subsequent three consecutive years. Other Chinese companies are subject to enterprise income tax at a uniform rate of 25% as of December 31, 2023.

Under the EIT Law enacted by the National People’s Congress of PRC on March 16, 2007 and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a foreign investment enterprise in the PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with PRC.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non PRC company is located”. Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%.

According to relevant laws and regulations promulgated by the State Administration of Tax (“STA”) of the PRC, enterprises engaging in research and development activities were entitled to claim 150% of their research and development expenses incurred as tax deductible expenses when determining their assessable profits for that year (the “Super R&D Deduction”). The STA of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as Super R&D Deduction until December 31, 2023. The STA of the PRC announced in September 2022 to increase the Super R&D Deduction rate to 200% from October 1, 2022 to December 31, 2022. Subsequently, the STA of the PRC further announced in March 2023 that the Super R&D Deduction rate of 200% will continue to be applied from January 1, 2023, until when new announcement is released by STA of the PRC.

Withholding tax on undistributed dividends

According to the current EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in China but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in China or which have an establishment or place in China but the aforementioned incomes are not connected with the establishment or place shall be subject to the PRC withholding tax (“WHT”) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement provided that the foreign enterprise is the tax resident of the jurisdiction where it is located and it is the beneficial owner of the dividends, interest and royalties income).

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

23. Taxation (Continued)

Singapore

Corporate taxpayers are subject to Singapore income tax on income accruing in or derived from Singapore and foreign-source income received or deemed to be received in Singapore from outside Singapore, unless specifically exempted from tax. The prevailing corporate income tax rate in Singapore is 17%. Additionally, payments of dividends by the subsidiaries incorporated in Singapore to the Company are not subject to any Singapore withholding tax.

Composition of income tax expense/(benefit) for the years presented is as follows:


	For the Year Ended December 31,
	2021	2022	2023
Current income tax expense	—	1,331	446,225
Deferred income tax expense/(benefit)	168,643	(128,338)	(1,803,587)
Income tax expense/ (benefit)	168,643	(127,007)	(1,357,362)

Reconciliations of the income tax expense/(benefit) computed by applying the PRC statutory income tax rate of 25% to the Group’s income tax expense/(benefit) for each of the years presented are as follows:


	For the Year Ended December 31,
	2021	2022	2023
(Loss)/Income before income tax	(152,812)	(2,159,355)	10,451,763
Income tax (benefit)/expense computed at PRC statutory income tax rate of 25%	(38,203)	(539,839)	2,612,941
Tax effect of tax‑exempt entity and preferential tax rate	(89,928)	(321,507)	(1,613,371)
Tax effect of Super R&D Deduction and others	(314,141)	(648,317)	(1,055,404)
Non‑deductible expenses	318,185	566,597	512,572
Change in valuation allowance	292,730	816,059	(1,814,100)
Income tax expense/(benefit)	168,643	(127,007)	(1,357,362)

(c)Deferred taxes

The Group monitors the realizability of deferred tax assets taking into account all relevant factors at each reporting period. As of December 31, 2023, based on the relevant weight of positive and negative evidence, including the amount of taxable income in this year which is objective and verifiable, and consideration of expected future taxable income, the Group concluded that it is more likely than not that deferred tax assets related to certain subsidiaries are realizable. As such, the Group released RMB1,990,245 of valuation allowances associated with such deferred tax assets as of December 31, 2023. A valuation allowance is provided against deferred tax assets when the Group determines that it is more-likely-than-not that the deferred tax assets will not be utilized in the future. The statutory income tax rate of 25% or applicable preferential income tax rates were applied when calculating deferred tax assets.

23. Taxation (Continued)

The Group’s deferred tax assets (liabilities) consist of the following components:


	As of December 31,
	2022	2023
Deferred tax assets:
Net operating loss carryforwards	1,522,412	1,782,118
Warranty reserves	411,905	872,976
Others	253,905	262,167
Total deferred tax assets	2,188,222	2,917,261
Less: Valuation allowance	(2,113,455)	(299,355)
Deferred tax assets, net of valuation allowance	74,767	2,617,906
Deferred tax liabilities:
Accelerated tax depreciation and others	(68,652)	(783,206)
Fair value change of certain investments	(9,157)	(45,332)
Total deferred tax liabilities	(77,809)	(828,538)
Deferred tax (liabilities)/assets, net	(3,042)	1,789,368

Movement of valuation allowance is as follow:


	As of December 31,
	2022	2023
Valuation allowance
Balance at beginning of the year	1,297,395	2,113,455
Additions	1,147,602	176,145
Reversals	(331,542)	(1,990,245)
Balance at end of the year	2,113,455	299,355

As of December 31, 2023, the Group had net operating loss carryforwards of approximately RMB7,007,415 which mainly arose from the Group’s certain subsidiaries, VIEs and the VIEs’ subsidiaries established in the PRC. These net operating losses can be carried forward to offset future taxable income and will expire during the period from 2024 to 2033. As of December 31, 2023, deferred tax assets which arose from the net operating loss carryforwards amounting to RMB296,330 were fully provided for a related valuation allowance, while the remaining RMB1,485,788 were expected to be utilized prior to expiration.

23. Taxation (Continued)

Uncertain Tax Positions

The Group did not have significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of and for the years ended December 31, 2021, 2022 and 2023.

(d)Consumption tax

The Group is subject to consumption tax rate of 3% and related surcharge for the sales of vehicles.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Taxation (Details) ¥ in Thousands, $ in Thousands	3 Months Ended	12 Months Ended				64 Months Ended
Taxation (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)
Taxation
Income tax rate		25.00%	25.00%
Reduction in the standard statutory income rate		50.00%	50.00%
Income tax expense		¥ (1,357,362)	$ (191,180)	¥ (127,007)	¥ 168,643
Net operating loss carryforwards		7,007,415				¥ 7,007,415
Deferred tax assets, operating carryforwards, valuation allowance		296,330				296,330
Deferred tax assets, operating carryforwards, net of valuation allowance		¥ 1,485,788				¥ 1,485,788
Percentage of consumption tax		3.00%	3.00%
Deferred tax assets		¥ 1,990,245		¥ 331,542
High and New Technology Enterprises
Taxation
VAT for software research and development and relevant services		13.00%	13.00%
VAT refund in excess		3.00%	3.00%
Cayman Islands
Taxation
Withholding income tax rate (as a percent)		0.00%	0.00%
Hong Kong
Taxation
Corporate income tax rate		16.50%	16.50%
PRC
Taxation
Statutory VAT rate (as a percent)		13.00%	13.00%
Withholding income tax rate (as a percent)		10.00%	10.00%
Income tax rate		25.00%	25.00%
Minimum percentage of ownership interests held by investors in Hong Kong to qualify for lower withholding tax rate (as a percent)		25.00%	25.00%
Reduced withholding tax rate (as a percent)		5.00%	5.00%
Total deduction available on qualified research and development expenses (as a percent)		150.00%	150.00%
Additional deduction on qualified research and development expenses (as a percent)	200.00%	200.00%	200.00%			175.00%
PRC \| High and New Technology Enterprises
Taxation
Preferential enterprise income tax rate (as a percent)		15.00%	15.00%
Effective term		3 years	3 years
PRC \| High and New Technology Enterprises \| Sichuan Li Xinchen Technology Co., Ltd
Taxation
Preferential enterprise income tax rate (as a percent)		15.00%	15.00%
Singapore
Taxation
Corporate income tax rate		17.00%	17.00%

