Property, Plant, and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, plant, and equipment, net, consists of the following as of:


(in thousands)	March 31, 2025		December 31, 2024
Land, buildings and leasehold improvements	$	112,150	$	111,443
Computer hardware	2,397		2,397
Tooling, machinery and equipment	318,251		319,313
Vehicles	695		245
Lease vehicles	1,872		3,121
Computer software	4,339		4,339
Construction in process	28,797		27,563
	468,501		468,421
Less: Accumulated depreciation	(137,036)		(119,834)
	$	331,465	$	348,587

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.

Depreciation and amortization expense totaled $17.5 million and $17.7 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the Company recognized a $44 thousand loss on disposal of property, plant, and equipment, which included the derecognition of approximately $0.2 million in accumulated depreciation.

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 $0.8 million as of March 31, 2025 and December 31, 2024, 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.