Nikola (0A3R) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38495
Entity Registrant Name	Nikola Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4151153
Entity Address, Address Line One	4141 E Broadway Road
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85040
City Area Code	480
Local Phone Number	581-8888
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	NKLA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		60,867,055
Entity Central Index Key	0001731289
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 198,301	$ 464,715
Restricted cash and cash equivalents		3,374	1,224
Accounts receivable, net		51,773	17,974
Inventory		76,076	62,588
Prepaid expenses and other current assets		61,996	25,911
Total current assets		391,520	572,412
Restricted cash and cash equivalents		16,086	28,026
Long-term deposits		17,256	14,954
Property, plant and equipment, net		490,244	503,416
Intangible assets, net		52,130	85,860
Investment in affiliate		56,197	57,062
Goodwill		0	5,238
Other assets		12,610	7,889
Total assets		1,036,043	1,274,857
Current liabilities
Accounts payable		57,161	44,133
Accrued expenses and other current liabilities		205,508	207,022
Debt and finance lease liabilities, current (including $63.2 million and $0 measured at fair value, respectively)		73,111	8,950
Total current liabilities		335,780	260,105
Long-term debt and finance lease liabilities, net of current portion		270,018	269,279
Operating lease liabilities		6,806	4,765
Other long-term liabilities		44,193	21,534
Total liabilities		656,797	555,683
Commitments and contingencies (Note 11)
Stockholders' equity
Preferred stock, $0.0001 par value, 150,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023		0	0
Common stock, value, issued	[1]	6	4
Additional paid-in capital		3,931,702	3,790,401
Accumulated deficit		(3,552,246)	(3,071,069)
Accumulated other comprehensive loss		(216)	(162)
Total stockholders' equity		379,246	719,174
Total liabilities and stockholders' equity		$ 1,036,043	$ 1,274,857
[1] Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions		Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Statement of Financial Position [Abstract]
Debt and finance lease liabilities, current | $		$ 63.2	$ 0
Preferred stock, par or stated value per share (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)		150,000,000	150,000,000
Preferred stock, shares issued (in shares)		0	0
Preferred stock, shares outstanding (in shares)		0	0
Common stock, par or stated value per share (in dollars per share) | $ / shares	[1]	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	[1]	1,000,000,000	1,600,000,000
Common stock, shares issued (in shares)	[1]	55,283,396	44,336,100
Common stock, shares outstanding (in shares)	[1]	55,283,396	44,336,100
[1] Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues		$ 25,181	$ (1,732)	$ 63,997	$ 24,307
Cost of revenues:
Cost of revenues		87,124	123,771	238,241	200,138
Gross loss		(61,943)	(125,503)	(174,244)	(175,831)
Operating expenses:
Research and development		41,800	41,966	121,458	168,286
Selling, general, and administrative		41,629	57,982	126,157	159,443
Impairment expense		33,419	0	33,419	0
Loss on supplier deposits		0	716	0	18,433
Total operating expenses		116,848	100,664	281,034	346,162
Loss from operations		(178,791)	(226,167)	(455,278)	(521,993)
Other income (expense):
Interest expense, net		(10,875)	(52,680)	(17,094)	(71,262)
Gain on divestiture of affiliate		0	0	0	70,849
Loss on debt extinguishment		(871)	0	(3,184)	(20,362)
Other expense, net		(9,417)	(146,654)	(4,664)	(151,969)
Loss before income taxes and equity in net profit (loss) of affiliates		(199,954)	(425,501)	(480,220)	(694,737)
Income tax expense		0	1	92	1
Loss before equity in net profit (loss) of affiliates		(199,954)	(425,502)	(480,312)	(694,738)
Equity in net profit (loss) of affiliates		173	(262)	(865)	(16,287)
Net loss from continuing operations		(199,781)	(425,764)	(481,177)	(711,025)
Discontinued operations:
Loss from discontinued operations		0	0	0	(76,726)
Loss from deconsolidation of discontinued operations		0	0	0	(24,935)
Net loss from discontinued operations		0	0	0	(101,661)
Net loss		$ (199,781)	$ (425,764)	$ (481,177)	$ (812,686)
Basic and diluted net loss per share
Net loss from continuing operations, basic (in dollars per share)	[1]	$ (3.89)	$ (14.90)	$ (10.12)	$ (30.20)
Net loss from continuing operations, diluted (in dollars per share)	[1]	(3.89)	(14.90)	(10.12)	(30.20)
Net loss from discontinued operations, basic (in dollars per share)	[1]	0	0	0	(4.32)
Net loss from discontinued operations, diluted (in dollars per share)	[1]	0	0	0	(4.32)
Net loss, basic (in dollars per share)	[1]	(3.89)	(14.90)	(10.12)	(34.52)
Net loss, diluted (in dollars per share)	[1]	$ (3.89)	$ (14.90)	$ (10.12)	$ (34.52)
Weighted average shares outstanding, basic (in shares)	[1]	51,388,962	28,573,800	47,553,460	23,544,174
Weighted average shares outstanding, diluted (in shares)	[1]	51,388,962	28,573,800	47,553,460	23,544,174
Truck sales
Revenues:
Total revenues		$ 24,847	$ (2,368)	$ 61,008	$ 19,693
Cost of revenues:
Cost of revenues		82,205	122,679	222,946	195,902
Service and other
Revenues:
Total revenues		334	636	2,989	4,614
Cost of revenues:
Cost of revenues		$ 4,919	$ 1,092	$ 15,295	$ 4,236
[1] Amounts have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)	Jun. 24, 2024
Income Statement [Abstract]
Stock split ratio, common stock	0.03333

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (199,781)	$ (425,764)	$ (481,177)	$ (812,686)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	(195)	145	(54)	1,629
Comprehensive loss	$ (199,976)	$ (425,619)	$ (481,231)	$ (811,057)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total		April 2023 Toggle Convertible Notes	Equity Distribution Agreement	Private Placement	Convertible Notes	Convertible Notes 8.25% Convertible Notes	Convertible Notes 5% Convertible Notes	Public Offering	Direct Offering	Common Stock		Common Stock April 2023 Toggle Convertible Notes	Common Stock Equity Distribution Agreement		Common Stock Private Placement	Common Stock Convertible Notes		Common Stock Convertible Notes 8.25% Convertible Notes	Common Stock Convertible Notes 5% Convertible Notes		Common Stock Public Offering	Common Stock Direct Offering		Additional Paid-in Capital	Additional Paid-in Capital April 2023 Toggle Convertible Notes	Additional Paid-in Capital Equity Distribution Agreement	Additional Paid-in Capital Private Placement	Additional Paid-in Capital Convertible Notes	Additional Paid-in Capital Convertible Notes 8.25% Convertible Notes	Additional Paid-in Capital Convertible Notes 5% Convertible Notes	Additional Paid-in Capital Public Offering	Additional Paid-in Capital Direct Offering	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2022	[1]											17,097,850
Balance at beginning of period at Dec. 31, 2022		$ 526,479										$ 2	[1]													$ 2,562,904									$ (2,034,850)	$ (1,577)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	[1]											224,121
Exercise of stock options		7,155																								7,155
Issuance of shares for RSU awards (in shares)	[1]											363,858
Issuance of shares for RSU awards		0																								0
Common stock issued (in shares)	[1]														2,223,015		1,073,726						997,024	1,979,167
Common stock issued					$ 115,593	$ 67,587				$ 32,244	$ 63,156													$ 1	[1]			$ 115,593	$ 67,587				$ 32,244	$ 63,155
Issuance of conversion common stock (in shares)	[1]													2,415,293				7,380,412
Issuance of conversion common stock				$ 115,152			$ 246,431																				$ 115,152			$ 246,431
Common stock received for contingent stock consideration (in shares)	[1]											(686,667)
Common stock received for contingent stock consideration		(69,939)																								(2)									(69,937)
Reclassification of conversion features embedded in Toggle Convertible Notes to equity		241,851																								241,851
Reclassification of share-based payment awards from liability to equity		20,992																								20,992
Reclassification of share-based payment awards from equity to liability		(10,401)																								(10,401)
Stock-based compensation		58,325																								58,325
Net loss		(812,686)																																	(812,686)
Other comprehensive (loss) income		1,629																																		1,629
Balance at end of period (in shares) at Sep. 30, 2023	[2]											33,067,799
Balance at end of period at Sep. 30, 2023		603,568										$ 3	[2]													3,520,986									(2,917,473)	52
Balance at beginning of period (in shares) at Jun. 30, 2023	[2]											25,643,344
Balance at beginning of period at Jun. 30, 2023		522,716										$ 3	[2]													2,944,578									(2,421,772)	(93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	[2]											198,909
Exercise of stock options		6,353																								6,353
Issuance of shares for RSU awards (in shares)	[2]											104,770
Common stock issued (in shares)	[2]														922,096
Common stock issued					53,139																							53,139
Issuance of conversion common stock (in shares)														2,415,293				4,470,054	[2]
Issuance of conversion common stock				$ 115,152			$ 139,250																				$ 115,152			$ 139,250
Common stock received for contingent stock consideration (in shares)	[2]											(686,667)
Common stock received for contingent stock consideration		(69,939)																								(2)									(69,937)
Reclassification of conversion features embedded in Toggle Convertible Notes to equity		241,851																								241,851
Reclassification of share-based payment awards from liability to equity		20,992																								20,992
Reclassification of share-based payment awards from equity to liability		(8,395)																								(8,395)
Stock-based compensation		8,068																								8,068
Net loss		(425,764)																																	(425,764)
Other comprehensive (loss) income		145																																		145
Balance at end of period (in shares) at Sep. 30, 2023	[2]											33,067,799
Balance at end of period at Sep. 30, 2023		$ 603,568										$ 3	[2]													3,520,986									(2,917,473)	52
Balance at beginning of period (in shares) at Dec. 31, 2023		44,336,100	[3]									44,336,100	[4]
Balance at beginning of period at Dec. 31, 2023		$ 719,174										$ 4	[4]													3,790,401									(3,071,069)	(162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		0
Issuance of shares for RSU awards (in shares)	[4]											354,408
Common stock issued (in shares)	[4]														5,258,862
Common stock issued					71,668										$ 1	[4]												71,667
Issuance of conversion common stock (in shares)	[4]																			733,331	4,600,695
Issuance of conversion common stock								$ 18,112	$ 26,186												$ 1	[4]									$ 18,112	$ 26,185
Stock-based compensation		$ 25,337																								25,337
Net loss		(481,177)																																	(481,177)
Other comprehensive (loss) income		$ (54)																																		(54)
Balance at end of period (in shares) at Sep. 30, 2024		55,283,396	[3]									55,283,396	[4]
Balance at end of period at Sep. 30, 2024		$ 379,246										$ 6	[4]													3,931,702									(3,552,246)	(216)
Balance at beginning of period (in shares) at Jun. 30, 2024												48,473,984
Balance at beginning of period at Jun. 30, 2024		523,553										$ 5														3,876,034									(3,352,465)	(21)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares for RSU awards (in shares)												94,722
Common stock issued (in shares)															2,104,738
Common stock issued					$ 20,807																							$ 20,807
Issuance of conversion common stock (in shares)																				9,257	4,600,695
Issuance of conversion common stock								$ 75	$ 26,186												$ 1										$ 75	$ 26,185
Stock-based compensation		8,601																								8,601
Net loss		(199,781)																																	(199,781)
Other comprehensive (loss) income		$ (195)																																		(195)
Balance at end of period (in shares) at Sep. 30, 2024		55,283,396	[3]									55,283,396	[4]
Balance at end of period at Sep. 30, 2024		$ 379,246										$ 6	[4]													$ 3,931,702									$ (3,552,246)	$ (216)
[1] (1) Amounts have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation . (1) Amounts have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation . Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation . Amounts have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 24, 2024	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)		Sep. 30, 2023 USD ($)	Dec. 31, 2023	Dec. 12, 2023
Stock split ratio, common stock	0.03333
Convertible Notes
Issuance of conversion common stock			$ 139,250			$ 246,431
8.25% Convertible Notes | Convertible Notes
Issuance of conversion common stock		$ 75		$ 18,112
8.25% Convertible Notes | Convertible Notes Payable
Interest rate, stated percentage		8.25%		8.25%			8.25%	8.25%
5% Convertible Notes | Convertible Notes
Issuance of conversion common stock		$ 26,186		$ 26,186
5% Convertible Notes | Common Stock | Convertible Notes
Issuance of conversion common stock		$ 1		$ 1	[1]
[1] Amounts have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (481,177)	$ (812,686)
Less: Loss from discontinued operations	0	(101,661)
Loss from continuing operations	(481,177)	(711,025)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:
Depreciation and amortization	33,408	28,758
Stock-based compensation	25,337	68,916
Equity in net loss of affiliates	865	16,287
Revaluation of financial instruments	6,284	195,132
Revaluation of contingent stock consideration	0	(43,981)
Inventory write-downs	56,587	64,500
Non-cash interest expense	11,906	72,846
Loss on supplier deposits	0	18,433
Gain on divestiture of affiliate	0	(70,849)
Loss on debt extinguishment	3,184	20,362
Loss on disposal of assets	2,921	0
Impairment expense	33,419	0
Other non-cash activity	5,674	3,888
Changes in operating assets and liabilities:
Accounts receivable, net	(33,799)	20,932
Inventory	(71,085)	(9,983)
Prepaid expenses and other current assets	(14,017)	(48,332)
Other assets	(1,595)	(2,384)
Accounts payable, accrued expenses and other current liabilities	(3,478)	(1,672)
Long-term deposits	(262)	(1,377)
Operating lease liabilities	(2,769)	(1,191)
Other long-term liabilities	29,064	2,316
Net cash used in operating activities	(399,533)	(378,424)
Cash flows from investing activities
Purchases and deposits of property, plant and equipment	(43,740)	(108,409)
Proceeds from the sale of assets	21,398	20,742
Divestiture of affiliate	0	35,000
Payments to Assignee	0	(2,725)
Investments in affiliate	0	(250)
Net cash used in investing activities	(22,342)	(55,642)
Cash flows from financing activities
Proceeds from the exercise of stock options	0	7,393
Proceeds from issuance of common stock under Equity Distribution Agreement, net of commissions and other fees paid	73,464	115,027
Proceeds from issuance of convertible notes	80,000	217,075
Proceeds from issuance of financing obligation, net of issuance costs	0	53,548
Proceeds from insurance premium financing	4,598	5,223
Repayment of debt and promissory notes	(522)	(45,287)
Payment for Coupon Make-Whole Premium	(4,579)	0
Payments on insurance premium financing	(3,661)	(3,550)
Payments on finance lease liabilities and financing obligations	(3,549)	(459)
Payments for issuance costs	(80)	0
Net cash provided by financing activities	145,671	512,257
Net increase (decrease) in cash and cash equivalents, including restricted cash and cash equivalents	(276,204)	78,191
Cash and cash equivalents, including restricted cash and cash equivalents, beginning of period	493,965	313,909
Cash and cash equivalents, including restricted cash and cash equivalents, end of period	217,761	392,100
Cash flows from discontinued operations:
Operating activities	0	(4,964)
Investing activities	0	(1,804)
Financing activities	0	(572)
Net cash used in discontinued operations	0	(7,340)
Supplementary cash flow disclosures:
Cash paid for interest	13,859	5,561
Cash interest received	12,141	7,153
Supplementary disclosures for noncash investing and financing activities:
Purchases of property, plant and equipment included in liabilities	12,311	13,551
PIK interest	11,135	16,263
Leased assets obtained in exchange for new finance lease liabilities	4,407	10,982
Accrued commissions under Equity Distribution Agreement	1,844	1,114
Reclassification of conversion features embedded in Toggle Convertible Notes to equity	0	241,851
Accrued issuance costs	0	300
Contingent stock consideration for divestiture of affiliate	0	25,956
Embedded derivative liability bifurcated from April 2023 Toggle Convertible Notes	0	21,180
Reclassification from liability to equity for certain share-based awards	0	20,992
Reclassification from equity to liability for certain share-based awards	0	10,401
8.25% Convertible Notes
Supplementary disclosures for noncash investing and financing activities:
Conversion of convertible notes	18,112	0
Senior Convertible Notes
Supplementary disclosures for noncash investing and financing activities:
Conversion of convertible notes	26,186	246,431
April 2023 Toggle Convertible Notes
Supplementary disclosures for noncash investing and financing activities:
Conversion of convertible notes	0	115,152
Private Placement
Cash flows from financing activities
Proceeds from issuance of shares under the Tumim Purchase Agreements	0	67,587
Private Offering
Cash flows from financing activities
Proceeds from issuance of shares under the Tumim Purchase Agreements	0	63,456
Public Offering
Cash flows from financing activities
Proceeds from public offering, net of underwriter's discount	$ 0	$ 32,244

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Sep. 30, 2024	Dec. 31, 2023	Dec. 12, 2023
8.25% Convertible Notes | Convertible Notes Payable
Interest rate, stated percentage	8.25%	8.25%	8.25%

