Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.22.1
Property and Equipment, net
 3 Months Ended
Mar. 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):
March 31,
2022		 December 31,
2021
Machinery and equipment $ 21,184  $ 18,040 
Computer hardware 7,313  6,161 
Computer software 7,955  7,837 
Vehicles 325  267 
Furniture and fixtures 742  742 
Leasehold improvements 14,939  14,939 
Construction-in-progress 195,769  176,162 
248,227  224,148 
Less: Accumulated depreciation (24,512) (21,834)
Property and equipment, net $ 223,715  $ 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 will be transferred to their respective asset classes and depreciation will begin when an asset is ready for its intended use. As of March 31, 2022, manufacturing has not begun and therefore no depreciation on construction-in-progress has been recognized to date.
Depreciation expense for property and equipment was $2.7 million and $2.1 million for the three months ended March 31, 2022 and 2021, respectively.