XPEV
XPeng Inc.
Is XPEV Halal?
Chinese EV maker — 2025 liquidity screen fails the examined total-assets methods.
What You Should Know
XPeng's 2025 Form 20-F reports debt/assets of 12.32%, cash plus interest-bearing securities/assets of 33.89%, and receivables plus cash/assets of 18.73%. The EV business is generally permissible in principle, but the liquidity ratio exceeds the examined FTSE, MSCI, and Malaysia limits and the business screen remains incomplete.
⚠️ Concerns
- •Liquidity/assets is 33.89%, above the examined 33% limits
- •Vehicle financing, installment receivables and asset-backed securities require review
- •Interest income was 1.52% of 2025 revenue
- •Chinese VIE, autonomy, safety, labor and supply-chain risks
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-14.
12,708.815 / 103,162.63
34,956.056 / 103,162.63
19,326.529 / 103,162.63
1,163.21 / 76,719.742
- Financial
- Fails
- Overall
- Fails
Debt/assets is 12.32%, liquidity/assets is 33.89%, receivables plus cash/assets is 18.73%, and the conservative income ratio is 1.52%; liquidity exceeds the examined FTSE limit.
- Financial
- Fails
- Overall
- Fails
Debt and receivables-plus-cash are below the examined MSCI limits, but cash plus interest-bearing securities are 33.89%, above the 33.33% limit.
- Financial
- Fails
- Overall
- Fails
The calculated liquidity ratio is 33.89%, above the examined Malaysia 33% limit; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed, reproducible 24- or 36-month market-cap series is not stored.
Business-activity disclosure
XPeng designs and sells electric vehicles and driver-assistance technology, which are generally permissible activities in principle.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for financing, leases, software, subsidies, or mixed product and service categories.
Purification
XPeng reports interest income of RMB 1,163.210 million, or 1.52% of 2025 revenue. This is disclosed as a conservative upper bound rather than a universal purification prescription.
Inputs, assumptions and primary sources
- Amounts are RMB millions from XPeng's 2025 Form 20-F.
- Interest-bearing debt is total borrowings of RMB 12,708.815 million, including short-term bank loans, long-term bank loans, and asset-backed securities.
- Interest-bearing securities include short-term deposits, short-term investments, and the current portion of long-term deposits; restricted deposits are excluded.
- Revenue and the conservative interest-income upper bound use the year ended December 31, 2025.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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