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BALANCE SHEETS COMPONENTS (Tables)

9 Months Ended

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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