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION (a) Overview Nikola Corporation (‘‘Nikola’’ or the ‘‘Company’’) is a designer and manufacturer of heavy-duty commercial hydrogen-electric ("FCEV") and battery-electric ("BEV") trucks and energy infrastructure solutions. (b) Unaudited Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited financial information reflects, in the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company's financial position, results of operations and cash flows for the periods indicated. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as amended. Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes. A ll dollar amounts are in thousands, unless otherwise noted. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Pre-production activities for Tre FCEV trucks, including manufacturing readiness, process validation, prototype builds, freight, and inventory write-downs were recorded as research and development activities on the Company's condensed consolidated statements of operations. Commensurate with the start of production, manufacturing costs, including labor and overhead, facility costs, and inventory-related expenses related to the Tre FCEV trucks, are recorded in cost of revenues beginning in the fourth quarter of 2023. On June 30, 2023, pursuant to a general assignment (the “Assignment”), the Company transferred ownership of its subsidiary, Romeo Power, Inc.'s ("Romeo") right, title and interest in and to all of its tangible and intangible assets, subject to certain agreed upon exclusions (collectively, the “Assets”) to SG Service Co., LLC, in its sole and limited capacity as Assignee for the Benefit of Creditors of Romeo (“Assignee”), and also designated Assignee to act as the assignee for the benefit of creditors of Romeo, such that, as of June 30, 2023, Assignee succeeded to all of Romeo’s right, title and interest in and to the Assets. The results of operations of Romeo are reported as discontinued operations for the three and nine months ended September 30, 2023. See Note 9, Deconsolidation of Subsidiary , for additional information. All references made to financial data in this Quarterly Report on Form 10-Q are to the Company's continuing operations, unless otherwise specifically noted. On June 24, 2024, the Company effected a one-for-thirty (1-for-30) reverse stock split of its common stock (the “Reverse Stock Split”). The Reverse Stock Split was approved by stockholders at the Company's annual meeting of stockholders on June 5, 2024, and on June 13, 2024, the Company's board of directors approved the Reverse Stock Split. Contemporaneously with the Reverse Stock Split, the number of authorized shares of common stock was reduced from 1,600,000,000 to 1,000,000,000. All references to common stock, warrants to purchase common stock, options to purchase common stock, restricted stock units, share data, per share data, conversion rates and prices with respect to convertible notes and related information contained in the unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. (c) Funding Risks and Going Concern In accordance with Accounting Standards Codification (" ASC") 205-40, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASC 205-40") the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. As an early-stage growth company, the Company's ability to access capital is critical. Until the Company can generate sufficient revenue to cover its operating expenses, working capital and capital expenditures, the Company will need to raise additional capital. Additional stock financing may not be available on favorable terms, or at all, and would be dilutive to current stockholders. Debt financing, if available, may involve restrictive covenants and dilutive financing instruments. The Company intends to employ various strategies to obtain the required funding for future operations such as continuing to access capital through the amended and restated equity distribution agreement with Citigroup Global Markets Inc. ("Citi"), as sales agent. See Note 7, Capital Structure . However, the ability to access the amended and restated equity distribution agreement is dependent on the market price of the Company's common stock and trading volumes, which cannot be assured, and as a result cannot be included as a source of liquidity for the Company’s ASC 205-40 analysis. If capital is not available to the Company when, and in the amounts needed, the Company would be required to delay, scale back, or abandon some or all of its development programs and operations, which could materially harm the Company’s business, financial condition and results of operations. The result of the Company’s ASC 205-40 analysis, due to uncertainties discussed above, is that there is substantial doubt about the Company’s ability to continue as a going concern through the next twelve months from the date of issuance of these condensed consolidated financial statements. In addition, the amount of capital available under the equity distribution agreement is not sufficient to meet the Company's capital requirements. These financial statements have been prepared by management in accordance with GAAP and this basis assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. These financial statements do not include any adjustments that may result from the outcome of this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Cash, Cash Equivalents and Restricted Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a remaining maturity of three months or less, including money market funds, to be cash equivalents. As of September 30, 2024 and December 31, 2023, the Company had $198.3 million and $464.7 million of cash and cash equivalents, respectively. Cash equivalents and restricted cash equivalents included $27.8 million and $29.8 million of highly liquid investments as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had $19.5 million and $29.3 million, respectively, in current and non-current restricted cash. Restricted cash represents cash that is restricted as to withdrawal or usage and consists of securitization of the Company's letters of credit. See Note 6, Debt and Finance Lease Liabilities, for additional details. The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the condensed consolidated statements of cash flows are as follows: As of September 30, 2024 December 31, 2023 September 30, 2023 Cash and cash equivalents $ 198,301 $ 464,715 $ 362,850 Restricted cash and cash equivalents – current 3,374 1,224 1,224 Restricted cash and cash equivalents – non-current 16,086 28,026 28,026 Cash, cash equivalents and restricted cash and cash equivalents $ 217,761 $ 493,965 $ 392,100 (b) Fair Value of Financial Instruments The carrying value and fair value of the Company’s financial instruments are as follows: As of September 30, 2024 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 27,825 $ — $ — $ 27,825 Liabilities Senior Convertible Notes — — 63,158 63,158 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 29,839 $ — $ — $ 29,839 Liabilities Derivative liability $ — $ — $ 8,871 $ 8,871 Embedded conversion features derivative liabilities In June 2022, the Company completed a private placement of $200.0 million aggregate principal amount of unsecured 8.00% / 11.00% convertible senior paid in kind ("PIK") toggle notes (the “June 2022 Toggle Convertible Notes”). On April 11, 2023, the Company completed an exchange (the "Exchange") of $100.0 million aggregate principal amount of the Company's existing June 2022 Toggle Convertible Notes for the issuance of $100.0 million aggregate principal amount of 8.00% / 11.00% Series B convertible senior PIK toggle notes (the "April 2023 Toggle Convertible Notes"). The April 2023 Toggle Convertible Notes were issued pursuant to an indenture dated as of April 11, 2023 (the "April 2023 Toggle Convertible Notes Indenture"). Additionally, in June 2023, the Company completed a private placement of $11.0 million aggregate principal amount of unsecured 8.00% / 8.00% Series C convertible senior PIK toggle notes (the "June 2023 Toggle Convertible Notes"). The June 2023 Toggle Convertible Notes were issued pursuant to an indenture dated as of June 23, 2023 (the "June 2023 Toggle Convertible Notes Indenture"). The April 2023 Toggle Convertible Notes Indenture and June 2023 Toggle Convertible Notes Indenture, among other things, limited conversion of the notes in certain instances until the earlier to occur of (x) an increase in the number of authorized shares in an amount sufficient to, among other things, allow for the issuance of common stock underlying the notes and (y) October 11, 2023, and provided that the Company would elect to settle conversions of the notes in cash until such increase in the number of authorized shares occurred, and the Company obtained the stockholder approval contemplated by Rule 5635 of the Nasdaq listing rules ("Nasdaq Rule 5635"). The conversion features embedded to the April 2023 Toggle Convertible Notes and June 2023 Toggle Convertible Notes were bifurcated and recognized separately at fair value due to the temporary requirement to settle conversions in cash, in certain instances, until stockholder approval as contemplated by Nasdaq Rule 5635 was obtained to increase the number of authorized shares. Upon the Exchange, the Company recognized $21.2 million for the embedded conversion features as a derivative liability within accrued expenses and other current liabilities on the condensed consolidated balance sheets. During the third quarter of 2023, and commensurate with stockholder approval to increase the number of authorized shares on August 3, 2023, the Company reassessed the conversion features bifurcated from the April 2023 Toggle Convertible Notes and June 2023 Toggle Convertible Notes . As of August 3, 2023, the conversion features met all equity classification criteria, and as a result, the derivative liabilities were remeasured as of August 3, 2023, and reclassified from accrued expenses and other current liabilities to additional paid-in capital on the condensed consolidated balance sheets. Changes in the fair value of the derivative liabilities are recorded within other expense, net on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2023, the change in fair value of the derivative liability was as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Estimated fair value - beginning of period $ 29,340 $ — Recognition of derivative liability — 21,180 Change in estimated fair value 212,511 220,671 Reclassification to equity (241,851) (241,851) Estimated fair value - end of period $ — $ — The fair value of the conversion features was estimated by applying a with-and-without approach to a binomial lattice model. The following reflects the inputs and assumptions used: Three Months Ended Nine Months Ended Stock price $102.00 $32.70 - $102.00 Conversion price $43.68 - $44.48 $43.68 - $44.48 Risk free rate 4.58% 3.76% - 4.58% Equity volatility 47.5% 47.5% - 60% Expected dividend yield —% —% Credit spread 14.9% 14.9% - 20.1% Additionally, on December 12, 2023, the Company consummated an underwritten public offering of $175.0 million aggregate principal amount of the Company’s 8.25% Green Convertible Senior Notes due 2026 (the “8.25% Convertible Notes”). The 8.25% Convertible Notes were issued pursuant to, and are governed by, an indenture, dated as of December 12, 2023, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by a first supplemental indenture, dated as of December 12, 2023, between the Company and the Trustee. The conversion features embedded in the 8.25% Convertible Notes met the criteria to be separated from the host contract and recognized separately at fair value. The derivative is measured both initially and in subsequent periods at fair value, with changes in fair value recognized in other expense, net on the condensed consolidated statements of operations. As of the issuance of the 8.25% Convertible Notes, the Company recognized $47.3 million for the embedded conversion features as a derivative liability within accrued expenses and other current liabilities on the condensed consolidated balance sheets. The change in fair value of the derivative liability for the nine months ended September 30, 2024 was as follows: Nine Months Ended September 30, 2024 Estimated fair value - beginning of period $ 8,871 Change in estimated fair value (2,184) Settlement of derivative liability for conversions (6,687) Estimated fair value - end of period $ — The fair value of the derivative liability was immaterial during the three months ended September 30, 2024. The fair value of the conversion features was estimated by applying a with-and-without approach. The following reflects the ranges of inputs and assumptions used: Nine Months Ended September 30, 2024 Stock price $7.40 - $31.20 Conversion price $27.00 Risk free rate 4.10% - 5.47% Credit spread 14.08% - 15.18% Liability Classified Awards During the second and third quarters of 2023, the Company reclassified certain share-based payment awards from equity to liabilities that would require cash settlement upon distribution or exercise. The fair value of these awards was determined based on the closing price of the Company's stock or a Black-Scholes model as of the measurement date and as of the end of each reporting period. Changes in the fair value of the liabilities were recognized as compensation cost over the requisite service period. As of August 3, 2023, the share-based payment awards classified as liabilities no longer required cash settlement upon distribution or exercise. The Company reclassified the share-based payment awards into additional paid in capital on the Company's condensed consolidated balance sheets at their fair value. Changes in the fair value of liability classified awards during the three and nine months ended September 30, 2023, were as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Liability classified awards - beginning of the period $ 2,006 $ — Reclassification of share-based payment awards to liability 8,395 10,401 Change in fair value 10,591 10,591 Reclassification of share-based payment awards to equity (20,992) (20,992) Liability classified awards - end of the period $ — $ — (c) Revenue Recognition Truck sales Truck sales consist of revenue recognized on the sales of the Company's trucks. The sale of a truck is generally recognized as a single performance obligation at the point in time when control is transferred to the customer, which has historically been only the Company's dealers. Control is generally deemed transferred when the product is picked up by the carrier and the dealer can direct the product's use and obtain substantially all of the remaining benefits from the product. The Company may offer certain after-market upgrades at the request of dealers. If a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the standalone selling price of each performance obligation. In accordance with state law and the Company's dealer agreements, the Company may be required to repurchase dealer inventory in the event a dealer agreement is terminated, and accounts for these as sales with right of return. The Company estimates a reserve for returns based on average historical returns, including in the event of dealer agreement terminations. Management believes that the estimate is an accurate reflection of expected returns, but actual return activity may vary from estimates. Accrued returns were approximately $4.4 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively, and are generally reflected in accrued expenses and other current liabilities on the condensed consolidated balance sheets. If the reserve applies to trucks that have an outstanding accounts receivable balance, the reserve is reflected as a reduction of accounts receivable, net. Revenue is recognized based on the transaction price, which is measured as the amount of consideration that the Company expects to receive in exchange for transferring the product pursuant to the terms of the contract with its dealer. The transaction price may be adjusted, if applicable, for variable consideration, such as rebates and financing costs on floor plan arrangements, which requires the Company to make estimates for the portion of these allowances that have yet to be credited to dealers. Payments for trucks sold are made in accordance with the Company's customary payment terms. The Company has elected an accounting policy whereby the Company does not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, the Company expects the period between the time when the Company transfers a promised good or service to the dealer and the time when the dealer pays for that good or service will be one year or less. Sales tax collected from dealers is not considered revenue and is accrued until remitted to the taxing authorities. Shipping and handling activities occur after the dealer has obtained control of the product, thus the Company has elected to account for those expenses as fulfillment costs in cost of revenues, rather than an additional promised service. Service and other Service and other revenues primarily consist of sales of charging products, regulatory credits, service parts, after-market parts, service and labor, and hydrogen. Sales are generally recognized as a single performance obligation at the point in time when control is transferred to the customer. Control is generally deemed transferred when the product is delivered to the customer and the customer can direct the product's use and obtain substantially all of the remaining benefits from the asset. Payment for products sold are made in accordance with the Company's customary payment terms and the Company's contracts do not have significant financing components. Sales tax collected is not considered revenue and is accrued until remitted to the taxing authorities. (d) Product Warranties and Recall Campaigns Product warranty costs are recognized upon transfer of control of trucks to dealers and are estimated based on factors including the length of the warranty (generally 2 to 5 years), product costs, and product failure rates. Warranty reserves are reviewed and adjusted quarterly to ensure that accruals are adequate to meet expected future warranty obligations. Estimating future warranty costs is highly subjective and requires significant management judgment. Management believes that the accruals are adequate. However, based on the limited historical information available, it is possible that substantial additional charges may be required in future periods based on new information or changes in facts and circumstances. The Company's accrual includes estimates of the replacement costs for covered parts which is based on historical experience. This estimate could be impacted by contractual changes with third-party suppliers or the need to identify new suppliers and the engineering and design costs that would accompany such a change. Recall campaign costs are recognized when a product recall liability is probable and related amounts are reasonably estimable. Costs are estimated based on the number of trucks to be repaired and the required repairs including engineering and development, product costs, labor rates, and shipping. Estimating the cost to repair the trucks is highly subjective and requires significant management judgment. Based on information that is currently available, management believes that the accruals are adequate. It is possible that substantial additional charges may be required in future periods based on new information, changes in facts and circumstances, availability of materials from key suppliers, and actions the Company may commit to or be required to undertake. During the third quarter of 2023, the Company filed a voluntary recall with the National Highway Traffic Safety Administration fo r the Company's BEV trucks, related to issues with the existing battery pack. The Company accrued recall campaign costs of $56.7 million , of which $34.9 million has been incurred through September 30, 2024 . The Company placed a temporary hold on new BEV truck shipments until its BEV truck inventory has been retrofit with alternative battery packs. See Note 11, Commitments and Contingencies , for additional information. The change in warranty liability for the three and nine months ended September 30, 2024 and 2023 is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accrued warranty - beginning of period $ 77,266 $ 11,057 $ 78,946 $ 7,788 Warranties issued in period - product warranty 19,274 172 44,353 4,245 Warranties issued in period - recall campaign — 61,848 — 61,848 Net changes in liability for pre-existing warranties (4,936) (1,084) (10,658) (1,304) Warranty costs incurred (14,472) (1,665) (35,509) (2,249) Accrued warranty - end of period $ 77,132 $ 70,328 $ 77,132 $ 70,328 As of September 30, 2024, warranty accrual of $34.1 million was recorded in accrued expenses and other current liabilities and $43.0 million in other long-term liabilities on the condensed consolidated balance sheets. As of December 31, 2023, warranty accrual of $65.7 million was recorded in accrued expenses and other current liabilities and $13.2 million in other long-term liabilities on the condensed consolidated balance sheets. (e) Segment Information Under ASC 280, Segment Reporting, operating segments are defined as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker ("CODM"), in deciding how to allocate resources and in assessing performance. The Company has two components, the Truck business unit and Energy business unit. The Truck business unit is manufacturing and selling FCEV and BEV trucks that provide, or are expected to provide, environmentally friendly, cost effective solutions to the trucking sector. The Energy business unit is developing and constructing a network of hydrogen fueling stations to meet hydrogen fuel demand for the Company's customers. The Company's chief executive officer, who is also the CODM, makes decisions and manages the Company's operations as a single reporting unit, and single operating and reportable segment for purposes of allocating resources and evaluating financial performance. (f) Goodwill The Company records goodwill when consideration paid in a purchase acquisition exceeds the fair value of the net tangible assets and the identified intangible assets acquired. Goodwill is not amortized, but rather is tested for impairment annually or more frequently if facts and circumstances warrant a review. The Company has determined that there is a single reporting unit for the purpose of the goodwill impairment test, which is performed annually on December 31. During the three months ended September 30, 2024, the Company experienced a sustained decline in stock price and in the Company's market capitalization which represents a qualitative factor indicating the carrying value of reporting unit may not be recoverable, and thus required further impairment review pursuant to ASC 350, Goodwill and Other. The Company performed an interim impairment review as of September 30, 2024, which indicated that the carrying value of the Company's single reporting unit was in excess of the fair value of the reporting unit. Accordingly, the Company recognized goodwill impairment of $5.2 million during the three and nine months ended September 30, 2024 within impairment expense on the condensed consolidated statement of operations, representing the difference between the carrying value and the fair value of the reporting unit, limited by the carrying amount of goodwill on the Company's condensed consolidated balance sheets. See Note 4, Goodwill and Intangible Assets, Net . (g) Intangible Assets with Indefinite Useful Lives The Company is required to test its intangible assets with indefinite lives for impairment annually using the guidance for indefinite-lived intangible assets in ASC 350. The Company's evaluation consists of first assessing qualitative factors to determine if impairment of the asset is more likely than not. If it is more likely than not that the asset is impaired, the Company determines the fair value of the asset and records an impairment charge if the carrying amount exceeds the fair value. During the third quarter of 2024, the sustained decline in the Company's stock price and market capitalization indicated that the carrying value of the Company's indefinite lived intangible asset was more likely than not impaired. With the assistance of a third party valuation firm, the Company determined a fair value for the indefinite lived intangible asset as of September 30, 2024, by assessing if the terms of the applicable license agreement are at market. A relief from royalty valuation approach was utilized in assessing if the implied royalty rate was deemed to be at market. The relief from royalty approach is based on the assumption that, in lieu of ownership, an entity would be willing to pay a royalty in order to benefit from the use of the asset. The relief from royalty approach involves two steps: (1) estimation of a reasonable royalty rate for the asset and (2) the application of the royalty rate to a forecasted net revenue stream and discounting the resulting cash flows to determine a present value. The Company multiplied the selected royalty rate by the forecasted net revenue to calculate the cost savings (relief from royalty payment) associated with the asset. During the three and nine months ended September 30, 2024 the Company recognized an impairment loss within impairment expense on the condensed consolidated statement of operations for $28.2 million representing the difference between the carrying value and the fair value of the Company's indefinite lived intangible asset. See Note 4, Goodwill and Intangible Assets, Net . (h) Long-Lived Assets and Finite Lived Intangibles The Company reviews its long-lived assets and finite lived intangibles for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The events and circumstances the Company monitors and considers include significant decreases in the market price of similar assets, significant adverse changes to the extent and manner in which the asset is used, an adverse change in legal factors or business climate, an accumulation of costs that exceed the estimated cost to acquire or develop a similar asset, and continuing losses that exceed forecasted costs. The Company assesses the recoverability of these assets by comparing the carrying amount of such assets or asset group to the future undiscounted cash flow it expects the assets or asset group to generate. The Company recognizes an impairment loss if the sum of the expected long-term undiscounted cash flows that the long-lived asset is expected to generate is less than the carrying amount of the long-lived asset being evaluated. An impairment charge would then be recognized equal to the amount by which the carrying amount exceeds the fair value of the asset. During the third quarter of 2024, the sustained decline in the Company's stock price and market capitalization indicated that the Company's long-lived assets and finite lived intangibles may be more likely than not impaired, thus requiring a recoverability assessment under ASC 360-10, Impairment of long-lived assets to be held and used. As of September 30, 2024, the Company performed the recoverability test as described above and concluded that all asset groups were deemed recoverable and thus no impairment was recognized during the three and nine months ended September 30, 2024. (i) Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-06 to clarify or improve disclosure and presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the FASB accounting standard codification with the SEC's regulations. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements. In December 2023, FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes, to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operation. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company plans to adopt ASU 2023-09 for the year ended December 31, 2025, and is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Inventory Inventory consisted of the following at September 30, 2024 and December 31, 2023, respectively: As of September 30, 2024 December 31, 2023 Raw materials $ 35,112 $ 32,889 Work in process 28,078 15,486 Finished goods 4,695 8,206 Service parts 8,191 6,007 Total inventory $ 76,076 $ 62,588 Inventory cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Inventories are stated at the lower of cost or net realizable value. Inventories are written down for any excess or obsolescence and when net realizable value, which is based upon estimated selling prices, is in excess of carrying value. Once inventory is written down, a new, lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration of or increase in that newly established cost basis. During the third quarter of 2023, the Company wrote down $45.7 million of BEV inventory related to the existing battery packs, cells and other BEV components which were deemed excess or obsolete due to the Company's voluntary recall. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following at September 30, 2024 and December 31, 2023, respectively: As of September 30, 2024 December 31, 2023 Insurance receivables $ 17,500 $ — Inventory deposits 16,939 4,843 Non-trade receivables 8,039 4,895 Prepaid expenses 5,715 7,573 Holdback receivable 4,869 3,655 Prepaid insurance premiums 3,890 2,148 Other current assets 2,893 1,154 Other deposits 2,151 1,643 Total prepaid expenses and other current assets $ 61,996 $ 25,911 Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following at September 30, 2024 and December 31, 2023: As of September 30, 2024 December 31, 2023 Buildings $ 240,861 $ 239,918 Construction-in-progress 105,718 135,994 Equipment 83,482 67,657 Tooling 62,114 39,389 Finance lease assets 41,072 37,504 Software 8,689 8,649 Land 7,957 7,957 Other 6,871 6,409 Leasehold improvements 3,115 3,100 Demo vehicles 1,798 788 Property, plant and equipment, gross 561,677 547,365 Less: accumulated depreciation and amortization (71,433) (43,949) Total property, plant and equipment, net $ 490,244 $ 503,416 Construction-in-progress on the Company's condensed consolidated balance sheets as of September 30, 2024 relates primarily to the development of hydrogen infrastructure. During the first quarter of 2024, the Company changed its accounting estimate for the expected useful life of tooling. The Company determined that straight-line depreciation with an estimated useful life of 5 years was more representative of the estimated economic lives of those assets than the consumption method. This change in estimate was applied prospectively effective for the first quarter of 2024 and resulted in an increase in depreciation exp ense of $2.9 million and $8.5 million for the three and nine m onths ended September 30, 2024, respectively . For the three and nine months ended September 30, 2024, the change in estimate resulted in an increase in net loss per share of $0.06 and $0.18, respectively. Depreciation expense for the three months ended September 30, 2024 and 2023 was $9.9 million and $15.1 million, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $27.8 million and $23.9 million, respectively. In July 2023, the Company executed a membership interest and asset purchase agreement (the "FFI Purchase Agreement") with FFI Phoenix Hub Holdings, LLC, a wholly-owned subsidiary of Fortescue Future Industries ("FFI"). Pursuant to the terms of the FFI Purchase Agreement, FFI Phoenix Hub Holdings, LLC, acquired 100% of the interests in Phoenix Hydrogen Hub, LLC, the Company's wholly owned subsidiary holding the assets related to the Phoenix hydrogen hub project, including land and construction-in-progress. The Company sold $24.4 million of assets during the third quarter of 2023 pursuant to the first closing. The Company's proceeds are net of a $3.7 million holdback. During the first quarter of 2024, the Company completed the second closing under the terms of the FFI Purchase Agreement. The Company sold $25.1 million of assets during the first quarter of 2024 pursuant to the second closing. The Company's proceeds are net of a $3.7 million holdback. As of September 30, 2024, the Company recognized $4.9 million in prepaid and other current assets on the condensed consolidated balance sheets for the remaining holdback receivable on the first and second closings. As of December 31, 2023, the Company recognized $3.7 million in prepaid and other current assets on the consolidated balance sheets for the holdback receivable on the first closing. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following at September 30, 2024 and December 31, 2023: As of September 30, 2024 December 31, 2023 Settlement liabilities $ 103,446 $ 91,330 Warranty liability, current 34,112 65,703 Inventory received not yet invoiced 23,408 8,642 Other accrued expenses 14,435 6,894 Accrued payroll and payroll related expenses 8,242 3,254 Accrued purchases of property, plant and equipment 7,913 2,458 Accrued purchase of intangible asset 5,624 13,796 Accrued outsourced engineering services 5,441 4,207 Operating lease liabilities, current 2,887 1,867 Derivative liability — 8,871 Total accrued expenses and other current liabilities $ 205,508 $ 207,022

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET The gross carrying amount and accumulated amortization of separately identifiable intangible assets and goodwill are as follows: As of September 30, 2024 Gross Carrying Accumulated Impairment Net Carrying Licenses: S-WAY Product and Platform license $ 50,000 $ (17,857) $ — $ 32,143 FCPM license 47,181 — (28,181) 19,000 Other intangibles 1,650 (663) — 987 Total intangible assets, net $ 98,831 $ (18,520) $ (28,181) $ 52,130 Goodwill $ 5,238 $ — $ (5,238) $ — As of December 31, 2023 Gross Carrying Accumulated Net Carrying Licenses: S-WAY Product and Platform license $ 50,000 $ (12,500) $ 37,500 FCPM license 47,181 — 47,181 Other intangibles 1,650 (471) 1,179 Total intangible assets, net $ 98,831 $ (12,971) $ 85,860 Goodwill $ 5,238 $ — $ 5,238 Amortization expense related to intangible assets for the three months ended September 30, 2024 and 2023 was $1.9 million. Amortization expense related to intangible assets for the nine months ended September 30, 2024 and 2023 was $5.5 million and $5.6 million, respectively. In 2021, the Company acquired a license for fuel cell power modules ("FCPMs") for use in the production of FCEVs. The Company expects to amortize the license beginning at the start of in-house FCPM production . As of September 30, 2024, the Company has not started amortizing the license. Due to the sustained decline in the Company's stock price and market capitalization during the three months ended September 30, 2024, the Company determined it appropriate to evaluate its definite and indefinite long-lived assets for impairment. For the three and nine months ended September 30, 2024, the Company recognized impairment charges of $33.4 million for the FCPM license and goodwill. See Note 2, Summary of Significant Accounting Policies , for additional information.

INVESTMENTS IN AFFILIATE

INVESTMENTS IN AFFILIATE	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN AFFILIATE	INVESTMENTS IN AFFILIATE The investment in an unconsolidated affiliate accounted for under the equity method consisted of the following: As of Ownership as of September 30, 2024 September 30, 2024 December 31, 2023 Wabash Valley Resources LLC 20 % $ 56,197 $ 57,062 $ 56,197 $ 57,062 Equity in net profit (loss) of affiliates on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Equity in net profit (loss) of affiliates: Nikola Iveco Europe GmbH $ — $ — $ — $ (15,556) Wabash Valley Resources LLC 173 (262) (865) (731) Total equity in net profit (loss) of affiliates $ 173 $ (262) $ (865) $ (16,287) Nikola Iveco Europe GmbH In April 2020, the Company and Iveco S.P.A. ("Iveco") became parties to a series of agreements which established a joint venture in Europe, Nikola Iveco Europe GmbH. The operations of the joint venture were located in Ulm, Germany, and consisted of manufacturing the FCEV and BEV Class 8 trucks for the European market. Nikola Iveco Europe GmbH was considered a variable interest entity ("VIE") due to insufficient equity to finance its activities without additional subordinated financial support. The Company was not considered the primary beneficiary as it did not have the power to direct the activities that most significantly impact the economic performance based on the terms of the agreements. Accordingly, the VIE was accounted for under the equity method. On June 29, 2023, the Company and Iveco executed the European Joint Venture Transaction Agreement (the "Transaction Agreement") whereby the Company sold its 50% equity interest in Nikola Iveco Europe GmbH to Iveco for $35.0 million. In conjunction with the Transaction Agreement, the Company entered into an intellectual property license agreement (the “License Agreement”), which grants Iveco and Nikola Iveco Europe GmbH a non-exclusive, perpetual, irrevocable, fully sublicensable, transferable, and fully assignable license ("Licensed Software") to software and controls technology related to the BEV and FCEV. According to the terms of the Transaction Agreement, the Company was also eligible to receive 0.7 million shares of its own common stock from Iveco, contingent on successful due diligence ("Software Due Diligence") performed by Iveco and its consultants on the Licensed Software delivered to Iveco on the divestiture closing pursuant to the License Agreement. The Software Due Diligence was evaluated based on mutually agreed criteria between Iveco and the Company. On the divestiture closing, the Company recognized a gain equal to the difference between the consideration received and its basis in the Nikola Iveco Europe GmbH investment, consisting of a liability balance of $11.4 million for investment in affiliate, and cumulative currency translation losses of $1.5 million. The delivery of the Licensed Software on the closing of the divestiture was determined to represent a right to use the Licensed Software and the performance obligation was satisfied upon the delivery of the Licensed Software on the divestiture closing. The Company recognized gains related to the derecognition of its basis in Nikola Iveco Europe GmbH and delivery of the Licensed Software in gain on divestiture of affiliate on the condensed consolidated statements of operations. During the nine months ended September 30, 2023, the Company recognized a gain of $70.8 million in gain on divestiture of affiliates consisting of the following: Nine Months Ended September 30, 2023 Cash consideration received $ 35,000 Contingent stock consideration receivable 25,956 Derecognition of investment in affiliate 11,428 Derecognition of cumulative currency translation losses (1,535) Gain on divestiture of affiliate $ 70,849 Contingent stock consideration receivable The contingent stock consideration was accounted for as variable consideration and included in total consideration as of the divestiture closing, as it was not probable that a significant reversal of such consideration would occur upon resolution of the contingency. On August 3, 2023, the Software Due Diligence was deemed successful and Iveco transferred to the Company 0.7 million shares of Nikola common stock, which were immediately retired. The Company recognized the fair value of the common stock upon receipt in accumulated deficit on the condensed consolidated balance sheets. The fair value of the contingent stock consideration was measured based on the closing price of the Company's common stock, with changes in fair value recognized in other expense, net on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2023, the change in fair value of the contingent stock consideration was as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Fair value - beginning of the period $ 28,428 $ — Contingent stock consideration recognized on Divestiture Closing — 25,956 Change in fair value 41,509 43,981 Delivery of shares for stock consideration (69,937) (69,937) Fair value - end of the period $ — $ — Wabash Valley Resources LLC On June 22, 2021, the Company entered into a Membership Interest Purchase Agreement (the "MIPA") with Wabash Valley Resources LLC ("WVR") and the Sellers, pursuant to which, the Company purchased a 20% equity interest in WVR in exchange for $25.0 million in cash and 56,079 shares of the Company’s common stock. The common stock consideration was calculated based on the Company's 30-day average closing stock price, or $445.80 per share, and the Company issued 56,079 shares of its common stock. The Company's interest in WVR is accounted for under the equity method and is included in investment in affiliate on the Company's condensed consolidated balance sheets. Included in the initial carrying value was a basis difference of $55.5 million due to the difference between the cost of the investment and the Company's proportionate share of WVR's net assets. The basis difference is primarily comprised of property, plant and equipment and intangible assets. As of September 30, 2024, the Company's maximum exposure to loss was $56.7 million, which represents the book value of the Company's equity interest and loans to WVR for $0.5 million.

