Lucid (LCID) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 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	001-39408
Entity Registrant Name	Lucid Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-0891392
Entity Address, Address Line One	7373 Gateway Boulevard
Entity Address, City or Town	Newark
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94560
City Area Code	510
Local Phone Number	648-3553
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	LCID
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		3,011,686,560
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Central Index Key	0001811210
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	$ 1,893,638	$ 1,369,947
Short-term investments (including $15,000 and nil associated with a related party as of September 30, 2024 and December 31, 2023, respectively)	1,578,283	2,489,798
Accounts receivable, net (including $70,846 and $35,526 from a related party as of September 30, 2024 and December 31, 2023, respectively)	98,243	51,822
Inventory	506,842	696,236
Prepaid expenses	62,210	69,682
Other current assets	107,795	79,670
Total current assets	4,247,011	4,757,155
Property, plant and equipment, net	3,222,098	2,810,867
Right-of-use assets	220,616	221,508
Long-term investments	555,521	461,029
Other noncurrent assets	198,277	180,626
Investments in equity securities of a related party	45,660	81,533
TOTAL ASSETS	8,489,183	8,512,718
Current liabilities:
Accounts payable	139,187	108,724
Accrued compensation	138,882	92,494
Finance lease liabilities, current portion	6,921	8,202
Other current liabilities (including $70,495 and $92,258 associated with related parties as of September 30, 2024 and December 31, 2023, respectively)	861,074	798,990
Total current liabilities	1,146,064	1,008,410
Finance lease liabilities, net of current portion	75,027	77,653
Common stock warrant liability	32,819	53,664
Long-term debt	2,000,847	1,996,960
Other long-term liabilities (including $120,286 and $178,311 associated with related parties as of September 30, 2024 and December 31, 2023, respectively)	558,525	524,339
Derivative liabilities associated with redeemable convertible preferred stock (related party)	932,025	0
Total liabilities	4,745,307	3,661,026
Commitments and contingencies (Note 12)
REDEEMABLE CONVERTIBLE PREFERRED STOCK
Redeemable convertible preferred stock, (related party)	1,060,156	0
STOCKHOLDERS’ EQUITY
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 2,338,376,367 and 2,300,111,489 shares issued and 2,337,518,542 and 2,299,253,664 shares outstanding as of September 30, 2024 and December 31, 2023, respectively	234	230
Additional paid-in capital	15,206,764	15,066,080
Treasury stock, at cost, 857,825 shares at September 30, 2024 and December 31, 2023	(20,716)	(20,716)
Accumulated other comprehensive income	12,914	4,850
Accumulated deficit	(12,515,476)	(10,198,752)
Total stockholders’ equity	2,683,720	4,851,692
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	8,489,183	8,512,718
Series A Redeemable Convertible Preferred Stock
REDEEMABLE CONVERTIBLE PREFERRED STOCK
Redeemable convertible preferred stock, (related party)	591,897	0
Series B Redeemable Convertible Preferred Stock
REDEEMABLE CONVERTIBLE PREFERRED STOCK
Redeemable convertible preferred stock, (related party)	$ 468,259	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Short-term investments	$ 1,578,283	$ 2,489,798
Accounts receivable, net	98,243	51,822
Other current liabilities	861,074	798,990
Other long-term liabilities	$ 558,525	$ 524,339
Convertible preferred stock, shares outstanding (in shares)	175,000	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	15,000,000,000	15,000,000,000
Common stock, shares issued (in shares)	2,338,376,367	2,300,111,489
Common stock, shares outstanding (in shares)	2,337,518,542	2,299,253,664
Treasury stock (in shares)	857,825	857,825
Series A Redeemable Convertible Preferred Stock
Convertible preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares issued (in shares)	100,000	0
Convertible preferred stock, shares outstanding (in shares)	100,000	0
Series B Redeemable Convertible Preferred Stock
Convertible preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares issued (in shares)	75,000	0
Convertible preferred stock, shares outstanding (in shares)	75,000	0
Related Party
Short-term investments	$ 15,000	$ 0
Accounts receivable, net	70,846	35,526
Other current liabilities	70,495	92,258
Other long-term liabilities	$ 120,286	$ 178,311

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue (including $45,588 and $4,980 from a related party for the three months ended September 30, 2024 and 2023, and $133,424 and $4,980 for the nine months ended September 30, 2024 and 2023, respectively)	$ 200,038	$ 137,814	$ 573,359	$ 438,120
Costs and expenses
Cost of revenue	412,544	469,722	1,287,695	1,526,051
Research and development	324,371	230,758	896,168	694,035
Selling, general and administrative	233,585	189,691	657,062	556,209
Restructuring charges	76	518	20,304	24,546
Total cost and expenses	970,576	890,689	2,861,229	2,800,841
Loss from operations	(770,538)	(752,875)	(2,287,870)	(2,362,721)
Other income (expense), net
Change in fair value of common stock warrant liability	(13,748)	60,316	20,845	61,647
Change in fair value of equity securities of a related party	(8,836)	0	(38,159)	0
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)	(240,250)	0	(137,250)	0
Interest income	50,017	66,064	155,201	145,594
Interest expense	(8,478)	(3,340)	(22,652)	(17,138)
Other expense, net	(155)	(763)	(6,229)	(1,024)
Total other income (expense), net	(221,450)	122,277	(28,244)	189,079
Loss before provision for income taxes	(991,988)	(630,598)	(2,316,114)	(2,173,642)
Provision for income taxes	487	296	610	1,012
Net loss	(992,475)	(630,894)	(2,316,724)	(2,174,654)
Accretion of redeemable convertible preferred stock (related party)	42,838	0	(107,924)	0
Net loss attributable to common stockholders, basic	(949,637)	(630,894)	(2,424,648)	(2,174,654)
Net loss attributable to common stockholders, diluted	$ (949,637)	$ (630,894)	$ (2,424,648)	$ (2,174,654)
Weighted-average shares outstanding attributable to common stockholders, basic (in shares)	2,323,971,541	2,284,446,783	2,312,249,333	2,010,916,100
Weighted-average shares outstanding attributable to common stockholders, diluted (in shares)	2,323,971,541	2,284,446,783	2,312,249,333	2,010,916,100
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.41)	$ (0.28)	$ (1.05)	$ (1.08)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.41)	$ (0.28)	$ (1.05)	$ (1.08)
Other comprehensive income (loss)
Net unrealized gains on investments, net of tax	$ 11,891	$ 1,554	$ 7,672	$ 2,590
Foreign currency translation adjustments	5,182	(1,967)	392	(1,381)
Total other comprehensive income (loss)	17,073	(413)	8,064	1,209
Comprehensive loss	(975,402)	(631,307)	(2,308,660)	(2,173,445)
Accretion of redeemable convertible preferred stock (related party)	(42,838)	0	107,924	0
Comprehensive loss attributable to common stockholders	$ (932,564)	$ (631,307)	$ (2,416,584)	$ (2,173,445)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 200,038	$ 137,814	$ 573,359	$ 438,120
Related Party
Revenues	$ 45,588	$ 4,980	$ 133,424	$ 4,980

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Underwriting Agreement	2023 Subscription Agreement	Series A Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Common Stock	Common Stock Underwriting Agreement	Common Stock 2023 Subscription Agreement	Additional Paid-In Capital	Additional Paid-In Capital Underwriting Agreement	Additional Paid-In Capital 2023 Subscription Agreement	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022						1,829,314,736
Beginning balance at Dec. 31, 2022	$ 4,349,701					$ 183			$ 11,752,138			$ (20,716)	$ (11,572)	$ (7,370,332)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,174,654)													(2,174,654)
Other comprehensive income (loss)	1,209												1,209
Tax withholding payments for net settlement of employee awards	(14,705)								(14,705)
Issuance of common stock upon vesting of employee RSUs (in shares)						11,607,793
Issuance of common stock upon vesting of employee RSUs	0					$ 2			(2)
Issuance of common stock under employee stock purchase plan (in shares)						2,287,592
Issuance of common stock under employee stock purchase plan	15,089								15,089
Issuance of common stock upon exercise of stock options (in shares)						6,827,738
Issuance of common stock upon exercise of stock options	7,321								7,321
Issuance of common stock (in shares)							173,544,948	265,693,703
Issuance of common stock		$ 1,184,224	$ 1,812,641				$ 17	$ 27		$ 1,184,207	$ 1,812,614
Stock-based compensation	225,189								225,189
Ending balance (in shares) at Sep. 30, 2023						2,289,276,510
Ending balance at Sep. 30, 2023	5,406,015					$ 229			14,981,851			(20,716)	(10,363)	(9,544,986)
Beginning balance (in shares) at Jun. 30, 2023						2,282,278,815
Beginning balance at Jun. 30, 2023	5,959,840					$ 228			14,904,370			(20,716)	(9,950)	(8,914,092)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(630,894)													(630,894)
Other comprehensive income (loss)	(413)												(413)
Tax withholding payments for net settlement of employee awards	(4,327)								(4,327)
Issuance of common stock upon vesting of employee RSUs (in shares)						5,172,059
Issuance of common stock upon vesting of employee RSUs	0					$ 1			(1)
Issuance of common stock upon exercise of stock options (in shares)						1,825,636
Issuance of common stock upon exercise of stock options	2,214								2,214
Stock-based compensation	79,595								79,595
Ending balance (in shares) at Sep. 30, 2023						2,289,276,510
Ending balance at Sep. 30, 2023	$ 5,406,015					$ 229			14,981,851			(20,716)	(10,363)	(9,544,986)
Beginning balance (in shares) at Dec. 31, 2023	0			0	0
Beginning balance at Dec. 31, 2023	$ 0			$ 0	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series redeemable convertible preferred stock, net of derivative liability and issuance costs (related party) (in shares)				100,000	75,000
Issuance of Series redeemable convertible preferred stock, net of derivative liability and issuance costs (related party)				$ 500,549	$ 451,683
Accretion of redeemable convertible preferred stock (related party)	$ 107,924
Ending balance (in shares) at Sep. 30, 2024	175,000			100,000	75,000
Ending balance at Sep. 30, 2024	$ 1,060,156			$ 591,897	$ 468,259
Beginning balance (in shares) at Dec. 31, 2023	2,299,253,664					2,299,253,664
Beginning balance at Dec. 31, 2023	$ 4,851,692					$ 230			15,066,080			(20,716)	4,850	(10,198,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,316,724)													(2,316,724)
Other comprehensive income (loss)	8,064												8,064
Tax withholding payments for net settlement of employee awards	(8,502)								(8,502)
Issuance of common stock upon vesting of employee RSUs (in shares)						30,766,957
Issuance of common stock upon vesting of employee RSUs	0					$ 4			(4)
Issuance of common stock under employee stock purchase plan (in shares)						4,601,557
Issuance of common stock under employee stock purchase plan	$ 11,104								11,104
Issuance of common stock upon exercise of stock options (in shares)	2,896,364					2,896,364
Issuance of common stock upon exercise of stock options	$ 3,246								3,246
Accretion of redeemable convertible preferred stock (related party)	(107,924)								(107,924)
Stock-based compensation	$ 242,764								242,764
Ending balance (in shares) at Sep. 30, 2024	2,337,518,542					2,337,518,542
Ending balance at Sep. 30, 2024	$ 2,683,720					$ 234			15,206,764			(20,716)	12,914	(12,515,476)
Beginning balance (in shares) at Jun. 30, 2024	100,000
Beginning balance at Jun. 30, 2024	$ 651,311
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series redeemable convertible preferred stock, net of derivative liability and issuance costs (related party) (in shares)					75,000
Issuance of Series redeemable convertible preferred stock, net of derivative liability and issuance costs (related party)					$ 451,683
Accretion of redeemable convertible preferred stock (related party)	$ (42,838)
Ending balance (in shares) at Sep. 30, 2024	175,000			100,000	75,000
Ending balance at Sep. 30, 2024	$ 1,060,156			$ 591,897	$ 468,259
Beginning balance (in shares) at Jun. 30, 2024						2,318,685,904
Beginning balance at Jun. 30, 2024	3,515,897					$ 232			15,063,541			(20,716)	(4,159)	(11,523,001)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(992,475)													(992,475)
Other comprehensive income (loss)	17,073												17,073
Tax withholding payments for net settlement of employee awards	(3,190)								(3,190)
Issuance of common stock upon vesting of employee RSUs (in shares)						18,034,831
Issuance of common stock upon vesting of employee RSUs	0					$ 2			(2)
Issuance of common stock upon exercise of stock options (in shares)						797,807
Issuance of common stock upon exercise of stock options	935								935
Accretion of redeemable convertible preferred stock (related party)	42,838								42,838
Stock-based compensation	$ 102,642								102,642
Ending balance (in shares) at Sep. 30, 2024	2,337,518,542					2,337,518,542
Ending balance at Sep. 30, 2024	$ 2,683,720					$ 234			$ 15,206,764			$ (20,716)	$ 12,914	$ (12,515,476)

