12. Leases

The Group has operating leases for office spaces and venues for auto shows the Group utilizes under lease arrangements. As of December 31, 2023, the Group recognized the following items related to operating leases in its consolidated balance sheet.

The lease expenses for the years ended December 31, 2021, 2022 and 2023 were RMB41,377, RMB16,677 and RMB25,139, respectively, which were included in the cost of revenues for auto venue rental and operating expenses. Cash paid for long-term operating lease were RMB6,007, RMB5,569 and RMB4,498 in the years ended December 31, 2021, 2022 and 2023. Impairment loss of operating lease right-of-use assets were nil, RMB3,017 and RMB1,515 for the years ended December 31, 2021, 2022 and 2023.

A summary of maturity of operating lease liabilities under the Group’s non-cancellable operating leases for office spaces and venues for auto shows as of December 31, 2023 is as follows:

As of December 31, 2023, the Group’s weighted-average remaining lease term was 2.88 years, and weighted-average discount rate was 4.75%.

As of December 31, 2023, the Group does not have any significant operating or finance leases that have not yet commenced. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.