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BALANCE SHEETS COMPONENTS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEETS COMPONENTS BALANCE SHEETS COMPONENTS
Inventory
Inventory as of June 30, 2025 and December 31, 2024 was as follows (in thousands):
June 30,
2025		December 31,
2024
Raw materials$405,787 $160,532 
Work in progress89,883 36,628 
Finished goods
217,599 210,614 
Total Inventory$713,269 $407,774 
Inventory as of June 30, 2025 and December 31, 2024 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 used vehicles which the Company intends to sell. The Company recorded write-downs of $184.7 million and $336.3 million for the three and six months ended June 30, 2025, respectively, and $154.2 million and $292.0 million for the same periods in the prior year, 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”). While the final scope and application of recently announced changes in trade policy remain uncertain at this time, higher tariffs on imports and subsequent retaliatory tariffs could adversely impact the Company’s financial results.
Property, plant and equipment, net
Property, plant and equipment, net as of June 30, 2025 and December 31, 2024 was as follows (in thousands):
June 30,
2025		December 31,
2024
Land and land improvements$70,967 $70,967 
Building and improvements(1)
1,087,309 1,075,349 
Machinery, tooling and vehicles(2)(3)
2,183,345 1,720,517 
Computer equipment and software120,686 105,012 
Leasehold improvements277,567 268,091 
Furniture and fixtures53,810 51,238 
Finance leases189,717 86,852 
Construction in progress579,873 672,534 
Total Property, plant and equipment4,563,274 4,050,560 
Less accumulated depreciation and amortization(995,026)(787,948)
Property, plant and equipment, net$3,568,248 $3,262,612 
(1) As of June 30, 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. See Note 16 “Related Party Transactions” for more information.
(2) Included $41.7 million and $39.5 million of service loaner vehicles as of June 30, 2025 and December 31, 2024, respectively.
(3) Included $31.1 million and $34.7 million of operating lease vehicles sold to rental companies as of June 30, 2025 and December 31, 2024, 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):
June 30,
2025		December 31,
2024
Machinery and tooling$297,133 $561,858 
Construction of AMP-1 and AMP-2(1)
226,146 78,254 
Leasehold improvements and other
56,594 32,422 
Total construction in progress$579,873 $672,534 
(1) As of June 30, 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.
Depreciation and amortization expense was $111.1 million and $209.0 million for the three and six months ended June 30, 2025, respectively, and $66.2 million and $135.0 million for the same periods in the prior year, respectively. The amount of interest capitalized on construction in progress related to significant capital asset constructions was not material for the three and six months ended June 30, 2025 and 2024.
Other current liabilities
Other current liabilities as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30,
2025		December 31,
2024
Engineering, design, and testing accrual$43,842 $53,666 
Capital expenditures accrual
63,867 39,043 
Accrued compensation
147,694 201,880 
Accrued purchases(1)
163,987 31,318 
Retail leasehold improvements accrual4,189 3,589 
Third-party services accrual40,552 26,353 
Tooling liability73,684 110,249 
Short-term borrowings233,308 126,417 
Operating lease liabilities, current portion50,800 35,596 
Reserve for loss on firm inventory purchase commitments142,715 119,672 
Accrued warranty41,808 36,752 
Deferred revenue(2)
23,927 18,473 
Sales incentive accrual21,470 18,336 
RVG liabilities
26,737 17,755 
Other current liabilities233,577 185,572 
Total other current liabilities
$1,312,157 $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.
Other long-term liabilities
Other long-term liabilities as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30,
2025		December 31,
2024
Operating lease liabilities, net of current portion$233,637 $229,835 
Other long-term liabilities(1)(2)
366,684 342,965 
Total other long-term liabilities
$600,321 $572,800 
(1) As of June 30, 2025 and December 31, 2024, $114.1 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 $82.6 million and $75.7 million as of June 30, 2025 and December 31, 2024, respectively.
Accrued warranty
Accrued warranty activities consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Accrued warranty - beginning of period(2)
$116,876 $48,163 $112,478 $46,076 
Warranty costs incurred(7,445)(17,818)(15,359)(35,886)
Provision for warranty(1)
14,960 48,151 27,272 68,306 
Accrued warranty - end of period(2)
$124,391 $78,496 $124,391 $78,496 

(1) Provision for warranty for the three and six months ended June 30, 2025 and 2024 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties. During the three and six months ended June 30, 2024, the Company recorded $30.7 million and $41.5 million provision associated with a special warranty campaign, respectively.
(2) Accrued warranty balance of $41.8 million and $36.8 million was recorded within other current liabilities, and $82.6 million and $75.7 million was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.