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net.

Property, Plant and Equipment, Net

9. Property, Plant and Equipment, Net

Property, plant and equipment, net, consist of the following:


	As of December 31,
	2022	2023
Production machineries, facilities and equipment	3,853,287	5,289,171
Construction in process ⁽ⁱ⁾	2,748,697	4,583,131
Mold and tooling	2,721,990	3,382,614
Buildings	2,046,472	2,414,577
Leasehold improvements	1,070,995	1,997,932
Motor vehicles	615,231	1,457,271
Buildings improvements	314,987	311,045
Total	13,371,659	19,435,741
Less: Accumulated depreciation	(2,156,225)	(3,663,187)
Less: Accumulated impairment loss	(27,536)	(27,536)
Total property, plant and equipment, net	11,187,898	15,745,018

The Group recorded depreciation expenses of RMB579,097,RMB1,194,781 and RMB1,758,370 for the years ended December 31, 2021, 2022 and 2023, respectively.

(i)

Construction in process is primarily comprised of production plants, facilities, equipment and mold and tooling.

In October 2021, the Company commenced construction of the Beijing manufacturing base, which is expected to be completed in the beginning of 2024.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net.

Summary of property, plant and equipment and related accumulated depreciation


	As of December 31,
	2022	2023
Production machineries, facilities and equipment	3,853,287	5,289,171
Construction in process ⁽ⁱ⁾	2,748,697	4,583,131
Mold and tooling	2,721,990	3,382,614
Buildings	2,046,472	2,414,577
Leasehold improvements	1,070,995	1,997,932
Motor vehicles	615,231	1,457,271
Buildings improvements	314,987	311,045
Total	13,371,659	19,435,741
Less: Accumulated depreciation	(2,156,225)	(3,663,187)
Less: Accumulated impairment loss	(27,536)	(27,536)
Total property, plant and equipment, net	11,187,898	15,745,018

The Group recorded depreciation expenses of RMB579,097,RMB1,194,781 and RMB1,758,370 for the years ended December 31, 2021, 2022 and 2023, respectively.

(i)

Construction in process is primarily comprised of production plants, facilities, equipment and mold and tooling.

Summary of Significant Accounting Policies - Product warranties, current and non-current and Revenue recognition, government grants (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Accrued warranty	¥ 3,251,112		¥ 1,594,312	¥ 842,345
Including: Accrued warranty, current	236,699		141,832
Accrued warranty, non-current	3,014,413		1,452,480
Revenues	123,851,332	$ 17,444,096	45,286,816	27,009,779
Other non-current liabilities	3,711,414		2,142,462		$ 522,742
Government grants	¥ 1,080,373		¥ 405,999	¥ 47,222
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Government subsidies
Summary of Significant Accounting Policies
Other non-current liabilities	¥ 481,548		¥ 431,735

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2023

The principal related parties with which the Group had material transactions during the periods presented are as follows:


Name of Entity or Individual		Relationship with the Company
Meituan		A principal shareholder of the company

The Group entered into the following significant related party transactions:

The Group had the following significant related party balances:


	As of December 31,
	2022	2023
Due to Meituan	1,246	9,036

Concentration and Risks

12 Months Ended

Dec. 31, 2023

Concentration and Risks

Concentration and Risks

4. Concentration and Risks

(a)Concentration of credit risk

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, time deposits and short-term investments, long-term time deposits and long-term financial instruments. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2022 and 2023, most of the Group’s cash and cash equivalents, restricted cash, time deposits and short-term investments, long-term time deposits and long-term financial instruments were held by major financial institutions located in the PRC and Hong Kong which management believes are of high credit quality. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. This Deposit Insurance Regulation would not be effective in providing complete protection for the Group’s accounts, as its aggregate deposits are much higher than the compensation limit. However, the Group believes that the risk of failure of any of these financial institutions is remote. The Group expects that there is no significant credit risk associated with cash and cash equivalents, restricted cash, time deposits and short-term investments, long-term time deposits and long-term financial instruments which are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and the VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The Group has no significant concentrations of credit risk with respect to the assets mentioned above.

The Group relies on a limited number of third parties to provide payment processing services (“payment service providers”) to collect amounts due from customers. Payment service providers are financial institutions, credit card companies and mobile payment platforms such as Alipay and WeChat Pay, which the Group believes are of high credit quality.

(b)Currency convertibility risk

The PRC government imposes controls on the convertibility of RMB into foreign currencies and, in certain cases, the remittance of currency out of PRC. The Group’s cash and cash equivalents, restricted cash, time deposits and short-term investments, long-term time deposits and long-term financial instruments that are subject to such government controls amounted to RMB55,065,266 and RMB101,782,349 as of December 31, 2022 and 2023, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.

4. Concentration and Risks (Continued)

(c)Foreign currency exchange rate risk

The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the PBOC. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. The appreciation of the RMB against the US$ was approximately 2.3% for the year ended December 31, 2021. The depreciation of the RMB against the US$ was approximately 8.2% and 1.7% in 2022 and 2023, respectively. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.

Intangible Assets, Net - Amortization expenses (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets, net
2024	¥ 26,975
2025	24,795
2026	23,970
2027	21,798
2028 and Thereafter	84,468
Definite-lived intangible assets, net	¥ 182,006	¥ 150,446

Trade and Notes Payable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Trade and Notes Payable
Trade payable for raw materials	¥ 34,839,546		¥ 15,410,150
Notes payable	17,030,551		4,614,179
Total	¥ 51,870,097	$ 7,305,750	¥ 20,024,329

Trade receivable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accounts, Notes, Loans and Financing Receivable
Total	¥ 143,523	$ 20,215	¥ 48,381
Within 3 months
Accounts, Notes, Loans and Financing Receivable
Total	133,285		35,065
Between 3 months and 6 months
Accounts, Notes, Loans and Financing Receivable
Total	1,437		41
Between 6 months and 1 year
Accounts, Notes, Loans and Financing Receivable
Total	647		1
More than 1 year
Accounts, Notes, Loans and Financing Receivable
Total	¥ 8,154		¥ 13,274

Long-term Investments

12 Months Ended

Dec. 31, 2023

Long-term Investments.

Long-term Investments.

13. Long-term Investments

The Group’s long-term investments on the consolidated balance sheets consist of the following:


	As of December 31,
	2022	2023
Equity investments:
Equity securities without readily determinable fair values	558,004	730,644
Equity securities with readily determinable fair values	12,966	294,561
Equity investments accounted for using the equity method	155,053	160,526
Debt investments:
Long-term time deposits	707,853	409,645
Long-term financial instruments	50,615	—
Total Long-term Investments	1,484,491	1,595,376

Equity securities without readily determinable fair values

Equity securities without readily determinable fair values represent investments in privately-held companies with no readily determinable fair value.

In March 2022, one of the Group’s subsidiaries purchased certain Series Pre-A preferred shares of a private company with a total cash consideration of RMB400,000. The investee is engaged in design, production and sale of lithium battery cells and modules.

Nil, RMB7,200 and nil impairment of equity securities without readily determinable fair values were recorded in Interest income and investment income, net in the consolidated statements of comprehensive (loss)/income for the years ended December 31, 2021, 2022 and 2023, respectively.

Equity securities with readily determinable fair values

Equity securities with readily determinable fair values are marketable equity securities which are publicly traded stocks measured at fair value.

In 2017 and 2020, one of the Group’s subsidiaries purchased preferred shares of an autonomous driving solution provider. The investment was previously accounted as equity securities without readily determinable fair values and was reclassified to equity securities with readily determinable fair values in 2023 upon its initial public offering on HKEX.

13. Long-term Investments (Continued)

For equity securities with readily determinable fair values, net unrealized losses of RMB35,330 and RMB17,487 were recorded for the years ended December 31, 2021 and 2022, and net unrealized gains of RMB270,468 were recorded for the year ended December 31, 2023 in “Interest income and investment income, net” in the consolidated statements of comprehensive (loss)/income.

Long term Investments (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-term Investments.
Equity securities without readily determinable fair value	¥ 730,644	¥ 558,004
Equity securities with readily determinable fair values	294,561	12,966
Equity investments accounted for using the equity method	160,526	155,053
Long-term time deposits	409,645	707,853
Long-term financial instruments	0	50,615
Total Long-term Investments	¥ 1,595,376	¥ 1,484,491

Summary of Significant Accounting Policies - Additional information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) segment	Dec. 31, 2022 CNY (¥) segment	Dec. 31, 2021 CNY (¥)
Summary of Significant Accounting Policies
Impairment loss of goodwill	¥ 0	¥ 0
Impairment of equity method investments	¥ 0	¥ 0	¥ 0
Number of reporting unit \| segment	1	1

Borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Short term Borrowings and Long-term Borrowings
Short-term borrowings	¥ 6,975,399		¥ 390,750
Long-term borrowings	1,747,070	$ 246,070	9,230,807
Total borrowings	8,722,469		9,621,557
Convertible debt
Short term Borrowings and Long-term Borrowings
Short-term borrowings	6,031,566		0
Long-term borrowings	0		5,913,715
Unsecured borrowing
Short term Borrowings and Long-term Borrowings
Short-term borrowings	688,231		0
Long-term borrowings	0		500,000
Secured Borrowings
Short term Borrowings and Long-term Borrowings
Short-term borrowings	155,602		283,785
Long-term borrowings	1,647,070		2,065,927
Credit Guaranteed Borrowings
Short term Borrowings and Long-term Borrowings
Short-term borrowings	100,000		106,965
Long-term borrowings	¥ 100,000		¥ 751,165

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 69C
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accruals and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accruals and Other Current Liabilities
Payables for purchase of property, plant and equipment	¥ 2,667,165		¥ 2,335,084
Salaries and benefits payable	2,204,050		633,215
Tax payable	1,657,471		445,853
Payables for research and development expenses	1,371,125		525,667
Payables for logistics expenses	794,512		414,353
Accrued costs of purchase commitments relating to inventory	600,778		498,060
Payables for marketing and promotional expenses	415,474		150,706
Accrued warranty, current	236,699		141,832
Advances from customers	81,925		10,500
Deposits from vendors	67,035		32,013
Other payables	1,118,392		497,361
Total	¥ 11,214,626	$ 1,579,547	¥ 5,684,644

Other Non-current Assets

12 Months Ended

Dec. 31, 2023

Other Non-current Assets

Other Non-current Assets

12. Other Non-current Assets

Other non-current assets consist of the following:


	As of December 31,
	2022	2023
Prepayments for purchase of property, plant and equipment ⁽ⁱ⁾	641,748	1,503,699
Long-term deposits paid to vendors	1,319,816	1,053,411
Deductible VAT input, non-current	454,359	243,229
Others	9,942	6,901
Less: Allowance for credit losses	(4,572)	(4,886)
Total	2,421,293	2,802,354

(i)

Prepayments for purchase of property, plant and equipment primarily consists of production facilities, leasehold improvements, equipment and mold and tooling.

