Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

5. Property, Plant and Equipment, Net

(in thousands)	June 30, 2024		December 31, 2023
Land, buildings and leasehold improvements	$	104,531	$	103,522
Computer hardware	2,397		2,195
Tooling, machinery and equipment	320,193		318,301
Vehicles	669		669
Lease vehicles	2,185		1,873
Computer software	4,339		4,301
Construction in process	27,646		36,491
Total property, plant and equipment	461,960		467,352
Less: Accumulated depreciation	(84,913)		(49,540)
Total property, plant and equipment, net	$	377,047	$	417,812

Depreciation and amortization expense totaled $18.1 million and $13.2 million for the three months ended June 30, 2024 and 2023, respectively, and $35.8 million and $14.3 million for the six months ended June 30, 2024 and 2023, respectively.

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, respectively.

Due to the build out of the FF ieFactory California, the Company has an asset retirement obligation (“ARO”) totaling $0.7 million for each of the periods ended June 30, 2024 and December 31, 2023. The ARO is recorded to Other liability, less current portion with a corresponding ARO asset within Land, buildings and leasehold improvements and Tooling, machinery and equipment. The ARO asset is depreciated to operating expense over the remaining term of the lease through December 2027.