| Property, Plant and Equipment, Net |
9. Property, Plant and Equipment, Net Property, plant and equipment, net, consisted of the following:
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| |
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| |
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Machinery and equipment |
|
|
4,826,529 |
|
|
|
5,914,177 |
|
|
|
|
4,207,967 |
|
|
|
5,815,486 |
|
Molds and toolings |
|
|
3,012,412 |
|
|
|
3,628,300 |
|
Construction in process (i) |
|
|
1,688,556 |
|
|
|
1,485,059 |
|
Leasehold improvements |
|
|
649,574 |
|
|
|
699,693 |
|
Vehicles |
|
|
615,905 |
|
|
|
588,122 |
|
Charging infrastructure |
|
|
474,995 |
|
|
|
580,394 |
|
Computer and electronic equipment |
|
|
425,386 |
|
|
|
569,451 |
|
Others |
|
|
259,034 |
|
|
|
414,411 |
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|
|
|
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|
|
|
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16,160,358 |
|
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|
19,695,093 |
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|
|
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Less: Accumulated depreciation (iii) |
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|
(4,467,049 |
) |
|
|
(6,022,295 |
) |
|
|
|
(171,446 |
) |
|
|
(145,561 |
) |
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|
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Property, plant and equipment, net |
|
|
11,521,863 |
|
|
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13,527,237 |
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| The Group recorded depreciation expenses of RMB1,645,760, RMB1,571,754 and RMB1,804,658 for the years ended December 31, 2023, 2024 and 2025, respectively.
| |
(i) |
Construction in progress is primarily comprised of ongoing construction of the Group’s production facilities, equipment and tooling utilized in the Group’s manufacture. For the years ended December 31, 2023, 2024 and 2025, the Group capitalized RMB107,415, RMB31,878 and RMB15,220 of gross interest expenses, respectively. Government grants related to capitalized interest expense were accounted for as a reduction of capitalized costs associated with the construction of the production facilities. The benefits of these grants are subsequently recognized through a corresponding reduction in depreciation charges over the useful lives of these assets. |
| |
(ii) |
The Group entered into a lease contract with Guangzhou GET New Energy Technology Co., Ltd. (“Guangzhou GET New Energy”) to lease the plant and underlying land use right of Guangzhou manufacturing plant and further had an obligation to purchase the plant and underlying land use right at the construction cost at the end of lease term. On July 1, 2022, the lease commencement date, the lease asset for the plant was recorded with the amount of RMB1,001,820, being the present value of the lease payment and the exercise price of the purchase obligation(Note 18). |
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(iii) |
For the year ended of December 31, 2024 and 2025, due to cessation or upgrades of certain vehicle models, the Company revised the estimated production volumes of models and tooling and the useful lives of production facilities dedicated to these specific models. Accordingly, accelerated depreciation expenses of RMB212,907 and RMB172,798 were recognized for the years ended December 31, 2024 and 2025, respectively. |
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