Leases - Components of lease expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease cost
Amortization of assets	¥ 0	¥ 0	¥ 12,122
Interest of lease liabilities	0	0	19,322
Operating lease cost	1,059,148	698,280	367,375
Short-term lease cost	108,689	54,683	15,559
Total	¥ 1,167,837	¥ 752,963	¥ 414,378

CONSOLIDATED BALANCE SHEETS (Parentheticals) ¥ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares
Accounts receivable, allowance for credit loss \| ¥	¥ 285		¥ 327
Prepayments and other current assets, allowance for credit losses \| ¥	3,076		4,427
Other noncurrent assets, allowance for credit losses \| ¥	¥ 4,886		¥ 4,572
Ordinary shares, shares issued	1,985,662,930		1,954,353,892
Ordinary shares, shares outstanding	1,985,662,930		1,954,353,892
Class A Ordinary Shares
Ordinary shares, par value \| $ / shares		$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	4,500,000,000		4,500,000,000
Ordinary shares, shares issued	1,766,208,188		1,728,765,894
Ordinary shares, shares outstanding	1,629,850,850		1,598,541,812
Class B Ordinary Shares
Ordinary shares, par value \| $ / shares		$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	500,000,000		500,000,000
Ordinary shares, shares issued	355,812,080		355,812,080
Ordinary shares, shares outstanding	355,812,080		355,812,080

Acquisition (Details) - CNY (¥) ¥ in Thousands	1 Months Ended
Acquisition (Details) - CNY (¥) ¥ in Thousands	Sep. 30, 2022	Jul. 31, 2021
Changzhou Huixiang New Energy Auto Parts Co., Ltd
Business acquisition
Amount contributed	¥ 87,040	¥ 73,500
Interest acquired (in percent)	87.34%	49.00%
Changzhou Huixiang New Energy Auto Parts Co., Ltd \| Suzhou Huichuan United Power System Co., Ltd
Business acquisition
Amount contributed	¥ 0
Changzhou Huixiang New Energy Auto Parts Co., Ltd
Business acquisition
Registered capital		¥ 150,000

Summary of Significant Accounting Policies - Leases and Segment reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments	1
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Terms of operating and finance leases (in years)	1 year
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Terms of operating and finance leases (in years)	15 years
Land use rights
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease term (in years)	50 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, Plant and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property, plant and equipment
Total property, plant and equipment, gross	¥ 19,435,741	¥ 13,371,659
Less: Accumulated depreciation	(3,663,187)	(2,156,225)
Less: Accumulated impairment loss	(27,536)	(27,536)
Total property, plant and equipment, net	15,745,018	11,187,898		$ 2,217,639
Depreciation expenses	1,758,370	1,194,781	¥ 579,097
Production machineries, facilities and equipment
Property, plant and equipment
Total property, plant and equipment, gross	5,289,171	3,853,287
Construction in process
Property, plant and equipment
Total property, plant and equipment, gross	4,583,131	2,748,697
Mold and tooling
Property, plant and equipment
Total property, plant and equipment, gross	3,382,614	2,721,990
Buildings
Property, plant and equipment
Total property, plant and equipment, gross	2,414,577	2,046,472
Leasehold improvements
Property, plant and equipment
Total property, plant and equipment, gross	1,997,932	1,070,995
Motor vehicles
Property, plant and equipment
Total property, plant and equipment, gross	1,457,271	615,231
Buildings improvements
Property, plant and equipment
Total property, plant and equipment, gross	¥ 311,045	¥ 314,987

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Measurement

Fair Value Measurement

24. Fair Value Measurement

Assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis include: short-term investments, long-term financial instruments and investment in equity securities with readily determinable fair values.

The following table presents the major financial instruments measured at fair value, by level within the fair value hierarchy as of December 31, 2022 and December 31, 2023.


		Fair Value Measurement at Reporting Date Using
		Quoted Prices
	Fair Value as of	in Active Markets for	Significant Other	Significant
	December 31,	Identical Assets	Observable Inputs	Unobservable Inputs
	2022	(Level 1)	(Level 2)	(Level 3)
Assets
Short-term investments	18,026,310		18,026,310
Long-term financial instruments	50,615		50,615
Equity securities with readily determinable fair values	12,966	12,966
Total assets	18,089,891	12,966	18,076,925


		Fair Value Measurement at Reporting Date Using
		Quoted Prices
	Fair Value as of	in Active Markets for	Significant Other	Significant
	December 31,	Identical Assets	Observable Inputs	Unobservable Inputs
	2023	(Level 1)	(Level 2)	(Level 3)
Assets
Short-term investments	1,677,128		1,677,128
Equity securities with readily determinable fair values	294,561	294,561
Total assets	1,971,689	294,561	1,677,128

Valuation Techniques

Fair value of short-term investments and long-term financial instruments is estimated based on quoted prices of similar financial products provided by the banks at the end of each period (Level 2).

Equity securities with readily determinable fair values: Equity securities with readily determinable fair values are marketable equity securities which are publicly traded stocks measured at fair value. These securities are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level 1 of fair value measurements. The related gain/(loss) amounts are recognized in “Interest income and investment income, net” in the consolidated statements of comprehensive (loss)/income.

24. Fair Value Measurement(Continued)

Assets measured at fair value on a non-recurring basis

Assets measured at fair value on a non-recurring basis include: investments in equity securities without readily determinable fair values and equity method investments, as well as property, plant and equipment and inventories. For investments in equity securities without readily determinable fair values, no measurement event occurred during the periods presented. The equity securities without readily determinable fair value were RMB558,004 and RMB730,644 as of December 31, 2022 and 2023. Nil, RMB7,200 and nil impairment charges were recognized for the years ended December 31, 2021, 2022 and 2023. For equity method investments, no impairment loss was recognized for all periods presented. The Group recorded RMB27,388, nil and nil impairment loss of property, plant and equipment, and nil,RMB592,545 and RMB129,798 inventory write-downs for the years ended December 31, 2021, 2022 and 2023, respectively.

Assets and liabilities not measured at fair value but fair value disclosure is required

Financial assets and liabilities not measured at fair value include cash equivalents, time deposits, restricted cash, trade receivable, other assets, borrowings, trade and notes payable, amounts due to related parties, accruals and other liabilities.

The Group values its time deposits held in certain bank accounts using quoted prices for securities with similar characteristics and other observable inputs, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2. The Group classifies the valuation techniques that use the inputs as Level 2 for borrowings as the rates of interest under the loan agreements with the lending banks were determined based on the prevailing interest rates in the market.

Trade receivable, other assets, trade and notes payable, amounts due to related parties and accruals and other liabilities are measured at amortized cost, and the fair values approximate their carrying values given their short maturities.

