Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.22.2.2
Property and Equipment, net
 9 Months Ended
Sep. 30, 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):
September 30,
2022		 December 31,
2021
Tooling, machinery, and equipment 31,309  18,040 
Computer hardware 8,643  6,161 
Computer software 9,053  7,837 
Vehicles 295  267 
Furniture and fixtures 742  742 
Leasehold improvements 14,956  14,939 
Construction-in-progress 267,830  176,162 
332,828  224,148 
Less: Accumulated depreciation (30,854) (21,834)
Property and equipment, net $ 301,974  $ 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 $3.4 million and $9.0 million for the three and nine months ended September 30, 2022, respectively. Depreciation expense for property and equipment was $2.1 million and $6.3 million for the three and nine months ended September 30, 2021, respectively.