CONDENSED CONSOLIDATED STATEM_4

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	$ (2,316,724)	$ (2,174,654)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	204,494	166,033
Amortization of insurance premium	25,959	30,242
Non-cash operating lease cost	22,997	18,871
Stock-based compensation	208,803	193,432
Inventory and firm purchase commitments write-downs	416,098	734,495
Change in fair value of common stock warrant liability	(20,845)	(61,647)
Change in fair value of equity securities of a related party	38,159	0
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)	137,250	0
Net accretion of investment discounts/premiums	(59,580)	(74,928)
Other non-cash items	4,766	27,938
Changes in operating assets and liabilities:
Accounts receivable (including $(35,320) and $(5,533) from a related party for the nine months ended September 30, 2024 and 2023, respectively)	(46,601)	(3,778)
Inventory	(221,392)	(575,933)
Prepaid expenses	(18,487)	(43,062)
Other current assets	(27,481)	13,680
Other noncurrent assets	(14,895)	(113,790)
Accounts payable	42,564	(114,810)
Accrued compensation	46,388	(1,781)
Other current liabilities	(9,297)	(61,505)
Other long-term liabilities	101,297	25,993
Net cash used in operating activities	(1,486,527)	(2,015,204)
Cash flows from investing activities:
Purchases of property, plant and equipment (including $(56,679) and $(66,877) from a related party for the nine months ended September 30, 2024 and 2023, respectively)	(592,206)	(638,002)
Purchases of investments (including $(15,000) and nil from a related party for the nine months ended September 30, 2024 and 2023, respectively)	(2,374,220)	(3,585,254)
Proceeds from maturities of investments	3,251,400	2,480,570
Proceeds from sale of investments	5,000	148,388
Other investing activities	0	(4,827)
Net cash provided by (used in) investing activities	289,974	(1,599,125)
Cash flows from financing activities:
Payment for credit facility issuance costs (including $(5,625) and nil to a related party for the nine months ended September 30, 2024 and 2023, respectively)	(6,058)	0
Payment for finance lease liabilities	(2,632)	(4,534)
Proceeds from borrowings from a related party	0	42,920
Repayment of borrowings from a related party	(25,856)	0
Proceeds from exercise of stock options	3,246	7,321
Proceeds from employee stock purchase plan	11,104	15,089
Tax withholding payments for net settlement of employee awards	(8,502)	(14,705)
Net cash provided by financing activities	1,718,709	3,042,956
Net increase (decrease) in cash, cash equivalents, and restricted cash	522,156	(571,373)
Beginning cash, cash equivalents, and restricted cash	1,371,507	1,737,320
Ending cash, cash equivalents, and restricted cash	1,893,663	1,165,947
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	12,843	7,933
Cash paid for taxes	42	37
Supplemental disclosure of non-cash investing and financing activity:
Increases in purchases of property, plant and equipment included in accounts payable and other current liabilities	57,627	77,844
Government grant (related party) reflected in property, plant and equipment	(62,471)	(63,995)
Property, plant and equipment and right-of-use assets obtained through leases	22,846	26,572
Related Party
Changes in operating assets and liabilities:
Accounts receivable (including $(35,320) and $(5,533) from a related party for the nine months ended September 30, 2024 and 2023, respectively)	(35,320)	(5,533)
Cash flows from investing activities:
Purchases of property, plant and equipment (including $(56,679) and $(66,877) from a related party for the nine months ended September 30, 2024 and 2023, respectively)	(56,679)	(66,877)
Purchases of investments (including $(15,000) and nil from a related party for the nine months ended September 30, 2024 and 2023, respectively)	(15,000)	0
Cash flows from financing activities:
Payment for credit facility issuance costs (including $(5,625) and nil to a related party for the nine months ended September 30, 2024 and 2023, respectively)	(5,625)	0
Series A Redeemable Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock to a related party	1,000,000	0
Payments of issuance costs for redeemable convertible preferred stock	(2,343)	0
Series B Redeemable Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock to a related party	750,000	0
Payments of issuance costs for redeemable convertible preferred stock	(250)	0
Underwriting Agreement
Cash flows from financing activities:
Proceeds from issuance of common stock	0	1,184,224
2023 Subscription Agreement
Cash flows from financing activities:
Proceeds from issuance of common stock	0	1,812,641
Change in fair value of common stock warrant liability
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of common stock warrant liability	$ (20,845)	$ (61,647)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts receivable	$ (46,601)	$ (3,778)
Purchases of property, plant and equipment	(592,206)	(638,002)
Purchases of investments	(2,374,220)	(3,585,254)
Payment for credit facility issuance costs	(6,058)	0
Related Party
Accounts receivable	(35,320)	(5,533)
Purchases of property, plant and equipment	(56,679)	(66,877)
Purchases of investments	(15,000)	0
Payment for credit facility issuance costs	$ (5,625)	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Overview Lucid Group, Inc. (“Lucid”) is a technology company focused on designing, developing, manufacturing, and selling the next generation of electric vehicles (“EV”), EV powertrains, and battery systems. Throughout the notes to the condensed consolidated financial statements, unless otherwise noted, the “Company,” “we,” “us” or “our” and similar terms refer to Legacy Lucid and its subsidiaries prior to the consummation of the Merger, and Lucid and its subsidiaries after the consummation of the Merger. Liquidity The Company devotes its efforts to business planning, selling and servicing of vehicles, providing technology access, research and development, construction and expansion of manufacturing facilities, expansion of retail studios and service center capacities, recruiting of management and technical staff, acquiring operating assets, and raising capital. From inception through September 30, 2024, the Company has incurred operating losses and negative cash flows from operating activities. For the nine months ended September 30, 2024 and 2023, the Company has incurred net losses of $2,316.7 million and $2,174.7 million, respectively. The Company had an accumulated deficit of $12.5 billion as of September 30, 2024. The Company completed the first phase of the construction of its Advanced Manufacturing Plant-1 in Casa Grande, Arizona (“AMP-1”) in 2021, transitioned general assembly to the AMP-1 phase 2 manufacturing facility and completed the semi knocked-down (“SKD”) portion of its Advanced Manufacturing Plant-2 in Saudi Arabia (“AMP-2”) in September 2023. The Company further completed the paint shop and stamping portions of the AMP-1 phase 2 manufacturing facility during the three months ended September 30, 2024. The Company began commercial production of its first vehicle, the Lucid Air, in September 2021 and delivered its first vehicles in late October 2021. The Company continues to expand AMP-1, construct the completely-built-up (“CBU”) portion of AMP-2, and build a network of retail sales and service locations. The Company has plans for continued development of additional vehicle model types for future release. The aforementioned activities will require considerable capital, which is above and beyond the expected cash inflows from the initial sales of the Lucid Air. As such, the future operating plan involves considerable risk if secure funding sources are not identified and confirmed. The Company’s existing sources of liquidity include cash, cash equivalents, investments, and credit facilities. The Company funded operations primarily with issuances of common stock, convertible preferred stock and convertible notes. In 2022, the Company entered into a loan agreement with the Saudi Industrial Development Fund (“SIDF”) with an aggregate principal amount of up to approximately $1.4 billion, a five-year senior secured asset-based revolving credit facility (“ABL Credit Facility”) with an initial aggregate principal commitment amount of up to $1.0 billion and revolving credit facilities (the “GIB Facility Agreement”) with Gulf International Bank (“GIB”) in an aggregate principal amount of approximately $266.1 million. The GIB Facility Agreement provided for two committed revolving credit facilities, of which $173.0 million was available as a bridge financing (the “Bridge Facility”) and $93.1 million was for general corporate purposes (the “Working Capital Facility”). In March 2023, the Company amended the GIB Facility Agreement (together with the GIB Facility Agreement, the “Amended GIB Facility Agreement”) to combine the Bridge Facility and the Working Capital Facility into a committed $266.6 million revolving credit facility (the “GIB Credit Facility”), which bears interest at a rate of 1.40% per annum over SAIBOR (based on the term of borrowing) and associated fees. See Note 6 “Debt” for more information. In August 2024, the Company entered into a $750.0 million five-year unsecured delayed draw term loan credit facility (the “DDTL Credit Facility”) with Ayar Third Investment Company, the controlling stockholder of the Company (“Ayar”). See Note 6 “Debt” for more information. In November 2022, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with BofA Securities, Inc., Barclays Capital Inc. and Citigroup Global Markets Inc., under which the Company could offer and sell shares of its common stock having an aggregate offering price up to $600.0 million (the “At-the-Market Offering”). On November 8, 2022, the Company also entered into a subscription agreement (the “2022 Subscription Agreement”) with Ayar, pursuant to which Ayar agreed to purchase from the Company up to $915.0 million of shares of its common stock in one or more private placements through March 31, 2023. In December 2022, the Company completed its At-the-Market Offering program pursuant to the Equity Distribution Agreement for net proceeds of $594.3 million after deducting commissions and other issuance costs and also consummated a private placement of shares to Ayar pursuant to the 2022 Subscription Agreement for $915.0 million. No shares remain available for sale under the Equity Distribution Agreement. In May 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc. (the “Underwriter”), under which the Underwriter agreed to purchase from the Company shares of the Company’s common stock in a public offering for aggregate net proceeds to the Company of $1.2 billion. In May 2023, the Company also entered into a subscription agreement (the “2023 Subscription Agreement”) with Ayar, pursuant to which Ayar agreed to purchase from the Company shares of the Company’s common stock in a private placement for aggregate net proceeds of $1.8 billion. In June 2023, the Company completed the public offering pursuant to the Underwriting Agreement for aggregate net proceeds of $1.2 billion and also consummated the private placement to Ayar pursuant to the 2023 Subscription Agreement for aggregate net proceeds of $1.8 billion. See Note 16 “Related Party Transactions” for more information. In March 2024, the Company entered into a subscription agreement (the “Series A Subscription Agreement”) with Ayar. Pursuant to the Series A Subscription Agreement, Ayar agreed to purchase from the Company 100,000 shares of its Series A convertible preferred stock, par value $0.0001 per share (the “Series A Redeemable Convertible Preferred Stock”), for an aggregate purchase price of $1.0 billion in a private placement. Subsequently, in March 2024, the Company issued the shares to Ayar pursuant to the Series A Subscription Agreement and received aggregate gross proceeds of $1.0 billion. In August 2024, the Company entered into a subscription agreement (the “Series B Subscription Agreement”) with Ayar. Pursuant to the Series B Subscription Agreement, Ayar agreed to purchase from the Company 75,000 shares of its Series B convertible preferred stock, par value $0.0001 per share (the “Series B Redeemable Convertible Preferred Stock”), for an aggregate purchase price of $750.0 million in a private placement. Subsequently, in August 2024, the Company issued the shares to Ayar pursuant to the Series B Subscription Agreement and received aggregate gross proceeds of $750.0 million. See Note 8 “Redeemable Convertible Preferred Stock” for more information. The Series A Redeemable Convertible Preferred Stock and the Series B Redeemable Convertible Preferred Stock (the “Redeemable Convertible Preferred Stock”) are convertible at the option of the holder (i) at any time the closing price per share of the common stock on the trading date immediately preceding the date on which the holder delivers the relevant notice of conversion is at least a certain price threshold as noted in the certificate of designations of Series A Redeemable Convertible Preferred Stock (the “Series A Certificate of Designations”) and in the certificate of designations of the Series B Redeemable Convertible Preferred Stock (the “Series B Certificate of Designations”) of the Company or (ii) during specified periods preceding a fundamental change or optional redemption by the Company under the terms of the Redeemable Convertible Preferred Stock. See Note 8 “Redeemable Convertible Preferred Stock” for more information. On October 16, 2024, the Company entered into an underwriting agreement (the “2024 Underwriting Agreement”) with the Underwriter, and also into a subscription agreement with Ayar (the “2024 Subscription Agreement”). See Note 17 “Subsequent Events” for more information. Certain Significant Risks and Uncertainties The Company’s current business activities consist of (i) generating sales from the deliveries and service of vehicles, (ii) research and development efforts to design, engineer and develop high-performance fully electric vehicles and advanced electric vehicle powertrain components, including battery pack systems, (iii) further construction of AMP-1 phase 2 in Casa Grande, Arizona, (iv) construction of the CBU portion of AMP-2 in Saudi Arabia, (v) expansion of its retail studios and service centers capabilities throughout North America and across the globe, and (vi) providing its technology access to third parties. The Company is subject to the risks associated with such activities, including the need to further develop its technology, its marketing, and distribution channels; the need to further develop its supply chain and manufacturing; and the need to hire additional management and other employees. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including our ability to access potential markets, and secure long-term financing on commercially reasonable terms. The Company participates in a dynamic high-technology industry. Changes in any of the following areas could have a material adverse impact on the Company’s future financial position, results of operations, and/or cash flows: changes in the overall demand for its products and services; advances and trends in new technologies; competitive pressures; acceptance of the Company’s products and services; litigation or claims against the Company based on intellectual property (including patents), regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its business operations. A global economic recession or other downturn, whether due to inflation, global conflicts or other geopolitical events, public health crises, interest rate increases or other policy actions by major central banks, government closures of banks and liquidity concerns at other financial institutions, or other factors, may have an adverse impact on the Company’s business, prospects, financial condition and results of operations. Adverse economic conditions as well as uncertainty about the current and future global economic conditions may cause the Company’s customers to defer purchases or cancel their orders in response to higher interest rates, availability of consumer credit, decreased cash availability, fluctuations in foreign currency exchange rates, and weakened consumer confidence. Reduced demand for the Company’s products may result in significant decreases in product sales, which in turn would have a material adverse impact on the Company’s business, prospects, financial condition and results of operations. Because of the Company’s premium brand positioning and pricing, an economic downturn is likely to have a heightened adverse effect on the Company compared to many of its electric vehicle and traditional automotive industry competitors, to the extent that consumer demand for luxury goods is reduced in favor of lower-priced alternatives. In addition, any economic recession or other downturn could also cause logistical challenges and other operational risks if any of the Company’s suppliers, sub-suppliers or partners become insolvent or are otherwise unable to continue their operations, fulfill their obligations to the Company, or meet the Company’s future demand. In addition, the deterioration of conditions in the broad financing markets may limit the Company’s ability to obtain external financing to fund its operations and capital expenditures on terms favorable to the Company, if at all. See “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q (the “Quarterly Report”) for more information regarding risks associated with a global economic recession, including under the caption “ A global economic recession, government closures of banks and liquidity concerns at other financial institutions, or other downturn may have a material adverse impact on our business, prospects, results of operations and financial condition . ” In the current circumstances, any impact on the Company’s financial condition, results of operations or cash flows in the future continues to be difficult to estimate and predict, as it depends on future events that are highly uncertain and cannot be predicted with accuracy.

