v3.26.1
Inventories
12 Months Ended
Dec. 31, 2025
Inventories.  
Inventories

7. Inventories

Inventories consist of the following:

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As of December 31, 

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2024

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2025

Finished products

 

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Vehicles

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5,160,670

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4,841,667

Other finished products

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648,000

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826,338

Raw materials and work in process

 

2,426,473

 

3,250,309

Inventories

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8,235,143

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8,918,314

Inventory valuation allowance

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(49,539)

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(165,875)

Inventories, net

 

8,185,604

 

8,752,439

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Finished products primarily include vehicles ready for sale, spare parts, goods for online store and accessories.

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