v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥)
¥ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss ¥ (1,139,460) ¥ (5,790,264) ¥ (10,375,775)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation of property, plant and equipment 1,804,658 1,571,754 1,645,760
Amortization of intangible assets 567,390 537,669 230,501
Amortization of right-of-use assets 540,068 413,349 182,195
Amortization of land use rights 75,819 49,868 48,828
Loss of disposal of property, plant and equipment 25,967 21,787 4,863
Loss of disposal of intangible assets 651 74 409
Impairment of property, plant and equipment 109,471 137,519 81,814
Impairment of intangible assets 885 0 8,712
Current expected credit loss of accounts receivable 66,205 20,328 18,222
Current expected credit loss (gain) of installment payment receivables 63,195 (16,651) 47,352
Current expected credit loss (gain) of other current assets (3,102) 1,895 4,783
Inventory write-downs 555,368 943,734 1,054,711
Exchange (gain) loss from foreign currency transactions (285,998) 49,543 (97,080)
Interest income (168,325) (40,244) (352,179)
Share-based compensation 564,327 473,655 550,535
Fair value loss on derivative assets or derivative liabilities 0 0 410,417
Fair value (gain) loss on derivative liability relating to the contingent consideration 117,305 (234,245) (29,339)
Investment loss (gain) on long-term investments (500,533) 261,991 224,364
Share of results of equity method investees (30,928) 29,069 (54,740)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts and notes receivable 386,507 246,259 1,138,408
Inventory (5,772,107) (1,060,210) (2,358,763)
Amounts due from related parties (58,505) (30,766) 34,176
Prepayments and other current assets (2,188,536) (321,139) 329,654
Other non-current assets (34,424) (40,163) 150,944
Accounts payable 2,820,090 1,690,441 6,189,745
Notes payable 11,262,828 (820,391) 1,766,188
Deferred tax liabilities (11,579) (62,086) 18,797
Deferred revenue 570,644 798,492 216,694
Operating lease liabilities (535,095) (405,680) (172,612)
Accruals and other liabilities 3,443,333 1,533,014 1,089,108
Other non-current liabilities (904,361) 95,322 443,545
Installment payment receivables (3,105,097) (2,080,971) (1,473,594)
Amounts due to related parties (8,300) 5,933 1,433
Income taxes payable 30,168 8,771 (21,912)
Net cash provided by (used in) operating activities 8,258,529 (2,012,343) 956,164
Cash flows from investing activities      
Maturity (Placement) of short-term deposits 1,206,328 (2,984,153) 5,441,363
Maturity (Placement) of short-term investments (2,305,091) 62,799 524,172
(Placement) Maturity of long-term deposits (2,192,304) 5,179,690 (2,548,847)
Placement of restricted short-term deposits (619,100) (588,000) (1,010,000)
Maturity of restricted short-term deposits 433,100 558,000 1,010,000
Placement of restricted long-term deposits (550,000) (1,100,000) (580,000)
Purchase of property, plant and equipment (3,155,865) (2,226,111) (2,096,326)
Receipt of government subsidy related to assets 60,543 19,200 111,944
Purchase of intangible assets (191,192) (196,901) (124,838)
Disposal of property, plant and equipment 52,431 169,539 8,380
Purchase of land use rights 0 (4,925) (90,341)
Disposal of long-term investments 82,357 0 0
Cash paid for long-term investments (103,016) (144,237) (188,681)
Cash acquired relating to a business combination 0 0 684,214
Cash paid for an asset acquisition, net of cash acquired 0 0 (509,872)
Purchase of retained asset-backed notes and securities (80,250) 0 0
Proceeds from maturities of retained asset-backed notes and securities 27,577 0 0
Net cash used in investing activities (7,334,482) (1,255,099) 631,168
Cash flows from financing activities      
Proceeds from issuance of ordinary shares to Volkswagen Group 0 0 5,019,599
Proceeds from borrowings 8,870,092 10,718,107 8,271,823
Repayments of borrowings (8,293,531) (9,489,570) (5,162,232)
Repayments of amounts to a related party 0 (27,449) 0
Repayment of debt from third party investors 0 (500,000) 0
Repayments of finance lease liabilities (61,801) (31,767) (113,943)
Net cash provided by financing activities 514,760 669,321 8,015,247
Effects of exchange rate changes on cash, cash equivalents and restricted cash 222,632 35,736 (14,576)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,661,439 (2,562,385) 9,588,003
Cash, cash equivalents and restricted cash at beginning of the year 21,739,664 24,302,049 14,714,046
Cash, cash equivalents and restricted cash at end of the year 23,401,103 21,739,664 24,302,049
Supplemental disclosure of cash flows information      
Cash paid for interest, net of amounts capitalized (503,740) (465,031) (306,656)
Cash paid for income taxes, net of refunds (17,259) (33,635) (25,727)
Acquisition of property, plant and equipment included in liabilities 2,282,932 1,799,882 1,723,130
Cash acquired relating to a business combination 0 0 684,214
Cash paid for an asset acquisition 0 0 (710,479)
Cash acquired relating to an asset acquisition 0 0 200,607
Supplemental disclosure of non-cash investing activities:      
Ordinary shares issued for the acquisition of DiDi's smart auto business 0 0 3,087,849
Fair value of contingent consideration relating to the acquisition of DiDi's smart auto business ¥ 0 ¥ 0 ¥ 694,357