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 Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Form 10-K filed with the SEC on February 27, 2024. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024 and the results of operations for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include, among others, inventory valuation, warranty reserve, useful lives of property, plant and equipment, fair value of common stock warrants, fair value of derivative liabilities associated with the Redeemable Convertible Preferred Stock, estimates of residual value guarantee (“RVG”) liability, deferred revenue related to technology access fees and over-the-air (“OTA”) software updates, sales return reserves, assumptions used to measure stock-based compensation expense, and estimated incremental borrowing rates for assessing operating and finance leases. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Reclassifications Certain prior-period amounts have been reclassified in the accompanying condensed consolidated financial statements and notes thereto in order to conform to the current period presentation. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash in other current assets is primarily related to letters of credit issued to the landlords for certain of the Company’s leased facilities. The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statements of cash flows (in thousands): September 30, December 31, Cash and cash equivalents $ 1,893,638 $ 1,369,947 Restricted cash included in other current assets 14 1,560 Restricted cash included in other noncurrent assets 11 — Total cash, cash equivalents, and restricted cash $ 1,893,663 $ 1,371,507 Accounts Receivable, Net Accounts receivable consists of receivables from our customers and from financial institutions offering financing products to our customers for the sale of vehicles, sales of powertrain kits, services, and regulatory credits. The Company provides an allowance against accounts receivable for any potential uncollectible amounts. The Company recorded immaterial allowance for uncollectible amounts as of September 30, 2024 and December 31, 2023. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, investments and accounts receivable. The Company places its cash primarily with domestic financial institutions that are federally insured within statutory limits, but its deposits exceed federally insured limits. As of September 30, 2024 and December 31, 2023, accounts receivable from the EV purchase agreement with the Government of Saudi Arabia, a related party of the Public Investment Fund (“PIF”), which is an affiliate of Ayar, as represented by the Ministry of Finance (the “EV Purchase Agreement”), represented 72.1% and 68.5% of the total accounts receivable balance, respectively. See Note 16 “Related Party Transactions” for more information. Concentration of Supply Risk The Company is dependent on its suppliers, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary components of its products according to the schedule and at prices, quality levels and volumes acceptable to the Company, or its inability to efficiently manage these components, could have a material adverse effect on the Company’s results of operations and financial condition. Revenue from Contracts with Customers Vehicle Sales Vehicle Sales without Residual Value Guarantee Vehicle sales revenue is generated from the sale of electric vehicles to customers. There are two performance obligations identified in vehicle sale arrangements. These are the vehicle including an onboard advanced driver assistance system (“ADAS”), and the right to unspecified OTA software updates to be provided as and when available over the term of the basic vehicle warranty, which is generally 4 years. Payment is typically received at the time of delivery or shortly after delivery of the vehicle to the customer, except for vehicle sales under the EV Purchase Agreement. The Company recognizes revenue related to the vehicle when the customer obtains control of the vehicle which occurs at a point in time either upon completion of delivery to the agreed upon delivery location or upon pick up of the vehicle by the customer. As the unspecified OTA software updates are provided when-and-if they become available, revenue related to OTA software updates is recognized ratably over the basic vehicle warranty term, commencing when control of the vehicle is transferred to the customer. At the time of revenue recognition, the Company reduces the transaction price and records a sales return reserve against revenue for estimated variable consideration related to future product returns. Return rate estimates are based on historical experience and sales return reserve balance was not material as of September 30, 2024 and December 31, 2023. Vehicle Sales with Residual Value Guarantee The Company provides an RVG to its commercial banking partners in connection with its vehicle leasing program. Vehicle sales with RVG totaled $116.6 million and $307.5 million during the three and nine months ended September 30, 2024, respectively, and $56.5 million and $112.0 million for the same periods in the prior year, respectively. Under the vehicle leasing program, the Company generally receives payment for the vehicle sales price at the time of delivery or shortly after the delivery. The Company recognizes revenue when control transfers upon delivery when the consumer-lessee takes physical possession of the vehicle, and bifurcates the RVG at fair value and accounts for it as a guarantee liability. The remaining amount of the transaction price is allocated among the performance obligations, including the vehicle, the right to unspecified OTA software updates, and remarketing activities, in proportion to the standalone selling price of the Company’s performance obligations. The guarantee liability represents the estimated amount the Company expects to pay at the end of the lease term. The Company is released from residual risk upon either expiration or settlement of the RVG. The Company evaluates variables such as third-party residual value publications, risk of future price deterioration due to changes in market conditions and reconditioning costs to determine the estimated RVG liability. As of September 30, 2024, the Company recorded $41.8 million of RVG liabilities. The RVG liabilities were not material as of December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company recorded $46.3 million and $28.7 million of total deferred revenue from all vehicle sales primarily related to OTA and remarketing activities for vehicle sales, respectively. The Company recorded $13.7 million and $7.7 million of the total deferred revenue within other current liabilities and the remaining $32.6 million and $21.0 million within other long-term liabilities in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Revenue recognized during the three and nine months ended September 30, 2024 and 2023 from the prior period deferred revenue balances was not material. Vehicle Operating Lease Revenue The Company accounts for sales of vehicles with repurchase obligations as operating leases. The Company sells vehicles primarily to rental companies with an obligation to repurchase the vehicles at an agreed upon repurchase price. The Company records the difference between the proceeds received and the agreed upon repurchase price as vehicle leasing revenue on a straight-line basis over the term of the lease. Deferred leasing revenue and repurchase obligation were recorded in other current liabilities and other long-term liabilities in the condensed consolidated balance sheets, and were not material as of September 30, 2024 and December 31, 2023. The operating lease revenue was not material for the three and nine months ended September 30, 2024, and nil for the same periods in the prior year. Other Other consists of revenue from non-warranty after-sales vehicle services, sales of battery pack systems, powertrain kits, retail merchandise, and regulatory credits. The disaggregation of the Company’s revenue by geographic area based on the location where the sales originated was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 147,408 $ 120,615 $ 417,254 $ 406,899 Middle East 49,651 12,832 144,882 19,582 Other international 2,979 4,367 11,223 11,639 Total Revenue $ 200,038 $ 137,814 $ 573,359 $ 438,120 Redeemable Convertible Preferred Stock Accounting for the redeemable convertible preferred stock requires an evaluation to determine if liability classification is required under ASC 480-10. Liability classification is required for freestanding financial instruments that are (1) subject to an unconditional obligation requiring the issuer to redeem the instrument by transferring assets, such as those that are mandatorily redeemable, (2) instruments other than equity shares that embody an obligation of the issuer to repurchase its equity shares, or (3) certain types of instruments that obligate the issuer to issue a variable number of equity shares. Securities that do not meet the scoping criteria to be classified as a liability under ASC 480 are subject to redeemable equity guidance, which prescribes securities that may be subject to redemption upon an event not solely within the Company’s control to be classified as temporary equity. Securities classified in temporary equity are initially measured at the proceeds received, net of issuance costs and excluding the fair value of bifurcated embedded derivatives, if any. Subsequent measurement of the carrying value of the redeemable convertible preferred stock is required as the instrument is probable of becoming redeemable. The Company accretes the redeemable convertible preferred stock to its redemption value. In certain circumstances, the redemption price may vary based on changes in stock price, in which case the Company recognizes changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the then current maximum redemption value at the end of each reporting period. Derivative Liabilities The Company evaluates all of its financial instruments, including convertible notes and redeemable convertible preferred stock, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company applies significant judgment to identify and evaluate complex terms and conditions in these contracts and agreements to determine whether embedded derivatives exist. Embedded derivatives must be separately measured from the host contracts if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the condensed consolidated statements of operations and comprehensive loss at each reporting period end. Bifurcated embedded derivatives are classified as a separate liability in the condensed consolidated balance sheet. The Company’s derivative liabilities are related to the conversion features embedded in the Redeemable Convertible Preferred Stock. See Note 8 “Redeemable Convertible Preferred Stock” for more information. Except for the policies described above, there have been no significant changes to accounting policies during the three and nine months ended September 30, 2024. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental segment information disclosure on an annual and interim basis. This amendment includes disclosure of significant segment expenses which are regularly provided to the CODM and included within each reported measure of segment profit or loss; other segment items by reportable segment and a description of its composition; reportable segment’s profit or loss and assets; additional measures of segment profit or loss if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance, and the title and position of the entity’s CODM and how the CODM uses the reported measures of segment profit or loss in assessing segment performance and determining resource allocation. The Company with a single reportable segment is required to provide all the disclosures from this amendment. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively. The Company is evaluating the impact of this amendment to the related financial statement disclosures and expects to adopt them for the year ended December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires incremental annual income tax disclosures. This amendment includes disclosures of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and also disaggregated by individual jurisdictions that meet a quantitative threshold; income (or loss) from continuing operations before income tax expenses (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively (with retrospective application permitted). The Company is evaluating the impact of this amendment to the related financial statement disclosures. In March 2024, the SEC issued its final rule that requires certain climate-related disclosures in annual reports, including governance, oversight, and risk management processes on material climate-related risks; material impact of climate risks on the Company’s strategy, business model, and outlook; material climate targets and goals; and material financial statements impacts due to severe weather events and other natural conditions. This SEC rule provides phased effective dates, starting with fiscal years beginning on or after January 1, 2025. The SEC rule is currently stayed pending the outcome of litigation, and the Company is evaluating the impact of this rule on its annual reports. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses (such as purchases of inventory, employee compensation, depreciation, and amortization) within the relevant expense captions presented on the face of the statements of operations and comprehensive loss. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and should be applied either prospectively or retrospectively. The Company is evaluating the impact of this amendment to the related financial statement disclosures. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto.

