Property and Equipment, net
|9 Months Ended|
Sep. 30, 2023
|Property, Plant and Equipment, Net [Abstract]|
|Property and Equipment, net||Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
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 are transferred to their respective asset classes and depreciation begins when an asset is ready for its intended use. Depreciation expense for property and equipment was $1.5 million and $10.6 million for the three and nine months ended September 30, 2023, respectively. Depreciation expense for property and equipment was $3.4 million and $9.0 million for the three and nine months ended September 30, 2022, respectively.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef