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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows:
As of December 31,
202220212020
Cash and cash equivalents
$233,405 $497,241 $840,913 
Restricted cash and cash equivalents—current
10,600 — 4,365 
Restricted cash and cash equivalents—non-current
78,959 25,000 4,000 
Cash, cash equivalents and restricted cash and cash equivalents
$322,964 $522,241 $849,278 
Schedule of Restrictions on Cash and Cash Equivalents
The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows:
As of December 31,
202220212020
Cash and cash equivalents
$233,405 $497,241 $840,913 
Restricted cash and cash equivalents—current
10,600 — 4,365 
Restricted cash and cash equivalents—non-current
78,959 25,000 4,000 
Cash, cash equivalents and restricted cash and cash equivalents
$322,964 $522,241 $849,278 
Carrying Value and Fair Value of Financial Instruments
The carrying value and fair value of the Company's financial instruments are as follows:
As of December 31, 2022
Level 1Level 2Level 3Total
Assets
Derivative asset$— $— $170 $170 
Liabilities
Warrant liability$— $— $421 $421 
5% Senior Unsecured Convertible Note
$— $— $50,000 $50,000 
As of December 31, 2021
Level 1Level 2Level 3Total
Assets
Cash equivalents—money market$463,867 $— $— $463,867 
Liabilities
Warrant liability$— $— $4,284 $4,284 
Derivative liability$— $— $4,189 $4,189 
Changes in Forward Contract and Warrant Liability The change in fair value of the Forward Contract Liability was as follows:
Forward Contract Liability
Estimated fair value at December 31, 2019$— 
Change in estimated fair value1,324 
Settlement of forward contract liability(1,324)
Estimated fair value at December 31, 2020$— 
The change in fair value of the Warrant Liabilities was as follows:
Warrant Liabilities
Estimated fair value at December 31, 2019$— 
Warrant liability assumed from the Business Combination21,698 
Change in estimated fair value(13,448)
Settlement of warrant liability(915)
Estimated fair value at December 31, 20207,335 
Change in fair value(3,051)
Estimated fair value at December 31, 20214,284 
Warrant liability assumed from the Romeo Acquisition11 
Change in fair value(3,874)
Estimated fair value at December 31, 2022$421 
Changes in Fair Value of Derivatives Liabilities and Assets The change in fair value of the derivative liability was as follows:
Derivative Liability
Estimated fair value at September 13, 2021
$7,705 
Change in estimated fair value(104)
Settlement of first price differential(3,412)
Estimated fair value at December 31, 2021
4,189 
Change in estimated fair value2,399 
Settlement of second price differential(6,588)
Estimated fair value at December 31, 2022$— 
The change in fair value of the derivative asset was as follows:
Derivative asset
Estimated fair value as of June 1, 2022$1,500 
Change in estimated fair value(1,330)
Estimated fair value as of December 31, 2022$170 
Inputs and Assumptions Used The following reflects the significant quantitative inputs used:
As of
April 10, 2020
Estimated future value of Series D redeemable convertible preferred stock
$10.00 
Discount rate
— %
Time to liquidity (years)
0
The following reflects the inputs and assumptions used:
As of December 31,
20222021
Stock price$2.16 $9.87 
Exercise price$11.50 $11.50 
Remaining term (in years)2.423.42
Volatility100 %90 %
Risk-free rate4.28 %1.03 %
Expected dividend yield— — 
The following reflects the inputs and assumptions used:
As of
June 22, 2021
Stock price$17.32 
Strike price$14.86 
Volatility95 %
Risk-free rate0.10 %
The following reflects the inputs and assumptions used:
December 31, 2021
Stock Price$9.87 
Strike Price$14.86 
Volatility100 %
Risk-free rate0.18 %
The following reflects the inputs and assumptions used:
As of
December 31, 2022June 1, 2022
Stock price$2.16 $6.77 
Threshold price$20.00 $20.00 
Remaining term (in years)1.922.50
Volatility100 %90 %
Risk-free rate4.39 %2.73 %
Payer cost of debt6.22 %4.30 %
Schedule of Property, Plant and Equipment The useful lives of the Company's assets are as follows:
Computers
1 to 3 years
Software
1 to 5 years
Demo trucks4 years
Vehicles5 years
Machinery and equipment
2 to 7 years
Furniture and fixtures
7 years
Leasehold improvements
Shorter of useful life or lease term
ToolingBased off estimated production quantity
Buildings
30 to 40 years
Property, plant and equipment, net consisted of the following at December 31, 2022 and 2021, respectively:
As of December 31,
20222021
Construction-in-progress$220,244 $103,515 
Buildings127,797 100,391 
Equipment38,659 24,875 
Land24,762 3,957 
Tooling18,276 11,676 
Demo vehicles15,215 888 
Software9,321 7,562 
Finance lease assets5,201 646 
Leasehold improvements3,880 2,883 
Other3,456 3,011 
Furniture and fixtures1,600 1,480 
Property, plant and equipment, gross468,411 260,884 
Less: accumulated depreciation and amortization(31,405)(16,507)
Total property, plant and equipment, net$437,006 $244,377 
Schedule of Product Warranty Liability
The change in warranty liability for the year ended December 31, 2022 is summarized as follows:
Year Ended
December 31, 2022
Accrued warranty - beginning of period$— 
Provision for new warranties5,212 
Warranty costs incurred(291)
Warranty liability assumed in Romeo Acquisition3,262 
Accrued warranty - end of period$8,183