Borrowings and convertible debt are measured at amortized cost. Their fair values were estimated by discounting the scheduled cash flows through to estimated maturity using estimated discount rates based on current offering rates of comparable institutions with similar services. The fair value of these borrowings obligations approximates their carrying value as the borrowing rates are similar to the market rates that are currently available to the Group for financing obligations with similar terms and credit risks and represent a level 2 measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Time deposits and short-term investments (Tables)

12 Months Ended

Dec. 31, 2023

Time deposits and shortterm investments

Schedule of time deposits and short-term investments on the consolidated balance sheets


	As of December 31,
	2022	2023
Short-term time deposits	5,085	10,256,127
Short-term financial instruments	18,026,310	1,677,128
Total	18,031,395	11,933,255

Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings

Borrowings

14. Borrowings

Borrowings consist of the following:


	As of December 31,
	2022	2023
Short-term borrowings:
Convertible debt⁽¹⁾	—	6,031,566
Unsecured borrowing⁽²⁾	—	688,231
Secured borrowing⁽³⁾	283,785	155,602
Credit guaranteed borrowing⁽⁴⁾	106,965	100,000
Total short-term borrowings⁽⁵⁾	390,750	6,975,399


	As of December 31,
	2022	2023
Long-term borrowings:
Secured borrowing⁽³⁾	2,065,927	1,647,070
Credit guaranteed borrowing⁽⁴⁾	751,165	100,000
Convertible debt⁽¹⁾	5,913,715	—
Unsecured borrowing⁽²⁾	500,000	—
Total long-term borrowings	9,230,807	1,747,070
Total borrowings	9,621,557	8,722,469

(1)

14. Borrowings (Continued)

(2)

In November 2023, the Group issued RMB700,000 bonds in Mainland China. The bond has a term maturity of one year and bears coupon rate of 2.50% per annum.

(3)

(4)

14. Borrowings (Continued)

(5)

As of December 31, 2022 and 2023, the weighted average interest rate on short-term borrowings excluding convertible debt was 3.69% and 2.69%.

The following table summarizes the aggregate repayment schedule of the Group’s borrowings, excluding convertible debt:


		For the
		Year Ending
		December 31,
2024		943,833
2025		266,331
2026		166,119
2027		167,749
2028		195,621
2029 and thereafter		951,250

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Share-based Compensation - Additional Information (Details) $ / shares in Units, ¥ in Thousands	1 Months Ended			12 Months Ended
	Jul. 31, 2021 USD ($) Vote $ / shares shares	Jul. 31, 2020	Jul. 31, 2019	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	May 31, 2021 $ / shares shares	Mar. 31, 2021 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average period of unrecognized compensation cost				4 years 10 days	4 years 10 days
Options vested (in shares) \| shares				12,773,824	12,773,824
Conversion ratio, class B to class A ordinary shares	1
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Total fair value of the restricted shares				¥ 1,397,252	$ 196,799,000	$ 2,384,000	$ 0
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Contractual term (in years)			10 years
2019 Plan \| Class A Ordinary Shares
Share-based Compensation Arrangement by Share-based Payment Award
Maximum number of shares authorized \| shares				141,083,452				141,083,452
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Contractual term (in years)		10 years
Vesting period (in years)		5 years
Vesting percentage		20.00%
Vested after service period (in years)		1 year
2020 Plan \| Class A Ordinary Shares
Share-based Compensation Arrangement by Share-based Payment Award
Maximum number of shares authorized \| shares				165,696,625				165,696,625
2019 and 2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares				0	0	579,600	36,987,700
Weighted average grant date fair value of options granted \| $ / shares						$ 16.05	$ 15.78
Unrecognized compensation expenses				¥ 422,719				$ 59,539,000
Weighted average period of unrecognized compensation cost				2 years 3 months 25 days	2 years 3 months 25 days
Number of vested and exercisable options (in shares) \| shares				43,618,062		46,292,444		43,618,062
Average exercise price (in USD per share) \| $ / shares						$ 0.10		$ 0.10
Total intrinsic value of options exercised				¥ 1,236,589	$ 174,170,000	$ 84,635,000	$ 97,252,000
The total fair value of options vested				675,725	$ 95,174,000	$ 110,880,000	$ 4,387,000
2019 and 2020 Share Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expenses				¥ 4,033,744				$ 568,141,000
2019 and 2020 Share Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value of options granted \| $ / shares							$ 14.42
2019 and 2020 Share Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value of options granted \| $ / shares							$ 17.35
2021 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares				0	0	0	108,557,400
Weighted average grant date fair value of options granted \| $ / shares							$ 4.96
Unrecognized compensation expenses				¥ 3,822,906				$ 538,445,000
Exercise price per share \| $ / shares										$ 14.63
Exercise price per share ADS \| $ / shares										$ 29.26
Number of tranches										6
Number of option granted per tranche \| shares										18,092,900
Number of votes \| $	10
2021 Share Incentive Plan \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Number of vehicle										500,000
Weighted Average Remaining Contractual Life										500,000
2021 Share Incentive Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Number of vehicle										1,000,000
Weighted Average Remaining Contractual Life										1,000,000
2021 Share Incentive Plan \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Number of vehicle										1,500,000
Weighted Average Remaining Contractual Life										1,500,000
2021 Share Incentive Plan \| Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award
Number of vehicle										2,000,000
Weighted Average Remaining Contractual Life										2,000,000
2021 Share Incentive Plan \| Share-based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award
Number of vehicle										2,500,000
Weighted Average Remaining Contractual Life										2,500,000
2021 Share Incentive Plan \| Share-based Payment Arrangement, Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award
Number of vehicle										3,000,000
Weighted Average Remaining Contractual Life										3,000,000
2021 Share Incentive Plan \| Class A Ordinary Shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of votes \| Vote	1
2021 Share Incentive Plan \| Class B Ordinary Shares \| Mr. Li Xiang
Share-based Compensation Arrangement by Share-based Payment Award
Maximum number of shares authorized \| shares	108,557,400								108,557,400	108,557,400
Exercise price per share \| $ / shares	$ 14.63								$ 14.63

Related Party Balances and Transactions - Significant related party balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Related Party Balances and Transactions
Amounts due to related parties	¥ 10,607	$ 1,494	¥ 7,190
Services \| Meituan
Related Party Balances and Transactions
Amounts due to related parties	¥ 9,036		¥ 1,246

Concentration and Risks (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Concentration and Risks (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration and Risks
Cash and cash equivalents, restricted cash and time deposits and short term investments subject to such government controls.	¥ 101,782,349	¥ 55,065,266
Percentage of appreciation of domestic currency (RMB) against foreign currency(US$)			2.30%
Percentage of depreciation of peoples domestic currency (RMB) against foreign currency(US$)	8.20%	1.70%

Other Non-Current Liabilities (Table)

