Property, Plant, and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

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


(in thousands)	September 30, 2025		December 31, 2024
Land, buildings and building improvements	$	77,951	$	111,443
Computer hardware	2,397		2,397
Tooling, machinery and equipment	122,376		319,313
Vehicles	699		245
Lease vehicles	1,390		3,121
Computer software	4,339		4,339
Construction in process	9,572		27,563
	218,724		468,421
Less: Accumulated depreciation	(54,114)		(119,834)
	$	164,610	$	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 $19.1 million and $17.5 million for the three months ended September 30, 2025, and 2024, respectively and 56.3 million and $53.5 million for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025, the Company disposed of property, plant, and equipment, with a carrying value of approximately $1.7 million. For the nine months ended September 30, 2024, the Company disposed of property, plant, and equipment, with a carrying value of approximately $2.5 million.

During the third quarter of 2025, the Company identified impairment triggering events and performed an impairment assessment under ASC 360. As described in section Impairment of Long-Lived Assets within Summary of Significant Accounting Policies, these events included the elimination of federal EV tax credits, escalating U.S.–China trade tensions, and the Company’s market capitalization relative to carrying value. Based on this assessment and an independent third-party valuation, the Company recorded an impairment charge of $130.0 million and $130.0 million for the three and nine months ended September 30, 2025, respectively, including impairment of Construction in progress of $10.1 million. There were no impairment charges for the three and nine months ended September 30, 2024. The impairment loss is included within Asset impairment on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.

The impairment relates primarily tooling, machinery, and equipment at vendor sites and at the Company’s FF ieFactory California production facility in Hanford, California, that are no longer supported under updated operational plans, as the Company shifts focus from FF 91 program activities to the planned FF 92 upgrade and prepares for FX Super One production.