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BALANCE SHEETS COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventory as of December 31, 2023 and 2022 was as follows (in thousands):


	December 31, 2023		December 31, 2022
Raw materials	$	210,283	$	464,731
Work in progress	53,227		34,311
Finished goods	432,726		335,359
Total Inventory	$	696,236	$	834,401

Schedule of Property, Plant and Equipment, Net and Construction in Progress

The Company generally uses the following estimated useful lives for each asset category:


Asset Category						Life (years)
Machinery, tooling and vehicles						3 - 7
Computer equipment and software						3
Furniture and fixtures						5
Finance leases						Shorter of the lease term or the estimated useful lives of the assets
Building and improvements						15 - 40
Leasehold improvements						Shorter of remaining lease term or the estimated useful lives of the assets

Property, plant and equipment, net as of December 31, 2023 and 2022 was as follows (in thousands):


	December 31, 2023		December 31, 2022
Land and land improvements	$	69,718	$	64,677
Building and improvements(1)	576,097		197,406
Machinery, tooling and vehicles(2)	1,045,485		743,006
Computer equipment and software	74,336		48,899
Leasehold improvements	221,619		182,904
Furniture and fixtures	45,315		27,803
Finance leases	94,285		97,992
Construction in progress	1,185,413		1,077,179
Total Property, plant and equipment	3,312,268		2,439,866
Less accumulated depreciation and amortization	(501,401)		(273,090)
Property, plant and equipment, net	$	2,810,867	$	2,166,776

(1) As of December 31, 2023, $120.2 million of capital expenditure support received from Ministry of Investment of Saudi Arabia (“MISA”) was primarily recorded as a deduction to the AMP-2 building balance. See Note 20 “Related Party Transactions” for more information.

(2) Included $32.5 million of service loaner vehicles as of December 31, 2023.

Construction in progress consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Machinery and tooling	$	728,751	$	515,662
Construction of AMP-1 and AMP-2(1)	430,878		526,720
Leasehold improvements	25,784		34,797
Total construction in progress	$	1,185,413	$	1,077,179

(1) As of December 31, 2023 and 2022, $12.1 million and $33.3 million, of capital expenditure support received from MISA was recorded primarily as a deduction to the AMP-2 facility construction in progress balance, respectively. See Note 2 “Summary of Significant Accounting Policies” and Note 20 “Related Party Transactions” for more information.

Schedule of Other Current Liabilities

Other current liabilities as of December 31, 2023 and 2022 were as follows (in thousands):


	December 31, 2023		December 31, 2022
Engineering, design, and testing accrual	$	42,176	$	28,686
Construction in progress	156,414		167,462
Accrued purchases(1)	44,957		157,162
Retail leasehold improvements accrual	6,005		9,099
Third-party services accrual	41,478		34,951
Tooling liability	49,925		21,714
Short-term borrowings	72,533		9,595
Operating lease liabilities, current portion	28,431		11,269
Reserve for loss on firm inventory purchase commitments	143,566		22,640
Accrued warranty	22,677		10,464
Other current liabilities	190,828		161,525
Total other current liabilities	$	798,990	$	634,567

(1) Primarily represent accruals for inventory related purchases and transportation charges that had not been invoiced.

Schedule of Other Long-Term Liabilities

Other long-term liabilities as of December 31, 2023 and 2022 were as follows (in thousands):


	December 31, 2023		December 31, 2022
Operating lease liabilities, net of current portion	$	244,122	$	243,843
Other long-term liabilities(1)(2)	280,217		134,369
Total other long-term liabilities	$	524,339	$	378,212

(1) As of December 31, 2023 and 2022, $62.5 million and $64.0 million, of capital expenditure support received from MISA was recorded as deferred liability within other long-term liabilities in the consolidated balance sheets, respectively. See Note 2 “Summary of Significant Accounting Policies” and Note 20 “Related Party Transactions” for more information.

(2) As of December 31, 2023, $107.8 million of deferred revenue was recorded within other long-term liabilities in the consolidated balance sheet, in connection with the strategic technology and supply arrangement, and integration and supply arrangements with Aston Martin Lagonda Global Holdings plc (together with its subsidiaries, “Aston Martin”). See Note 20 “Related Party Transactions” for more information.

Schedule of Accrued Warranty Activities

Accrued warranty activities consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
Accrued warranty - beginning of period	$	22,949	$	1,282
Warranty costs incurred	(50,923)		(11,557)
Provision for warranty(1)	74,050		33,224
Accrued warranty - end of period(2)	$	46,076	$	22,949

(1) Provision for warranty for the years ended December 31, 2023 and 2022 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties.

(2) Accrued warranty balance of $22.7 million and $10.4 million, respectively, was recorded within other current liabilities, and $23.4 million and $12.5 million, respectively, was recorded within other long-term liabilities, in the consolidated balance sheets as of December 31, 2023 and 2022.