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BALANCE SHEETS COMPONENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Inventory | Inventory as of September 30, 2024 and December 31, 2023 was as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Raw materials | $ | 212,397 |  |  | $ | 210,283 |
Work in progress | 70,250 |  |  | 53,227 |
Finished goods | 224,195 |  |  | 432,726 |
Total Inventory | $ | 506,842 |  |  | $ | 696,236 |
Schedule of Property, Plant and Equipment, Net and Construction in Progress | Property, plant and equipment, net as of September 30, 2024 and December 31, 2023 was as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Land and land improvements | $ | 70,967 |  |  | $ | 69,718 |
Building and improvements(1) | 888,633 |  |  | 576,097 |
Machinery, tooling and vehicles(2) | 1,379,141 |  |  | 1,045,485 |
Computer equipment and software | 88,068 |  |  | 74,336 |
Leasehold improvements | 253,657 |  |  | 221,619 |
Furniture and fixtures | 49,772 |  |  | 45,315 |
Finance leases | 88,847 |  |  | 94,285 |
Construction in progress | 1,102,833 |  |  | 1,185,413 |
Total Property, plant and equipment | 3,921,918 |  |  | 3,312,268 |
Less accumulated depreciation and amortization | (699,820) |  |  | (501,401) |
Property, plant and equipment, net | $ | 3,222,098 |  |  | $ | 2,810,867 |
(1) As of September 30, 2024 and December 31, 2023, $125.1 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 16 “Related Party Transactions” for more information. (2) Included $35.9 million and $32.5 million of service loaner vehicles as of September 30, 2024 and December 31, 2023, respectively. Construction in progress consisted of the following (in thousands):
| September 30, 2024 |  | December 31, 2023
Machinery and tooling | $ | 834,806 |  |  | $ | 728,751 |
Construction of AMP-1 and AMP-2(1) | 230,627 |  |  | 430,878 |
Leasehold improvements and other | 37,400 |  |  | 25,784 |
Total construction in progress | $ | 1,102,833 |  |  | $ | 1,185,413 |
(1) As of September 30, 2024 and December 31, 2023, $69.7 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 16 “Related Party Transactions” for more information.
Schedule of Other Current Liabilities | Other current liabilities as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Engineering, design, and testing accrual | $ | 72,365 |  |  | $ | 42,176 |
Construction in progress | 138,220 |  |  | 156,414 |
Accrued purchases(1) | 25,016 |  |  | 44,957 |
Retail leasehold improvements accrual | 1,875 |  |  | 6,005 |
Third-party services accrual | 32,844 |  |  | 41,478 |
Tooling liability | 141,819 |  |  | 49,925 |
Short-term borrowings | 46,649 |  |  | 72,533 |
Operating lease liabilities, current portion | 34,801 |  |  | 28,431 |
Reserve for loss on firm inventory purchase commitments | 145,617 |  |  | 143,566 |
Accrued warranty | 13,809 |  |  | 22,677 |
Other current liabilities | 208,059 |  |  | 190,828 |
Total other current liabilities | $ | 861,074 |  |  | $ | 798,990 |
(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 September 30, 2024 and December 31, 2023 were as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Operating lease liabilities, net of current portion | $ | 240,008 |  |  | $ | 244,122 |
Other long-term liabilities(1)(2) | 318,517 |  |  | 280,217 |
Total other long-term liabilities | $ | 558,525 |  |  | $ | 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 16 “Related Party Transactions” for more information. (2) As of September 30, 2024 and December 31, 2023, $112.0 million and $107.8 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.
Schedule of Accrued Warranty Activities | Accrued warranty activities consisted of the following (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Accrued warranty - beginning of period(2) | $ | 78,496 |  |  | $ | 62,186 |  |  | $ | 46,076 |  |  | $ | 22,949 |
Warranty costs incurred | (10,204) |  |  | (13,929) |  |  | (46,090) |  |  | (33,759) |
Provision for warranty(1) | 10,570 |  |  | 7,054 |  |  | 78,876 |  |  | 66,121 |
Accrued warranty - end of period(2) | $ | 78,862 |  |  | $ | 55,311 |  |  | $ | 78,862 |  |  | $ | 55,311 |
(1) Provision for warranty for the three and nine months ended September 30, 2024 and 2023 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties. During the three and nine months ended September 30, 2024, the Company recorded nil and $41.5 million provision associated with a special warranty campaign, respectively. (2) Accrued warranty balance of $13.8 million and $22.7 million was recorded within other current liabilities, and $65.1 million and $23.4 million was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.

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