Deposits and Other Current Assets

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deposits and Other Current Assets

4. Deposits and Other Current Assets

(in thousands)
Deposits:	March 31, 2024		December 31, 2023
Deposits for research and development, prototype parts and other	$	24,364	$	28,609
Deposits for goods and services yet to be received (“Future Work”)	2,760		2,773
Total deposits	$	27,124	$	31,382
Other current assets:
Prepaid expenses	$	16,595	$	13,309
Other current assets	8,280		8,412
Total other current assets	$	24,875	$	21,721

Deposits for research and development, prototype and production parts, and other are recognized and reported as Research and development expenses in the Unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss when services are provided or as prototype parts are received. In addition, during the three months ended March 31, 2024, the Company made deposits for inventory and property, plant and equipment items, which are classified out of Deposits upon receipt of title.

Prepaid expenses primarily consist of software subscriptions and insurance, and Other current assets includes certain deferred expenses. Other current assets also includes an insurance receivable relating to a legal settlement with a corresponding liability recognized in Accrued expenses and other current liabilities.