Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

v3.23.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2022
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,
2022 2021
Tooling, machinery, and equipment $ 32,863  $ 18,040 
Computer hardware 8,850  6,161 
Computer software 9,053  7,837 
Vehicles 1,356  267 
Furniture and fixtures 742  742 
Leasehold improvements 14,956  14,939 
Construction-in-progress 276,968  176,162 
Total property and equipment 344,788  224,148 
Less: Accumulated depreciation (33,388) (21,834)
Total property and equipment, net $ 311,400  $ 202,314 
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 $11.6 million and $8.9 million for the years ended December 31, 2022 and 2021, respectively.