Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

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Property and Equipment, net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment, Net [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
December 31,
2021 2020
Machinery and equipment $ 18,040  $ 15,292 
Computer hardware 6,161  2,464 
Computer software 7,837  5,159 
Vehicles 267  63 
Furniture and fixtures 742  519 
Leasehold improvements 14,939  14,559 
Construction-in-progress 176,162  5,283 
224,148  43,339 
Less: Accumulated depreciation (21,834) (12,913)
Property and equipment, net $ 202,314  $ 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 December 31, 2021, manufacturing has not begun and therefore no depreciation on tooling has been recognized to date.

Depreciation expense for property and equipment was $8.9 million and $7.1 million for the years ended December 31, 2021 and 2020, respectively.