PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2022

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 4 — PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net, consisted of the following:

(in thousands)

	March 31, 2022		December 31, 2021
Property, Plant & Equipment
Land	$	326	$	326
Buildings		6,223		6,223
Machinery and equipment		38,608		38,608
Vehicles		522		465
Construction in progress		362,138		337,124
	$	407,817	$	382,746
Less: Accumulated depreciation		—		—
Total	$	407,817	$	382,746

Construction in progress includes manufacturing equipment, operating equipment and other general assets, retooling and construction at the Company's facilities in Lordstown, Ohio, Farmington Hills, Michigan, and Irvine, California, along with tooling held at various supplier locations. The Company is currently finalizing its production process, bringing acquired assets up to the level needed for commercial production and evaluating

assets that will be necessary in the commercial production of the Endurance pickup truck. Completed assets will be transferred to their respective asset classes and depreciation will begin when an asset is ready for its intended use. A material portion of the Company’s manufacturing assets would be sold as part of the APA if the Foxconn Transactions are completed, as described in Note 1, at a value in excess of current carrying value. As of March 31, 2022, commercial manufacturing has not begun and thus no depreciation was recognized in 2022 or 2021.