12 Months Ended

Dec. 31, 2023

Other Non-Current Liabilities

Other Non - Current Liabilities


	As of December 31,
	2022	2023
Accrued warranty, non-current	1,452,480	3,014,413
Deferred government grants, non-current	431,735	431,954
Payables for property, plant and equipment, non-current	214,092	217,111
Other payables	44,155	47,936
Total	2,142,462	3,711,414

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net

Intangible Assets, Net

10. Intangible Assets, Net

Intangible assets, net, consist of the following:


	As of December 31,
	2022	2023
Automotive Manufacturing Permission	647,174	647,174
Insurance Agent License	35,000	35,000
Indefinite‑lived intangible assets, net	682,174	682,174
Software	202,848	258,705
Patents	694	694
Definite‑lived intangible assets	203,542	259,399
Less: Accumulated amortization
Software	(52,402)	(76,699)
Patents	(694)	(694)
Accumulated amortization	(53,096)	(77,393)
Definite‑lived intangible assets, net	150,446	182,006
Total intangible assets, net	832,620	864,180

The Group recorded amortization expenses of RMB11,300, RMB19,074 and RMB24,297 for the years ended December 31, 2021, 2022 and 2023, respectively.

As of December 31, 2023, amortization expenses related to intangible assets for future periods are estimated to be as follows:


		For the Year Ending December 31,
2024		26,975
2025		24,795
2026		23,970
2027		21,798
2028 and Thereafter		84,468
Total		182,006

Organization and Nature of Operations - Net (loss)/income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Variable interest entity
Revenues	¥ 123,851,332	$ 17,444,096	¥ 45,286,816	¥ 27,009,779
Cost	(96,354,581)	(13,571,259)	(36,496,360)	(21,248,325)
Expenses	(20,089,874)	(2,829,600)	(12,445,333)	(6,778,774)
Other income/(expense)	1,048,189	147,634	625,633	187,320
(Loss)/Income before income tax	10,451,763	1,472,100	(2,159,355)	(152,812)
Income tax (expense)/benefit	1,357,362	191,180	127,007	(168,643)
Net (loss)/income	11,809,125	1,663,280	(2,032,348)	(321,455)
Less: Net loss attributable to noncontrolling interests	(104,992)	(14,788)	20,133	0
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc.	11,704,133	$ 1,648,492	(2,012,215)	(321,455)
VIEs and VIEs' subsidiaries
Variable interest entity
Share of loss from subsidiaries	0		0	(13)
Other income/(expense)	1,099,921		(358,394)	2,610,121
(Loss)/Income before income tax	2,391,229		670,911	2,662,162
Income tax (expense)/benefit	(244,363)		8,701	(117,413)
Net (loss)/income	2,146,866		679,612	2,544,749
Net (loss)/income attributable to ordinary shareholders of Li Auto Inc.	2,146,866		679,612	2,544,749
VIEs and VIEs' subsidiaries - Third-party
Variable interest entity
Revenues	3,376		0	6,294,675
Cost	(11,530)		(4,534,351)	(20,171,861)
Expenses	(1,275,066)		(1,638,834)	(2,401,187)
VIEs and VIEs' subsidiaries - Inter-company
Variable interest entity
Revenues	2,643,402		7,211,082	22,287,788
Cost			(8,290)	(5,891,611)
Expenses	¥ (68,874)		¥ (302)	¥ (65,750)

Organization and Nature of Operations - Balance sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 91,329,030	$ 12,863,425	¥ 38,478,016
Restricted cash	479	67	1,940,142
Time deposits and short-term investments	11,933,255	1,680,764	18,031,395
Trade receivable, net of allowance for credit losses of RMB 327 and RMB 285 as of December 31, 2022 and December 31, 2023, respectively	143,523	20,215	48,381
Inventories	6,871,979	967,898	6,804,693
Prepayments and other current assets	4,247,318	598,222	1,689,860
Total current assets	114,525,584	16,130,591	66,992,487
Non-current assets:
Long-term investments	1,595,376	224,704	1,484,491
Property, plant and equipment, net	15,745,018	2,217,639	11,187,898
Operating lease right-of-use assets, net	5,939,230	836,523	3,538,911
Intangible assets, net	864,180	121,717	832,620
Other noncurrent assets, net of allowance for credit losses of RMB 4,572 and RMB 4,886 as of December 31, 2022 and December 31, 2023, respectively	2,802,354	394,704	2,421,293
Total non-current assets	28,941,887	4,076,379	19,545,464
Total assets	143,467,471	20,206,970	86,537,951
Current liabilities:
Short-term borrowings	6,975,399	982,464	390,750
Trade and notes payable	51,870,097	7,305,750	20,024,329
Amounts due to	10,607	1,494	7,190
Operating lease liabilities, current	1,146,437	161,472	696,454
Deferred revenue, current	1,525,543	214,868	569,234
Accruals and other current liabilities	11,214,626	1,579,547	5,684,644
Total current liabilities	72,742,709	10,245,595	27,372,601
Non-current liabilities:
Long-term borrowings	1,747,070	246,070	9,230,807
Deferred revenue, non-current	812,218	114,399	581,598
Operating lease liabilities, non-current	3,677,961	518,030	1,946,367
Deferred tax liabilities, non-current	200,877	28,293	77,809
Other non-current liabilities	3,711,414	522,742	2,142,462
Total non-current liabilities	10,149,540	1,429,534	13,979,043
Total liabilities	82,892,249	11,675,129	41,351,644
Total shareholders' equity	60,142,624	8,470,911	44,858,701
Total liabilities and shareholders' equity	143,467,471	$ 20,206,970	86,537,951
VIEs and VIEs' subsidiaries
Current assets:
Cash and cash equivalents	27,730,141		18,529,655
Restricted cash			977,346
Time deposits and short-term investments	10,207,873		8,344,332
Trade receivable, net of allowance for credit losses of RMB 327 and RMB 285 as of December 31, 2022 and December 31, 2023, respectively	3,476
Due from related parties	¥ 30,567,860		¥ 37,885,882
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Group companies	Group companies	Group companies
Inventories	¥ 254		¥ 254
Prepayments and other current assets	172,090		168,160
Total current assets	68,681,694		65,905,629
Non-current assets:
Long-term investments	362,773		142,539
Property, plant and equipment, net	112,586		101,577
Operating lease right-of-use assets, net	653,620		693,111
Intangible assets, net	669,495		740,570
Other noncurrent assets, net of allowance for credit losses of RMB 4,572 and RMB 4,886 as of December 31, 2022 and December 31, 2023, respectively	463,659		583,967
Total non-current assets	2,262,133		2,261,764
Total assets	70,943,827		68,167,393
Current liabilities:
Trade and notes payable	4,466,778		1,323,196
Operating lease liabilities, current	45,011		40,707
Accruals and other current liabilities	590,927		334,333
Total current liabilities	63,091,118		62,237,773
Non-current liabilities:
Long-term borrowings			500,000
Operating lease liabilities, non-current	705,635		738,673
Deferred tax liabilities, non-current			2,979
Other non-current liabilities	25,321		7,720
Total non-current liabilities	730,956		1,249,372
Total liabilities	63,822,074		63,487,145
Total shareholders' equity	7,121,753		4,680,248
Total liabilities and shareholders' equity	70,943,827		68,167,393
VIEs and VIEs' subsidiaries \| Group companies
Current liabilities:
Amounts due to	57,988,379		60,539,514
VIEs and VIEs' subsidiaries \| Related parties
Current liabilities:
Amounts due to	¥ 23		¥ 23

