Canoo Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

Property and Equipment, net

9 Months Ended

Sep. 30, 2021

Property and Equipment, net

Property and Equipment, net

5. Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	September 30,		December 31,
	2021		2020
Machinery and equipment	$	14,823	$	15,292
Computer hardware		4,458		2,464
Computer software		7,409		5,159
Vehicles		298		63
Furniture and fixtures		740		519
Leasehold improvements		14,932		14,559
Construction-in-progress		117,437		5,283
		160,097		43,339
Less: Accumulated depreciation		(19,230)		(12,913)
Property and equipment, net	$	140,867	$	30,426

Construction-in-progress is primarily related to the development of manufacturing lines as well as equipment and tooling necessary in the production of the Company’s vehicles. Completed tooling assets will be transferred to their respective asset classes and depreciation will begin when an asset is ready for its intended use. As of September 30, 2021, manufacturing has not begun and therefore no depreciation on tooling has been recognized to date.

Depreciation expense for property and equipment was $2.1 million and $6.3 million for the three and nine months ended September 30, 2021, respectively. Depreciation expense for property and equipment was $1.7 million and $5.2 million for the three and nine months ended September 30, 2020, respectively.