DEBT AND FINANCE LEASE LIABILIT

DEBT AND FINANCE LEASE LIABILITIES	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCE LEASE LIABILITIES	DEBT AND FINANCE LEASE LIABILITIES A summary of debt and finance lease liabilities as of September 30, 2024 and December 31, 2023, were as follows: As of September 30, 2024 December 31, 2023 Current: Senior Convertible Notes $ 63,158 $ — Finance lease liabilities 6,187 6,312 Insurance premium financing 2,791 1,852 Promissory notes 827 699 Financing obligations 148 87 Debt and finance lease liabilities, current $ 73,111 $ 8,950 As of September 30, 2024 December 31, 2023 Non-current: Toggle Convertible Notes $ 138,483 $ 124,061 Financing obligations 102,169 101,470 Finance lease liabilities 26,353 26,395 8.25% Convertible Notes 1,226 15,047 Promissory notes 1,787 2,306 Long-term debt and finance lease liabilities, net of current portion $ 270,018 $ 269,279 The fair values of the following debt obligations are estimated using level 2 fair value inputs, including stock price and risk-free rates. The following table presents the carrying value and estimated fair values: As of September 30, 2024 Carrying Value Fair Value June 2022 Toggle Convertible Notes $ 128,159 $ 125,669 June 2023 Toggle Convertible Notes 10,324 11,136 Promissory notes 2,614 2,593 Insurance Premium financing 2,791 2,773 8.25% Convertible Notes 1,226 644 Toggle Convertible Notes In June 2022, the Company completed a private placement of $200.0 million aggregate principal amount of the Company's June 2022 Toggle Convertible Notes, which will mature on May 31, 2026. The June 2022 Toggle Convertible Notes were issued pursuant to an indenture, dated as of June 1, 2022 (the "June 2022 Toggle Convertible Notes Indenture"). In conjunction with the issuance of the April 2023 Toggle Convertible Notes, the Company executed the first supplemental indenture to the June 2022 Toggle Convertible Notes Indenture dated as of April 3, 2023 (the "First Supplemental Indenture to June 2022 Toggle Convertible Notes Indenture"), and the second supplemental indenture to the June 2022 Toggle Convertible Notes Indenture dated as of April 10, 2023 (the "Second Supplemental Indenture to June 2022 Toggle Convertible Notes Indenture"), which First Supplemental Indenture to June 2022 Toggle Convertible Notes Indenture, among other things, amended the conversion provisions of the June 2022 Toggle Convertible Notes Indenture to limit conversions of the June 2022 Toggle Convertible Notes in certain instances until the earlier to occur of (x) an increase in the number of authorized shares in an amount sufficient to, among other things, allow for the issuance of common stock underlying the June 2022 Toggle Convertible Notes and (y) October 11, 2023, and provide that the Company shall elect to settle conversions of the June 2022 Toggle Convertible Notes in cash prior to such increase in the number of authorized shares. In June 2023, the Company completed the private placement of $11.0 million aggregate principal amount of the Company's June 2023 Toggle Convertible Notes (together with the June 2022 Toggle Convertible Notes and the April 2023 Toggle Convertible Notes, the "Toggle Convertible Notes"), which will mature on May 31, 2026. The June 2023 Toggle Convertible Notes were issued pursuant to the June 2023 Toggle Convertible Notes Indenture (together with the June 2022 Toggle Convertible Notes Indenture and the April 2023 Toggle Convertible Notes Indenture, the "Toggle Convertible Notes Indentures"). The June 2023 Toggle Convertible Notes were issued in consideration as a consent fee to the holders for execution of the third supplemental indenture to the June 2022 Toggle Convertible Notes Indenture dated as of June 23, 2023 (the "Third Supplemental Indenture to June 2022 Notes"), and the first supplemental indenture to the April 2023 Toggle Convertible Notes Indenture dated as of June 23, 2023 (the "First Supplemental Indenture to April 2023 Notes"), which, among other things, released Romeo as a guarantor of the June 2022 Toggle Convertible Notes and the April 2023 Toggle Convertible Notes, respectively. The April 2023 Toggle Convertible Notes were fully converted in the third quarter of 2023. As of September 30, 2024 and December 31, 2023, the June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes were outstanding. Below is a summary of certain terms of the outstanding Toggle Convertible Notes: Interest Payments The Company can elect to make any interest payment on the Toggle Convertible Notes in cash ("Cash Interest"), through the issuance of additional Toggle Convertible Notes in the form of the Toggle Convertible Notes with respect to which such interest is due ("PIK Interest"), or any combination thereof. Interest on the Toggle Convertible Notes is payable semi-annually in arrears. The interest rates and payment dates for each of the Toggle Convertible Notes is summarized below: June 2022 Toggle Convertible Notes June 2023 Toggle Convertible Notes PIK interest rate (per annum) 11.00% 8.00% Cash interest rate (per annum) 8.00% 8.00% Semi-annual interest payable dates May 31 and November 30 of each year June 30 and December 31 of each year First interest payment date November 30, 2022 December 31, 2023 Interest on the June 2023 Toggle Convertible Note that accrued from June 23, 2023 was paid as PIK Interest on December 31, 2023. Conversions Based on the applicable conversion rate, the Toggle Convertible Notes plus any accrued and unpaid interest are convertible into cash, shares of the Company’s common stock or a combination thereof, at the Company’s election. With respect to the June 2022 Toggle Convertible Notes, the conversion rate was adjusted on June 24, 2024, to be 3.8120 shares per $1,000 principal amount, subject to customary anti-dilution adjustments in certain circumstances, which represents an adjusted conversion price of approximately $262.33 per share. With respect to the June 2023 Toggle Convertible Notes, the conversion rate was adjusted on June 24, 2024, to be an amount equal to (a) 22.4809 divided by (b) a quotient, (i) the numerator of which is the sum of (x) the initial principal amount of the June 2023 Toggle Convertible Notes outstanding immediately prior to such conversion and (y) the aggregate amount capitalized related to PIK Interest issuances in respect of interest that came due on the June 2023 Toggle Convertible Notes and (ii) the denominator of which is the initial principal amount of the June 2023 Toggle Convertible Notes. The Toggle Convertible Notes Indentures provide that prior to February 28, 2026, the Toggle Convertible Notes will be convertible at the option of the holders only upon the occurrence of specified events and during certain periods, and will be convertible on or after February 28, 2026, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the Toggle Convertible Notes. Holders of the Toggle Convertible Notes will have the right to convert all or a portion of their Toggle Convertible Notes prior to the close of business on the business day immediately preceding February 28, 2026 only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on September 30, 2022 for the June 2022 Toggle Convertible Notes, and during any fiscal quarter commencing after the fiscal quarter ending on September 30, 2023 for the June 2023 Toggle Convertible Notes (and only during such fiscal quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the Toggle Convertible Notes on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of the Toggle Convertible Notes for each trading day of that ten consecutive trading day period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate of the Toggle Convertible Notes on each such trading day; (iii) if the Company calls such Toggle Convertible Notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. Redemption The Company may not redeem the Toggle Convertible Notes prior to June 1, 2025. The Company may redeem the Toggle Convertible Notes in whole or in part, at its option, on or after such date and prior to the 26th scheduled trading day immediately preceding the maturity date, for a cash purchase price equal to the aggregate principal amount of any Toggle Convertible Notes to be redeemed plus accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or following issuance by the Company of a notice of redemption, in certain circumstances, the Company will increase the conversion rate for a holder who elects to convert its Toggle Convertible Notes (other than the June 2023 Toggle Convertible Notes) in connection with such a corporate event or who elects to convert any such Toggle Convertible Notes called for redemption during the related redemption period. Additionally, in the event of a fundamental change or a change in control transaction, holders of the Toggle Convertible Notes will have the right to require the Company to repurchase all or a portion of their Toggle Convertible Notes at a price equal to 100% of the capitalized principal amount of such Toggle Convertible Notes, in the case of a fundamental change, or 130% of the capitalized principal amount of such Toggle Convertible Notes, in the case of change in control transactions, in each case plus any accrued and unpaid interest to, but excluding, the repurchase date. The Toggle Convertible Notes Indentures include restrictive covenants that, subject to specified exceptions, limit the ability of the Company and its subsidiaries to incur secured debt in excess of $500.0 million, incur other subsidiary guarantees, and sell equity interests of any subsidiary that guarantees the Toggle Convertible Notes. In addition, the Toggle Convertible Notes Indentures include customary terms and covenants, including certain events of default after which the holders may accelerate the maturity of the Toggle Convertible Notes issued thereunder and cause them to become due and payable immediately upon such acceleration. During the second quarter of 2023, the exchange of $100.0 million of June 2022 Toggle Convertible Notes for the issuance of $100.0 million of April 2023 Toggle Convertible Notes was determined to represent a substantial change in terms and extinguishment accounting was applied. The Company recognized a loss on debt extinguishment of $20.4 million for the nine months ended September 30, 2023. As part of the assessment of the exchange, the Company bifurcated the conversion features on the April 2023 Toggle Convertible Notes and recognized a derivative liability of $21.2 million as of the exchange date, resulting in an adjustment to the debt discount. Additionally, during the second quarter of 2023, the execution of the Third Supplemental Indenture to June 2022 Toggle Convertible Notes Indenture and First Supplemental Indenture to April 2023 Toggle Convertible Notes Indenture were deemed modifications to the notes outstanding under the June 2022 Toggle Convertible Notes Indenture and April 2023 Toggle Convertible Notes Indenture, respectively, as the amended terms did not substantially change the terms of the respective notes. The consideration paid to the holders in the form of the issuance of the June 2023 Toggle Convertible Notes was recognized as an issuance cost upon modification and is amortized as an adjustment of interest expense over the remaining terms of the June 2022 Toggle Convertible Notes and April 2023 Toggle Convertible Notes. On August 4, 2023, the holders of the April 2023 Toggle Convertible Notes exercised their conversion right for all the outstanding principal amount. The Company elected to settle the conversion with the issuance of 2,415,293 shares of common stock. The remaining unamortized discount was recognized in interest expense, net on the condensed consolidated statements of operations due to the reclassification of the conversion feature to equity. The net carrying amounts of the debt component of the Toggle Convertible Notes as of September 30, 2024 and December 31, 2023 were as follows: June 2022 Toggle Convertible Notes June 2023 Toggle Convertible Notes As of September 30, 2024 As of December 31, 2023 As of September 30, 2024 As of December 31, 2023 Principal amount $ 130,269 $ 123,478 $ 11,918 $ 11,460 Accrued PIK interest 4,816 1,170 238 — Unamortized discount (1,672) (2,306) (1,832) (2,496) Unamortized issuance costs (5,254) (7,245) — — Net carrying amount $ 128,159 $ 115,097 $ 10,324 $ 8,964 As of September 30, 2024, the effective interest rates on the June 2022 Toggle Convertible Notes and June 2023 Toggle Convertible Notes were 13.90% and 17.24%, respectively. A mortization of the debt discount and issuance costs is reported as a component of interest expense and is computed using the straight-line method over the term of the applicable Toggle Convertible Notes, which approximates the effective interest method. The following table presents the Company's interest expense related to the June 2022 Toggle Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual interest expense $ 3,582 $ 3,219 $ 10,438 $ 12,464 Amortization of debt discount and issuance costs 906 785 2,625 2,520 Total interest expense $ 4,488 $ 4,004 $ 13,063 $ 14,984 The following table presents the Company's interest expense related to the April 2023 Toggle Convertible Notes: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Contractual interest expense $ 1,096 $ 3,562 Amortization of debt discount and issuance costs 41,530 42,242 Total interest expense $ 42,626 $ 45,804 The following table presents the Company's interest expense related to the June 2023 Toggle Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual interest expense $ 238 $ 220 $ 697 $ 240 Amortization of debt discount and issuance costs 231 253 663 253 Total interest expense $ 469 $ 473 $ 1,360 $ 493 Senior Convertible Notes First Purchase Agreement Notes On December 30, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with the investors named therein for the sale of up to $125.0 million in initial principal amount of senior convertible notes (the “Purchase Agreement Notes”), in a registered direct offering. The Purchase Agreement Notes are convertible into shares of the Company’s common stock, subject to certain conditions and limitations. The Company consummated an initial closing for the sale of $50.0 million in aggregate principal amount of Purchase Agreement Notes on December 30, 2022 (the "Series A Notes"). Subsequent to the initial closing, the Company entered into amended securities purchase agreements (the "Amended Purchase Agreements") pursuant to which the Company consummated additional closings on March 17, 2023 for the sale of $25.0 million in aggregate principal amount of Purchase Agreement Notes (the "Series B-1 Notes"), on May 10, 2023 for the sale of $15.0 million in aggregate principal amount of Purchase Agreement Notes (the "Series B-2 Notes"), and on May 25, 2023 for the sale of $12.1 million in aggregate principal amount of Purchase Agreement Notes (the "Series B-3 Notes"). The purchase price for the Purchase Agreement Notes is $1,000 per $1,000 principal amount. Each Purchase Agreement Note accrued interest at a rate of 5% per annum, payable in arrears on the first calendar day of each calendar quarter, beginning April 1, 2023 for the Series A Notes, June 1, 2023 for the Series B-1 Notes, and July 1, 2023 for the Series B-2 and Series B-3 Notes. Interest was payable in cash or shares of the Company's common stock or in a combination of cash and shares of common stock, at the Company’s option. Each Purchase Agreement Note issued pursuant to the Purchase Agreement and Amended Purchase Agreements had a maturity date of one year from issuance. Upon any conversion, redemption or other repayment of a Purchase Agreement Note, a “make-whole” amount equal to the amount of additional interest that would accrue under such Purchase Agreement Note at the interest rate then in effect assuming that the outstanding principal of such Purchase Agreement Notes remained outstanding through and including the maturity date of such Purchase Agreement Note. At any time on or after January 9, 2023, all or any portion of the principal amount of each Purchase Agreement Note, plus accrued and unpaid interest, any make-whole amount and any late charges thereon (the “Conversion Amount”), is convertible at any time, in whole or in part, at the noteholder’s option, into shares of the Company's common stock at a conversion price per share (the “Conversion Price”) equal to the lower of (i) the applicable “reference price”, subject to certain adjustments (the “Reference Price”), (ii) the greater of (x) the applicable “floor price” (the “Floor Price”) and (y) the volume weighted average price (“VWAP”) of the common stock as of the conversion date, and (iii) the greater of (x) the Floor Price, and as elected by the converting noteholder, (y) either (X) depending on the delivery time of the applicable conversion notice, (1) the VWAP as of the applicable conversion date or (2) the VWAP immediately prior to the applicable conversion date and (Y) 95% of the average VWAP for the three trading days commencing on, and including, the applicable conversion date, subject to adjustment in accordance with the terms of the Purchase Agreement Notes. The Reference Price and Floor Price applicable to each issuance of Purchase Agreement Notes is summarized below: Reference Price Floor Price Series A Notes $ 179.250 $ 14.340 Series B-1 Notes $ 121.500 $ 14.340 Series B-2 Notes $ 64.200 $ 14.340 Series B-3 Notes $ 58.545 $ 14.340 The following table summarizes conversions of the Purchase Agreement Notes during the nine months ended September 30, 2023 : Series A Notes Series B-1 Notes Series B-2 Notes Series B-3 Notes Shares of common stock issued for conversions 726,187 704,256 725,276 754,639 Principal balance converted $ 50,000 $ 25,000 $ 15,000 $ 12,076 Make-whole interest converted $ 2,500 $ 1,250 $ 750 $ 604 Average conversion price $ 72.30 $ 37.27 $ 21.72 $ 16.80 The Company elected to account for the Purchase Agreement Notes pursuant to the fair value option under ASC 825. ASC 825-10-15-4 provides for the “fair value option” election, to the extent not otherwise prohibited by ASC 825-10-15-5, to be afforded to financial instruments, wherein the financial instrument is initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The Company believes that the fair value option better reflects the underlying economics of the Purchase Agreement Notes. The Purchase Agreement Notes were fully converted in the second quarter of 2023, and the Purchase Agreement was terminated in the third quarter of 2023. Second Purchase Agreement Notes On August 21, 2023 , the Company entered into a securities purchase agreement (the "Second Purchase Agreement" ) with the investors named therein for the sale of up to $325.0 million in initial principal amount of senior convertible notes (the “ Second Purchase Agreement Notes ”), in a registered direct offering. The Second Purchase Agreement Notes (together with the First Purchase Agreement Notes, the "Senior Convertible Notes") are convertible into shares of the Company’s common stock, subject to certain conditions and limitations. The Company consummated an initi al closing for the sale of $125.0 million in aggregate principal amount of Second Purchase Agreement Notes on August 21, 2023 (the "Series A-1 Notes"). Subsequent to the initial closing, the Company entered into a supplemental indenture pursuant to which the Company consummated an additional closing on September 22, 2023 for the sale of $40.0 million in aggregate principal amount of Second Purchase Agreement Notes (the "Series A-2 Notes"). The purchase price for the Second Purchase Agreement Notes is $1,000 per $1,000 principal amount. Each Second Purchase Agreement Note accrued interest at a rate of 5% per annum, payable in arrears on the first calendar day of each calendar quarter, beginning January 1, 2024 for the Series A-1 Notes and for the Series A-2 Notes. Each Second Purchase Agreement Note issued pursuant to the Second Purchase Agreement had a maturity date of one year from issuance, which may be extended at the option of the noteholders in certain instances. Upon any conversion, redemption or other repayment of a Second Purchase Agreement Note, a “make-whole” amount equal to the amount of additional interest that would accrue under such Second Purchase Agreement Note at the interest rate then in effect assuming that the outstanding principal of such Second Purchase Agreement Notes remained outstanding through and including the maturity date of such Second Purchase Agreement Note. At any time on or after August 21, 2023, the Conversion Amount is convertible at any time, at the Conversion Price. The Reference Price and Floor Price applicable to each issuance of Second Purchase Agreement Notes is summarized below: Reference Price Floor Price Series A-1 Notes $ 88.200 $ 11.400 Series A-2 Notes $ 88.200 $ 11.400 The following table summarizes conversions of the Second Purchase Agreement Notes during the three and nine months ended September 30, 2023: Series A-1 Notes Series A-2 Notes Shares of common stock issued for conversions 4,279,353 190,701 Principal balance converted $ 125,000 $ 7,619 Make-whole interest converted $ 6,250 $ 381 Average conversion price $ 30.67 $ 41.95 The Company elected to account for the Second Purchase Agreement Notes pursuant to the fair value option under ASC 825. The Second Purchase Agreement Notes were fully converted in the third quarter of 2023, and the Second Purchase Agreement was terminated in the third quarter of 2024. Third Purchase Agreement Notes On August 19, 2024, the Compa ny entered into a securities purchase agreement (the "Third Purchase Agreement" ) with the investors named therein for the sale of up to $160.0 million in initial principal amount of senior convertible notes (the “ Third Purchase Agreement Notes ”), in a registered direct offering. The Third Purchase Agreement Notes (together with the First Purchase Agreement Notes and the Second Purchase Agreement, the "Senior Convertible Notes") are convertible into shares of the Company’s common stock, subject to certain conditions and limitations. The Company consummated an initi al closing for the sale of $80.0 million in aggregate principal amount of Third Purchase Agreement Notes on August 19, 2024 (the "Series B-1 Notes"). The purchase price for the Third Purchase Agreement Notes is $1,000 per $1,000 principal amount. Subject to certain conditions being met or waived, at the option of the Company and with the investors’ consent, one or more additional closings for up to the remaining principal amount of Third Purchase Agreement Notes may occur. Each Third Purchase Agreement Note will accrue interest at a rate of 5% per annum, payable in arrears on the first calendar day of each calendar quarter, beginning October 1, 2024 for the Series B-1 Notes. Interest will not be paid in cash but will be capitalized on each interest payment date by adding the accrued interest to the then outstanding principal of the Notes. Each Third Purchase Agreement Note issued pursuant to the Third Purchase Agreement will have a maturity date of one year from issuance, which may be extended at the option of the noteholders in certain instances. Upon any conversion, redemption or other repayment of a Third Purchase Agreement Note, a “make-whole” amount equal to the amount of additional interest that would accrue under such Third Purchase Agreement Note at the interest rate then in effect assuming that the outstanding principal of such Third Purchase Agreement Notes remained outstanding through and including the maturity date of such Third Purchase Agreement Note. Pursuant to Nasdaq Rule 5635, the Company is limited to the issuance of an aggregate of 10,114,374 shares under the terms of the Third Purchase Agreement. The Company will not issue any shares of common stock upon conversion of any Third Purchase Agreement Notes if the issuance of such common stock, together with all other common stock issued in connection with the Third Purchase Agreement Notes, would exceed the aggregate number of shares issuable pursuant to Nasdaq Rule 5635 (the “Exchange Cap”), except that such limitation shall not apply in the event that the Company obtains the approval of its stockholders as required by the applicable rules of the Nasdaq Stock Market. At any time the Company is prohibited from issuing shares of common stock due to the Exchange Cap, the Company will pay cash in accordance with the terms of the Third Purchase Agreement Notes. There are no limitations to the timing or amount that may be converted by the holder when the Company is prohibited from issuing shares of common stock due to the Exchange Cap. Upon a conversion that occurs when the Company is prohibited from issuing shares due to the Exchange Cap, a cash payment is required upon the conversion date and upon final pricing of the conversion which occurs two Subsequent Events. As the Exchange Cap limitation was reached, there is no additional capacity to issue shares remaining under the Third Purchase Agreement without stockholder approval. At any time on or after August 19, 2024, the Conversion Amount is convertible at any time, at the Conversion Price. The Reference Price and Floor Price applicable to each issuance of Third Purchase Agreement Notes is summarized below: Reference Price Floor Price Series B-1 Notes $ 12.200 $ 1.620 The Company elected to account for the Third Purchase Agreement Notes pursuant to the fair value option under ASC 825. Using an as-converted fair value methodology, the Company determined the fair value of the Series B-1 Notes upon issuance were $88.4 million. The Company recognized an immediate fair value adjustment of $8.4 million in other expense, net on the condensed consolidated statement of operations for the three and nine months ended September 30, 2024. Additionally, the Company recognized $4.9 million in interest expense, net on the condensed consolidated statement of operations for the three and nine months ended September 30, 2024 for placement agent fees and other issuance costs. As of September 30, 2024, the Company recognized $63.2 million on the condensed consolidated balance sheets for the fair value of Third Purchase Agreement Notes outstanding. The following table summarizes conversions of the Third Purchase Agreement Notes during the three and nine months ended September 30, 2024: Series B-1 Notes Shares of common stock issued for conversions 4,600,695 Principal balance converted $ 22,857 Make-whole interest converted $ 1,143 Average conversion price $ 5.69 Carrying value of notes converted $ 25,263 Loss on debt extinguishment $ 923 8.25% Convertible Notes On December 12, 2023, the Company consummated the sale and issuance of $175.0 million aggregate principal amount of the 8.25% Convertible Notes. The 8.25% Convertible Notes are senior, unsecured obligations of the Company. The 8.25% Convertible Notes accrue interest at a rate of 8.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2024. The 8.25% Convertible Notes will mature on December 15, 2026, unless earlier repurchased, redeemed or converted. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their 8.25% Convertible Notes at their option. The Company will settle conversions by delivering (i) shares of the Company’s common stock (together, if applicable, with cash in lieu of any fractional share), at the then-applicable conversion rate; and (ii) a cash amount representing the present value of remaining scheduled coupon payments on the converted notes discounted at United States treasuries plus 50 basis points (the “Coupon Make-Whole Premium”). The conversion rate was adjusted on June 24, 2024, to be 37.0370 shares of common stock per $1,000 principal amount of 8.25% Convertible Notes, which represents an adjusted conversion price of approximately $27.00 per share of common stock. The conversion rate and conversion price are subject to further customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a make-whole fundamental change occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. The 8.25% Convertible Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the Company’s option at any time, and from time to time, on or after December 15, 2025 and before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 175% of the conversion price on each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. However, the Company may not redeem less than all of the outstanding 8.25% Convertible Notes unless at least $100.0 million aggregate principal amount of 8.25% Convertible Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price will be a cash amount equal to the principal amount of the 8.25% Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If certain corporate events that constitute a fundamental change occur prior to the maturity date, then, subject to a limited exception for certain cash mergers, noteholders may require the Company to repurchase their 8.25% Convertible Notes at a cash repurchase price equal to the principal amount of the 8.25% Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of fundamental change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. The 8.25% Convertible Notes have customary provisions relating to the occurrence of events of default, which include the following: (i) certain payment defaults on the 8.25% Convertible Notes (which, in the case of a default in the payment of interest on the 8.25% Convertible Notes, will be subject to a 30-day cure period); (ii) the Company’s failure to send certain notices under the Indenture with respect to the 8.25% Convertible Notes within specified periods of time; (iii) the Company’s failure to comply with certain covenants in the Indenture relating to the Company’s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (iv) a default by the Company in its other obligations or agreements under the Indenture or the 8.25% Convertible Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (v) certain payment defaults or other defaults that result in the acceleration prior to stated maturity of indebtedness for borrowed money of the Company or any of its significant subsidiaries of at least $30,000,000 are not cured, waived, rescinded or discharged, as applicable, within 30 days after notice is given in accordance with the Indenture; (vi) the rendering of certain judgments against the Company or any of its significant subsidiaries for the payment of at least $30,000,000 (excluding any amounts covered by insurance), where such

CAPITAL STRUCTURE

CAPITAL STRUCTURE	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
CAPITAL STRUCTURE	CAPITAL STRUCTURE Shares Authorized As of September 30, 2024, the Company had authorized 1,150,000,000 shares consisting of 1,000,000,000 shares designated as common stock and 150,000,000 shares designated as preferred stock. Warrants As of September 30, 2024 and December 31, 2023, the Company had 28,038 private warrants outstanding. The Company assumed the private warrants previously issued by VectoIQ Acquisition Corp. ("VectoIQ") and Romeo, respectively, and each private warrant entitles the registered holder to purchase one share of common stock at a price of $345.00 or $2,908.94 per share, respectively, subject to adjustment. The outstanding private warrants are immaterial. The exercise price and number of common shares issuable upon exercise of the private warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the private warrants will not be adjusted for the issuance of common stock at a price below their exercise price. Stock Purchase Agreements First Purchase Agreement with Tumim On June 11, 2021, the Company entered into a common stock purchase agreement (the "First Tumim Purchase Agreement") and a registration rights agreement (the "Registration Rights Agreement") with Tumim Stone Capital LLC ("Tumim"), pursuant to which Tumim committed to purchase up to $300.0 million in shares of the Company's common stock, subject to certain limitations and conditions set forth in the First Tumim Purchase Agreement. Under the terms of the First Tumim Purchase Agreement, the Company had the right, but not the obligation, to sell to Tumim, shares of common stock over the period commencing on the date of the First Tumim Purchase Agreement (the “Tumim Closing Date”) and ending on the first day of the month following the 36-month anniversary of the Tumim Closing Date. The purchase price was calculated as 97% of the volume weighted average prices of the Company's common stock during normal trading hours for three consecutive trading days commencing on the purchase notice date. During the nine months ended September 30, 2023 , the Company sold 114,033 shares of common stock, for proceeds of $8.4 million, and terminated the First Tumim Purchase Agreement during the first quarter of 2023. Second Purchase Agreement with Tumim On September 24, 2021, the Company entered into a second common stock purchase agreement (the "Second Tumim Purchase Agreement") and a registration rights agreement with Tumim, pursuant to which Tumim committed to purchase up to $300.0 million in shares of the Company's common stock, subject to certain limitations and conditions set forth in the Second Tumim Purchase Agreement. Under the terms of the Second Tumim Purchase Agreement, the Company had the right, but not the obligation, to sell to Tumim, shares of common stock over the period commencing on the date of the Second Tumim Purchase Agreement (the “Second Tumim Closing Date”) and ending on the first day of the month following the 36-month anniversary of the Second Tumim Closing Date, provided that certain conditions have been met. The purchase price was calculated as 97% of the volume weighted average prices of the Company's common stock during normal trading hours for three consecutive trading days commencing on the purchase notice date. During the nine months ended September 30, 2023 , the Company sold 959,693 shares of common stock, for proceeds of $59.2 million to Tumim under the terms of the Second Tumim Purchase Agreement , and terminated the Second Tumim Purchase Agreement during the third quarter of 2023 . Equity Distribution Agreement In August 2022, the Company entered into an equity distribution agreement with Citi as sales agent, pursuant to which the Company can issue and sell shares of its common stock with an aggregate maximum offering price of $400.0 million . In August 2023, the Company amended and restated the equity distribution agreement (as amended and restated through May 2024, the "Equity Distribution Agreement") with Citi as a sales agent, pursuant to which the Company increased the aggregate maximum offering price by $200.0 million, resulting in an aggregate offering price of up to $600.0 million . The Company pays Citi a fixed commission rate of 2.5% of gross offering proceeds of shares sold under the Equity Distribution Agreement. During the three and nine months ended September 30, 2024, the Company sold 2,104,738 and 5,258,862 shares of common stock under the Equity Distribution Agreement at an average price per share of $10.19 and $14.02, for gross proceeds of $21.5 million and $73.8 million , an d net proceeds of approximately $20.8 million and $71.7 million, after $0.7 million and $2.1 million, respectively. in commissions to the sales agent and other issuance costs. During the three and nine months ended September 30, 2023 , the Company sold 922,096 and 2,223,015 shares of common stock under the Equity Distribution Agreement at an average price per share of $59.11 and $53.33, respectively, for gross proceeds of $54.5 million and $118.6 million an d net proceeds of approximately $53.1 million and $115.6 million, after $1.4 million and $3.0 million, respectively, in commissions to the sales agent. Commissions incurred in connection with the Equity Distribution Agreement are reflected as a reduction of additional paid-in capital on the Company's condensed consolidated balance sheets. C ommissions recognized in accrued expenses and other current liabilities on the Company's condensed consolidated balance sheets were $1.8 million as of September 30, 2024 and immaterial as of December 31, 2023. Public Offering The Company sold 997,024 shares of common stock in an underwritten public offering (the "Public Offering") at an offering price of $33.60 per share. The Public Offering closed on April 4, 2023, and the Company received net proceeds of $32.2 million after underwriters discounts and offering costs. Direct Offering The Company entered into a stock purchase agreement with an investor (the "Investor") pursuant to which the investor agreed to purchase up to $100.0 million of shares of the Company's common stock in a registered direct offering (the "Direct Offering"), with the actual amount of shares of common stock purchased in the Direct Offering reduced to the extent of the total number of shares issued pursuant to the Public Offering. The Direct Offering closed on April 11, 2023, and the Company sold 1,979,167 shares of common stock at the Public Offering price of $33.60 per share to the Investor for net proceeds of $63.2 million, after deducting placement agent fees and offering expenses.

STOCK BASED COMPENSATION EXPENS

STOCK BASED COMPENSATION EXPENSE	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION EXPENSE	STOCK BASED COMPENSATION EXPENSE 2017 and 2020 Stock Plans The 2017 Stock Option Plan (the “2017 Plan”) provides for the grant of incentive and nonqualified options to purchase common stock to officers, employees, directors, and consultants. Options were granted at a price not less than the fair market value on the date of grant and generally became exercisable between one The Nikola Corporation 2020 Stock Incentive Plan ("2020 Plan") provides for the grant of incentive and nonqualified stock options, restricted stock units ("RSUs"), restricted share awards, stock appreciation awards, and cash-based awards to employees, outside directors, and consultants of the Company. The 2020 Plan and the Nikola Corporation 2020 Employee Stock Purchase Plan ("2020 ESPP") became effective immediately upon the closing of the business combination with VectoIQ. No offerings have been authorized to date by the Company's board of directors under the ESPP. Stock Options A summary of changes in stock options are as follows: Options Weighted Weighted Average Outstanding at December 31, 2023 501,362 $ 40.74 3.64 Granted — — Exercised — — Cancelled (3,838) 44.39 Outstanding at September 30, 2024 497,524 2.87 Vested and exercisable as of September 30, 2024 497,524 $ 41.10 2.87 Restricted Stock Units A summary of changes in RSUs are as follows: Number of RSUs Balance at December 31, 2023 851,228 Granted 536,726 Released (352,262) Cancelled (92,153) Balance at September 30, 2024 943,539 Market Based RSUs The Company grants market based RSUs to its executive officers, which entitle them to receive a specified number of shares of the Company's common stock upon vesting. The number of shares earned could range between 0% and 200% of the target award depending upon the Company's performance at the conclusion of the performance period. The performance condition of the awards is based on total shareholder return ("TSR") of the Company's common stock relative to a broad group of green energy companies. During the first quarter of 2024, the Company granted 20,000 TSR awards to a new executive officer, with a performance period end date of December 31, 2025 . During the second and third quarters of 2024, the Company granted 366,300 TSR awards to its executive officers with a performance period end date of December 31, 2026. The fair value of the TSR awards on the grant date was determined using a Monte Carlo simulation model, which utilizes significant assumptions including stock volatility and risk free rates, and does not change throughout the vesting period. The grant date fair value of the TSR awards was determined to be $11.0 million and is recognized over the vesting period. The following represents the range of significant assumptions used to determine the grant date fair value for the TSR awards: Nine Months Ended September 30, 2024 Stock price $7.22 - $20.88 Term (years) 1.82 - 2.68 Risk-free interest rate 3.8% - 4.9% Expected volatility 115.2% - 118.5% Expected dividend yield —% A summary of changes in market based RSUs are as follows: Number of Market Based RSUs Balance at December 31, 2023 100,003 Granted 386,300 Released — Cancelled — Balance at September 30, 2024 486,303 Stock Compensation Expense The following table presents the impact of stock-based compensation expense on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 434 $ 414 $ 1,114 $ 1,813 Research and development 2,473 3,383 7,825 19,043 Selling, general, and administrative 5,694 14,862 16,398 48,060 Total stock-based compensation expense $ 8,601 $ 18,659 $ 25,337 $ 68,916 As of September 30, 2024, total unrecognized compensation expense was as follows: Unrecognized Compensation Expense Market based RSUs $ 13,615 RSUs 25,041 Total unrecognized compensation expense at September 30, 2024 $ 38,656

DECONSOLIDATION OF SUBSIDIARY

DECONSOLIDATION OF SUBSIDIARY	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DECONSOLIDATION OF SUBSIDIARY	DECONSOLIDATION OF SUBSIDIARY As discussed in Note 1, Basis of Presentation , on June 30, 2023, the Company transferred ownership of all of Romeo's right, title and interest in and to all of its tangible and intangible assets , subject to certain agreed upon exclusions, to the Assignee. The Company received no cash consideration related to the Assignment. The Assignment of Romeo represents a strategic shift and its results are reported as discontinued operations for the prior year period presented. Following the Assignment, the Company retained no interest in Romeo, and Romeo is not deemed a related party. In connection with the deconsolidation, the Company recognized a loss from deconsolidation of subsidiaries of $24.9 million which is recorded in loss from deconsolidation of discontinued operations in the condensed consolidated statements of operations for the nine months ended September 30, 2023 and consisted of the following: As of deconsolidation Assets deconsolidated: Cash and cash equivalents $ 213 Accounts receivable, net — Inventory 7,271 Prepaid expenses and other current assets 3,351 Restricted cash and cash equivalents, non-current 1,500 Property, plant and equipment, net 17,555 Intangible assets, net 656 Investments in affiliate 10,000 Other assets 23,364 Total assets deconsolidated $ 63,910 Liabilities deconsolidated: Accounts payable $ 15,583 Accrued expenses and other current liabilities 57,612 Debt and finance lease liabilities, current 1,206 Long-term debt and finance lease liabilities, net of current portion 1,160 Operating lease liabilities 21,664 Warrant liability 8 Other non-current liabilities — Total liabilities deconsolidated 97,233 Net liabilities derecognized from deconsolidation (33,323) Less: intercompany balances derecognized 54,084 Less: cash payments directly related to deconsolidation 2,724 Less: derecognition of goodwill 1,450 Loss from deconsolidation of discontinued operation $ 24,935 The following represents the major components of loss from discontinued operations presented in the condensed consolidated statements of operations: For the nine months ended September 30, 2023 Revenues $ 1,665 Cost of revenues 12,926 Gross loss (11,261) Operating expenses: Research and development 5,673 Selling, general and administrative 14,937 Loss on supplier deposits 44,835 Total operating expenses 65,445 Loss from operations (76,706) Other income (expense), net Interest expense, net (53) Revaluation of warrant liability 33 Loss from discontinued operations $ (76,726)

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES To calculate the interim tax provision, at the end of each interim period the Company estimates the annual effective tax rate and applies that to its ordinary quarterly earnings. The effect of changes in the enacted tax laws or rates is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent differences between book and tax amounts, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained, or the tax environment changes. Beginning in 2022, the Tax Cuts and Jobs Act ("TCJA") requires taxpayers to capitalize certain research and development costs and amortize them over five or fifteen years pursuant to Internal Revenue Code Section 174. Previously, such costs could be deducted in the period they were incurred. This provision is not anticipated to impact the Company's effective tax rate or result in any cash payments for its federal income taxes. Income tax expense was immaterial for the three and nine months ended September 30, 2024 and 2023 due to cumulative tax losses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is subject to legal and regulatory actions that arise from time to time. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable, often involves significant judgment about future events, and the outcome of litigation is inherently uncertain. The Company expenses professional legal fees as incurred, which are included in selling, general, and administrative expense on the condensed consolidated financial statements. Other than as described below, there is no material pending or threatened litigation against the Company that remains outstanding as of September 30, 2024. Regulatory and Governmental Investigations By order dated December 21, 2021, the Company and the SEC reached a settlement arising out of the SEC’s investigation of the Company related to a short-seller article published in September 2020. Under the terms of the settlement, without admitting or denying the SEC’s findings, the Company among other things, agreed to pay a $125 million civil penalty. The first $25 million installment was paid at the end of 2021 and the remaining installments to be paid semiannually through 2023. The Company previously reserved the full amount of the settlement in the quarter ended September 30, 2021, as disclosed in the Company’s quarterly report on Form 10-Q for such quarter, filed with the SEC on November 4, 2021. In July 2022, the Company and SEC agreed to an alternative payment plan. The Company made p ayments of $1.5 million during the first and second quarters of 2024, a payment of $0.8 million during the third quarter of 2024, and the remainder of the payment plan is subject to determination. As of September 30, 2024, the Company has reflected the remaining liability of $80.3 million in accrued expenses and other current liabilities on the condensed conso lidated balance sheets. The legal and other professional costs the Company incurred during the three and nine months ended September 30, 2024 and 2023 in connection with legal work disclosed elsewhere in this Report include immaterial amounts for Mr. Milton's attorneys' fees under his indemnification agreement with the Company. As of September 30, 2024 and December 31, 2023, accrued expenses for legal and other professional costs for Mr. Milton's attorneys' fees under his indemnification agreement were immaterial. To the extent that certain government investigations and any resulting third-party claims yield adverse results over time, such results could jeopardize the Company's operations and exhaust its cash reserves, and could cause stockholders to lose their entire investment. The Company is currently seeking reimbursement from Mr. Milton for costs and damages arising from the actions that are the subject of the government and regulatory investigations. On October 20, 2023, an arbitration panel in New York, New York awarded the Company approximately $165 million plus interest in an arbitration proceeding against Mr. Milton. The arbitration award was confirmed in the United States District Court of the District of Arizona and the Company is pursuing collection. The Company's ability to recover any judgment from the counterparty is not guaranteed and could result in no recovery. Shareholder Securities Litigation The Company and certain of its current and former officers and directors are defendants in a consolidated securities class action lawsuit pending in the United States District Court of the District of Arizona (the "Shareholder Securities Litigation"). On December 15, 2020, the United States District Court for the District of Arizona consolidated the actions under lead case Borteanu v. Nikola Corporation, et al., No. CV-20-01797-PXL-SPL, and appointed Angelo Baio as the “Lead Plaintiff”. On December 30, 2020, a petition for writ of mandamus seeking to vacate the District Court’s Lead Plaintiff order and directing the court to appoint another Lead Plaintiff was filed before the United States Court of Appeals for the Ninth Circuit, Case No. 20-73819. On July 23, 2021, the Ninth Circuit granted in part the mandamus petition, vacated the district court’s December 15, 2020 order, and remanded the case to the District Court to reevaluate the appointment of a Lead Plaintiff. On November 18, 2021, the court appointed Nikola Investor Group II as Lead Plaintiff. On January 24, 2022, Lead Plaintiffs filed the Consolidated Amended Class Action Complaint which asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5 promulgated thereunder, based on allegedly false and/or misleading statements and omissions in press releases, public filings, and in social media regarding the Company's business plan and prospects. On April 8, 2022, defendants moved to dismiss the Consolidated Amended Class Action Complaint. On February 2, 2023, the court issued a ruling granting the defendants' motions to dismiss, without prejudice. As a result, Plaintiffs' complaint was dismissed in its entirety, with leave to amend by April 3, 2023. On April 3, 2023, Plaintiffs filed the Second Consolidated Amended Class Action Complaint. defendants filed their motions to dismiss the Second Consolidated Amended Class Action Complaint on May 15, 2023. On December 8, 2023, the court granted in part and denied in part defendants' motion to dismiss. On January 26, 2024, the Company and certain former officers and directors answered the Second Consolidated Amended Class Action Complaint. On February 23, 2024, the parties exchanged initial disclosures. On May 17, 2024, Lead Plaintiffs moved for class certification. On August 19, 2024, defendants filed an opposition to Lead Plaintiffs’ motion for class certification, and a motion to exclude Lead Plaintiffs’ expert’s testimony. Briefing on defendants’ motion to exclude concluded on September 30, 2024. On October 1, 2024, Lead Plaintiffs filed a reply in further support of their motion for class certification. On October 25, 2024, defendants moved for leave to file a sur-reply in response to Lead Plaintiffs’ reply. The motions are currently pending. Plaintiffs seek an unspecified amount in damages, attorneys’ fees, and other relief. The Company intends to vigorously defend itself. The Company is unable to estimate the potential loss or range of loss, if any, associated with these lawsuits, which could be material. Derivative Litigation Beginning on September 23, 2020, two purported shareholder derivative actions were filed in the United States District Court for the District of Delaware ( Byun v. Milton, et al. , Case No. 1:20-cv-01277-UNA; Salguocar v. Girsky et. al., Case No. 1:20-cv-01404-UNA), purportedly on behalf of the Company, against certain of the Company's current and former directors alleging breaches of fiduciary duties, violations of Section 14(a) of the Exchange Act, and gross mismanagement. The Byun action also brings claims for unjust enrichment and abuse of control, while the Salguocar action brings a claim for waste of corporate assets. On October 19, 2020, the Byun action was stayed until 30 days after the earlier of (a) the Shareholder Securities Litigation being dismissed in their entirety with prejudice; (b) defendants filing an answer to any complaint in the Shareholder Securities Litigation; or (c) a joint request by plaintiff and defendants to lift the stay. On November 17, 2020, the Byun and Salguocar actions were consolidated as In re Nikola Corporation Derivative Litigation, Lead Case No. 20-cv-01277-CFC. In its order consolidating the actions, the court applied the Byun stay to the consolidated action. On January 31, 2023, plaintiffs filed an amended complaint. On December 18, 2020, a purported shareholder derivative action was filed in the United States District Court for the District of Arizona, Huhn v. Milton et al., Case No. 2:20-cv-02437-DWL, purportedly on behalf of the Company, against certain of the Company’s current and former directors alleging breaches of fiduciary duties, violations of Section 14(a) of the Exchange Act, unjust enrichment, and against defendant Jeff Ubben, a member of the Company’s board of directors, insider selling and misappropriation of information. On January 26, 2021, the Huhn action was stayed until 30 days after the earlier of (a) the Shareholder Securities Litigation being dismissed in its entirety with prejudice; (b) defendants filing an answer to any complaint in the Shareholder Securities Litigation; or (c) a joint request by plaintiff and defendants to lift the stay. On April 5, 2024, the court entered an order further staying the action (a) until a joint request by plaintiff and defendants to lift the stay; or (b) absent agreement from the parties that the stay should be lifted, upon motion by any party and good cause shown; the order also required the parties to file a joint status report every six months following the issuance of the order to provide an update to the court on the status of the Shareholder Securities Litigation and In re Nikola Corporation Derivative Litigation , C.A. No. 2022-0023-KJSM. On October 7, 2024, the parties filed a joint status report providing updates. On January 7, 2022, Barbara Rhodes, a purported stockholder of the Company, filed her Verified Stockholder Derivative Complaint in Delaware Chancery Court captioned Rhodes v. Milton, et al. and Nikola Corp. , C.A. No. 2022-0023-KSJM (the “Rhodes Action”). On January 10, 2022, Zachary BeHage and Benjamin Rowe, purported stockholders of the Company, filed their Verified Shareholder Derivative Complaint in Delaware Chancery Court captioned BeHage v. Milton, et al. and Nikola Corp. , C.A. No. 2022-0045-KSJM. (the “BeHage Rowe Action” and, together with the Rhodes Action, the "Related Actions"). These actions are against certain of the Company’s current and former directors and allege breach of fiduciary duties, insider selling under Brophy , aiding and abetting insider selling, aiding and abetting breach of fiduciary duties, unjust enrichment, and waste of corporate assets. On February 1, 2022, the court consolidated the Rhodes Action and the BeHage Rowe Action as In re Nikola Corporation Derivative Litigation , C.A. No. 2022-0023-KJSM (the "Consolidated Chancery Action"). The Consolidated Chancery Action was stayed through February 2, 2022 on a combination of joint stipulations and court orders. Plaintiffs then filed a second amended complaint on February 14, 2023 (the “Second Amended Complaint”). On March 10, 2022, Michelle Brown and Crisanto Gomes, purported stockholders of the Company, filed their Verified Shareholder Derivative Complaint in Delaware Chancery Court captioned Brown v. Milton, et al. and Nikola Corp. , C.A. No. 2022-0223-KSJM (the “Brown & Gomes Action”). The Brown & Gomes Action likewise alleges claims against certain of the Company’s current and former directors for purported breaches of fiduciary duty and unjust enrichment. On January 12, 2023, the parties entered into a stipulation consolidating the Brown & Gomes Action in the Consolidated Chancery Derivative Action. On May 3, 2023, each of the current and former director defendants moved to partially dismiss the Second Amended Complaint. Briefing concluded on August 25, 2023, and the court heard arguments on December 8, 2023. On April 9, 2024, the court issued an order, granting in part and denying in part the defendants’ motion to dismiss. Defendants’ deadline to answer the Complaint was August 9, 2024. On October 3, 2024, the court entered the parties' stipulation extending the deadline to answer the Complaint to December 6, 2024. In addition, on March 8, 2021, the Company received a demand letter from a law firm representing a purported stockholder of the Company alleging facts and claims substantially the same as many of the facts and claims in the filed derivative shareholder lawsuit. The demand letter requests that the board of directors (i) undertake an independent internal investigation into certain board members and management’s purported violations of Delaware and/or federal law; and (ii) commence a civil action against those members of the board and management for alleged fiduciary breaches. In April 2021, the board of directors formed a demand review committee, consisting of independent directors Bruce L. Smith, and Mary L. Petrovich, to review such demands and provide input to the Company and retained independent counsel. Upon completion of the independent internal investigation by the demand review committee, it was recommended that the board take no action in response to the demand letter at this time. The independent counsel for the demand review committee provided an update to counsel for the stockholder who sent the demand letter. There can be no assurance as to whether any litigation will be commenced by or against the Company by the purported shareholder with respect to the claims set forth in the demand letter, or whether any such litigation could be material. Additionally, on December 23, 2022, the Company received another demand letter from a law firm representing purported stockholder of the Company, Ed Lomont, alleging facts and claims substantially the same as many of the facts and claims in the filed derivative shareholder lawsuits. The demand letter requested that the board’s demand review committee (i) undertake an independent internal investigation into certain board members and management’s purported violations of Delaware and/or federal law; and (ii) commence a civil action against those members of the board and management for alleged fiduciary breaches. In February 2023, the board of directors reengaged the demand review committee, consisting of independent directors Bruce L. Smith, and Mary L. Petrovich, to review such demands and provide input to the Company and retained independent counsel. Upon completion of the independent internal investigation by the demand review committee, it was recommended that the board take no action in response to the demand letter at this time. On September 6, 2023, Lomont filed a Verified Stockholder Derivative Complaint in Delaware Chancery Court captioned Lomont v. Milton, et al. , C.A. No. 2023-0908-KSJM (the “Lomont Action”) against certain of the Company’s current and former directors, alleging claims against those defendants for purported breaches of fiduciary duty, unjust enrichment, and contribution and indemnification. The Lomont Action alleges that the Company constructively and wrongfully refused Lomont’s demand that the Company bring claims against officers and directors. On February 21, 2024, the court entered the parties’ stipulation staying the action for six months. On September 16, 2024, the court entered the parties' stipulation staying the action for an additional two months. During the nine months ended September 30, 2024, the Comp any recorded an accrual for loss contingency within accrued expenses and other current liabilities on the condensed consolidated balance sheets in the aggregate amount of $17.5 million, which represents the Company's preliminary expectations for settlement, as well as a $17.5 million receivable for loss recovery within prepaid expenses and other current assets on the condensed consolidated balance sheets for the anticipated insurance proceeds related to the expected settlement. On February 21, 2024, a purported shareholder derivative action was filed in the United States District Court for the District of Delaware, captioned Roy v. Russell, et al., Case No. 1:24-cv-00230-UNA (the “Roy Action”), purportedly on behalf of the Company, against certain of the Company’s current and former officers and directors alleging violations of Section 14(a) of the Exchange Act, breach of fiduciary duty based on false statements; oversight, and insider trading; unjust enrichment; abuse of control; corporate waste; and gross mismanagement. On May 2, 2024, the court entered the parties' stipulation staying the action through the final resolution of the Tenneson Action, described below. On April 23, 2024, the Company received a demand letter from a law firm representing a purported former stockholder of Romeo, Thomas Boisjolie, who says he received shares in the Company as part of the Company’s acquisition of Romeo. The demand letter alleges that certain former officers and directors of Romeo mismanaged the Romeo business and allegedly made false or misleading public statements about that business and about Romeo’s business combination with RMG Acquisition Corp., resulting among other things in the filing of a securities fraud action in the United States District Court for the Southern District of New York entitled In re Romeo Power Inc. Securities Litigation, No. 1:21-cv-03362-LGS. The demand letter requested that the Company’s board of directors commence a civil action against those members of the Romeo board and management for alleged fiduciary breaches and other alleged misconduct. In July 2024, the board of directors of the Company formed a demand review committee, consisting of independent directors Carla Tully, John Vesco and Jonathan Pertchik, to review such demands and provide input to the Company; the demand review committee retained independent counsel and commenced its review. On August 15, 2024, and without waiting for the demand review committee to complete its review, Boisjolie filed suit a purported “double derivative complaint in the Delaware Court of Chancery entitled Boisjolie v. Selwood, et al., C.A. No. 2024-0852, against the following former officers and directors of Romeo: Lionel Selwood, Lauren Webb, Susan Brennan, Brady Ericson, Donald Gottwald, Philip Kassin, Robert Mancini, Timothy Stuart and Paul Williams; with Romeo and the Company as nominal defendants. The complaint does not seek any recovery against the Company but rather alleges that the former officers and directors of Romeo should pay damages to the Company and to Romeo for the harms they have allegedly caused the Company and Romeo to suffer. Tenneson Action On October 13, 2023, John Tenneson filed a purported securities class action in the United States District Court for the District of Arizona, captioned Tenneson v. Nikola et al. , Case No. 2:23-cv-02131-DJH (the “Tenneson Action”). The Tenneson Action asserts claims against the Company and certain officers and directors asserts under Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder, based on allegedly false and/or misleading statements and omissions in press releases, public filings, and in social media regarding the Company’s safety and structural controls related to its manufacturing of battery components and the likelihood of a product recall. On April 25, 2024, the District of Arizona court appointed plaintiff Reyes as lead plaintiff. On May 24, 2024, lead plaintiff filed an amended complaint. On July 25, 2024, defendants moved to dismiss and briefing concluded on August 29, 2024. The motion is currently pending. Plaintiff seeks an unspecified amount in damages, attorneys’ fees, and other relief. The Company intends to vigorously defend itself. The Company is unable to estimate the potential loss or range of loss, if any, associated with the Tenneson Action, which could be material. Lion Electric matter On March 2, 2023, Lion Electric filed a complaint against the Company in Arizona federal district court alleging that the Company tortiously interfered with the Romeo Power, Inc. / Lion Electric business relationship and Lion’s business expectancy from the commercial relationship. The Company denies the allegations and intends to vigorously defend the matter. Based upon information presently known to management, as of September 30, 2024 and December 31, 2023, the Company recognized an estimated liability of $1.5 million in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Smithers matter On August 15, 2024, the Company received notice of a complaint filed by a former Nikola employee, against Smithers Tire & Automotive Testing Inc. (“Smithers”) for an injury sustained while working at a Smither’s facility. Smithers in turn filed a third-party action against Nikola that alleges breach of the lease agreement between Nikola and Smithers for failing to indemnify against the former employee's claims. Nikola disputes the contentions in the complaint and intends to fully defend the matter. Commitments and Contingencies FCPM License In the third quarter of 2021, the Company entered into a fuel cell power module ("FCPM") license to intellectual property that will be used to adapt, further develop and assemble FCPMs. Payments for the license are due in installments ranging from 2022 to 2025. As of September 30, 2024 and December 31, 2023, the Company accrued $5.6 million and $13.8 million, respectively, in accrued expenses and other current liabilities, $13.9 million and zero, respectively, in accounts payable, and zero and $5.5 million, respectively, in other long-term liabilities on the condensed consolidated balance sheets. Inventory Repurchase Agreements During the first quarter of 2023, the Company entered into an arrangement with a finance company to provide floor plan financing to its dealers (the "Floor Plan"), generally with terms of approximately 15 months. The Company receives payment from the finance company following shipment of trucks to the dealers, and the Company participates in the cost of dealer financing up to certain limits. In conjunction with the Floor Plan, the Company entered into an inventory repurchase agreement (the "Inventory Repurchase Agreement") with the finance company, whereby the Company has agreed to repurchase trucks re-possessed by the financing company in the event of a dealer default, at the financing company's option. As of September 30, 2024, the maximum potential cash payments the Company could be required to make under the terms of the Inventory Repurchase Agreement was $11.2 million. The Company's financial exposure under the Inventory Repurchase Agreement is limited to the difference between the amount paid to the financing company and the amount received upon subsequent resale of the re-possessed truck. As of September 30, 2024, the Company had not repurchased any trucks under the terms of the Inventory Repurchase Agreement, nor received any requests for repurchase. BEV Recall Campaign On August 11, 2023, the Company announced a voluntary recall of its BEV trucks and determined that replacement of the battery pack in all BEV trucks was the safest, most cost effective remedy. All BEV trucks were transported to the Company's manufacturing facility to be retrofit with alternative battery packs. Amounts accrued for the recall campaign are based on management’s best estimates of the amounts that will ultimately be required to settle such items. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend or settle such claims beyond the amounts accrued. As of September 30, 2024 and December 31, 2023, the Company ac crued $56.7 million and $65.8 million, respectively, of which the Company incurred claims through such date of $34.9 million and $3.0 million, respectively, relate d to the recall campaign. Leases executed not yet commenced and other commitments During the nine months ended September 30, 2024, the Company entered various long-term commitments primarily related to lease agreements for facilities and hydrogen fueling infrastructure which have not yet commenced. Undiscounted payments related to these obligations are $75.6 million as of September 30, 2024 . The terms of these arrangements range from three

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss from continuing operations $ (199,781) $ (425,764) $ (481,177) $ (711,025) Net loss from discontinued operations — — — (101,661) Net loss $ (199,781) $ (425,764) $ (481,177) $ (812,686) Denominator: Weighted average shares outstanding, basic and diluted 51,388,962 28,573,800 47,553,460 23,544,174 Net loss per share, basic and diluted: Net loss from continuing operations $ (3.89) $ (14.90) $ (10.12) $ (30.20) Net loss from discontinued operations $ — $ — $ — $ (4.32) Net loss $ (3.89) $ (14.90) $ (10.12) $ (34.52) Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss, adjusted for the revaluation of warrant liability, by the weighted average number of common shares outstanding for the period, adjusted for the dilutive effect of shares of common stock equivalents resulting from the assumed exercise of warrants. The treasury stock method was used to calculate the potential dilutive effect of these common stock equivalents. There were no adjustments for revaluations of the warrant liability as the warrants outstanding are anti-dilutive for all periods presented. Potentially dilutive shares were excluded from the computation of diluted net loss when their effect was antidilutive. The following outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Toggle Convertible Notes (on an as-converted basis) 743,875 693,448 743,875 693,448 Senior Convertible Notes (on an as-converted basis) 1,210,092 707,758 1,210,092 707,758 8.25% Convertible Notes (on an as-converted basis) 65,111 — 65,111 — Outstanding warrants 28,038 28,038 28,038 28,038 Stock options, including performance stock options 497,524 505,282 497,524 505,282 Restricted stock units, including Market Based RSUs 1,429,842 566,726 1,429,842 566,726 Total 3,974,482 2,501,252 3,974,482 2,501,252

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Equity Distribution Agreement In October 2024, the Company issued an aggregate of 69,902 shares of common stock under the Equity Distribution Agreement for gross proceeds of $0.4 million. Third Purchase Agreement In October 2024, the Company issued an aggregate 5,513,679 shares of common stock for settlement of conversions of $26.2 million aggregate principal amount, make-whole amount and accrued and unpaid interest pursuant to the Third Purchase Agreement Notes. This resulted in the Company issuing in aggregate 10,114,374 shares under the Third Purchase Agreement Notes, which is the maximum amount of shares that may be issued pursuant to the Third Purchase Agreement without obtaining stockholder approval. The Company received additional conversion notices for an aggregate of $33.7 million of aggregate principal amount, make-whole amount and accrued and unpaid interest, which the Company is obligated to settle in cash for $39.3 million (the "Exchange Cap Redemption Amounts"). The holder agreed to defer settlement of the Exchange Cap Redemption Amounts until the earlier of (x) the occurrence of any bankruptcy event of default (as defined in the Third Purchase Agreement Notes), (y) if the Company and the holder mutually agree to exchange, in whole or in part, the Exchange Cap Redemption Amounts into securities of the Company, solely with respect to such applicable portion of the Exchange Cap Redemption Amount that is to be exchanged, the time immediately prior to such exchange and (z) December 31, 2024 (or such other date as the Company and the holder may mutually agree in writing from time to time). As a result, the Exchange Cap Redemption Amounts are not yet due.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (199,781)	$ (425,764)	$ (481,177)	$ (812,686)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited financial information reflects, in the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company's financial position, results of operations and cash flows for the periods indicated. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as amended.
Consolidation	Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Revenue Recognition	Revenue Recognition Truck sales Truck sales consist of revenue recognized on the sales of the Company's trucks. The sale of a truck is generally recognized as a single performance obligation at the point in time when control is transferred to the customer, which has historically been only the Company's dealers. Control is generally deemed transferred when the product is picked up by the carrier and the dealer can direct the product's use and obtain substantially all of the remaining benefits from the product. The Company may offer certain after-market upgrades at the request of dealers. If a contract contains more than one distinct performance obligation, the transaction price is allocated to each performance obligation based on the standalone selling price of each performance obligation. In accordance with state law and the Company's dealer agreements, the Company may be required to repurchase dealer inventory in the event a dealer agreement is terminated, and accounts for these as sales with right of return. The Company estimates a reserve for returns based on average historical returns, including in the event of dealer agreement terminations. Management believes that the estimate is an accurate reflection of expected returns, but actual return activity may vary from estimates. Accrued returns were approximately $4.4 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively, and are generally reflected in accrued expenses and other current liabilities on the condensed consolidated balance sheets. If the reserve applies to trucks that have an outstanding accounts receivable balance, the reserve is reflected as a reduction of accounts receivable, net. Revenue is recognized based on the transaction price, which is measured as the amount of consideration that the Company expects to receive in exchange for transferring the product pursuant to the terms of the contract with its dealer. The transaction price may be adjusted, if applicable, for variable consideration, such as rebates and financing costs on floor plan arrangements, which requires the Company to make estimates for the portion of these allowances that have yet to be credited to dealers. Payments for trucks sold are made in accordance with the Company's customary payment terms. The Company has elected an accounting policy whereby the Company does not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, the Company expects the period between the time when the Company transfers a promised good or service to the dealer and the time when the dealer pays for that good or service will be one year or less. Sales tax collected from dealers is not considered revenue and is accrued until remitted to the taxing authorities. Shipping and handling activities occur after the dealer has obtained control of the product, thus the Company has elected to account for those expenses as fulfillment costs in cost of revenues, rather than an additional promised service. Service and other Service and other revenues primarily consist of sales of charging products, regulatory credits, service parts, after-market parts, service and labor, and hydrogen. Sales are generally recognized as a single performance obligation at the point in time when control is transferred to the customer. Control is generally deemed transferred when the product is delivered to the customer and the customer can direct the product's use and obtain substantially all of the remaining benefits from the asset. Payment for products sold are made in accordance with the Company's customary payment terms and the Company's contracts do not have significant financing components. Sales tax collected is not considered revenue and is accrued until remitted to the taxing authorities.
Product Warranties and Recall Campaigns	Product Warranties and Recall Campaigns Product warranty costs are recognized upon transfer of control of trucks to dealers and are estimated based on factors including the length of the warranty (generally 2 to 5 years), product costs, and product failure rates. Warranty reserves are reviewed and adjusted quarterly to ensure that accruals are adequate to meet expected future warranty obligations. Estimating future warranty costs is highly subjective and requires significant management judgment. Management believes that the accruals are adequate. However, based on the limited historical information available, it is possible that substantial additional charges may be required in future periods based on new information or changes in facts and circumstances. The Company's accrual includes estimates of the replacement costs for covered parts which is based on historical experience. This estimate could be impacted by contractual changes with third-party suppliers or the need to identify new suppliers and the engineering and design costs that would accompany such a change. Recall campaign costs are recognized when a product recall liability is probable and related amounts are reasonably estimable. Costs are estimated based on the number of trucks to be repaired and the required repairs including engineering and development, product costs, labor rates, and shipping. Estimating the cost to repair the trucks is highly subjective and requires significant management judgment. Based on information that is currently available, management believes that the accruals are adequate. It is possible that substantial additional charges may be required in future periods based on new information, changes in facts and circumstances, availability of materials from key suppliers, and actions the Company may commit to or be required to undertake. During the third quarter of 2023, the Company filed a voluntary recall with the National Highway Traffic Safety Administration fo r the Company's BEV trucks, related to issues with the existing battery pack. The Company accrued recall campaign costs of $56.7 million , of which $34.9 million has been incurred through September 30, 2024
Segment Information	Segment Information Under ASC 280, Segment Reporting, operating segments are defined as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker ("CODM"), in deciding how to allocate resources and in assessing performance. The Company has two components, the Truck business unit and Energy business unit. The Truck business unit is manufacturing and selling FCEV and BEV trucks that provide, or are expected to provide, environmentally friendly, cost effective solutions to the trucking sector. The Energy business unit is developing and constructing a network of hydrogen fueling stations to meet hydrogen fuel demand for the Company's customers. The Company's chief executive officer, who is also the CODM, makes decisions and manages the Company's operations as a single reporting unit, and single operating and reportable segment for purposes of allocating resources and evaluating financial performance.
Goodwill	Goodwill The Company records goodwill when consideration paid in a purchase acquisition exceeds the fair value of the net tangible assets and the identified intangible assets acquired. Goodwill is not amortized, but rather is tested for impairment annually or more frequently if facts and circumstances warrant a review. The Company has determined that there is a single reporting unit for the purpose of the goodwill impairment test, which is performed annually on December 31. During the three months ended September 30, 2024, the Company experienced a sustained decline in stock price and in the Company's market capitalization which represents a qualitative factor indicating the carrying value of reporting unit may not be recoverable, and thus required further impairment review pursuant to ASC 350, Goodwill and Other. The Company performed an interim impairment review as of September 30, 2024, which indicated that the carrying value of the Company's single reporting unit was in excess of the fair value of the reporting unit. Accordingly, the Company recognized goodwill impairment of $5.2 million during the three and nine months ended September 30, 2024 within impairment expense on the condensed consolidated statement of operations, representing the difference between the carrying value and the fair value of the reporting unit, limited by the carrying amount of goodwill on the Company's condensed consolidated balance sheets.
Intangible Assets with Indefinite Useful Lives	Intangible Assets with Indefinite Useful Lives The Company is required to test its intangible assets with indefinite lives for impairment annually using the guidance for indefinite-lived intangible assets in ASC 350. The Company's evaluation consists of first assessing qualitative factors to determine if impairment of the asset is more likely than not. If it is more likely than not that the asset is impaired, the Company determines the fair value of the asset and records an impairment charge if the carrying amount exceeds the fair value. During the third quarter of 2024, the sustained decline in the Company's stock price and market capitalization indicated that the carrying value of the Company's indefinite lived intangible asset was more likely than not impaired. With the assistance of a third party valuation firm, the Company determined a fair value for the indefinite lived intangible asset as of September 30, 2024, by assessing if the terms of the applicable license agreement are at market. A relief from royalty valuation approach was utilized in assessing if the implied royalty rate was deemed to be at market. The relief from royalty approach is based on the assumption that, in lieu of ownership, an entity would be willing to pay a royalty in order to benefit from the use of the asset. The relief from royalty approach involves two steps: (1) estimation of a reasonable royalty rate for the asset and (2) the application of the royalty rate to a forecasted net revenue stream and discounting the resulting cash flows to determine a present value. The Company multiplied the selected royalty rate by the forecasted net revenue to calculate the cost savings (relief from royalty payment) associated with the asset. During the three and nine months ended September 30, 2024 the Company recognized an impairment loss within impairment expense on the condensed consolidated statement of operations for $28.2 million representing the difference between the carrying value and the fair value of the Company's indefinite lived intangible asset. See Note 4, Goodwill and Intangible Assets, Net .
Long-Lived Assets and Finite Lived Intangibles	Long-Lived Assets and Finite Lived Intangibles The Company reviews its long-lived assets and finite lived intangibles for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The events and circumstances the Company monitors and considers include significant decreases in the market price of similar assets, significant adverse changes to the extent and manner in which the asset is used, an adverse change in legal factors or business climate, an accumulation of costs that exceed the estimated cost to acquire or develop a similar asset, and continuing losses that exceed forecasted costs. The Company assesses the recoverability of these assets by comparing the carrying amount of such assets or asset group to the future undiscounted cash flow it expects the assets or asset group to generate. The Company recognizes an impairment loss if the sum of the expected long-term undiscounted cash flows that the long-lived asset is expected to generate is less than the carrying amount of the long-lived asset being evaluated. An impairment charge would then be recognized equal to the amount by which the carrying amount exceeds the fair value of the asset. During the third quarter of 2024, the sustained decline in the Company's stock price and market capitalization indicated that the Company's long-lived assets and finite lived intangibles may be more likely than not impaired, thus requiring a recoverability assessment under ASC 360-10, Impairment of long-lived assets to be held and used. As of September 30, 2024, the Company performed the recoverability test as described above and concluded that all asset groups were deemed recoverable and thus no impairment was recognized during the three and nine months ended September 30, 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-06 to clarify or improve disclosure and presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the FASB accounting standard codification with the SEC's regulations. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements. In December 2023, FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes, to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operation. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company plans to adopt ASU 2023-09 for the year ended December 31, 2025, and is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.
Inventory	Inventory cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Inventories are stated at the lower of cost or net realizable value. Inventories are written down for any excess or obsolescence and when net realizable value, which is based upon estimated selling prices, is in excess of carrying value. Once inventory is written down, a new, lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration of or increase in that newly established cost basis. During the third quarter of 2023, the Company wrote down $45.7 million of BEV inventory related to the existing battery packs, cells and other BEV components which were deemed excess or obsolete due to the Company's voluntary recall.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the condensed consolidated statements of cash flows are as follows: As of September 30, 2024 December 31, 2023 September 30, 2023 Cash and cash equivalents $ 198,301 $ 464,715 $ 362,850 Restricted cash and cash equivalents – current 3,374 1,224 1,224 Restricted cash and cash equivalents – non-current 16,086 28,026 28,026 Cash, cash equivalents and restricted cash and cash equivalents $ 217,761 $ 493,965 $ 392,100
Schedule of Restrictions on Cash and Cash Equivalents	The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the condensed consolidated statements of cash flows are as follows: As of September 30, 2024 December 31, 2023 September 30, 2023 Cash and cash equivalents $ 198,301 $ 464,715 $ 362,850 Restricted cash and cash equivalents – current 3,374 1,224 1,224 Restricted cash and cash equivalents – non-current 16,086 28,026 28,026 Cash, cash equivalents and restricted cash and cash equivalents $ 217,761 $ 493,965 $ 392,100
Schedule of Carrying Value and Fair Value of Financial Instruments	The carrying value and fair value of the Company’s financial instruments are as follows: As of September 30, 2024 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 27,825 $ — $ — $ 27,825 Liabilities Senior Convertible Notes — — 63,158 63,158 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 29,839 $ — $ — $ 29,839 Liabilities Derivative liability $ — $ — $ 8,871 $ 8,871
Schedule of Carrying Value and Fair Value of Financial Instruments	The carrying value and fair value of the Company’s financial instruments are as follows: As of September 30, 2024 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 27,825 $ — $ — $ 27,825 Liabilities Senior Convertible Notes — — 63,158 63,158 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market $ 29,839 $ — $ — $ 29,839 Liabilities Derivative liability $ — $ — $ 8,871 $ 8,871
Schedule of Changes in Fair Value of Liabilities	During the three and nine months ended September 30, 2023, the change in fair value of the derivative liability was as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Estimated fair value - beginning of period $ 29,340 $ — Recognition of derivative liability — 21,180 Change in estimated fair value 212,511 220,671 Reclassification to equity (241,851) (241,851) Estimated fair value - end of period $ — $ — September 30, 2024 was as follows: Nine Months Ended September 30, 2024 Estimated fair value - beginning of period $ 8,871 Change in estimated fair value (2,184) Settlement of derivative liability for conversions (6,687) Estimated fair value - end of period $ — The fair value of the derivative liability was immaterial during the three months ended September 30, 2024.
Schedule of Inputs and Assumptions Used	The fair value of the conversion features was estimated by applying a with-and-without approach to a binomial lattice model. The following reflects the inputs and assumptions used: Three Months Ended Nine Months Ended Stock price $102.00 $32.70 - $102.00 Conversion price $43.68 - $44.48 $43.68 - $44.48 Risk free rate 4.58% 3.76% - 4.58% Equity volatility 47.5% 47.5% - 60% Expected dividend yield —% —% Credit spread 14.9% 14.9% - 20.1% The fair value of the conversion features was estimated by applying a with-and-without approach. The following reflects the ranges of inputs and assumptions used: Nine Months Ended September 30, 2024 Stock price $7.40 - $31.20 Conversion price $27.00 Risk free rate 4.10% - 5.47% Credit spread 14.08% - 15.18% Liability Classified Awards During the second and third quarters of 2023, the Company reclassified certain share-based payment awards from equity to liabilities that would require cash settlement upon distribution or exercise. The fair value of these awards was determined based on the closing price of the Company's stock or a Black-Scholes model as of the measurement date and as of the end of each reporting period. Changes in the fair value of the liabilities were recognized as compensation cost over the requisite service period. As of August 3, 2023, the share-based payment awards classified as liabilities no longer required cash settlement upon distribution or exercise. The Company reclassified the share-based payment awards into additional paid in capital on the Company's condensed consolidated balance sheets at their fair value. Changes in the fair value of liability classified awards during the three and nine months ended September 30, 2023, were as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Liability classified awards - beginning of the period $ 2,006 $ — Reclassification of share-based payment awards to liability 8,395 10,401 Change in fair value 10,591 10,591 Reclassification of share-based payment awards to equity (20,992) (20,992) Liability classified awards - end of the period $ — $ —
Schedule of Change in Warrant Liabilities	The change in warranty liability for the three and nine months ended September 30, 2024 and 2023 is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accrued warranty - beginning of period $ 77,266 $ 11,057 $ 78,946 $ 7,788 Warranties issued in period - product warranty 19,274 172 44,353 4,245 Warranties issued in period - recall campaign — 61,848 — 61,848 Net changes in liability for pre-existing warranties (4,936) (1,084) (10,658) (1,304) Warranty costs incurred (14,472) (1,665) (35,509) (2,249) Accrued warranty - end of period $ 77,132 $ 70,328 $ 77,132 $ 70,328

