Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.23.3
Property and Equipment, net
 9 Months Ended
Sep. 30, 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):
September 30,
2023		 December 31,
2022
Tooling, machinery, and equipment 42,628  32,863 
Computer hardware 8,921  8,850 
Computer software 9,128  9,053 
Building 28,475  — 
Land 5,800  — 
Vehicles 1,527  1,356 
Furniture and fixtures 742  742 
Leasehold improvements 18,101  14,956 
Construction-in-progress 297,223  276,968 
Total property and equipment 412,545  344,788 
Less: Accumulated depreciation (44,020) (33,388)
Property and equipment, net $ 368,525  $ 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 $1.5 million and $10.6 million for the three and nine months ended September 30, 2023, respectively. 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.