RESTRUCTURING

RESTRUCTURING	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING On May 24, 2024, the Company announced a restructuring plan (the “2024 Restructuring Plan”) intended to optimize operating expenses in response to evolving business needs and productivity improvement through a reduction in workforce. The Company substantially completed the 2024 Restructuring Plan in the third quarter of 2024. During the three and nine months ended September 30, 2024, the Company recorded restructuring charges of $0.1 million and $20.3 million, respectively, related to the 2024 Restructuring Plan within restructuring charges in the condensed consolidated statements of operations and comprehensive loss. The restructuring charges were primarily related to severance payments, employee benefits, employee transition and stock-based compensation, net of a reversal of previously recognized stock-based compensation expense. On March 28, 2023, the Company announced a restructuring plan (the “2023 Restructuring Plan”) intended to reduce operating expenses in response to evolving business needs and productivity improvement through a reduction in workforce. The Company completed the 2023 Restructuring Plan during the first quarter of 2024. During the three and nine months ended September 30, 2023, the Company recorded restructuring charges of $0.5 million and $24.5 million, respectively, and recorded no restructuring charges for the same periods in the current year related to the 2023 Restructuring Plan. The restructuring charges were primarily related to severance payments, employee benefits, employee transition and stock-based compensation, net of a reversal of previously recognized stock-based compensation expense. A summary of restructuring liabilities associated with the restructuring plans was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restructuring liabilities - beginning of period $ 17,567 $ 1,705 $ 54 $ — Restructuring charges excluding non-cash items (1)(2) 76 518 21,784 25,989 Cash payments (16,405) (1,846) (20,600) (25,612) Restructuring liabilities - end of period $ 1,238 $ 377 $ 1,238 $ 377 (1) Excluded non-cash items of $1.5 million for the nine months ended September 30, 2024 related to the 2024 Restructuring Plan, which was net of accelerated stock-based compensation expense of $3.2 million and a reversal of $4.7 million related to previously recognized stock-based compensation expenses for unvested restricted stock awards. (2) Excluded non-cash items of $1.4 million for the nine months ended September 30, 2023 related to the 2023 Restructuring Plan, which was net of accelerated stock-based compensation expense of $3.4 million and a reversal of $4.8 million related to previously recognized stock-based compensation expenses for unvested restricted stock awards.

BALANCE SHEETS COMPONENTS

BALANCE SHEETS COMPONENTS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEETS COMPONENTS	BALANCE SHEETS COMPONENTS Inventory Inventory as of September 30, 2024 and December 31, 2023 was as follows (in thousands): September 30, December 31, Raw materials $ 212,397 $ 210,283 Work in progress 70,250 53,227 Finished goods 224,195 432,726 Total Inventory $ 506,842 $ 696,236 Inventory as of September 30, 2024 and December 31, 2023 was comprised of raw materials, work in progress related to the production of vehicles for sale and SKD units for final assembly in Saudi Arabia, and finished goods inventory including new vehicles available for sale, vehicles in transit to fulfill customer orders, and internally used vehicles which the Company intends to sell. The Company recorded write-downs of $154.9 million and $446.9 million for the three and nine months ended September 30, 2024, respectively, and $230.8 million and $752.8 million for the same periods in the prior year, respectively, to reduce its inventories to its net realizable values and for any excess or obsolete inventories, as well as losses from firm purchase commitments. Property, plant and equipment, net Property, plant and equipment, net as of September 30, 2024 and December 31, 2023 was as follows (in thousands): September 30, December 31, Land and land improvements $ 70,967 $ 69,718 Building and improvements (1) 888,633 576,097 Machinery, tooling and vehicles (2) 1,379,141 1,045,485 Computer equipment and software 88,068 74,336 Leasehold improvements 253,657 221,619 Furniture and fixtures 49,772 45,315 Finance leases 88,847 94,285 Construction in progress 1,102,833 1,185,413 Total Property, plant and equipment 3,921,918 3,312,268 Less accumulated depreciation and amortization (699,820) (501,401) Property, plant and equipment, net $ 3,222,098 $ 2,810,867 (1) As of September 30, 2024 and December 31, 2023, $125.1 million and $120.2 million of capital expenditure support received from Ministry of Investment of Saudi Arabia (“MISA”) was primarily recorded as a deduction to the AMP-2 building balance, respectively. See Note 16 “Related Party Transactions” for more information. (2) Included $35.9 million and $32.5 million of service loaner vehicles as of September 30, 2024 and December 31, 2023, respectively. Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities, including tooling with outside vendors. Costs classified as construction in progress include all costs of obtaining the asset, installation of the asset, and bringing it to the location and the condition necessary for its intended use. No depreciation is provided for construction in progress until such time as the asset is completed and is ready for its intended use. Construction in progress consisted of the following (in thousands): September 30, December 31, Machinery and tooling $ 834,806 $ 728,751 Construction of AMP-1 and AMP-2 (1) 230,627 430,878 Leasehold improvements and other 37,400 25,784 Total construction in progress $ 1,102,833 $ 1,185,413 (1) As of September 30, 2024 and December 31, 2023, $69.7 million and $12.1 million, of capital expenditure support received from MISA was recorded primarily as a deduction to the AMP-2 facility construction in progress balance, respectively. See Note 16 “Related Party Transactions” for more information. Depreciation and amortization expense was $69.5 million and $204.5 million for the three and nine months ended September 30, 2024, respectively, and $60.8 million and $166.0 million for the same periods in the prior year, respectively. The amount of interest capitalized on construction in progress related to significant capital asset construction was immaterial for the three and nine months ended September 30, 2024 and 2023. Other current liabilities Other current liabilities as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, December 31, Engineering, design, and testing accrual $ 72,365 $ 42,176 Construction in progress 138,220 156,414 Accrued purchases (1) 25,016 44,957 Retail leasehold improvements accrual 1,875 6,005 Third-party services accrual 32,844 41,478 Tooling liability 141,819 49,925 Short-term borrowings 46,649 72,533 Operating lease liabilities, current portion 34,801 28,431 Reserve for loss on firm inventory purchase commitments 145,617 143,566 Accrued warranty 13,809 22,677 Other current liabilities 208,059 190,828 Total other current liabilities $ 861,074 $ 798,990 (1) Primarily represent accruals for inventory related purchases and transportation charges that had not been invoiced. Other long-term liabilities Other long-term liabilities as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, December 31, Operating lease liabilities, net of current portion $ 240,008 $ 244,122 Other long-term liabilities (1)(2) 318,517 280,217 Total other long-term liabilities $ 558,525 $ 524,339 (1) As of December 31, 2023, $62.5 million of capital expenditure support received from MISA was recorded as deferred liability within other long-term liabilities in the consolidated balance sheet. See Note 16 “Related Party Transactions” for more information. (2) As of September 30, 2024 and December 31, 2023, $112.0 million and $107.8 million of deferred revenue was recorded within other long-term liabilities in the condensed consolidated balance sheets, respectively, in connection with the strategic technology and supply arrangement, and integration and supply arrangements with Aston Martin Lagonda Global Holdings plc (together with its subsidiaries, “Aston Martin”). See Note 16 “Related Party Transactions” for more information. Accrued warranty Accrued warranty activities consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accrued warranty - beginning of period (2) $ 78,496 $ 62,186 $ 46,076 $ 22,949 Warranty costs incurred (10,204) (13,929) (46,090) (33,759) Provision for warranty (1) 10,570 7,054 78,876 66,121 Accrued warranty - end of period (2) $ 78,862 $ 55,311 $ 78,862 $ 55,311 (1) Provision for warranty for the three and nine months ended September 30, 2024 and 2023 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties. During the three and nine months ended September 30, 2024, the Company recorded nil and $41.5 million provision associated with a special warranty campaign, respectively. (2) Accrued warranty balance of $13.8 million and $22.7 million was recorded within other current liabilities, and $65.1 million and $23.4 million was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.

FAIR VALUE MEASUREMENTS AND FIN

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the “exit price” that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between independent market participants on the measurement date. The Company measures certain financial assets and liabilities at fair value at each reporting period using a fair value hierarchy, which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 —Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. Factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity. The sensitivity of the fair value measurement to changes in unobservable inputs may result in a significantly higher or lower measurement. Cash, cash equivalents and investments are reported at their respective fair values on the Company’s condensed consolidated balance sheets. The Company’s short-term and long-term investments are classified as available-for-sale securities. Carrying amounts of accounts receivables, accounts payable, and other current liabilities approximate their estimated fair values. The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Reported As: Amortized cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents Short-Term Investments Long-Term Investments Cash $ 755,638 $ — $ — $ 755,638 $ 755,638 $ — $ — Level 1: Money market funds 743,253 — — 743,253 743,253 — — U.S. Treasury securities 1,794,352 6,453 (91) 1,800,714 300,286 1,064,049 436,379 Subtotal 2,537,605 6,453 (91) 2,543,967 1,043,539 1,064,049 436,379 Level 2: Certificates of deposit 3,000 2 — 3,002 3,002 — — Time deposits (1) 305,000 — — 305,000 60,000 245,000 — Commercial paper 72,321 48 (1) 72,368 24,299 48,069 — Corporate debt securities 345,110 2,370 (13) 347,467 7,160 221,165 119,142 Subtotal 725,431 2,420 (14) 727,837 94,461 514,234 119,142 Total $ 4,018,674 $ 8,873 $ (105) $ 4,027,442 $ 1,893,638 $ 1,578,283 $ 555,521 (1) Included $15.0 million of time deposit with GIB in short-term investments. GIB is a related party of PIF, which is an affiliate of Ayar. See Note 16 “Related Party Transactions” for more information. December 31, 2023 Reported As: Amortized cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents Short-Term Investments Long-Term Investments Cash $ 516,673 $ — $ — $ 516,673 $ 516,673 $ — $ — Level 1: Money market funds 698,702 — — 698,702 698,702 — — U.S. Treasury securities 2,033,711 2,480 (2,073) 2,034,118 104,572 1,638,537 291,009 Subtotal 2,732,413 2,480 (2,073) 2,732,820 803,274 1,638,537 291,009 Level 2: Certificates of deposit 105,993 97 (22) 106,068 — 106,068 — Time Deposits 50,000 — — 50,000 50,000 — — Commercial paper 299,248 191 (8) 299,431 — 299,431 — Corporate debt securities 615,350 1,101 (669) 615,782 — 445,762 170,020 Subtotal 1,070,591 1,389 (699) 1,071,281 50,000 851,261 170,020 Total $ 4,319,677 $ 3,869 $ (2,772) $ 4,320,774 $ 1,369,947 $ 2,489,798 $ 461,029 During the three and nine months ended September 30, 2024 and 2023, there were immaterial gross realized gains or losses on the sale of available-for-sale securities. Accrued interest receivable excluded from both the fair value and amortized cost basis of the available-for-sale securities was $11.4 million and $11.1 million as of September 30, 2024 and December 31, 2023, respectively, and was recorded in other current assets The following table summarizes our available-for-sale securities by contractual maturity: September 30, 2024 Amortized cost Estimated Fair Value Within one year $ 1,575,513 $ 1,578,283 After one year through three years 549,608 555,521 Total $ 2,125,121 $ 2,133,804 On November 6, 2023, the Company received 28,352,273 ordinary shares of Aston Martin with an initial fair value of $73.2 million. The Company remeasured the shares and recorded fair values of $45.7 million and $81.5 million within investments in equity securities of a related party in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. These equity securities are publicly traded stocks (where shares are denominated in GBP) measured at fair value on a recurring basis and classified within level 1 in the fair value hierarchy. During the three and nine months ended September 30, 2024, the Company recognized unrealized losses of $8.8 million and $38.2 million, respectively, in change of fair value of equity securities of a related party in the condensed consolidated statement of operations and comprehensive loss. During the three and nine months ended September 30, 2024, the Company also recognized an unrealized foreign currency gains of $3.0 million and $2.4 million, respectively, related to these equity securities in other expense, net in the condensed consolidated statement of operations and comprehensive loss. See Note 16 “Related Party Transactions” for more information. Level 3 liabilities consist of the common stock warrant liability and the derivative liabilities associated with the Redeemable Convertible Preferred Stock, of which the fair values were measured upon issuance of the Private Placement Warrants and the Redeemable Convertible Preferred Stock and are remeasured at each reporting period. The valuation methodology and underlying assumptions are discussed further in Note 7 “Common Stock Warrant Liability” and Note 8 “Redeemable Convertible Preferred Stock”, respectively. Level 3 liabilities also consist of residual value guarantee liabilities, of which the fair value is measured initially upon delivery of vehicles and assessed subsequently for any changes on a quarterly basis. Significant changes in the unobservable inputs used in determining the fair value would result in significant changes to the fair value measurement. The following table presents reconciliation of the common stock warrant liability measured and recorded at fair value on a recurring basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fair value-beginning of period $ 19,071 $ 139,259 $ 53,664 $ 140,590 Change in fair value 13,748 (60,316) (20,845) (61,647) Fair value-end of period $ 32,819 $ 78,943 $ 32,819 $ 78,943 The following table presents reconciliation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock measured and recorded at fair value on a recurring basis (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Series A Derivative Liability Series B Derivative Liability Series A Derivative Liability Series B Derivative Liability Fair value-beginning of period $ 394,100 $ — $ — $ — Issuance — 297,675 497,100 297,675 Change in fair value 191,200 49,050 88,200 49,050 Fair value-end of period $ 585,300 $ 346,725 $ 585,300 $ 346,725

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT 2026 Notes In December 2021, the Company issued an aggregate of $2,012.5 million principal amount of 1.25% convertible senior notes due in December 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, at an issuance price equal to 99.5% of the principal amount of 2026 Notes. The Company has designated the 2026 Notes as green bonds, whose proceeds will be allocated in accordance with the Company’s green bond framework. The 2026 Notes were issued pursuant to and are governed by an indenture dated December 14, 2021, between the Company and U.S. Bank National Association as the trustee. The proceeds from the issuance of the 2026 Notes were $1,986.6 million, net of the issuance discount and debt issuance costs. The 2026 Notes are unsecured obligations which bear regular interest at 1.25% per annum and are payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2022. The 2026 Notes will mature on December 15, 2026, unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2026 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at the Company’s election, at an initial conversion rate of 18.2548 shares of Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $54.78 per share of our Class A common stock. The conversion rate is subject to customary adjustments for certain dilutive events. The Company may redeem for cash all or any portion of the 2026 Notes, at the Company’s option, on or after December 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest up to the day before the redemption date. The holders may require the Company to repurchase the 2026 Notes upon the occurrence of certain fundamental change transactions at a redemption price equal to 100% of the principal amount of the 2026 Notes redeemed, plus accrued and unpaid interest up to the day before the redemption date. Holders of the 2026 Notes may convert all or a portion of their 2026 Notes at their option prior to September 15, 2026, in multiples of $1,000 principal amounts, only under the following circumstances: • during any calendar quarter commencing after the quarter ended on March 31, 2022 (and only during such calendar quarter), if the Company’s common stock price exceeds 130% of the conversion price for at least 20 trading days during the 30 consecutive trading days at the end of the prior calendar quarter; • during the five consecutive business days immediately after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; • upon the occurrence of specified corporate events; or • if the Company calls any or all 2026 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the notes called for redemption. On or after September 15, 2026, the 2026 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Holders of the 2026 Notes who convert the 2026 Notes in connection with a make-whole fundamental change, as defined in the indenture governing the 2026 Notes, or in connection with a redemption may be entitled to an increase in the conversion rate. The Company accounted for the issuance of the 2026 Notes as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives. The following table is a summary of the 2026 Notes as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Principal Amount $ 2,012.5 $ 2,012.5 Unamortized Debt Discounts and Issuance Costs (11.7) (15.5) Net Carrying Amount $ 2,000.8 $ 1,997.0 Fair Value (Level 2) $ 1,363.5 $ 1,061.6 The effective interest rate for the 2026 Notes is 1.5%. The components of interest expense related to the 2026 Notes were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual interest $ 6.4 $ 6.3 $ 19.0 $ 18.9 Amortization of debt discounts and debt issuance costs 1.3 1.3 3.8 3.9 Interest expense $ 7.7 $ 7.6 $ 22.8 $ 22.8 The 2026 Notes were not eligible for conversion as of September 30, 2024 and December 31, 2023. No sinking fund is provided for the 2026 Notes, which means that the Company is not required to redeem or retire them periodically. As of September 30, 2024 and December 31, 2023, the Company was in compliance with applicable covenants under the indenture governing the 2026 Notes. SIDF Loan Agreement On February 27, 2022, Lucid, LLC, a limited liability company established in Saudi Arabia and a subsidiary of the Company (“Lucid LLC”) entered into a loan agreement (as subsequently amended, the “SIDF Loan Agreement”) with SIDF, a related party of PIF, which is an affiliate of Ayar. Under the SIDF Loan Agreement, SIDF has committed to provide loans (the “SIDF Loans”) to Lucid LLC in an aggregate principal amount of up to SAR 5.19 billion (approximately $1.4 billion); provided that SIDF may reduce the availability of SIDF Loans under the facility in certain circumstances. SIDF Loans will be subject to repayment in semi-annual installments in amounts ranging from SAR 25 million (approximately $6.7 million) to SAR 350 million (approximately $93.3 million), commencing on April 3, 2026 and ending on November 12, 2038. SIDF Loans are financing and will be used to finance certain costs in connection with the development and construction of AMP-2. Lucid LLC may repay SIDF Loans earlier than the maturity date without penalty. Obligations under the SIDF Loan Agreement do not extend to the Company or any of its other subsidiaries. SIDF Loans will not bear interest. Instead, Lucid LLC will be required to pay SIDF service fees, consisting of follow-up and technical evaluation fees, ranging, in aggregate, from SAR 415 million (approximately $110.6 million) to SAR 1.77 billion (approximately $471.8 million), over the term of the SIDF Loans. SIDF Loans will be secured by security interests in the equipment, machines and assets funded thereby. The SIDF Loan Agreement contains certain restrictive financial covenants and imposes annual caps on Lucid LLC’s payment of dividends, distributions of paid-in capital, or certain capital expenditures. The SIDF Loan Agreement also defines customary events of default, including abandonment of or failure to commence operations at the plant in the King Abdullah Economic City (“KAEC”), and drawdowns under the SIDF Loan Agreement are subject to certain conditions precedent. As of September 30, 2024 and December 31, 2023 , no amount was outstanding under the SIDF Loan Agreement. GIB Facility Agreement On April 29, 2022, Lucid LLC entered into the GIB Facility Agreement with GIB, maturing on February 28, 2025. GIB is a related party of PIF, which is an affiliate of Ayar. The GIB Facility Agreement provided for two committed revolving credit facilities in an aggregate principal amount of SAR 1 billion (approximately $266.1 million). SAR 650 million (approximately $173.0 million) under the GIB Facility Agreement was available as the Bridge Facility for the financing of Lucid LLC’s capital expenditures in connection with AMP-2. The remaining SAR 350 million (approximately $93.1 million) was available as the Working Capital Facility and might be used for general corporate purposes. Loans under the Bridge Facility and the Working Capital Facility had a maturity of no more than 12 months. The Bridge Facility incurred interest at a rate of 1.25% per annum over 3-month SAIBOR and the Working Capital Facility incurred interest at a rate of 1.70% per annum over 1~3-month SAIBOR and associated fees. On March 12, 2023, Lucid LLC entered into the Amended GIB Facility Agreement to combine the Bridge Facility and the Working Capital Facility into a committed SAR 1 billion (approximately $266.6 million) GIB Credit Facility which may be used for general corporate purposes. Loans under the Amended GIB Credit Facility Agreement have a maturity of no more than 12 months and bear interest at a rate of 1.40% per annum over SAIBOR (based on the term of borrowing) and associated fees. The Company is required to pay a quarterly commitment fee of 0.15% per annum based on the unutilized portion of the GIB Credit Facility. Commitments under the Amended GIB Facility Agreement will terminate, and all amounts then outstanding thereunder would become payable, on the maturity date of the Amended GIB Facility Agreement. The Amended GIB Facility Agreement contains certain conditions precedent to drawdowns, representations and warranties and covenants of Lucid LLC and events of default. As of September 30, 2024 and December 31, 2023, the Company had outstanding borrowings of SAR 175 million (approximately $46.6 million) and SAR 272 million (approximately $72.5 million), respectively. The weighted average interest rate on the outstanding borrowings was 7.56% and 7.49% as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, availability under the GIB Credit Facility was SAR 823 million (approximately $219.4 million) and SAR 727 million (approximately $193.9 million), respectively, after giving effect to the outstanding letters of credit. The outstanding borrowings were recorded within other current liabilities in the condensed consolidated balance sheets. The Company recorded interest expense of $1.1 million and $3.8 million during the three and nine months ended September 30, 2024, respectively. The interest expense recorded for the same periods in the prior year was not material. As of September 30, 2024 and December 31, 2023, the Company was in compliance with applicable covenants under the Amended GIB Facility Agreement. ABL Credit Facility In June 2022, the Company entered into the ABL Credit Facility with a syndicate of banks that may be used for working capital and general corporate purposes. The ABL Credit Facility provides for an initial aggregate principal commitment amount of up to $1.0 billion (including a $350.0 million letter of credit subfacility and a $100.0 million swingline loan subfacility) and has a stated maturity date of June 9, 2027. Borrowings under the ABL Credit Facility bear interest at the applicable interest rates specified in the credit agreement governing the ABL Credit Facility. In June 2024, the Company amended the ABL Credit Facility to update the Canadian reference rate. Availability under the ABL Credit Facility is subject to the value of eligible assets in the borrowing base and is reduced by outstanding loan borrowings and issuances of letters of credit which bear customary letter of credit fees. Subject to certain terms and conditions, the Company may request one or more increases in the amount of credit commitments under the ABL Credit Facility in an aggregate amount up to the sum of $500.0 million plus certain other amounts. The Company is required to pay a quarterly commitment fee of 0.25% per annum based on the unutilized portion of the ABL Credit Facility. The ABL Credit Facility contains customary covenants that limit the ability of the Company and its restricted subsidiaries to, among other activities, pay dividends, incur debt, create liens and encumbrances, redeem or repurchase stock, dispose of certain assets, consummate acquisitions or other investments, prepay certain debt, engage in transactions with affiliates, engage in sale and leaseback transactions or consummate mergers and other fundamental changes. The ABL Credit Facility also includes a minimum liquidity covenant which, at the Company’s option following satisfaction of certain pre-conditions, may be replaced with a springing, minimum fixed charge coverage ratio financial covenant, in each case on terms set forth in the credit agreement governing the ABL Credit Facility. As of September 30, 2024 and December 31, 2023, the Company was in compliance with applicable covenants under the ABL Credit Facility. As of September 30, 2024 and December 31, 2023, the Company had no outstanding borrowings under the ABL Credit Facility. Outstanding letters of credit under the ABL Credit Facility were $67.4 million and $45.4 million as of September 30, 2024 and December 31, 2023, respectively. Availability under the ABL Credit Facility was $335.0 million (including $169.9 million cash and cash equivalents) and $413.4 million (including $144.0 million cash and cash equivalents) as of September 30, 2024 and December 31, 2023, respectively, after giving effect to the borrowing base and the outstanding letters of credit. The Company incurred issuance costs of $6.3 million to obtain the ABL Credit Facility, which was capitalized within other noncurrent assets in the condensed consolidated balance sheets and amortized over the facility term using the straight-line method. Amortization of the deferred issuance costs and commitment fee were $1.0 million and $2.8 million for the three and nine months ended September 30, 2024 and 2023, respectively. DDTL Credit Facility In August 2024, the Company entered into the DDTL Credit Facility with Ayar, that may be used for working capital and general corporate purposes. The DDTL Credit Facility provides for a delayed draw term loan credit facility in an aggregate principal amount of $750.0 million and has a stated maturity date of August 4, 2029. Borrowings under the DDTL Credit Facility bear interest at the applicable interest rates specified in the credit agreement governing the DDTL Credit Facility. The Company is required to pay a quarterly undrawn fee of 0.50% per annum based on the unutilized portion of the DDTL Credit Facility. The DDTL Credit Facility contains customary covenants that limit the ability of the Company and its restricted subsidiaries to, among other activities, pay dividends, incur debt, create liens and encumbrances, redeem or repurchase stock, dispose of certain assets, consummate acquisitions or other investments, prepay certain debt, engage in sale and leaseback transactions or consummate mergers and other fundamental changes. The DDTL Credit Facility also includes a minimum liquidity covenant. As of September 30, 2024, the Company was in compliance with applicable covenants under the DDTL Credit Facility. As of September 30, 2024, the Company had no outstanding borrowings under the DDTL Credit Facility. The Company incurred issuance costs of $6.2 million to obtain the DDTL Credit Facility, which was capitalized within other noncurrent assets in the condensed consolidated balance sheet and amortized over the facility term using the straight-line method. Amortization of the deferred issuance costs and commitment fee were immaterial for the three and nine months ended September 30, 2024.

COMMON STOCK WARRANT LIABILITY

COMMON STOCK WARRANT LIABILITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
COMMON STOCK WARRANT LIABILITY	COMMON STOCK WARRANT LIABILITY On July 23, 2021, in connection with the reverse recapitalization treatment of the Merger, the Company effectively issued 44,350,000 Private Placement Warrants to purchase shares of Lucid’s common stock at an exercise price of $11.50. The Private Placement Warrants were initially recognized as a liability with a fair value of $812.0 million and was remeasured to a fair value of $53.7 million as of December 31, 2023. The Private Placement Warrants remained unexercised and were remeasured to a fair value of $32.8 million as of September 30, 2024. The Company recognized a loss of $13.7 million and a gain of $20.8 million for the three and nine months ended September 30, 2024, respectively, and gains of $60.3 million and $61.6 million for the same periods in the prior year, respectively, in the condensed consolidated statements of operations and comprehensive loss. The fair value of the Private Placement Warrants that are not subject to the contingent forfeiture provisions was estimated using a Black-Scholes option pricing model, and was as follows: September 30, 2024 December 31, 2023 Fair value of Private Placement Warrants per share $ 0.74 $ 1.21 Assumptions used in the Black-Scholes option pricing model take into account the contract terms as well as the quoted price of the Company’s common stock in an active market. The volatility is based on the actual market activity of the Company’s peer group as well as the Company’s historical volatility. The expected life is based on the remaining contractual term of the warrants, and the risk free interest rate is based on the implied yield available on U.S. Treasury securities with a maturity equivalent to the warrants’ expected life. The level 3 fair value inputs used in the Black-Scholes option pricing models were as follows: September 30, 2024 December 31, 2023 Volatility 95.0 % 85.0 % Expected term (in years) 1.8 2.6 Risk-free rate 3.7 % 4.1 % Dividend yield — % — %

REDEEMABLE CONVERTIBLE PREFERRE

REDEEMABLE CONVERTIBLE PREFERRED STOCK	9 Months Ended
	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
REDEEMABLE CONVERTIBLE PREFERRED STOCK	REDEEMABLE CONVERTIBLE PREFERRED STOCK In March 2024, the Company entered into the Series A Subscription Agreement with Ayar. Pursuant to the Series A Subscription Agreement, Ayar agreed to purchase from the Company 100,000 shares of the Series A Redeemable Convertible Preferred Stock for an aggregate purchase price of $1.0 billion in a private placement. Subsequently, in March 2024, the Company issued the shares to Ayar pursuant to the Series A Subscription Agreement and received aggregate gross proceeds of $1.0 billion. In August 2024, the Company entered into the Series B Subscription Agreement with Ayar. Pursuant to the Series B Subscription Agreement, Ayar agreed to purchase from the Company 75,000 shares of the Series B Redeemable Convertible Preferred Stock for an aggregate purchase price of $750.0 million in a private placement. Subsequently, in August 2024, the Company issued the shares to Ayar pursuant to the Series B Subscription Agreement and received aggregate gross proceeds of $750.0 million. The shares of the Series A Redeemable Convertible Preferred Stock and the Series B Redeemable Convertible Preferred Stock were issued pursuant to the Series A Certificate of Designations and the Series B Certificate of Designations (the “Certificate of Designations”), respectively. Pursuant to the Series A Subscription Agreement and the Series B Subscription Agreement, Ayar has agreed, with certain exceptions, that without prior written consent of the Company, it will not sell or transfer the Redeemable Convertible Preferred Stock for the twelve months after the date of the closing of the respective private placement. Dividends: The Redeemable Convertible Preferred Stock ranks senior to the common stock with respect to dividends and distributions of assets upon the Company’s liquidation, dissolution or winding up. The Redeemable Convertible Preferred Stock has an initial value of $10,000 per share (the “Initial Value” and the Initial Value plus compounded and accrued dividends, the “Accrued Value”). Dividends on the Redeemable Convertible Preferred Stock are payable in the form of compounded cumulative dividends upon each share of the Redeemable Convertible Preferred Stock (paid-in-kind). Dividends accrue daily on the Initial Value (as increased for any compounded dividends previously compounded thereon) of each share of the Redeemable Convertible Preferred Stock at a rate of 9% per annum and compound on the basis of quarterly dividend payment dates on each March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2024 for the Series A Redeemable Convertible Preferred Stock and September 30, 2024 for the Series B Redeemable Convertible Preferred Stock. Liquidation Preference: Upon a liquidation, dissolution or winding up of the Company, each holder of shares of the Redeemable Convertible Preferred Stock (“Holder”) will be entitled to receive, with respect to each share of then-outstanding Redeemable Convertible Preferred Stock, out of the assets of the Company available for distribution to its stockholders an amount in cash equal to the greater of (a) an amount per share of the Redeemable Convertible Preferred Stock as of the date of such liquidation, dissolution or winding up equal to (i) the per share Accrued Value as of the relevant date multiplied by (ii) the relevant percentage (the product of (i) and (ii), the “Minimum Consideration”); and (b) the amount that such Holder would have received with respect to such share of the Redeemable Convertible Preferred Stock if all shares of the Redeemable Convertible Preferred Stock had been converted at their Accrued Value into shares of common stock on the business day immediately prior to the date of such liquidation, dissolution or winding up. As of September 30, 2024, the liquidation preference of the Series A Redeemable Convertible Preferred Stock and Series B Redeemable Convertible Preferred Stock was $1,091.3 million and $766.6 million, respectively. Voting Rights: Each Holder is entitled to the number of votes equal to the number of whole shares of common stock into which the aggregate shares of the Redeemable Convertible Preferred Stock held by such Holder are convertible on the record date for determining stockholders entitled to vote on any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders and on which matter holders of the common stock shall be entitled to vote. Holders are entitled to notice of any meeting of stockholders and, except as otherwise provided in the Certificate of Designations or otherwise required by law, to vote together as a single class with the holders of the common stock and any other class or series of stock entitled to vote thereon. The voting power of Holders is subject to a voting cap per share equal to the quotient of the $10,000 Initial Value and the minimum price ($2.77 for the Series A Redeemable Convertible Preferred Stock and $3.12 for the Series B Redeemable Convertible Preferred Stock). As long as at least 10% of the aggregate number of shares issued on the respective initial issue date remain outstanding, and subject to certain other conditions, Holders are entitled to a separate class vote with respect to, among other things, amendments to the Company’s organizational documents that have an adverse effect on the Redeemable Convertible Preferred Stock, authorizations or issuances by the Company of capital stock of the Company that ranks senior or equal to the Redeemable Convertible Preferred Stock with respect to dividends or distributions on liquidation or the terms of which provide for cash dividends (other than the common stock), winding-up and dissolution, and decreases in the number of authorized shares of the Redeemable Convertible Preferred Stock. The Company also agreed that as long as Ayar owns at least 50% of the shares issued on the respective initial issue date, the Company will comply with certain debt incurrence covenants in its Credit Agreement, dated as of June 9, 2022, by and among the Company, as the Borrower Representative, the other Borrowers party thereto from time-to-time, the Lenders and Issuing Banks from time-to-time party thereto and Bank of America, N.A., as Administrative Agent, as amended, which agreement may be waived with the sole consent of Ayar. Conversion: Each share of the Redeemable Convertible Preferred Stock is convertible, at the option of the respective Holder, from time-to-time after the initial issue date, and without the payment of additional consideration by the Holder, (a) at any time that the closing price per share of the common stock on the trading day immediately preceding the date on which the Holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Company otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Company, into such number of fully paid and non-assessable shares of common stock as is determined by dividing (i) the applicable Accrued Value as of the conversion date by (ii) the applicable conversion price in effect as of such conversion date, which shall initially be $3.5952 for the Series A Redeemable Convertible Preferred Stock and $4.3799 for the Series B Redeemable Convertible Preferred Stock, subject to customary anti-dilution adjustments, including in the event of any stock split, stock dividend, recapitalization or similar events (the “Conversion Price”). Mandatory Conversion: On or after the third anniversary of the initial issue date, if at any time (i) the daily VWAP of the common stock has been at least 200% of the Conversion Price for at least twenty (20) trading days (whether or not consecutive) during any thirty (30) consecutive trading days (including the last day of such period) and (ii) certain common stock liquidity conditions are satisfied, the Company will have the right, exercisable at its election within fifteen (15) business days following completion of the applicable thirty (30) trading day period, to cause all or any portion of the Redeemable Convertible Preferred Stock to convert into number of fully paid and non-assessable shares of common stock, as determined by dividing (i) the applicable Accrued Value as of the conversion date by (ii) the Conversion Price in effect as of such conversion date. The Company will be required to pay an additional amount per share of the Redeemable Convertible Preferred Stock payable in cash, shares of common stock valued based on a five-day average daily VWAP or a combination thereof in respect of such conversion equal to the greater of (x) the difference between (i) the Minimum Consideration and (ii) the value of the shares of common stock delivered upon mandatory conversion thereof and (y) zero. Fundamental Change: Upon a fundamental change, the Holders will be entitled, on the fundamental change repurchase date specified by the Company, to receive an amount equal to the greater of (a) the Minimum Consideration and (b) an amount equal to the value that such Holder would have received if it had converted its shares of the Redeemable Convertible Preferred Stock into shares of common stock on the business day immediately before the fundamental change repurchase date. The fundamental change repurchase price may be paid in cash, shares of common stock (or other securities to be received by a holder of common stock in such fundamental change) valued based on a five-day average daily VWAP (with the number of shares of common stock rounded up to the nearest whole share), or a combination thereof, at the Company’s election. The Company may not elect to deliver shares of its common stock (or other securities to be received by a holder of common stock in such fundamental change) in partial or full satisfaction of the fundamental change repurchase price, if certain common stock liquidity conditions are not satisfied. Optional Redemption: On or after the fifth anniversary of the initial issue date, the Company may redeem all or any portion of the Redeemable Convertible Preferred Stock at a redemption price per share equal to the greater of (a) the Minimum Consideration and (b) an amount equal to the value (calculated based on a twenty (20)-day average daily VWAP) of the number of shares of common stock if it had converted its shares of the Redeemable Convertible Preferred Stock into shares of common stock as of the redemption date. Such redemption price may be paid in cash, shares of common stock valued based on a twenty (20)-day average daily VWAP, or a combination thereof, at the Company’s election. The Company may not pay any portion of such redemption price in shares of common stock if the common stock liquidity conditions are not satisfied. While the Redeemable Convertible Preferred Stock is callable after five years at the Company’s option, the Redeemable Convertible Preferred Stock is considered redeemable at the option of Ayar and was classified as mezzanine equity, because it is the majority shareholder of the Company. The Company recorded the Series A Redeemable Convertible Preferred Stock initially at its issuance price, net of issuance costs of $2.4 million and net of the initial value of the bifurcated derivative liability of $497.1 million. The Company also recorded the Series B Redeemable Convertible Stock initially at its issuance price, net of issuance costs of $0.6 million and net of the initial value of the bifurcated derivative liability of $297.7 million. The Company accretes the Redeemable Convertible Preferred Stock to its redemption value, which is greater of (a) the Minimum Consideration and (b) an amount equal to the value that such Holder would have received if it had converted its shares of the Redeemable Convertible Preferred Stock into shares of common stock as of the Redemption Date. In certain circumstances, the redemption price may vary based on changes in stock price, in which case the Company recognizes changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the then current maximum redemption value at the end of each reporting period. During the three and nine months ended September 30, 2024, the Company recorded net negative accretion of $59.4 million and accretion of $91.3 million related to the Series A Redeemable Convertible Preferred Stock, respectively. During the three and nine months ended September 30, 2024, the Company recorded accretion of $16.6 million related to the Series B Redeemable Preferred Stock. Accretion of the Redeemable Convertible Preferred Stock was reflected as adjustments to additional paid-in capital in the condensed consolidated balance sheet as of September 30, 2024. The carrying value of the Series A Redeemable Convertible Preferred Stock and Series B Redeemable Convertible Preferred Stock was $591.9 million and $468.3 million as of September 30, 2024, respectively. The Company assessed the above features to determine whether any features are required to be bifurcated and separately accounted for as an embedded feature. The Company concluded that the conversion features, inclusive of all settlement outcomes where the pay-off is indexed to the if-converted value, meets all the requirements to be separately accounted for as a bifurcated derivative. As a result, the Company bifurcated the Redeemable Convertible Preferred Stock between (i) the host contracts which are accounted for within mezzanine equity as described above, and (ii) the bifurcated derivative liabilities related to the conversion features. The proceeds from issuance were first allocated to the fair value of the bifurcated derivatives with the residual being allocated to the host contracts. The bifurcated derivatives are remeasured to fair value at each reporting period with changes in fair value recorded in the condensed consolidated statement of operations and comprehensi ve loss . As of September 30, 2024, the derivative liabilities for the Redeemable Convertible Preferred Stock were remeasured to fair value of $932.0 million, comprising of $585.3 million related to Series A Redeemable Convertible Preferred Stock and $346.7 million related to Series B Redeemable Convertible Preferred Stock. The Company recognized losses of $240.3 million and $137.3 million for the three and nine months ended September 30, 2024, respectively, in change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) in the condensed consolidated statements of operations and comprehensive loss. The Company estimated the fair value of the derivative liabilities using a binomial lattice model with the volatility, credit spread, and term as significant unobservable inputs. Assumptions used in the valuation also take into account the contractual terms as well as the quoted price of the Company’s common stock in an active market. Significant changes in any of those inputs in isolation would result in significant changes to the fair value measurement. The level 3 fair value inputs used in the valuation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock were as follows: September 30, 2024 Series A Derivative Liability Series B Derivative Liability Volatility 40.0 % 40.0 % Credit spread 20.9 % 20.9 % Stock price $ 3.53 $ 3.53 Term (in years) 4.5 4.9 Risk-free rate 3.6 % 3.6 %

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Treasury Stock During the year ended December 31, 2021, the Company repurchased an aggregate of 857,825 shares of its common stock, including 712,742 shares from certain employees and 145,083 shares from Board of Directors of the Company’s predecessor, Atieva, Inc. at $24.15 per share. No common stock was repurchased during the three and nine months ended September 30, 2024 and 2023. Common Stock Reserved for Issuance The Company’s common stock reserved for future issuances as of September 30, 2024 was as follows: September 30, 2024 Private Placement Warrants to purchase common stock 44,350,000 Stock options outstanding 28,845,241 Restricted stock units outstanding 116,174,433 Shares available for future grants under equity plans 51,144,960 If-converted common shares from convertible note 36,737,785 If-converted common shares from Series A redeemable convertible preferred stock 291,019,450 If-converted common shares from Series B redeemable convertible preferred stock 173,206,009 Total shares of common stock reserved 741,477,878