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventory consisted of the following at September 30, 2024 and December 31, 2023, respectively: As of September 30, 2024 December 31, 2023 Raw materials $ 35,112 $ 32,889 Work in process 28,078 15,486 Finished goods 4,695 8,206 Service parts 8,191 6,007 Total inventory $ 76,076 $ 62,588
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following at September 30, 2024 and December 31, 2023, respectively: As of September 30, 2024 December 31, 2023 Insurance receivables $ 17,500 $ — Inventory deposits 16,939 4,843 Non-trade receivables 8,039 4,895 Prepaid expenses 5,715 7,573 Holdback receivable 4,869 3,655 Prepaid insurance premiums 3,890 2,148 Other current assets 2,893 1,154 Other deposits 2,151 1,643 Total prepaid expenses and other current assets $ 61,996 $ 25,911
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net consisted of the following at September 30, 2024 and December 31, 2023: As of September 30, 2024 December 31, 2023 Buildings $ 240,861 $ 239,918 Construction-in-progress 105,718 135,994 Equipment 83,482 67,657 Tooling 62,114 39,389 Finance lease assets 41,072 37,504 Software 8,689 8,649 Land 7,957 7,957 Other 6,871 6,409 Leasehold improvements 3,115 3,100 Demo vehicles 1,798 788 Property, plant and equipment, gross 561,677 547,365 Less: accumulated depreciation and amortization (71,433) (43,949) Total property, plant and equipment, net $ 490,244 $ 503,416
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following at September 30, 2024 and December 31, 2023: As of September 30, 2024 December 31, 2023 Settlement liabilities $ 103,446 $ 91,330 Warranty liability, current 34,112 65,703 Inventory received not yet invoiced 23,408 8,642 Other accrued expenses 14,435 6,894 Accrued payroll and payroll related expenses 8,242 3,254 Accrued purchases of property, plant and equipment 7,913 2,458 Accrued purchase of intangible asset 5,624 13,796 Accrued outsourced engineering services 5,441 4,207 Operating lease liabilities, current 2,887 1,867 Derivative liability — 8,871 Total accrued expenses and other current liabilities $ 205,508 $ 207,022

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Separately Identifiable Assets	The gross carrying amount and accumulated amortization of separately identifiable intangible assets and goodwill are as follows: As of September 30, 2024 Gross Carrying Accumulated Impairment Net Carrying Licenses: S-WAY Product and Platform license $ 50,000 $ (17,857) $ — $ 32,143 FCPM license 47,181 — (28,181) 19,000 Other intangibles 1,650 (663) — 987 Total intangible assets, net $ 98,831 $ (18,520) $ (28,181) $ 52,130 Goodwill $ 5,238 $ — $ (5,238) $ — As of December 31, 2023 Gross Carrying Accumulated Net Carrying Licenses: S-WAY Product and Platform license $ 50,000 $ (12,500) $ 37,500 FCPM license 47,181 — 47,181 Other intangibles 1,650 (471) 1,179 Total intangible assets, net $ 98,831 $ (12,971) $ 85,860 Goodwill $ 5,238 $ — $ 5,238

INVESTMENTS IN AFFILIATE (Table

INVESTMENTS IN AFFILIATE (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Affiliates	The investment in an unconsolidated affiliate accounted for under the equity method consisted of the following: As of Ownership as of September 30, 2024 September 30, 2024 December 31, 2023 Wabash Valley Resources LLC 20 % $ 56,197 $ 57,062 $ 56,197 $ 57,062 Equity in net profit (loss) of affiliates on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Equity in net profit (loss) of affiliates: Nikola Iveco Europe GmbH $ — $ — $ — $ (15,556) Wabash Valley Resources LLC 173 (262) (865) (731) Total equity in net profit (loss) of affiliates $ 173 $ (262) $ (865) $ (16,287)
Schedule of Divestiture of Affiliates / Fair Value of the Contingent Stock Consideration	During the nine months ended September 30, 2023, the Company recognized a gain of $70.8 million in gain on divestiture of affiliates consisting of the following: Nine Months Ended September 30, 2023 Cash consideration received $ 35,000 Contingent stock consideration receivable 25,956 Derecognition of investment in affiliate 11,428 Derecognition of cumulative currency translation losses (1,535) Gain on divestiture of affiliate $ 70,849 During the three and nine months ended September 30, 2023, the change in fair value of the contingent stock consideration was as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Fair value - beginning of the period $ 28,428 $ — Contingent stock consideration recognized on Divestiture Closing — 25,956 Change in fair value 41,509 43,981 Delivery of shares for stock consideration (69,937) (69,937) Fair value - end of the period $ — $ —

DEBT AND FINANCE LEASE LIABIL_2

DEBT AND FINANCE LEASE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt and Finance Lease Liabilities	A summary of debt and finance lease liabilities as of September 30, 2024 and December 31, 2023, were as follows: As of September 30, 2024 December 31, 2023 Current: Senior Convertible Notes $ 63,158 $ — Finance lease liabilities 6,187 6,312 Insurance premium financing 2,791 1,852 Promissory notes 827 699 Financing obligations 148 87 Debt and finance lease liabilities, current $ 73,111 $ 8,950 As of September 30, 2024 December 31, 2023 Non-current: Toggle Convertible Notes $ 138,483 $ 124,061 Financing obligations 102,169 101,470 Finance lease liabilities 26,353 26,395 8.25% Convertible Notes 1,226 15,047 Promissory notes 1,787 2,306 Long-term debt and finance lease liabilities, net of current portion $ 270,018 $ 269,279
Schedule of Carrying Values and Estimated Fair Values	The fair values of the following debt obligations are estimated using level 2 fair value inputs, including stock price and risk-free rates. The following table presents the carrying value and estimated fair values: As of September 30, 2024 Carrying Value Fair Value June 2022 Toggle Convertible Notes $ 128,159 $ 125,669 June 2023 Toggle Convertible Notes 10,324 11,136 Promissory notes 2,614 2,593 Insurance Premium financing 2,791 2,773 8.25% Convertible Notes 1,226 644
Schedule of Interest Rates, Net Carrying Amounts of Debt Component and Interest Expense	The interest rates and payment dates for each of the Toggle Convertible Notes is summarized below: June 2022 Toggle Convertible Notes June 2023 Toggle Convertible Notes PIK interest rate (per annum) 11.00% 8.00% Cash interest rate (per annum) 8.00% 8.00% Semi-annual interest payable dates May 31 and November 30 of each year June 30 and December 31 of each year First interest payment date November 30, 2022 December 31, 2023 The net carrying amounts of the debt component of the Toggle Convertible Notes as of September 30, 2024 and December 31, 2023 were as follows: June 2022 Toggle Convertible Notes June 2023 Toggle Convertible Notes As of September 30, 2024 As of December 31, 2023 As of September 30, 2024 As of December 31, 2023 Principal amount $ 130,269 $ 123,478 $ 11,918 $ 11,460 Accrued PIK interest 4,816 1,170 238 — Unamortized discount (1,672) (2,306) (1,832) (2,496) Unamortized issuance costs (5,254) (7,245) — — Net carrying amount $ 128,159 $ 115,097 $ 10,324 $ 8,964 The following table presents the Company's interest expense related to the June 2022 Toggle Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual interest expense $ 3,582 $ 3,219 $ 10,438 $ 12,464 Amortization of debt discount and issuance costs 906 785 2,625 2,520 Total interest expense $ 4,488 $ 4,004 $ 13,063 $ 14,984 The following table presents the Company's interest expense related to the April 2023 Toggle Convertible Notes: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Contractual interest expense $ 1,096 $ 3,562 Amortization of debt discount and issuance costs 41,530 42,242 Total interest expense $ 42,626 $ 45,804 The following table presents the Company's interest expense related to the June 2023 Toggle Convertible Notes: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual interest expense $ 238 $ 220 $ 697 $ 240 Amortization of debt discount and issuance costs 231 253 663 253 Total interest expense $ 469 $ 473 $ 1,360 $ 493 The net carrying amount of the debt component of the 8.25% Convertible Notes as of September 30, 2024 and December 31, 2023 was as follows: As of September 30, 2024 December 31, 2023 Principal amount $ 1,758 $ 21,558 Unamortized discount (475) (5,821) Unamortized issuance costs (57) (690) Net carrying amount $ 1,226 $ 15,047
Schedule of Reference Price And Floor Price Applicable to Issuance of Senior Convertible Notes	The Reference Price and Floor Price applicable to each issuance of Purchase Agreement Notes is summarized below: Reference Price Floor Price Series A Notes $ 179.250 $ 14.340 Series B-1 Notes $ 121.500 $ 14.340 Series B-2 Notes $ 64.200 $ 14.340 Series B-3 Notes $ 58.545 $ 14.340 The following table summarizes conversions of the Purchase Agreement Notes during the nine months ended September 30, 2023 : Series A Notes Series B-1 Notes Series B-2 Notes Series B-3 Notes Shares of common stock issued for conversions 726,187 704,256 725,276 754,639 Principal balance converted $ 50,000 $ 25,000 $ 15,000 $ 12,076 Make-whole interest converted $ 2,500 $ 1,250 $ 750 $ 604 Average conversion price $ 72.30 $ 37.27 $ 21.72 $ 16.80 Reference Price Floor Price Series A-1 Notes $ 88.200 $ 11.400 Series A-2 Notes $ 88.200 $ 11.400 The following table summarizes conversions of the Second Purchase Agreement Notes during the three and nine months ended September 30, 2023: Series A-1 Notes Series A-2 Notes Shares of common stock issued for conversions 4,279,353 190,701 Principal balance converted $ 125,000 $ 7,619 Make-whole interest converted $ 6,250 $ 381 Average conversion price $ 30.67 $ 41.95 Reference Price Floor Price Series B-1 Notes $ 12.200 $ 1.620 The following table summarizes conversions of the Third Purchase Agreement Notes during the three and nine months ended September 30, 2024: Series B-1 Notes Shares of common stock issued for conversions 4,600,695 Principal balance converted $ 22,857 Make-whole interest converted $ 1,143 Average conversion price $ 5.69 Carrying value of notes converted $ 25,263 Loss on debt extinguishment $ 923 The following table summarizes conversions of the 8.25% Convertible Notes during the three and nine months ended September 30, 2024: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Shares of common stock issued for conversions 9,257 733,331 Principal balance converted $ 250 $ 19,800 Make-whole premium $ 48 $ 4,579 Net carrying amount converted $ 174 $ 13,741 Gain (loss) on debt extinguishment $ 51 $ (2,262)

STOCK BASED COMPENSATION EXPE_2

STOCK BASED COMPENSATION EXPENSE (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Changes in Stock Options	A summary of changes in stock options are as follows: Options Weighted Weighted Average Outstanding at December 31, 2023 501,362 $ 40.74 3.64 Granted — — Exercised — — Cancelled (3,838) 44.39 Outstanding at September 30, 2024 497,524 2.87 Vested and exercisable as of September 30, 2024 497,524 $ 41.10 2.87
Schedule of Changes in RSU's, Market Based RSU's, and Unrecognized Compensation Expenses	A summary of changes in RSUs are as follows: Number of RSUs Balance at December 31, 2023 851,228 Granted 536,726 Released (352,262) Cancelled (92,153) Balance at September 30, 2024 943,539 Nine Months Ended September 30, 2024 Stock price $7.22 - $20.88 Term (years) 1.82 - 2.68 Risk-free interest rate 3.8% - 4.9% Expected volatility 115.2% - 118.5% Expected dividend yield —% A summary of changes in market based RSUs are as follows: Number of Market Based RSUs Balance at December 31, 2023 100,003 Granted 386,300 Released — Cancelled — Balance at September 30, 2024 486,303 As of September 30, 2024, total unrecognized compensation expense was as follows: Unrecognized Compensation Expense Market based RSUs $ 13,615 RSUs 25,041 Total unrecognized compensation expense at September 30, 2024 $ 38,656
Schedule of Impact of Stock-Based Compensation Expense	The following table presents the impact of stock-based compensation expense on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 434 $ 414 $ 1,114 $ 1,813 Research and development 2,473 3,383 7,825 19,043 Selling, general, and administrative 5,694 14,862 16,398 48,060 Total stock-based compensation expense $ 8,601 $ 18,659 $ 25,337 $ 68,916

DECONSOLIDATION OF SUBSIDIARY (

DECONSOLIDATION OF SUBSIDIARY (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of the Assets and Liabilities to Assignment for the Benefit of Creditors of Loss on Deconsolidation of Subsidiaries and Components of Loss From Discontinued Operations	In connection with the deconsolidation, the Company recognized a loss from deconsolidation of subsidiaries of $24.9 million which is recorded in loss from deconsolidation of discontinued operations in the condensed consolidated statements of operations for the nine months ended September 30, 2023 and consisted of the following: As of deconsolidation Assets deconsolidated: Cash and cash equivalents $ 213 Accounts receivable, net — Inventory 7,271 Prepaid expenses and other current assets 3,351 Restricted cash and cash equivalents, non-current 1,500 Property, plant and equipment, net 17,555 Intangible assets, net 656 Investments in affiliate 10,000 Other assets 23,364 Total assets deconsolidated $ 63,910 Liabilities deconsolidated: Accounts payable $ 15,583 Accrued expenses and other current liabilities 57,612 Debt and finance lease liabilities, current 1,206 Long-term debt and finance lease liabilities, net of current portion 1,160 Operating lease liabilities 21,664 Warrant liability 8 Other non-current liabilities — Total liabilities deconsolidated 97,233 Net liabilities derecognized from deconsolidation (33,323) Less: intercompany balances derecognized 54,084 Less: cash payments directly related to deconsolidation 2,724 Less: derecognition of goodwill 1,450 Loss from deconsolidation of discontinued operation $ 24,935 The following represents the major components of loss from discontinued operations presented in the condensed consolidated statements of operations: For the nine months ended September 30, 2023 Revenues $ 1,665 Cost of revenues 12,926 Gross loss (11,261) Operating expenses: Research and development 5,673 Selling, general and administrative 14,937 Loss on supplier deposits 44,835 Total operating expenses 65,445 Loss from operations (76,706) Other income (expense), net Interest expense, net (53) Revaluation of warrant liability 33 Loss from discontinued operations $ (76,726)

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of the Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net loss from continuing operations $ (199,781) $ (425,764) $ (481,177) $ (711,025) Net loss from discontinued operations — — — (101,661) Net loss $ (199,781) $ (425,764) $ (481,177) $ (812,686) Denominator: Weighted average shares outstanding, basic and diluted 51,388,962 28,573,800 47,553,460 23,544,174 Net loss per share, basic and diluted: Net loss from continuing operations $ (3.89) $ (14.90) $ (10.12) $ (30.20) Net loss from discontinued operations $ — $ — $ — $ (4.32) Net loss $ (3.89) $ (14.90) $ (10.12) $ (34.52)
Schedule of Common Stock Equivalents were Excluded from the Computation of Diluted Net Loss Per Share	The following outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Toggle Convertible Notes (on an as-converted basis) 743,875 693,448 743,875 693,448 Senior Convertible Notes (on an as-converted basis) 1,210,092 707,758 1,210,092 707,758 8.25% Convertible Notes (on an as-converted basis) 65,111 — 65,111 — Outstanding warrants 28,038 28,038 28,038 28,038 Stock options, including performance stock options 497,524 505,282 497,524 505,282 Restricted stock units, including Market Based RSUs 1,429,842 566,726 1,429,842 566,726 Total 3,974,482 2,501,252 3,974,482 2,501,252

