XML 48 R32.htm IDEA: XBRL DOCUMENT v3.25.1
BALANCE SHEETS COMPONENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
Inventory as of March 31, 2025 and December 31, 2024 was as follows (in thousands):
March 31,
2025		December 31,
2024
Raw materials$230,334 $160,532 
Work in progress85,561 36,628 
Finished goods
155,512 210,614 
Total Inventory$471,407 $407,774 
Schedule of Property, Plant and Equipment, Net and Construction in Progress
Property, plant and equipment, net as of March 31, 2025 and December 31, 2024 was as follows (in thousands):
March 31,
2025		December 31,
2024
Land and land improvements$70,967 $70,967 
Building and improvements(1)
1,074,843 1,075,349 
Machinery, tooling and vehicles(2)(3)
2,043,832 1,720,517 
Computer equipment and software113,707 105,012 
Leasehold improvements271,162 268,091 
Furniture and fixtures52,112 51,238 
Finance leases88,101 86,852 
Construction in progress492,266 672,534 
Total Property, plant and equipment4,206,990 4,050,560 
Less accumulated depreciation and amortization(884,715)(787,948)
Property, plant and equipment, net$3,322,275 $3,262,612 
(1) As of March 31, 2025 and December 31, 2024, $127.5 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 16 “Related Party Transactions” for more information.
(2) Included $39.5 million of service loaner vehicles as of March 31, 2025 and December 31, 2024.
(3) Included $27.2 million and $34.7 million of operating lease vehicles sold to rental companies as of March 31, 2025 and December 31, 2024, respectively.
Construction in progress consisted of the following (in thousands):
March 31,
2025		December 31,
2024
Machinery and tooling$309,510 $561,858 
Construction of AMP-1 and AMP-2(1)
144,525 78,254 
Leasehold improvements and other
38,231 32,422 
Total construction in progress$492,266 $672,534 
(1) As of March 31, 2025 and December 31, 2024, $67.3 million, of capital expenditure support received from MISA was recorded primarily as a deduction to the AMP-2 facility construction in progress balance. See Note 16 “Related Party Transactions” for more information.
Schedule of Other Current Liabilities
Other current liabilities as of March 31, 2025 and December 31, 2024 were as follows (in thousands):
March 31,
2025		December 31,
2024
Engineering, design, and testing accrual$45,322 $53,666 
Construction in progress44,783 39,043 
Accrued compensation
207,591 201,880 
Accrued purchases(1)
128,380 31,318 
Retail leasehold improvements accrual2,234 3,589 
Third-party services accrual29,541 26,353 
Tooling liability85,389 110,249 
Short-term borrowings193,277 126,417 
Operating lease liabilities, current portion42,285 35,596 
Reserve for loss on firm inventory purchase commitments107,125 119,672 
Accrued warranty35,777 36,752 
Deferred revenue(2)
21,600 18,473 
Other current liabilities259,931 221,663 
Total other current liabilities
$1,203,235 $1,024,671 
(1) Primarily represent accruals for inventory related purchases and transportation charges that had not been invoiced.
(2) Represent deferred revenue from vehicle sales primarily related to OTA and remarketing activities.
Schedule of Other Long-Term Liabilities
Other long-term liabilities as of March 31, 2025 and December 31, 2024 were as follows (in thousands):
March 31,
2025		December 31,
2024
Operating lease liabilities, net of current portion$236,916 $229,835 
Other long-term liabilities(1)(2)
358,006 342,965 
Total other long-term liabilities
$594,922 $572,800 
(1) As of March 31, 2025 and December 31, 2024, $113.4 million and $112.7 million of deferred revenue was recorded within other long-term liabilities in the condensed 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.
(2) Included accrued warranty balance of $81.1 million and $75.7 million as of March 31, 2025 and December 31, 2024, respectively.
Schedule of Accrued Warranty Activities
Accrued warranty activities consisted of the following (in thousands):
Three Months Ended March 31,
20252024
Accrued warranty - beginning of period(2)
$112,478 $46,076 
Warranty costs incurred(7,914)(18,068)
Provision for warranty(1)
12,312 20,155 
Accrued warranty - end of period(2)
$116,876 $48,163 

(1) Provision for warranty for the three months ended March 31, 2025 and 2024 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties.
(2) Accrued warranty balance of $35.8 million and $36.8 million was recorded within other current liabilities, and $81.1 million and $75.7 million was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively.