BALANCE SHEETS COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventory as of March 31, 2026 and December 31, 2025 was as follows (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	575,462	$	479,754
Work in progress	322,082		146,575
Finished goods	571,309		483,200
Total Inventory	$	1,468,853	$	1,109,529

Schedule of Property, Plant and Equipment, Net and Construction in Progress

Property, plant and equipment, net as of March 31, 2026 and December 31, 2025 was as follows (in thousands):


	March 31, 2026		December 31, 2025
Land and land improvements	$	70,967	$	70,967
Building and improvements(1)	1,100,748		1,099,186
Machinery, tooling and vehicles(2)(3)	2,397,599		2,363,263
Computer equipment and software	146,778		140,419
Leasehold improvements	306,320		304,609
Furniture and fixtures	58,543		57,921
Finance leases	114,414		193,137
Construction in progress	1,167,579		970,960
Total Property, plant and equipment	5,362,948		5,200,462
Less accumulated depreciation and amortization	(1,334,176)		(1,222,330)
Property, plant and equipment, net	$	4,028,772	$	3,978,132

(1) As of March 31, 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 $48.8 million and $47.2 million of service loaner vehicles as of March 31, 2026 and December 31, 2025, respectively.

(3) Included $31.3 million and $33.7 million of operating lease vehicles sold to rental companies as of March 31, 2026 and December 31, 2025, respectively.

Construction in progress consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Machinery and tooling	$	501,574	$	418,426
Construction of AMP-1 and AMP-2(1)	622,562		512,502
Leasehold improvements and other	43,443		40,032
Total construction in progress	$	1,167,579	$	970,960

(1) As of March 31, 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.

Schedule of Other Current Liabilities

Other current liabilities as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Engineering, design, and testing accrual	$	61,497	$	56,237
Capital expenditures accrual	206,747		234,313
Accrued compensation	229,457		155,906
Accrued purchases(1)	182,731		183,330
Retail leasehold improvements accrual	4,337		5,804
Third-party services accrual	59,360		72,083
Tooling liability	49,214		35,138
Operating lease liabilities, current portion	69,856		64,171
Reserve for loss on firm inventory purchase commitments	137,333		131,904
Accrued warranty	68,106		58,765
Accrued interest	62,053		29,841
Deferred revenue(2)	28,744		29,950
Sales incentive accrual	13,326		34,626
RVG liabilities	55,587		55,448
Other current liabilities	268,624		245,125
Total other current liabilities	$	1,496,972	$	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.

Schedule of Other Long-Term Liabilities

Other long-term liabilities as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Operating lease liabilities, net of current portion	$	234,132	$	225,434
Other long-term liabilities(1)(2)	356,145		357,305
Total other long-term liabilities	$	590,277	$	582,739

(1) As of March 31, 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 $96.2 million and $93.4 million as of March 31, 2026 and December 31, 2025, respectively.

Schedule of Accrued Warranty Activities

Accrued warranty activities consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Accrued warranty - beginning of period(2)	$	152,201	$	112,478
Warranty costs incurred	(6,998)		(7,914)
Provision for warranty(1)	19,111		12,312
Accrued warranty - end of period(2)	$	164,314	$	116,876

(1) Provision for warranty for the three months ended March 31, 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 $68.1 million and $58.8 million was recorded within other current liabilities, and $96.2 million and $93.4 million was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.