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	Jun. 24, 2024 shares	Sep. 30, 2024 shares	[1]	Jun. 23, 2024 shares	Dec. 31, 2023 shares	[1]
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000		1,600,000,000	1,600,000,000
Stock split ratio, common stock	0.03333
[1] Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)		3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 12, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) business_unit reportingUnit segment shares	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Apr. 30, 2023 USD ($)	Apr. 11, 2023 USD ($)	Jun. 30, 2022 USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents		$ 198,301,000	$ 198,301,000	$ 464,715,000	$ 362,850,000
Cash equivalent		27,800,000	27,800,000	29,800,000
Restricted cash		19,500,000	19,500,000	29,300,000
Derivative liability				8,871,000
Accrued returns		4,400,000	4,400,000	700,000
Recall campaign accrual			56,700,000	65,800,000
Incurred recall campaign cost			34,900,000	3,000,000
Warranty liability, current		34,112,000	34,112,000	65,703,000
Warranty liability, noncurrent		43,000,000	$ 43,000,000	13,200,000
Number of business units | business_unit			2
Goodwill, impairment loss		5,200,000	$ 5,238,000
Impairment of intangible asset		28,200,000	$ 28,200,000
Number of operating segments | segment			1
Number of reportable segments | segment			1
Number of Reporting Units | reportingUnit			1
Minimum
Restricted Cash and Cash Equivalents Items [Line Items]
Warranty period			2 years
Maximum
Restricted Cash and Cash Equivalents Items [Line Items]
Warranty period			5 years
June 2022 Toggle Convertible Notes | Convertible Notes Payable
Restricted Cash and Cash Equivalents Items [Line Items]
Principal amount		130,269,000	$ 130,269,000	123,478,000			$ 100,000,000	$ 100,000,000	$ 200,000,000
Interest rate, stated percentage									8%
Paid-in-kind interest rate									11%
April 2023 Toggle Convertible Notes | Convertible Notes Payable
Restricted Cash and Cash Equivalents Items [Line Items]
Principal amount								$ 100,000,000
Interest rate, stated percentage								8%
Paid-in-kind interest rate								11%
Derivative liability								$ 21,200,000
8.25% Convertible Notes | Convertible Notes Payable
Restricted Cash and Cash Equivalents Items [Line Items]
Principal amount	$ 175,000,000	$ 1,758,000	$ 1,758,000	$ 21,558,000
Interest rate, stated percentage	8.25%	8.25%	8.25%	8.25%
Number of shares issued in debt conversion (in shares) | shares		9,257	733,331	5,683,038
Embedded conversion feature	$ 47,300,000
June 2023 Toggle Convertible Notes | Convertible Notes Payable
Restricted Cash and Cash Equivalents Items [Line Items]
Principal amount		$ 11,918,000	$ 11,918,000	$ 11,460,000		$ 11,000,000	$ 100,000,000
Interest rate, stated percentage						8%
Paid-in-kind interest rate						8%
April 2023 Toggle Convertible Notes and June 2023 Toggle Convertible Notes | Convertible Notes Payable
Restricted Cash and Cash Equivalents Items [Line Items]
Derivative liability								$ 21,200,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 198,301	$ 464,715	$ 362,850
Restricted cash and cash equivalents – current	3,374	1,224	1,224
Restricted cash and cash equivalents – non-current	16,086	28,026	28,026
Cash, cash equivalents and restricted cash and cash equivalents	$ 217,761	$ 493,965	$ 392,100	$ 313,909

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities
Senior Convertible Notes	$ 63,158
Derivative liability		$ 8,871
Money Market
Assets
Cash equivalents – money market	27,825	29,839
Level 1
Liabilities
Senior Convertible Notes	0
Derivative liability		0
Level 1 | Money Market
Assets
Cash equivalents – money market	27,825	29,839
Level 2
Liabilities
Senior Convertible Notes	0
Derivative liability		0
Level 2 | Money Market
Assets
Cash equivalents – money market	0	0
Level 3
Liabilities
Senior Convertible Notes	63,158
Derivative liability		8,871
Level 3 | Money Market
Assets
Cash equivalents – money market	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Fair Value of Warrants & Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Settlement of derivative liability for conversions	$ (20,992)		$ (20,992)
Derivative Financial Instruments, Liabilities | Embedded Derivative Financial Instruments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Estimated fair value at beginning of period	29,340		0
Recognition of derivative liability	0		21,180
Change in estimated fair value	212,511		220,671
Settlement of derivative liability for conversions	(241,851)		(241,851)
Estimated fair value at end of period	$ 0		$ 0
Derivative Financial Instruments, Liabilities | 8.25% Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Estimated fair value at beginning of period		$ 8,871
Change in estimated fair value		(2,184)
Settlement of derivative liability for conversions		(6,687)
Estimated fair value at end of period		$ 0

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Measurement Inputs (Details)	Sep. 30, 2024 $ / shares	Sep. 30, 2023 $ / shares
Stock Price, QTD | Embedded Derivative Financial Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		102
Stock Price, YTD | Embedded Derivative Financial Instruments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		32.70
Stock Price, YTD | Embedded Derivative Financial Instruments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		102
Exercise Price, QTD | Embedded Derivative Financial Instruments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		43.68
Exercise Price, QTD | Embedded Derivative Financial Instruments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		44.48
Exercise Price, YTD | Embedded Derivative Financial Instruments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		43.68
Exercise Price, YTD | Embedded Derivative Financial Instruments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		44.48
Risk Free Rate, QTD | Embedded Derivative Financial Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.0458
Risk Free Rate, YTD | Embedded Derivative Financial Instruments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.0376
Risk Free Rate, YTD | Embedded Derivative Financial Instruments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.0458
Equity volatility, QTD | Embedded Derivative Financial Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.475
Equity volatility, YTD | Embedded Derivative Financial Instruments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.475
Equity volatility, YTD | Embedded Derivative Financial Instruments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.60
Expected dividend yield, QTD | Embedded Derivative Financial Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0
Expected dividend yield, YTD | Embedded Derivative Financial Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0
Credit Spread, QTD | Embedded Derivative Financial Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.149
Credit Spread, YTD | Embedded Derivative Financial Instruments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.149
Credit Spread, YTD | Embedded Derivative Financial Instruments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets		0.201
Stock price | 8.25% Convertible Notes | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets	7.40
Stock price | 8.25% Convertible Notes | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets	31.20
Conversion price | 8.25% Convertible Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets	27
Risk free rate | 8.25% Convertible Notes | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets	0.0410
Risk free rate | 8.25% Convertible Notes | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets	0.0547
Credit spread | 8.25% Convertible Notes | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets	0.1408
Credit spread | 8.25% Convertible Notes | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, assets	0.1518

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Liability Classified Awards (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Liability Classified Awards [Roll Forward]
Liability classified awards - beginning of the period	$ 2,006	$ 0
Reclassification of share-based payment awards to liability	8,395	10,401
Change in fair value	10,591	10,591
Reclassification of share-based payment awards to equity	(20,992)	(20,992)
Liability classified awards - end of the period	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Accrued warranty - beginning of period	$ 77,266	$ 11,057	$ 78,946	$ 7,788
Warranties issued in period - product warranty	19,274	172	44,353	4,245
Warranties issued in period - recall campaign	0	61,848	0	61,848
Net changes in liability for pre-existing warranties	(4,936)	(1,084)	(10,658)	(1,304)
Warranty costs incurred	(14,472)	(1,665)	(35,509)	(2,249)
Accrued warranty - end of period	$ 77,132	$ 70,328	$ 77,132	$ 70,328

BALANCE SHEET COMPONENTS - Sche

BALANCE SHEET COMPONENTS - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 35,112	$ 32,889
Work in process	28,078	15,486
Finished goods	4,695	8,206
Service parts	8,191	6,007
Inventory	$ 76,076	$ 62,588

BALANCE SHEET COMPONENTS - Sc_2

BALANCE SHEET COMPONENTS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory deposits	$ 16,939	$ 4,843
Insurance receivables	17,500	0
Non-trade receivables	8,039	4,895
Holdback receivable	4,869	3,655
Prepaid insurance premiums	3,890	2,148
Prepaid expenses	5,715	7,573
Other current assets	2,893	1,154
Other deposits	2,151	1,643
Prepaid expenses and other current assets	$ 61,996	$ 25,911

BALANCE SHEET COMPONENTS - Sc_3

BALANCE SHEET COMPONENTS - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 41,072	$ 37,504
Property, plant and equipment, gross	561,677	547,365
Less: accumulated depreciation and amortization	(71,433)	(43,949)
Total property, plant and equipment, net	490,244	503,416
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	240,861	239,918
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	105,718	135,994
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	83,482	67,657
Tooling
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	62,114	39,389
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	8,689	8,649
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	7,957	7,957
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	6,871	6,409
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	3,115	3,100
Demo vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross except finance lease assets	$ 1,798	$ 788

BALANCE SHEET COMPONENTS - Narr

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Jul. 31, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Inventory write-downs				$ 45,700	$ 56,587	$ 64,500
Depreciation expense		$ 9,900		15,100	27,800	23,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Phoenix Hydrogen Hub, LLC
Property, Plant and Equipment [Line Items]
Percentage of subsidiary divested	100%
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Phoenix Hydrogen Hub Project
Property, Plant and Equipment [Line Items]
Net proceeds			$ 25,100	24,400
Holdback from sale of subsidiary			$ 3,700
Holdback from sale of subsidiary, current		4,900		$ 3,700	4,900	$ 3,700		$ 3,700
Tooling
Property, Plant and Equipment [Line Items]
Useful life							5 years
Increase (decrease) in depreciation expense		$ 2,900			$ 8,500
Increase in net loss (in usd per share)		$ 0.06			$ 0.18

BALANCE SHEET COMPONENTS - Accr

BALANCE SHEET COMPONENTS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Settlement liabilities	$ 103,446	$ 91,330
Inventory received not yet invoiced	23,408	8,642
Warranty liability, current	34,112	65,703
Other accrued expenses	14,435	6,894
Accrued payroll and payroll related expenses	8,242	3,254
Accrued purchases of property, plant and equipment	7,913	2,458
Accrued purchase of intangible asset	5,624	13,796
Accrued outsourced engineering services	5,441	4,207
Operating lease liabilities, current	2,887	1,867
Derivative liability	0	8,871
Total accrued expenses and other current liabilities	$ 205,508	$ 207,022

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Gross Carrying Amount and Accumulated Amortization of Separately Identifiable Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 98,831	$ 98,831	$ 98,831
Accumulated Amortization	(18,520)	(18,520)	(12,971)
Impairment		(28,181)
Net Carrying Amount	52,130	52,130	85,860
Goodwill, Net [Abstract]
Gross Carrying Amount	5,238	5,238	5,238
Impairment	(5,200)	(5,238)
Goodwill	0	0	5,238
Licenses:
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount			47,181
Accumulated Amortization			0
Net Carrying Amount			47,181
S-WAY Product and Platform license
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	50,000	50,000	50,000
Accumulated Amortization	(17,857)	(17,857)	(12,500)
Impairment		0
Net Carrying Amount	32,143	32,143	37,500
FCPM license
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	47,181	47,181
Accumulated Amortization	0	0
Impairment		(28,181)
Net Carrying Amount	19,000	19,000
Other intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,650	1,650	1,650
Accumulated Amortization	(663)	(663)	(471)
Impairment		0
Net Carrying Amount	$ 987	$ 987	$ 1,179

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1.9	$ 1.9	$ 5.5	$ 5.6
Impairment	$ 33.4		$ 33.4

INVESTMENTS IN AFFILIATE - Sche

INVESTMENTS IN AFFILIATE - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 22, 2021
Schedule of Equity Method Investments [Line Items]
Investment in affiliate	$ 56,197		$ 56,197		$ 57,062
Equity in net profit (loss) of affiliates	$ 173	$ (262)	$ (865)	$ (16,287)
Wabash Valley Resources LLC
Schedule of Equity Method Investments [Line Items]
Ownership	20%		20%			20%
Investment in affiliate	$ 56,197		$ 56,197		$ 57,062
Equity in net profit (loss) of affiliates	173	(262)	(865)	(731)
Nikola Iveco Europe GmbH
Schedule of Equity Method Investments [Line Items]
Equity in net profit (loss) of affiliates	$ 0	$ 0	$ 0	$ (15,556)

INVESTMENTS IN AFFILIATE - Narr

INVESTMENTS IN AFFILIATE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Aug. 03, 2023	Jun. 29, 2023	Jun. 22, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 04, 2023
Schedule of Equity Method Investments [Line Items]
Gain on divestiture of affiliate				$ 0	$ 0	$ 0	$ 70,849
Payments to acquire equity method investments						$ 0	250
Price per share (in dollars per share)								$ 33.60
Wabash Valley Resources LLC
Schedule of Equity Method Investments [Line Items]
Ownership			20%	20%		20%
Payments to acquire equity method investments			$ 25,000
Common stock of VectoIQ and VectoIQ founder shares (in shares)			56,079
Price per share (in dollars per share)			$ 445.80
Equity method investment, difference between carrying amount and underlying equity			$ 55,500
Maximum exposure				$ 56,700		$ 56,700
Equity interest and loans				$ 500		500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Nikola Iveco Europe GmbH
Schedule of Equity Method Investments [Line Items]
Ownership percentage in disposed asset		50%
Consideration received		$ 35,000					35,000
Derecognition of investment in affiliate						11,400	11,428
Derecognition of cumulative currency translation losses						$ (1,500)	(1,535)
Gain on divestiture of affiliate							$ 70,849
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Nikola Iveco Europe GmbH | Common Stock
Schedule of Equity Method Investments [Line Items]
Shares received (in shares)	700,000	700,000

INVESTMENTS IN AFFILIATE - Sc_2

INVESTMENTS IN AFFILIATE - Schedule of Divestiture of Affiliates (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 29, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Gain on divestiture of affiliate		$ 0	$ 0	$ 0	$ 70,849
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Nikola Iveco Europe GmbH
Schedule of Equity Method Investments [Line Items]
Cash consideration received	$ 35,000				35,000
Contingent stock consideration receivable					25,956
Derecognition of investment in affiliate				11,400	11,428
Derecognition of cumulative currency translation losses				$ (1,500)	(1,535)
Gain on divestiture of affiliate					$ 70,849

INVESTMENTS IN AFFILIATE - Sc_3

INVESTMENTS IN AFFILIATE - Schedule of Changes in Fair Value of the Contingent Stock Consideration (Details) - Contingent Stock Consideration Receivable - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value - beginning of the period	$ 28,428	$ 0
Contingent stock consideration recognized on Divestiture Closing	0	25,956
Change in fair value	41,509	43,981
Delivery of shares for stock consideration	(69,937)	(69,937)
Fair value - end of the period	$ 0	$ 0

DEBT AND FINANCE LEASE LIABIL_3

DEBT AND FINANCE LEASE LIABILITIES - Schedule of Debt and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 12, 2023	Jun. 07, 2022
Current:
Finance lease liabilities	$ 6,187	$ 6,312
Debt and finance lease liabilities, current	73,111	8,950
Non-current:
Finance lease liabilities	26,353	26,395
Long-term debt and finance lease liabilities, net of current portion	270,018	269,279
Notes Payable, Other Payables
Non-current:
Long-term debt	1,787	2,306
Financing obligations
Current:
Current maturities of long-term debt	148	87
Non-current:
Long-term debt	102,169	101,470
Insurance premium financing | Notes Payable, Other Payables
Current:
Current maturities of long-term debt	$ 2,791	1,852
Non-current:
Interest rate, stated percentage	2.95%
Promissory notes | Notes Payable, Other Payables
Current:
Current maturities of long-term debt	$ 827	699
Non-current:
Interest rate, stated percentage				4.26%
Toggle Convertible Notes | Convertible Notes
Non-current:
Long-term debt	138,483	124,061
8.25% Convertible Notes | Convertible Notes
Non-current:
Long-term debt	$ 1,226	$ 15,047
Interest rate, stated percentage	8.25%	8.25%	8.25%
Senior Convertible Notes | Senior Notes
Current:
Current maturities of long-term debt	$ 63,158	$ 0

DEBT AND FINANCE LEASE LIABIL_4

DEBT AND FINANCE LEASE LIABILITIES - Schedule of Carrying Value and Estimated Fair Value (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Convertible Notes Payable | June 2022 Toggle Convertible Notes | Carrying Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 128,159
Convertible Notes Payable | June 2022 Toggle Convertible Notes | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	125,669
Convertible Notes Payable | June 2023 Toggle Convertible Notes | Carrying Value
Debt Instrument [Line Items]
Long-term debt, fair value	10,324
Convertible Notes Payable | June 2023 Toggle Convertible Notes | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	11,136
Convertible Notes Payable | Promissory notes | Carrying Value
Debt Instrument [Line Items]
Long-term debt, fair value	2,614
Convertible Notes Payable | Promissory notes | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	2,593
Convertible Notes Payable | 8.25% Convertible Notes | Carrying Value
Debt Instrument [Line Items]
Long-term debt, fair value	1,226
Convertible Notes Payable | 8.25% Convertible Notes | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	644
Notes Payable, Other Payables | Insurance premium financing | Carrying Value
Debt Instrument [Line Items]
Long-term debt, fair value	2,791
Notes Payable, Other Payables | Insurance premium financing | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 2,773

DEBT AND FINANCE LEASE LIABIL_5

DEBT AND FINANCE LEASE LIABILITIES - Narrative (Details)										1 Months Ended	3 Months Ended		5 Months Ended	9 Months Ended		12 Months Ended
	Aug. 19, 2024 USD ($) shares	Dec. 12, 2023 USD ($) day $ / shares	Aug. 21, 2023 USD ($)	Aug. 04, 2023 shares	Jun. 29, 2023 USD ($)	Dec. 30, 2022 USD ($) day	Aug. 04, 2022 USD ($)	Jun. 07, 2022 USD ($)	Jun. 01, 2022	Jun. 30, 2022 USD ($) day	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) day	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 24, 2024 $ / shares	Sep. 22, 2023 USD ($)	Jun. 30, 2023 USD ($)	May 25, 2023 USD ($)	May 10, 2023 USD ($)	Apr. 30, 2023 USD ($)	Apr. 11, 2023 USD ($)	Mar. 17, 2023 USD ($)	May 10, 2022 USD ($) extension_option
Debt Instrument [Line Items]
Loss on debt extinguishment											$ 871,000	$ 0		$ 3,184,000	$ 20,362,000
Derivative liability																$ 8,871,000
Headquarters, Phoenix, Arizona
Debt Instrument [Line Items]
Consideration received																										$ 52,500,000
Contingent consideration asset																										$ 13,100,000
Lease term																										20 years
Number of options to extend | extension_option																										4
Renewal term																										7 years
Number of extension options reasonably certain of being exercised | extension_option																										1
Coolidge, AZ Land
Debt Instrument [Line Items]
Consideration received					$ 50,400,000
Lease term					99 years
Number of anniversary					50 years
Percentage of increase in repurchase amount of asset on basis of purchase price					300%
Convertible Notes Payable
Debt Instrument [Line Items]
Loss on debt extinguishment															20,400,000
Financing obligations
Debt Instrument [Line Items]
Principal amount																										$ 38,300,000
Interest expense											900,000	900,000		2,700,000	2,700,000
Unamortized issuance costs																										$ 1,100,000
Proceeds from debt, net of discount and issuance costs													$ 13,100,000
June 2022 Toggle Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount										$ 200,000,000	$ 130,269,000		$ 130,269,000	$ 130,269,000		123,478,000							$ 100,000,000	$ 100,000,000
Paid-in-kind interest rate										11%
Conversion price (in dollars per share) | $ / shares																		$ 262.33
Effective interest rate percentage											13.90%		13.90%	13.90%
Interest rate, stated percentage										8%
Interest expense											$ 4,488,000	4,004,000		$ 13,063,000	14,984,000
Unamortized issuance costs											5,254,000		$ 5,254,000	5,254,000		7,245,000
Conversion ratio									0.003812
June 2023 Toggle Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount											$ 11,918,000		$ 11,918,000	$ 11,918,000		11,460,000				$ 11,000,000			$ 100,000,000
Paid-in-kind interest rate																				8%
Initial conversion rate numerator																		22.4809
Effective interest rate percentage											17.24%		17.24%	17.24%
Interest rate, stated percentage																				8%
Interest expense											$ 469,000	473,000		$ 1,360,000	493,000
Unamortized issuance costs											0		$ 0	0		0
Toggle Convertible Notes
Debt Instrument [Line Items]
Secured debt limit per restrictive covenants														$ 500,000,000
Toggle Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Convertible notes redemption day | day														26
Toggle Convertible Notes | Convertible Notes Payable | Maximum
Debt Instrument [Line Items]
Redemption price														130%
Toggle Convertible Notes | Convertible Notes Payable | Minimum
Debt Instrument [Line Items]
Redemption price														100%
Toggle Convertible Notes | Convertible Notes Payable | Conversion Circumstance One
Debt Instrument [Line Items]
Threshold trading days | day										20
Threshold consecutive trading days | day										30
Toggle Convertible Notes | Convertible Notes Payable | Conversion Circumstance One | Maximum
Debt Instrument [Line Items]
Threshold of stock price trigger (in percent)										130%
Toggle Convertible Notes | Convertible Notes Payable | Conversion Circumstance Two
Debt Instrument [Line Items]
Trading days require during a period of consecutive trading days | day										5
Period of consecutive trading days | day										10
Toggle Convertible Notes | Convertible Notes Payable | Conversion Circumstance Two | Minimum
Debt Instrument [Line Items]
Threshold of stock price trigger (in percent)										98%
April 2023 Toggle Convertible Notes
Debt Instrument [Line Items]
Issuance of conversion common stock (in shares) | shares				2,415,293
Converted instrument, amount														$ 0	115,152,000
April 2023 Toggle Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount																								$ 100,000,000
Paid-in-kind interest rate																								11%
Derivative liability																								$ 21,200,000
Interest rate, stated percentage																								8%
First Purchase Agreement | Convertible Notes Payable
Debt Instrument [Line Items]
Threshold trading days | day						3
Maximum principal amount of convertible notes						$ 125,000,000															$ 12,100,000	$ 15,000,000			$ 25,000,000
Interest rate, stated percentage						5%
Percentage of volume weighted average price						95%
Conversion ratio						1
Series A Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount						$ 50,000,000
First Purchase Agreement - Subsequent Placement | Convertible Notes Payable
Debt Instrument [Line Items]
Debt instrument, term						1 year
Second Purchase Agreement | Convertible Notes Payable
Debt Instrument [Line Items]
Maximum principal amount of convertible notes			$ 325,000,000
Interest rate, stated percentage			5%
Debt instrument, term			1 year
Conversion ratio			1
Series A-1 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount			$ 125,000,000
Series A-2 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount																			$ 40,000,000
Third Purchase Agreement, Series B-1 Notes
Debt Instrument [Line Items]
Convertible debt, fair value disclosures											88,400,000		88,400,000	88,400,000
Convertible debt, fair value adjustment											8,400,000			8,400,000
Interest expense														4,900,000
Third Purchase Agreement, Series B-1 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount	$ 80,000,000
Loss on debt extinguishment														923,000
Third Purchase Agreement | Convertible Notes Payable
Debt Instrument [Line Items]
Maximum principal amount of convertible notes	$ 160,000,000
Interest rate, stated percentage	5%
Debt instrument, term	1 year
Convertible instrument, maximum shares to be issued (in shares) | shares	10,114,374
Convertible debt, fair value disclosures											63,200,000		63,200,000	63,200,000
Conversion ratio	1
Final pricing of conversion, period after conversion date	2 days
8.25% Convertible Notes
Debt Instrument [Line Items]
Converted instrument, amount														18,112,000	0
8.25% Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Principal amount		$ 175,000,000									1,758,000		$ 1,758,000	1,758,000		$ 21,558,000
Conversion price (in dollars per share) | $ / shares		$ 27
Threshold trading days | day		20
Threshold consecutive trading days | day		30
Threshold of stock price trigger (in percent)		175%
Loss on debt extinguishment											$ (51,000)			$ 2,262,000
Interest rate, stated percentage		8.25%									8.25%		8.25%	8.25%		8.25%
Coupon make-whole premium		0.50%
Redemption terms, minimum amount outstanding		$ 100,000,000
Waived cure period		30 days
Waived not cure period		60 days
Payment default trigger		$ 30,000,000
Payment default cure period		30 days
Judgements default trigger		$ 30,000,000
Judgement default cure period		60 days
Noteholder default notice ownership percent		25%
Default special interest period		180 days
Proceeds from debt, net of issuance costs paid and accrued		$ 122,100,000
Embedded conversion feature		47,300,000
Unamortized issuance costs		$ 5,600,000									$ 57,000		$ 57,000	$ 57,000		$ 690,000
Converted instrument, amount																$ 153,400,000
Conversion ratio		0.037037
8.25% Convertible Notes | Convertible Notes Payable | Interest Period 1-90 Days
Debt Instrument [Line Items]
Default interest rate increase		0.25%
8.25% Convertible Notes | Convertible Notes Payable | Interest Period 91-180 Days
Debt Instrument [Line Items]
Default interest rate increase		0.50%
Coolidge Sale Agreement | Financing obligations
Debt Instrument [Line Items]
Principal amount					$ 49,400,000
Interest expense											1,300,000	1,300,000		3,900,000	1,300,000
Unamortized issuance costs					$ 1,000,000
Promissory notes | Notes Payable, Other Payables
Debt Instrument [Line Items]
Principal amount								$ 50,000,000
Interest rate, stated percentage								4.26%
Debt instrument, term								60 months
Interest expense												200,000			1,100,000
Repayments of debt												39,300,000
Second Collateralized Note | Notes Payable, Other Payables
Debt Instrument [Line Items]
Principal amount							$ 4,000,000
Interest rate, stated percentage							7%
Debt instrument, term							60 months
Insurance premium financing | Notes Payable, Other Payables
Debt Instrument [Line Items]
Principal amount											$ 6,600,000		$ 6,600,000	$ 6,600,000
Interest rate, stated percentage											2.95%		2.95%	2.95%
Additional Insurance Premium Financing Agreement | Notes Payable, Other Payables
Debt Instrument [Line Items]
Principal amount												$ 1,200,000			$ 1,200,000		$ 4,600,000			$ 3,900,000
Interest rate, stated percentage												6.64%			6.64%		6.99%			6.64%

