
	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

Inventory as of September 30, 2024 and December 31, 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. The Company recorded write-downs of $154.9 million and $446.9 million for the three and nine months ended September 30, 2024, respectively, and $230.8 million and $752.8 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.


	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.

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):


	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.

Depreciation and amortization expense was $69.5 million and $204.5 million for the three and nine months ended September 30, 2024, respectively, and $60.8 million and $166.0 million for the same periods in the prior year, respectively. The amount of interest capitalized on construction in progress related to significant capital asset construction was immaterial for the three and nine months ended September 30, 2024 and 2023.


	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.

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.


	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.