Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net [Abstract]

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2023		2022
Tooling, machinery, and equipment	$	44,025	$	32,863
Computer hardware	8,921		8,850
Computer software	9,835		9,053
Vehicles	1,528		1,356
Building	28,475		—
Land	5,800		—
Furniture and fixtures	788		742
Leasehold improvements	17,470		14,956
Construction-in-progress	307,489		276,968
Total property and equipment	424,331		344,788
Less: Accumulated depreciation	(47,231)		(33,388)
Total property and equipment, net	$	377,100	$	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 $13.8 million and $11.6 million for the years ended December 31, 2023 and 2022, respectively.