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Subsequent Event
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event On July 10, 2023, the Company entered into a Securities Purchase Agreement with an institutional investor pursuant to which the Company agreed to sell, and the Investor agreed to purchase, $340.0 million in aggregate principal amount of 0% senior unsecured convertible notes due 2025 (the “Notes”) in a registered direct offering (the “Offering”). The Notes have an original issue discount of approximately twelve percent (12%) resulting in gross proceeds to the Company of $300.0 million. All amounts due under the Notes are convertible at any time, in whole or in part, at the Investor’s option, into our Class A common stock, par value 0.00001 per share (the “Class A Common Stock”), at the initial conversion price of $7.80, which conversion price is subject to certain limitations. Up to 43,589,744 shares of Class A Common Stock are issuable from time to time upon conversion or otherwise under the Notes, assuming conversion at the Conversion Price applicable as of the Initial Closing Date. The Notes are subject to certain covenants, including a financial test covenant, that requires the Company to have available cash equal to greater than $340 million at the end of each quarter. The net amount of proceeds received in July from the Offering after deducting offering expenses was $299.9 million. The Company intends to use the net proceeds that it receives from the Offering for general corporate purposes, including working capital, an additional battery pack line to support growth in 2024 and beyond, sales and marketing, capital expenditures, and the development of future products.