Organization and Nature of Operations - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Variable interest entity
(Accumulated deficit)/Retained earnings	¥ 2,441,698	¥ (8,817,850)		$ 343,906
VIEs and VIEs' subsidiaries
Variable interest entity
Registered capitals and PRC statutory reserves	5,664,972	5,230,100
VIEs and VIEs' subsidiaries \| Wheels Technology
Variable interest entity
Management fees paid	0	0	¥ 0
VIEs and VIEs' subsidiaries \| PRC
Variable interest entity
(Accumulated deficit)/Retained earnings	¥ 1,456,781	¥ 549,853

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Taxation - Composition of income tax expense/(benefit) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Composition of income tax benefit
Current income tax expense	¥ 446,225		¥ 1,331	¥ 0
Deferred income tax expense/(benefit)	(1,803,587)	$ (254,030)	(128,338)	168,643
Income tax expense/ (benefit)	¥ (1,357,362)	$ (191,180)	¥ (127,007)	¥ 168,643

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Taxation - Components of deferred tax assets (liabilities) (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	¥ 1,782,118	¥ 1,522,412
Warranty reserves	872,976	411,905
Others	262,167	253,905
Total deferred tax assets	2,917,261	2,188,222
Less: Valuation allowance	(299,355)	(2,113,455)	¥ (1,297,395)
Deferred tax assets, net of valuation allowance	2,617,906	74,767
Deferred tax liabilities:
Accelerated tax depreciation and others	(783,206)	(68,652)
Fair value change of certain investments	(45,332)	(9,157)
Total deferred tax liabilities	(828,538)	(77,809)
Deferred tax (liabilities)/assets, net	¥ 1,789,368
Deferred tax (liabilities)/assets, net		¥ (3,042)

Ordinary Shares

12 Months Ended

Dec. 31, 2023

Ordinary Shares

Ordinary Shares

20. Ordinary Shares

In April 2017, the Company was incorporated as a limited liability company in the Cayman Islands. In July 2019, the Company became the holding company of the Group pursuant to the reorganization in 2019. In connection with the reorganization and issuance of Series C convertible redeemable preferred shares, 3,830,157,186 authorized shares of the Company were designated as Class A Ordinary Shares, and 240,000,000 authorized shares were designated as Class B ordinary shares. Each Class A Ordinary Share is entitled to one vote, and is not convertible into Class B Ordinary Shares under any circumstances. Each Class B Ordinary Share is entitled to ten votes, subject to certain conditions, and is convertible into one Class A Ordinary Share at any time by the holder thereof.

In August 2020, the Company completed its US IPO and 190,000,000 Class A Ordinary Shares were issued with proceeds of US$1,042,137, net of underwriter commissions and relevant offering expenses. Concurrently with completion of the IPO, 66,086,955 Class A Ordinary Shares were issued for a consideration of US$380,000. On August 7, 2020, the Company issued an additional 28,500,000 Class A Ordinary Shares upon the exercise of underwriters’ over-allotment option for a consideration of US$157,320.

20. Ordinary Shares(Continued)

All of the Preferred Shares (other than those beneficially owned by Mr. Li Xiang, the founder and the CEO of the Company) were automatically converted to 1,045,789,275 Class A Ordinary Shares immediately upon the completion of the IPO. Concurrently, all Preferred Shares beneficially owned by Mr. Li Xiang were automatically converted to 115,812,080 Class B Ordinary Shares.

In December 2020, the Company completed a follow-on offering of 108,100,000 Class A Ordinary Shares, which included 14,100,000 Class A Ordinary Shares issued in connection with the underwriters’ full exercise of their over-allotment option.

The Company issued 34,000,000, nil and 29,300,000 Class A Ordinary Shares as treasury shares for future exercise of share options and vesting of RSUs, in 2021, 2022 and 2023, respectively. In May 2021, the Company issued 108,557,400 Class B Ordinary Shares as treasury shares to Mr. Li Xiang, the Company’s founder and chief executive officer, pursuant to the Company’s 2021 Share Incentive Plan.

In August 2021, the Company completed its HK IPO and 100,000,000 Class A Ordinary Shares were issued with proceeds of HK$11,633,130, net of underwriter commissions and relevant offering expenses. In September 2021, the Company issued an additional 13,869,700 Class A Ordinary Shares upon the exercise of underwriters’ over-allotment option for a consideration of HK$1,634,462.

On June 28, 2022, the Company filed a prospectus supplement in the United States to sell up to an aggregate of US$2,000,000 of ADSs, each representing two Class A ordinary shares, through the ATM Offering on the Nasdaq Global Select Market. As of December 31, 2023, 27,004,858 Class A ordinary shares were legally issued and the proceeds has been received by the Company. On September 27, 2023, the Company terminated the equity distribution agreement dated June 28, 2022 between the Company and certain sales agents in connection with the ATM Offering, effective immediately after the close of business on the same day, U.S. Eastern Time. The Company terminated the ATM Offering because it does not intend to further raise additional capital or sell additional securities under the ATM Offering.

As of December 31, 2023, 22,726,238 share options that fulfilled the vesting conditions were exercised and 12,773,824 RSUs that fulfilled the vesting conditions were vested.

