XML 28 R11.htm IDEA: XBRL DOCUMENT v3.22.0.1
BALANCE SHEETS COMPONENTS
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEETS COMPONENTS BALANCE SHEETS COMPONENTS
INVENTORY
Inventory as of December 31, 2021, and 2020 were as follows (in thousands):
December 31,
2021		December 31,
2020
Raw materials$87,646 $661 
Work in progress30,641 70 
Finished goods (1)
8,963 312 
Total inventory$127,250 $1,043 
Inventory as of December 31, 2021 is primarily related to raw materials and work in progress related to the production of vehicles for sale. The inventory as of December 31, 2021 and 2020 also includes battery pack systems. We write-down inventory for any excess or obsolete inventories or when we believe that the net realizable value of inventories is less than the carrying value. During the year ended December 31, 2021, we recorded write-downs of $48.9 million in cost of revenues. No write-downs were recorded in fiscal years 2020 and 2019.

(1) Finished goods inventory includes vehicles in transit to fulfill customer orders and new vehicles available for sale.
PROPERTY, PLANT, AND EQUIPMENT, NET
Property, plant, and equipment as of December 31, 2021 and 2020 were as follows (in thousands):
December 31,
2021		December 31,
2020
Land and land improvements$1,050 $1,050 
Building and improvements195,952 — 
Machinery, Tooling and Vehicles601,791 28,830 
Computer equipment and software27,968 15,716 
Leasehold improvements135,533 47,187 
Furniture and fixtures15,352 4,503 
Capital leases— 3,908 
Finance leases13,601 — 
Construction in progress276,919 636,851 
Total property, plant, and equipment1,268,166 738,045 
Less accumulated depreciation and amortization(86,013)(24,771)
Property, plant, and equipment — net$1,182,153 $713,274 
Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities including tooling, which is with outside vendors. Costs classified as construction in progress include all costs of obtaining the asset
and bringing it to the location in the condition necessary for its intended use. No depreciation is provided for construction in progress until such time as the assets are completed and are ready for use. Construction in progress consisted of the following (in thousands):
December 31,
2021		December 31,
2020
Machinery and Tooling$132,943 $414,529 
Construction of Arizona plant112,970 171,532 
Leasehold improvements31,006 50,790 
Total construction in progress$276,919 $636,851 
Depreciation and amortization expense for the years ended December 31, 2021, 2020 and 2019, was approximately $62.9 million, $10.2 million and $3.8 million, respectively.
OTHER CURRENT AND LONG-TERM LIABILITIES
Other current liabilities and long-term liabilities as of December 31, 2021 and 2020 were as follows (in thousands):
December 31,
2021		December 31,
2020
Engineering, design, and testing accrual$33,950 $42,518 
Construction in progress92,590 43,115 
Retail leasehold improvements accrual15,796 6,114 
Other professional services accrual13,944 9,083 
Tooling liability23,966 15,243 
Series B convertible preferred stock repurchase liability— 3,000 
Short-term insurance financing note15,281 980 
Operating lease liabilities, current portion11,056 — 
Other current liabilities111,629 31,700 
Total other current liabilities$318,212 $151,753 
December 31,
2021		December 31,
2020
Deferred rent$— $28,881 
Operating leases liabilities, net of current portion185,323 — 
Other long-term liabilities3,252 10,258 
Total other long-term liabilities$188,575 $39,139