Property and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]


(in thousands)	September 30, 2023		December 31, 2022
Buildings and leasehold improvements	$	86,320	$	5,598
Computer hardware	2,142		3,112
Tooling, machinery and equipment	265,760		9,542
Vehicles	669		337
Computer software	4,172		4,212
Construction in process	93,626		393,814
Less: Accumulated depreciation	(36,175)		(10,295)
Total property and equipment, net	$	416,514	$	406,320

FF announced the start of production of its first electric vehicle, the FF 91 Futurist, on March 29, 2023, at which point the Company classified a portion of its construction in process assets that are available for their intended use in the amount of $225.7 million and $75.7 million to Tooling, machinery and equipment and Buildings and leasehold improvements, respectively, during the three months ended March 31, 2023. In the three months ended September 30, 2023, the Company made available for intended use another $30.7 million and $5.0 million of Tooling, machinery and equipment and Buildings and leasehold improvements, respectively.

Depreciation expense related to property and equipment totaled $13.2 million and $0.8 million for the three months ended September 30, 2023 and 2022, respectively, and $27.5 million and $2.3 million for the nine months ended September 30, 2023 and 2022, respectively.