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BALANCE SHEETS COMPONENTS
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEETS COMPONENTS BALANCE SHEETS COMPONENTS
Inventory
Inventory as of June 30, 2026 and December 31, 2025 was as follows (in thousands):
June 30,
2026		December 31,
2025
Raw materials$487,482 $479,754 
Work in progress268,422 146,575 
Finished goods
622,749 483,200 
Total Inventory$1,378,653 $1,109,529 
Inventory as of June 30, 2026 and December 31, 2025 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 $299.7 million and $537.6 million for the three and six months ended June 30, 2026, respectively, and $184.7 million and $336.3 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, 2026 and December 31, 2025 was as follows (in thousands):
June 30,
2026		December 31,
2025
Land and land improvements$70,967 $70,967 
Building and improvements(1)
1,102,446 1,099,186 
Machinery, tooling and vehicles(2)(3)
2,393,770 2,363,263 
Computer equipment and software159,288 140,419 
Leasehold improvements306,925 304,609 
Furniture and fixtures60,309 57,921 
Finance leases113,647 193,137 
Construction in progress1,449,228 970,960 
Total Property, plant and equipment5,656,580 5,200,462 
Less accumulated depreciation and amortization(1,433,739)(1,222,330)
Property, plant and equipment, net$4,222,841 $3,978,132 

(1) As of June 30, 2026 and December 31, 2025, $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 15 “Related Party Transactions” for more information.
(2) Included $28.4 million and $47.2 million of service loaner vehicles as of June 30, 2026 and December 31, 2025, respectively.
(3) Included $32.8 million and $33.7 million of operating lease vehicles sold to rental companies as of June 30, 2026 and December 31, 2025, 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,
2026		December 31,
2025
Machinery and tooling$635,554 $418,426 
Construction of AMP-1 and AMP-2(1)
749,325 512,502 
Leasehold improvements and other
64,349 40,032 
Total construction in progress$1,449,228 $970,960 
(1) As of June 30, 2026 and December 31, 2025, $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 15 “Related Party Transactions” for more information.
Depreciation and amortization expense was $122.2 million and $238.6 million for the three and six months ended June 30, 2026, respectively, and $111.1 million and $209.0 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, 2026 and 2025.
Other current liabilities
Other current liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
June 30,
2026		December 31,
2025
Engineering, design, and testing accrual$67,502 $56,237 
Capital expenditures accrual
257,076 234,313 
Accrued compensation
191,828 155,906 
Accrued purchases(1)
120,767 183,330 
Retail leasehold improvements accrual5,375 5,804 
Third-party services accrual46,228 72,083 
Tooling liability59,978 35,138 
Operating lease liabilities, current portion67,198 64,171 
Reserve for loss on firm inventory purchase commitments63,538 131,904 
Accrued warranty74,908 58,765 
Accrued interest
45,559 29,841 
Deferred revenue(2)
29,450 29,950 
Sales incentive accrual21,911 34,626 
RVG liabilities
60,201 55,448 
Other current liabilities247,582 245,125 
Total other current liabilities
$1,359,101 $1,392,641 
(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, 2026 and December 31, 2025 were as follows (in thousands):
June 30,
2026		December 31,
2025
Operating lease liabilities, net of current portion$228,041 $225,434 
Other long-term liabilities(1)(2)
371,400 357,305 
Total other long-term liabilities
$599,441 $582,739 
(1) As of June 30, 2026 and December 31, 2025, $114.8 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 15 “Related Party Transactions” for more information.
(2) Included accrued warranty balance of $98.5 million and $93.4 million as of June 30, 2026 and December 31, 2025, respectively.
Accrued warranty
Accrued warranty activities consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Accrued warranty - beginning of period(2)
$164,314 $116,876 $152,201 $112,478 
Warranty costs incurred(9,076)(7,445)(16,074)(15,359)
Provision for warranty(1)
18,172 14,960 37,283 27,272 
Accrued warranty - end of period(2)
$173,410 $124,391 $173,410 $124,391 
(1) Provision for warranty for the three and six months ended June 30, 2026 and 2025 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties.
(2) Accrued warranty balance of $74.9 million and $58.8 million was recorded within other current liabilities, and $98.5 million and $93.4 million was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.