XML 30 R12.htm IDEA: XBRL DOCUMENT v3.25.1
Property, Plant, and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, Net Property, Plant, and Equipment, Net
Property, plant, and equipment, net, consists of the following as of :
(in thousands)
December 31, 2024December 31, 2023
Land, buildings and leasehold improvements$111,443 $103,522 
Computer hardware2,397 2,195 
Tooling, machinery and equipment319,313 318,301 
Vehicles245 669 
Lease vehicles3,121 1,873 
Computer software4,339 4,301 
Construction in process27,563 36,491 
468,421 467,352 
Less: Accumulated depreciation(119,834)(49,540)
$348,587 $417,812 
The Company’s CIP is primarily related to the construction of tooling, machinery and equipment for the FF ieFactory California. Tooling, machinery, and equipment are either held at Company facilities, primarily the FF ieFactory California, or at the vendor’s location until the tooling, machinery and equipment is completed.
The Company recognized Loss on disposal on property, plant, and equipment of $1.7 million, which included the derecognition of approximately $1.0 million in accumulated depreciation, and $4.5 million for the years ended December 31, 2024, and 2023, respectively. Depreciation and amortization expense totaled $71.4 million and $42.5 million for the years ended December 31, 2024, and 2023, respectively.
During 2024 and 2023, the Company disposed of $5.3 million and $9.6 million, respectively, of CIP relating to the abandonment of certain FF 91 program assets, including vendor tooling, machinery, and equipment. These disposals were primarily driven by the redesign of FF 91 components and the implementation of the Company’s cost reduction program. In addition, the Company wrote off costs with the construction of a sales office and warehousing equipment as part of its operational restructuring. Disposals of CIP of $5.3 million and $3.7 million were charged to operating expenses in the Consolidated Statements of Operations and Comprehensive Loss during the years ended December 31, 2024, and 2023, respectively.
Asset Retirement Obligation
Due to the build out of the FF ieFactory California, the Company has an asset retirement obligation (“ARO”) totaling $0.8 million and $0.7 million for the years ended December 31, 2024, and 2023, respectively. The ARO is recorded to Other liabilities 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.