
	December 31, 2024		December 31, 2023
Raw materials	$	160,532	$	210,283
Work in progress	36,628		53,227
Finished goods	210,614		432,726
Total Inventory	$	407,774	$	696,236

Inventory as of December 31, 2024 and 2023 was comprised of raw materials, work in progress related to the production of vehicles for sale and SKD units for final assembly in Saudi Arabia, and finished goods inventory including new vehicles available for sale, vehicles in transit to fulfill customer orders, and internally used vehicles which the Company intends to sell. During the years ended December 31, 2024, 2023, and 2022, the Company recorded write-downs of $617.4 million, $926.9 million, and $569.5 million, respectively, to reduce its inventories to its net realizable values and for any excess or obsolete inventories, as well as losses from firm purchase commitments (“LCNRV”).


	December 31, 2024		December 31, 2023
Land and land improvements	$	70,967	$	69,718
Building and improvements(1)	1,075,349		576,097
Machinery, tooling and vehicles(2)(3)	1,720,517		1,045,485
Computer equipment and software	105,012		74,336
Leasehold improvements	268,091		221,619
Furniture and fixtures	51,238		45,315
Finance leases	86,852		94,285
Construction in progress	672,534		1,185,413
Total Property, plant and equipment	4,050,560		3,312,268
Less accumulated depreciation and amortization	(787,948)		(501,401)
Property, plant and equipment, net	$	3,262,612	$	2,810,867

(1) As of December 31, 2024 and 2023, $127.5 million and $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, respectively. See Note 2 “Summary of Significant Accounting Policies” and Note 16 “Related Party Transactions” for more information.

(3) Included $34.7 million and $9.1 million of operating lease vehicles sold to rental companies as of December 31, 2024 and 2023, respectively.

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 with outside vendors. Costs classified as construction in progress include all costs of obtaining the asset, installation of the asset, and bringing it to the location and the condition necessary for its intended use. No depreciation is provided for construction in progress until such time as the asset is completed and is ready for its intended use. Construction in progress consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Machinery and tooling	$	561,858	$	728,751
Construction of AMP-1 and AMP-2(1)	78,254		430,878
Leasehold improvements and other	32,422		25,784
Total construction in progress	$	672,534	$	1,185,413

(1) As of December 31, 2024 and 2023, $67.3 million and $12.1 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 16 “Related Party Transactions” for more information.

Depreciation and amortization expense was $295.3 million, $233.5 million and $186.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. The amount of interest capitalized on construction in progress related to significant capital asset construction was not material for the years ended December 31, 2024, 2023, and 2022, respectively.


	December 31, 2024		December 31, 2023
Engineering, design, and testing accrual	$	53,666	$	42,176
Construction in progress	39,043		156,414
Accrued compensation	201,880		92,494
Accrued purchases(1)	31,318		44,957
Retail leasehold improvements accrual	3,589		6,005
Third-party services accrual	26,353		41,478
Tooling liability	110,249		49,925
Short-term borrowings	126,417		72,533
Operating lease liabilities, current portion	35,596		28,431
Reserve for loss on firm inventory purchase commitments	119,672		143,566
Accrued warranty	36,752		22,677
Deferred revenue(2)	18,473		7,714
Other current liabilities	221,663		183,114
Total other current liabilities	$	1,024,671	$	891,484

Other long-term liabilities as of December 31, 2024 and 2023 were as follows (in thousands):


	December 31, 2024		December 31, 2023
Operating lease liabilities, net of current portion	$	229,835	$	244,122
Other long-term liabilities(1)(2)	342,965		280,217
Total other long-term liabilities	$	572,800	$	524,339

(1) As of December 31, 2023, $62.5 million of capital expenditure support received from MISA was recorded as deferred liability within other long-term liabilities in the consolidated balance sheet. See Note 2 “Summary of Significant Accounting Policies” and Note 16 “Related Party Transactions” for more information.

(2) As of December 31, 2024 and 2023, $112.7 million and $107.8 million of deferred revenue was recorded within other long-term liabilities in the consolidated balance sheets, respectively, 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 16 “Related Party Transactions” for more information.


	Year Ended December 31,
	2024		2023
Accrued warranty - beginning of period	$	46,076	$	22,949
Warranty costs incurred	(53,941)		(50,923)
Provision for warranty(1)	120,343		74,050
Accrued warranty - end of period(2)	$	112,478	$	46,076

(1) Provision for warranty for the years ended December 31, 2024 and 2023 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties. During the year ended December 31, 2024, the Company recorded $46.1 million provision associated with a special warranty campaign.

(2) Accrued warranty balance of $36.8 million and $22.7 million was recorded within other current liabilities, and $75.7 million and $23.4 million was recorded within other long-term liabilities, in the consolidated balance sheets as of December 31, 2024 and 2023, respectively.