| Leases |
10. 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 lease of certain offices and manufacturing base production plants. The components of lease expenses were as follows: | | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | Lease cost | | | | | | | Finance lease cost: | | | | | | | Amortization of assets | | — | | 31,512 | | 36,168 | Interest of lease liabilities | | — | | 32,985 | | 19,738 | Operating lease cost | | 1,059,148 | | 1,611,726 | | 1,863,772 | Short‑term lease cost | | 108,689 | | 146,184 | | 229,746 | Total | | 1,167,837 | | 1,822,407 | | 2,149,424 |
Supplemental information related to leases was as follows (in thousands, except lease terms and discount rate): | | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows payments for operating leases | | 1,159,891 | | 1,627,155 | | 1,963,912 | Operating cash flows payments for finance leases | | — | | 6,000 | | 56,637 | Financing cash flows payments for finance leases | | — | | — | | 664,038 | 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 | | 3,381,451 | | 2,321,749 |
| | | | | | | As of December 31, | | | 2024 | | 2025 | Operating Leases | | | | | Land use rights, net | | 1,521,107 | | 1,509,017 | Operating lease right-of-use assets, net (excluding land use rights) | | 6,802,856 | | 7,590,296 | Total operating lease right-of-use assets, net | | 8,323,963 | | 9,099,313 | Operating lease liabilities, current | | 1,438,092 | | 1,690,356 | Operating lease liabilities, non-current | | 5,735,738 | | 6,258,957 | Total operating lease liabilities | | 7,173,830 | | 7,949,313 |
| | | | | | | As of December 31, | | | 2024 | | 2025 | Finance Leases | | | | | Property, plant and equipment, net | | 759,259 | | 282,080 | Total finance lease assets, net | | 759,259 | | 282,080 | Finance lease liabilities, current | | 95,205 | | — | Finance lease liabilities, non-current | | 642,984 | | 348,506 | Total finance lease liabilities | | 738,189 | | 348,506 |
10. Leases (Continued) | | | | | | | | As of December 31, | | | | 2024 | | 2025 | | Weighted-average remaining lease term | | | | | | Land use rights | | 45 years | | 44 years | | Operating leases | | 7 years | | 7 years | | Finance leases | | 4 years | | 3 years | | Weighted-average discount rate | | | | | | Land use rights | | 3.3 | % | 3.3 | % | Operating leases | | 4.8 | % | 3.9 | % | Finance leases | | 6.9 | % | 3.3 | % |
Maturities of lease liabilities were as follows: | | | | | | | For the Year Ending December 31, | | | Operating | | Finance | | | Leases | | Leases | 2026 | | 1,944,216 | | — | 2027 | | 1,565,223 | | — | 2028 | | 1,371,380 | | 408,642 | 2029 | | 1,074,899 | | — | 2030 | | 838,734 | | — | Thereafter | | 2,187,470 | | — | Total undiscounted lease payments | | 8,981,922 | | 408,642 | Less: imputed interest | | (1,032,609) | | (60,136) | Total lease liabilities | | 7,949,313 | | 348,506 |
|