As of December 31, 2022 and December 31, 2023, the Company had issued and outstanding ordinary shares of 1,954,353,892 and 1,985,662,930, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Nature of Operations - Reorganization (Details)	Dec. 31, 2023	Apr. 30, 2021
Leading Ideal HK
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%
Wheels Technology
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%
Beijing Leading
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%
Jiangsu XD
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%
Chongqing Chezhiyu
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%
Beijing CHJ
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%
Beijing CHJ \| Leading Ideal HK
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Ownership percent		50.00%
Chongqing Lixiang Automobile
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%
Chongqing Lixiang Automobile \| Leading Ideal HK
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Ownership percent		50.00%
Beijing Lixiang Automobile
Principal subsidiaries, consolidated VIEs and VIEs' subsidiaries
Entity interest held in subsidiaries (as percent)	100.00%

Fair Value Measurement - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Fair Value Measurement
Equity securities without readily determinable fair value	¥ 730,644		¥ 558,004
Equity securities without readily determinable fair value, impairment charges	0		7,200	¥ 0
Equity method investments, impairment loss	0		0	0
Impairment loss of property, plant and equipment	0	$ 0	0	27,388
Inventory write-down	¥ 129,798		¥ 592,545	¥ 0

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 91,329,030	$ 12,863,425	¥ 38,478,016
Restricted cash	479	67	1,940,142
Time deposits and short-term investments	11,933,255	1,680,764	18,031,395
Trade receivable, net of allowance for credit losses of RMB 327 and RMB 285 as of December 31, 2022 and December 31, 2023, respectively	143,523	20,215	48,381
Inventories	6,871,979	967,898	6,804,693
Prepayments and other current assets, net of allowance for credit losses of RMB 4,427 and RMB 3,076 as of December 31, 2022 and December 31, 2023, respectively	4,247,318	598,222	1,689,860
Total current assets	114,525,584	16,130,591	66,992,487
Non-current assets:
Long-term investments	1,595,376	224,704	1,484,491
Property, plant and equipment, net	15,745,018	2,217,639	11,187,898
Operating lease right-of-use assets, net	5,939,230	836,523	3,538,911
Intangible assets, net	864,180	121,717	832,620
Goodwill	5,484	772	5,484
Deferred tax assets	1,990,245	280,320	74,767
Other noncurrent assets, net of allowance for credit losses of RMB 4,572 and RMB 4,886 as of December 31, 2022 and December 31, 2023, respectively	2,802,354	394,704	2,421,293
Total non-current assets	28,941,887	4,076,379	19,545,464
Total assets	143,467,471	20,206,970	86,537,951
Current liabilities:
Short-term borrowings	6,975,399	982,464	390,750
Trade and notes payable	51,870,097	7,305,750	20,024,329
Amounts due to related parties	¥ 10,607	$ 1,494	¥ 7,190
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Deferred revenue, current	¥ 1,525,543	$ 214,868	¥ 569,234
Operating lease liabilities, current	1,146,437	161,472	696,454
Accruals and other current liabilities	11,214,626	1,579,547	5,684,644
Total current liabilities	72,742,709	10,245,595	27,372,601
Non-current liabilities:
Long-term borrowings	1,747,070	246,070	9,230,807
Deferred revenue, non-current	812,218	114,399	581,598
Operating lease liabilities, non-current	3,677,961	518,030	1,946,367
Deferred tax liabilities	200,877	28,293	77,809
Other non-current liabilities	3,711,414	522,742	2,142,462
Total non-current liabilities	10,149,540	1,429,534	13,979,043
Total liabilities	82,892,249	11,675,129	41,351,644
Commitments and contingencies (Note 25)
SHAREHOLDERS' EQUITY
Treasury shares	(90)	(13)	(84)
Additional paid-in capital	57,479,857	8,095,869	53,869,322
Accumulated other comprehensive loss	(224,876)	(31,673)	(194,110)
Statutory reserves	444,585	62,618	0
(Accumulated deficit)/ Retained earnings	2,441,698	343,906	(8,817,850)
Total Li Auto Inc. shareholders' equity	60,142,624	8,470,911	44,858,701
Noncontrolling interests	432,598	60,930	327,606
Total shareholders' equity	60,575,222	8,531,841	45,186,307
Total liabilities and shareholders' equity	143,467,471	20,206,970	86,537,951
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	1,215	171	1,188
Class B Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	¥ 235	$ 33	¥ 235

Revenue Disaggregation (Tables)

12 Months Ended

Dec. 31, 2023

Revenue Disaggregation

Schedule of revenue by timing of recognition


	For the Year Ended December 31,
	2021	2022	2023
Revenue recognized at a point in time	26,917,836	45,150,485	123,623,481
Including: Vehicle sales	26,128,469	44,106,434	120,294,667
Other sales and services	789,367	1,044,051	3,328,814
Revenue recognized over time	91,943	136,331	227,851
Total	27,009,779	45,286,816	123,851,332

Accruals and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Accruals and Other Current Liabilities

Accruals and Other Current Liabilities

16. Accruals and Other Current Liabilities

Accruals and other current liabilities consist of the following:


	As of December 31,
	2022	2023
Payables for purchase of property, plant and equipment	2,335,084	2,667,165
Salaries and benefits payable	633,215	2,204,050
Tax payable	445,853	1,657,471
Payables for research and development expenses	525,667	1,371,125
Payables for logistics expenses	414,353	794,512
Accrued costs of purchase commitments relating to inventory	498,060	600,778
Payables for marketing and promotional expenses	150,706	415,474
Accrued warranty, current	141,832	236,699
Advances from customers	10,500	81,925
Deposits from vendors	32,013	67,035
Other payables	497,361	1,118,392
Total	5,684,644	11,214,626

Long term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Long-term Investments.

Schedule of long-term investments


	As of December 31,
	2022	2023
Equity investments:
Equity securities without readily determinable fair values	558,004	730,644
Equity securities with readily determinable fair values	12,966	294,561
Equity investments accounted for using the equity method	155,053	160,526
Debt investments:
Long-term time deposits	707,853	409,645
Long-term financial instruments	50,615	—
Total Long-term Investments	1,484,491	1,595,376

Other Non-current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other Non-current Assets
Prepayments for purchase of property, plant and equipment	¥ 1,503,699		¥ 641,748
Long-term deposits paid to vendors	1,053,411		1,319,816
Deductible VAT input, non-current	243,229		454,359
Others	6,901		9,942
Less: Allowance for credit losses	(4,886)		(4,572)
Total	¥ 2,802,354	$ 394,704	¥ 2,421,293