Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

v3.24.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 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):
December 31,
2023 2022
Tooling, machinery, and equipment $ 44,025  $ 32,863 
Computer hardware 8,921  8,850 
Computer software 9,835  9,053 
Vehicles 1,528  1,356 
Building 28,475  — 
Land 5,800  — 
Furniture and fixtures 788  742 
Leasehold improvements 17,470  14,956 
Construction-in-progress 307,489  276,968 
Total property and equipment 424,331  344,788 
Less: Accumulated depreciation (47,231) (33,388)
Total property and equipment, net $ 377,100  $ 311,400 

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 $13.8 million and $11.6 million for the years ended December 31, 2023 and 2022, respectively.