Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.21.2
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.