DEBT AND FINANCE LEASE LIABIL_6

DEBT AND FINANCE LEASE LIABILITIES - Schedule of Interest Rates and Payment Dates of Convertible Notes (Details) - Convertible Notes Payable	Jun. 30, 2023	Jun. 30, 2022
June 2022 Toggle Convertible Notes
Debt Instrument [Line Items]
PIK interest rate (per annum)		11%
Cash interest rate (per annum)		8%
June 2023 Toggle Convertible Notes
Debt Instrument [Line Items]
PIK interest rate (per annum)	8%
Cash interest rate (per annum)	8%

DEBT AND FINANCE LEASE LIABIL_7

DEBT AND FINANCE LEASE LIABILITIES - Schedule of Net Carrying Amounts of Debt (Details) - Convertible Notes Payable - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Dec. 12, 2023	Jun. 30, 2023	Apr. 30, 2023	Apr. 11, 2023	Jun. 30, 2022
June 2022 Toggle Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 130,269,000	$ 123,478,000			$ 100,000,000	$ 100,000,000	$ 200,000,000
Accrued PIK interest	4,816,000	1,170,000
Unamortized discount	(1,672,000)	(2,306,000)
Unamortized issuance costs	(5,254,000)	(7,245,000)
Net carrying amount	128,159,000	115,097,000
June 2023 Toggle Convertible Notes
Debt Instrument [Line Items]
Principal amount	11,918,000	11,460,000		$ 11,000,000	$ 100,000,000
Accrued PIK interest	238,000	0
Unamortized discount	(1,832,000)	(2,496,000)
Unamortized issuance costs	0	0
Net carrying amount	10,324,000	8,964,000
8.25% Convertible Notes
Debt Instrument [Line Items]
Principal amount	1,758,000	21,558,000	$ 175,000,000
Unamortized discount	(475,000)	(5,821,000)
Unamortized issuance costs	(57,000)	(690,000)	$ (5,600,000)
Net carrying amount	$ 1,226,000	$ 15,047,000

DEBT AND FINANCE LEASE LIABIL_8

DEBT AND FINANCE LEASE LIABILITIES - Schedule of Interest Expense (Details) - Convertible Notes Payable - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
June 2022 Toggle Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 3,582	$ 3,219	$ 10,438	$ 12,464
Amortization of debt discount and issuance costs	906	785	2,625	2,520
Total interest expense	4,488	4,004	13,063	14,984
April 2022 Toggle Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	1,096	3,562
Amortization of debt discount and issuance costs	41,530	42,242
Total interest expense	42,626	45,804
June 2023 Toggle Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	238	220	697	240
Amortization of debt discount and issuance costs	231	253	663	253
Total interest expense	$ 469	$ 473	$ 1,360	$ 493

DEBT AND FINANCE LEASE LIABIL_9

DEBT AND FINANCE LEASE LIABILITIES - Schedule of Reference Price And Floor Price Applicable to Issuance of Senior Convertible Notes (Details) - Convertible Notes Payable	Sep. 30, 2024 $ / shares
Series A Notes
Debt Instrument [Line Items]
Reference Price (in dollars per share)	$ 179.250
Floor Price (in dollars per share)	14.340
First Purchase Agreement, Series B-1 Notes
Debt Instrument [Line Items]
Reference Price (in dollars per share)	121.500
Floor Price (in dollars per share)	14.340
Third Purchase Agreement, Series B-1 Notes
Debt Instrument [Line Items]
Reference Price (in dollars per share)	12.200
Floor Price (in dollars per share)	1.620
Series B-2 Notes
Debt Instrument [Line Items]
Reference Price (in dollars per share)	64.200
Floor Price (in dollars per share)	14.340
Series B-3 Notes
Debt Instrument [Line Items]
Reference Price (in dollars per share)	58.545
Floor Price (in dollars per share)	14.340
Series A-1 Notes
Debt Instrument [Line Items]
Reference Price (in dollars per share)	88.200
Floor Price (in dollars per share)	11.400
Series A-2 Notes
Debt Instrument [Line Items]
Reference Price (in dollars per share)	88.200
Floor Price (in dollars per share)	$ 11.400

DEBT AND FINANCE LEASE LIABI_10

DEBT AND FINANCE LEASE LIABILITIES - Schedule of Debt Conversion (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment	$ (871)	$ 0	$ (3,184)	$ (20,362)
Convertible Notes Payable
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment				$ (20,400)
Series A Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)				726,187
Average conversion price (in dollars per share)				$ 72.30
Series A Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes				$ 50,000
Series A Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes				$ 2,500
First Purchase Agreement, Series B-1 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)				704,256
Average conversion price (in dollars per share)				$ 37.27
First Purchase Agreement, Series B-1 Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes				$ 25,000
First Purchase Agreement, Series B-1 Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes				$ 1,250
Third Purchase Agreement, Series B-1 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)	4,600,695		4,600,695
Gain (loss) on debt extinguishment			$ (923)
Average conversion price (in dollars per share)	$ 5.69		$ 5.69
Third Purchase Agreement, Series B-1 Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes	$ 22,857		$ 22,857
Third Purchase Agreement, Series B-1 Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes	$ 1,143		1,143
Third Purchase Agreement, Series B-1 Notes | Convertible Notes Payable | Net carrying amount converted
Debt Instrument [Line Items]
Conversion of convertible notes			$ 25,263
Series B-2 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)				725,276
Average conversion price (in dollars per share)				$ 21.72
Series B-2 Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes				$ 15,000
Series B-2 Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes				$ 750
Series B-3 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)				754,639
Average conversion price (in dollars per share)				$ 16.80
Series B-3 Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes				$ 12,076
Series B-3 Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes				604
Series A-1 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)	4,279,353		4,279,353
Average conversion price (in dollars per share)	$ 30.67		$ 30.67
Series A-1 Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes	$ 125,000		$ 125,000
Series A-1 Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes	$ 6,250		$ 6,250
Series A-2 Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)	190,701		190,701
Average conversion price (in dollars per share)	$ 41.95		$ 41.95
Series A-2 Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes	$ 7,619		$ 7,619
Series A-2 Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes	$ 381		381
8.25% Convertible Notes
Debt Instrument [Line Items]
Conversion of convertible notes			$ 18,112	$ 0
8.25% Convertible Notes | Convertible Notes Payable
Debt Instrument [Line Items]
Shares of common stock issued for conversions (in shares)	9,257		733,331		5,683,038
Conversion of convertible notes					$ 153,400
Gain (loss) on debt extinguishment	$ 51		$ (2,262)
8.25% Convertible Notes | Convertible Notes Payable | Principal balance converted
Debt Instrument [Line Items]
Conversion of convertible notes	250		19,800
8.25% Convertible Notes | Convertible Notes Payable | Make-whole interest converted
Debt Instrument [Line Items]
Conversion of convertible notes	48		4,579
8.25% Convertible Notes | Convertible Notes Payable | Net carrying amount converted
Debt Instrument [Line Items]
Conversion of convertible notes	$ 174		$ 13,741

DEBT AND FINANCE LEASE LIABI_11

DEBT AND FINANCE LEASE LIABILITIES - Letters of Credit Narrative (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Letter of Credit | FFI Purchase Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 3,000,000
Line of credit	$ 0
Letter of Credit | Customs Bond
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 1,200,000
Line of credit	0
Standby Letters of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 12,500,000	$ 25,000,000
Reduced amount of letter of credit	$ 13,100,000				$ 2,200,000

CAPITAL STRUCTURE (Details)

CAPITAL STRUCTURE (Details)					1 Months Ended		3 Months Ended			9 Months Ended
	Apr. 11, 2023 USD ($) $ / shares shares	Apr. 04, 2023 USD ($) $ / shares shares	Sep. 24, 2021 USD ($) day	Jun. 11, 2021 USD ($) day	Aug. 31, 2023 USD ($)	Aug. 31, 2022 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares		Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares		Sep. 30, 2023 USD ($) $ / shares shares	Jun. 24, 2024 shares	Jun. 23, 2024 shares	Dec. 31, 2023 USD ($) shares
Class of Warrant or Right [Line Items]
Common stock and preferred stock, shares authorized (in shares) | shares							1,150,000,000			1,150,000,000
Common stock, shares authorized (in shares) | shares							1,000,000,000	[1]		1,000,000,000	[1]		1,000,000,000	1,600,000,000	1,600,000,000	[1]
Preferred stock, shares authorized (in shares) | shares							150,000,000			150,000,000					150,000,000
Number of shares called by each warrant (in shares) | shares							1			1
Warrant exercise price per share (in dollars per share) | $ / shares							$ 345			$ 345
Purchase period				36 months
Price per share (in dollars per share) | $ / shares		$ 33.60
Registration Rights Agreement
Class of Warrant or Right [Line Items]
Maximum authorized amount				$ 300,000,000
Percentage of volume weighted average price				97%
Consecutive trading days | day				3
Number of shares issued in transaction (in shares) | shares												114,033
Consideration received on transaction												$ 8,400,000
Second Purchase Agreement
Class of Warrant or Right [Line Items]
Purchase period			36 months
Percentage of volume weighted average price			97%
Consecutive trading days | day			3
Number of shares issued in transaction (in shares) | shares												959,693
Consideration received on transaction			$ 300,000,000									$ 59,200,000
Equity Distribution Agreement
Class of Warrant or Right [Line Items]
Maximum authorized amount					$ 600,000,000	$ 400,000,000
Number of shares issued in transaction (in shares) | shares							2,104,738		922,096	5,258,862		2,223,015
Consideration received on transaction							$ 20,800,000		$ 53,100,000	$ 71,700,000		$ 115,600,000
Sale of stock, purchase agreement, increase in authorized amount					$ 200,000,000
Fixed commission rate of gross offering proceeds of shares sold						2.50%
Proceeds from public offering, net of underwriter's discount							21,500,000		54,500,000	73,800,000		118,600,000
Payments for commissions							700,000		$ 1,400,000	2,100,000		$ 3,000,000
Equity Distribution Agreement | Other Current Liabilities
Class of Warrant or Right [Line Items]
Accrued commission							$ 1,800,000			$ 1,800,000					$ 0
Equity Distribution Agreement | Arithmetic Average
Class of Warrant or Right [Line Items]
Average price (in dollars per share) | $ / shares							$ 10.19		$ 59.11	$ 14.02		$ 53.33
Public Offering
Class of Warrant or Right [Line Items]
Number of shares issued in transaction (in shares) | shares		997,024
Consideration received on transaction		$ 32,200,000
Proceeds from public offering, net of underwriter's discount										$ 0		$ 32,244,000
Direct Offering
Class of Warrant or Right [Line Items]
Number of shares issued in transaction (in shares) | shares	1,979,167
Consideration received on transaction	$ 63,200,000
Price per share (in dollars per share) | $ / shares	$ 33.60
Authorized amount	$ 100,000,000
Private Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares							28,038			28,038					28,038
Warrant exercise price per share (in dollars per share) | $ / shares							$ 2,908.94			$ 2,908.94
[1] Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

STOCK BASED COMPENSATION EXPE_3

STOCK BASED COMPENSATION EXPENSE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	366,300	366,300	20,000
Grant date fair value	$ 11			$ 11
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				10 years
Minimum | Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				0%
Minimum | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period				1 year
Maximum | Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				200%
Maximum | 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period				4 years

STOCK BASED COMPENSATION EXPE_4

STOCK BASED COMPENSATION EXPENSE - Stock Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Options
Outstanding at beginning of period (in shares)	501,362
Granted (in shares)	0
Exercised (in shares)	0
Cancelled (in shares)	(3,838)
Options at end of period (in shares)	497,524	501,362
Vested and exercisable as of period end (in shares)	497,524
Weighted Average Exercise Price Per share
Outstanding at beginning of period (in dollars per share)	$ 40.74
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Cancelled (in dollars per share)	44.39
Outstanding at end of period (in dollars per share)		$ 40.74
Vested and exercisable at period end (in dollars per share)	$ 41.10
Weighted Average Remaining Contractual Term (Years)
Outstanding	2 years 10 months 13 days	3 years 7 months 20 days
Vested and exercisable as of period end	2 years 10 months 13 days

STOCK BASED COMPENSATION EXPE_5

STOCK BASED COMPENSATION EXPENSE - Schedule of RSUs (Details)	9 Months Ended
	Sep. 30, 2024 shares
RSUs
Number of RSUs
Non-vested RSUs at beginning of period (in shares)	851,228
Granted (in shares)	536,726
Released (in shares)	(352,262)
Cancelled (in shares)	(92,153)
Non-vested RSUs at end of period (in shares)	943,539
Market based RSUs
Number of RSUs
Non-vested RSUs at beginning of period (in shares)	100,003
Granted (in shares)	386,300
Released (in shares)	0
Cancelled (in shares)	0
Non-vested RSUs at end of period (in shares)	486,303

STOCK BASED COMPENSATION EXPE_6

STOCK BASED COMPENSATION EXPENSE - Weighted Average Assumptions (Details) - Market based RSUs	9 Months Ended
	Sep. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.80%
Risk-free interest rate, maximum	4.90%
Expected volatility, minimum	115.20%
Expected volatility, maximum	118.50%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in dollars per share)	$ 7.22
Term (years)	1 year 9 months 25 days
Expected dividend yield	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in dollars per share)	$ 20.88
Term (years)	2 years 8 months 4 days

STOCK BASED COMPENSATION EXPE_7

STOCK BASED COMPENSATION EXPENSE - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 8,601	$ 18,659	$ 25,337	$ 68,916
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	434	414	1,114	1,813
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,473	3,383	7,825	19,043
Selling, general, and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,694	$ 14,862	$ 16,398	$ 48,060

STOCK BASED COMPENSATION EXPE_8

STOCK BASED COMPENSATION EXPENSE - Unrecognized Compensation Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Unrecognized Compensation Expense
Total unrecognized compensation expense at September 30, 2024	$ 38,656
Market based RSUs
Unrecognized Compensation Expense
Market Based RSUs and RSUs	13,615
RSUs
Unrecognized Compensation Expense
Market Based RSUs and RSUs	$ 25,041

DECONSOLIDATION OF SUBSIDIARY -

DECONSOLIDATION OF SUBSIDIARY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from deconsolidation of discontinued operation	$ 0	$ 0	$ 0	$ 24,935
Discontinued Operations, Disposed of by Means Other than Sale | Romeo Power, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from deconsolidation of discontinued operation				$ 24,935

DECONSOLIDATION OF SUBSIDIARY_2

DECONSOLIDATION OF SUBSIDIARY - Schedule of Assets and Liabilities to Assignment for the Benefit of Creditors of Loss on Deconsolidation of Subsidiaries (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Liabilities deconsolidated:
Loss from deconsolidation of discontinued operation	$ 0	$ 0	$ 0	$ 24,935
Discontinued Operations, Disposed of by Means Other than Sale | Romeo Power, Inc
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Cash and cash equivalents		213		213
Accounts receivable, net		0		0
Inventory		7,271		7,271
Prepaid expenses and other current assets		3,351		3,351
Restricted cash and cash equivalents, non-current		1,500		1,500
Property, plant and equipment, net		17,555		17,555
Intangible assets, net		656		656
Investments in affiliate		10,000		10,000
Other assets		23,364		23,364
Total assets deconsolidated		63,910		63,910
Liabilities deconsolidated:
Accounts payable		15,583		15,583
Accrued expenses and other current liabilities		57,612		57,612
Debt and finance lease liabilities, current		1,206		1,206
Long-term debt and finance lease liabilities, net of current portion		1,160		1,160
Operating lease liabilities		21,664		21,664
Warrant liability		8		8
Other non-current liabilities		0		0
Total liabilities deconsolidated		97,233		97,233
Net liabilities derecognized from deconsolidation		(33,323)		(33,323)
Less: intercompany balances derecognized		54,084		54,084
Less: cash payments directly related to deconsolidation		2,724		2,724
Less: derecognition of goodwill		$ 1,450		1,450
Loss from deconsolidation of discontinued operation				$ 24,935

DECONSOLIDATION OF SUBSIDIARY_3

DECONSOLIDATION OF SUBSIDIARY - Schedule of Components of Loss From Discontinued Operations Presented in the Consolidated Statements of Operations (Details) - Discontinued Operations, Disposed of by Means Other than Sale - Romeo Power, Inc $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 1,665
Cost of revenues	12,926
Gross loss	(11,261)
Total operating expenses	65,445
Loss from operations	(76,706)
Interest expense, net	(53)
Revaluation of warrant liability	33
Loss from discontinued operations	(76,726)
Research and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses	5,673
Selling, general and administrative
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses	14,937
Loss on supplier deposits
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total operating expenses	$ 44,835

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)					3 Months Ended				9 Months Ended	12 Months Ended
	Oct. 20, 2023 USD ($)	Dec. 21, 2021 USD ($)	Jan. 26, 2021	Oct. 19, 2020	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 23, 2020 derivative_action
Other Commitments [Line Items]
Settlement liabilities					$ 103,446,000				$ 103,446,000	$ 91,330,000
Number of derivative actions | derivative_action												2
Period of derivative action			30 days	30 days
Loss contingency accrual					17,500,000				17,500,000
Loss contingency, receivable					17,500,000				17,500,000
Accrued expenses and other current liabilities					205,508,000				205,508,000	207,022,000
Accounts payable					57,161,000				57,161,000	44,133,000
Other long-term liabilities					44,193,000				44,193,000	21,534,000
Inventory repurchase agreement term								15 months
Maximum inventory repurchase					11,200,000				11,200,000
Recall campaign accrual									56,700,000	65,800,000
Incurred recall campaign cost									34,900,000	3,000,000
Operating lease not yet commenced, undiscounted payments					$ 75,600,000				$ 75,600,000
Minimum
Other Commitments [Line Items]
Operating lease not yet commenced, term					3 years				3 years
Maximum
Other Commitments [Line Items]
Operating lease not yet commenced, term					15 years				15 years
FCPM license
Other Commitments [Line Items]
Accrued expenses and other current liabilities					$ 5,600,000				$ 5,600,000	13,800,000
Accounts payable					13,900,000				13,900,000	0
Other long-term liabilities					0				0	5,500,000
Regulatory and Governmental Investigations
Other Commitments [Line Items]
Civil penalty		$ 125,000,000
Payments for legal settlements					800,000	$ 1,500,000	$ 1,500,000				$ 25,000,000
Settlement liabilities					80,300,000				80,300,000
Regulatory and Governmental Investigations | Mr. Milton
Other Commitments [Line Items]
Litigation settlement, amount awarded from other party	$ 165,000,000
Lion Electric Matter
Other Commitments [Line Items]
Settlement liabilities					$ 1,500,000				$ 1,500,000	$ 1,500,000

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss from continuing operations		$ (199,781)	$ (425,764)	$ (481,177)	$ (711,025)
Net loss from discontinued operations		0	0	0	(101,661)
Net loss		$ (199,781)	$ (425,764)	$ (481,177)	$ (812,686)
Denominator:
Weighted average shares outstanding, basic (in shares)	[1]	51,388,962	28,573,800	47,553,460	23,544,174
Weighted average shares outstanding, diluted (in shares)	[1]	51,388,962	28,573,800	47,553,460	23,544,174
Net loss per share, basic and diluted:
Net loss from continuing operations, basic (in dollars per share)	[1]	$ (3.89)	$ (14.90)	$ (10.12)	$ (30.20)
Net loss from continuing operations, diluted (in dollars per share)	[1]	(3.89)	(14.90)	(10.12)	(30.20)
Net loss from discontinued operations, basic (in dollars per share)	[1]	0	0	0	(4.32)
Net loss from discontinued operations, diluted (in dollars per share)	[1]	0	0	0	(4.32)
Net loss, basic (in dollars per share)	[1]	(3.89)	(14.90)	(10.12)	(34.52)
Net loss, diluted (in dollars per share)	[1]	$ (3.89)	$ (14.90)	$ (10.12)	$ (34.52)
[1] Amounts have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024. See Note 1, Basis of Presentation .

NET LOSS PER SHARE - Schedule_2

NET LOSS PER SHARE - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 12, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,974,482	2,501,252	3,974,482	2,501,252
Toggle Convertible Notes (on an as-converted basis) | Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate, stated percentage							8%
8.25% Convertible Notes | Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate, stated percentage	8.25%		8.25%		8.25%	8.25%
Convertible Debt | Toggle Convertible Notes (on an as-converted basis)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	743,875	693,448	743,875	693,448
Convertible Debt | 5% Senior Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,210,092	707,758	1,210,092	707,758
Convertible Debt | 8.25% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	65,111	0	65,111	0
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	28,038	28,038	28,038	28,038
Stock options, including performance stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	497,524	505,282	497,524	505,282
Restricted stock units, including Market Based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,429,842	566,726	1,429,842	566,726

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event | Third Purchase Agreement | Convertible Notes Payable
Subsequent Event [Line Items]
Principal amount	$ 26.2	$ 26.2
Subsequent Event | Third Purchase Agreement Notes, Exchange Cap Amounts | Convertible Notes Payable
Subsequent Event [Line Items]
Principal amount	33.7	$ 33.7
Payments to settle exchange cap amounts	$ 39.3
Equity Distribution Agreement
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			2,104,738	922,096	5,258,862	2,223,015
Proceeds from public offering, net of underwriter's discount			$ 21.5	$ 54.5	$ 73.8	$ 118.6
Common Stock | Subsequent Event | Third Purchase Agreement | Convertible Notes Payable
Subsequent Event [Line Items]
Issuance of conversion common stock (in shares)	5,513,679	10,114,374
Common Stock | Equity Distribution Agreement | Subsequent Event
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)	69,902
Proceeds from public offering, net of underwriter's discount	$ 0.4