STOCK-BASED AWARDS

STOCK-BASED AWARDS	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED AWARDS	STOCK-BASED AWARDS Stock Options A summary of stock option activity for the nine months ended September 30, 2024 was as follows: Outstanding Options Number of Options Weighted Average Exercise Price Weighted-Average Remaining Contractual Term Intrinsic Value (in thousands) Balance as of December 31, 2023 32,911,135 $ 1.99 5.5 $ 91,785 Options granted 232,177 3.99 Options exercised (2,896,364) 1.12 Options canceled (1,401,707) 6.83 Balance as of September 30, 2024 28,845,241 $ 1.86 4.61 $ 65,140 Options vested and exercisable as of September 30, 2024 26,103,849 $ 1.33 4.47 $ 64,972 As of September 30, 2024, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $8.4 million, which is expected to be recognized over a weighted-average period of 2.7 years. Restricted Stock Units (“RSUs”) A summary of RSUs activity for the nine months ended September 30, 2024 was as follows: Restricted Stock Units Time-Based Shares Performance-Based Shares Total Shares Weighted-Average Grant-Date Fair Value Balance as of December 31, 2023 54,699,739 9,305,825 64,005,564 $ 10.90 Granted 88,542,220 13,772,614 102,314,834 2.88 Vested (31,636,368) (1,644,016) (33,280,384) 8.34 Cancelled/Forfeited (11,785,855) (5,079,726) (16,865,581) 7.02 Balance as of September 30, 2024 99,819,736 16,354,697 116,174,433 $ 5.13 As of September 30, 2024, unrecognized stock-based compensation cost related to outstanding unvested time-based RSUs that are expected to vest was $399.6 million, which is expected to be recognized over a weighted-average period of 1.8 years. In 2021, the Company granted performance-based RSUs to the CEO and they are subject to performance and market conditions. The performance condition was satisfied upon the closing of the Merger. The fair value of these performance-based RSUs was measured on the grant date, March 27, 2021, using a Monte Carlo simulation model, with the following assumptions: Weighted average volatility 60.0 % Expected term (in years) 5.0 Risk-free interest rate 0.9 % Expected dividends — % The Company recognizes compensation expense using a graded vesting attribution method over the derived service period for the CEO performance-based awards. Stock-based compensation expense is recognized when the relevant performance condition is considered probable of achievement for the performance-based award. During the year ended December 31, 2022, the market condition was met for the CEO performance-based awards for four of the five tranches and certified by the Board of Directors, representing an aggregate of 13,934,271 performance RSUs. The unamortized expense of $8.2 million as of December 31, 2022 for the fifth tranche, representing 2,090,140 RSUs, was fully recognized during the year ended December 31, 2023. The Company withheld approximately 0.4 million and 1.4 million shares of common stock for the three and nine months ended September 30, 2024, respectively, and 0.5 million and 1.4 million shares of common stock for the same periods in the prior year, respectively, by net settlement to meet the related tax withholding requirements related to the CEO time-based RSUs. The Company granted performance-based RSUs to certain employees and they are subject to (i) corporate performance conditions and/or individual performance and (ii) a service condition which will be met generally over 3 years. The number of awards granted represents 100% of the target goal. Under the terms of the awards, the recipient may earn between 0% to 150% of the original number of grants based on actual achievement of corporate performance goals and/or individual performance. Stock-based compensation expense is recognized when the relevant performance condition is considered probable of achievement for the performance-based award. The Company recorded stock-based compensation expenses of $6.2 million and $14.2 million during the three and nine months ended September 30, 2024, respectively, and $2.9 million and $3.6 million for the same periods in the prior year, respectively, related to these performance-based RSUs. As of September 30, 2024, the unamortized expense for the performance-based RSUs was $40.8 million, which will be recognized over a weighted-average period of 1.3 years primarily contingent upon realization of the corporate performance conditions. Employee Stock Purchase Plan (“ESPP”) The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. The plan provides for 24-month offering periods beginning in December and June of each year, and each offering period will consist of four six-month purchase periods. The purchase price for each share purchased during an offering period will be the lesser of 85% of the fair market value of the share on the purchase date or 85% of the fair market value of the share on the offering date. As of September 30, 2024, unrecognized stock-based compensation cost related to the ESPP was $24.9 million which is expected to be recognized over a weighted-average period of 1.7 years. Stock-based Compensation Expense Total employee and nonemployee stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023, was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 1,145 $ 1,221 $ 2,956 $ 2,560 Research and development 53,663 35,963 124,722 101,356 Selling, general and administrative 33,286 31,053 82,605 90,959 Restructuring charges — — (1,480) (1,443) Total $ 88,094 $ 68,237 $ 208,803 $ 193,432 The Company capitalized stock-based compensation expenses of $14.6 million and $34.0 million for the three and nine months ended September 30, 2024, respectively, and $11.4 million and $31.8 million for the same periods in the prior year, respectively, primarily as part of the cost of inventory.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
LEASES	LEASES The Company has entered into various non-cancellable operating and finance lease agreements for certain of the Company’s offices, manufacturing and warehouse facilities, retail and service locations, equipment and vehicles, worldwide. In August 2022, the Company entered into a four-year agreement (“Lease Agreement”) to lease land in Casa Grande, Arizona adjacent to our manufacturing facility. The Company classifies this lease as a finance lease because the Lease Agreement contains a purchase option which the Company is reasonably certain to exercise. As of September 30, 2024 and December 31, 2023, assets associated with the finance lease were $79.3 million. As of September 30, 2024 and December 31, 2023, liabilities associated with the finance lease were $78.9 million and $80.6 million, respectively. Contemporaneously with the execution of the Lease Agreement, the Company entered into a sale agreement, pursuant to which the Company sold certain parcels of land for $31.7 million to the lessor and leased back these parcels of land under the Lease Agreement. The sale of the land and subsequent lease did not result in change in the transfer of control of the land; therefore, the sale-leaseback transaction is accounted for as a failed sale and leaseback financing obligation. The Company recorded $31.7 million of sales proceeds received as a financial liability within other long-term liabilities in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The balances for the operating and finance leases where the Company is the lessee are presented as follows within the Company’s condensed consolidated balance sheets (in thousands): September 30, December 31, Operating leases: Right-of-use assets $ 220,616 $ 221,508 Other current liabilities $ 34,801 $ 28,431 Other long-term liabilities 240,008 244,122 Total operating lease liabilities $ 274,809 $ 272,553 Finance leases: Property, plant and equipment, net $ 82,989 $ 85,055 Total finance lease assets $ 82,989 $ 85,055 Finance lease liabilities, current portion $ 6,921 $ 8,202 Finance lease liabilities, net of current portion 75,027 77,653 Total finance lease liabilities $ 81,948 $ 85,855 The components of lease expense were as follows within the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease expense: Operating lease expense (1) $ 15,680 $ 14,000 $ 46,109 $ 40,578 Variable lease expense 522 438 1,432 1,306 Finance lease expense: Amortization of leased assets $ 669 $ 1,326 $ 2,496 $ 4,133 Interest on lease liabilities 1,161 1,204 3,495 3,677 Total finance lease expense $ 1,830 $ 2,530 $ 5,991 $ 7,810 Total lease expense $ 18,032 $ 16,968 $ 53,532 $ 49,694 (1) Excluded short-term leases, which were not material. Other information related to leases where the Company is the lessee was as follows: September 30, December 31, Weighted-average remaining lease term (in years): Operating leases 6.4 6.8 Finance leases 1.9 2.6 Weighted-average discount rate: Operating leases 11.89 % 11.01 % Finance leases 5.71 % 5.59 % As of September 30, 2024, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands): Operating Leases Finance Leases 2024 (remainder of the year) $ 15,005 $ 570 2025 66,800 6,817 2026 66,260 82,686 2027 57,597 245 2028 53,890 39 Thereafter 140,208 8 Total minimum lease payments 399,760 90,365 Less: Interest (124,951) (8,417) Present value of lease obligations 274,809 81,948 Less: Current portion (34,801) (6,921) Long-term portion of lease obligations $ 240,008 $ 75,027 As of September 30, 2024, the Company entered into additional leases for facilities and equipment that have not yet commenced with undiscounted future lease payments of $18.9 million. The leases are expected to commence over the next twelve months.
LEASES	LEASES The Company has entered into various non-cancellable operating and finance lease agreements for certain of the Company’s offices, manufacturing and warehouse facilities, retail and service locations, equipment and vehicles, worldwide. In August 2022, the Company entered into a four-year agreement (“Lease Agreement”) to lease land in Casa Grande, Arizona adjacent to our manufacturing facility. The Company classifies this lease as a finance lease because the Lease Agreement contains a purchase option which the Company is reasonably certain to exercise. As of September 30, 2024 and December 31, 2023, assets associated with the finance lease were $79.3 million. As of September 30, 2024 and December 31, 2023, liabilities associated with the finance lease were $78.9 million and $80.6 million, respectively. Contemporaneously with the execution of the Lease Agreement, the Company entered into a sale agreement, pursuant to which the Company sold certain parcels of land for $31.7 million to the lessor and leased back these parcels of land under the Lease Agreement. The sale of the land and subsequent lease did not result in change in the transfer of control of the land; therefore, the sale-leaseback transaction is accounted for as a failed sale and leaseback financing obligation. The Company recorded $31.7 million of sales proceeds received as a financial liability within other long-term liabilities in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The balances for the operating and finance leases where the Company is the lessee are presented as follows within the Company’s condensed consolidated balance sheets (in thousands): September 30, December 31, Operating leases: Right-of-use assets $ 220,616 $ 221,508 Other current liabilities $ 34,801 $ 28,431 Other long-term liabilities 240,008 244,122 Total operating lease liabilities $ 274,809 $ 272,553 Finance leases: Property, plant and equipment, net $ 82,989 $ 85,055 Total finance lease assets $ 82,989 $ 85,055 Finance lease liabilities, current portion $ 6,921 $ 8,202 Finance lease liabilities, net of current portion 75,027 77,653 Total finance lease liabilities $ 81,948 $ 85,855 The components of lease expense were as follows within the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease expense: Operating lease expense (1) $ 15,680 $ 14,000 $ 46,109 $ 40,578 Variable lease expense 522 438 1,432 1,306 Finance lease expense: Amortization of leased assets $ 669 $ 1,326 $ 2,496 $ 4,133 Interest on lease liabilities 1,161 1,204 3,495 3,677 Total finance lease expense $ 1,830 $ 2,530 $ 5,991 $ 7,810 Total lease expense $ 18,032 $ 16,968 $ 53,532 $ 49,694 (1) Excluded short-term leases, which were not material. Other information related to leases where the Company is the lessee was as follows: September 30, December 31, Weighted-average remaining lease term (in years): Operating leases 6.4 6.8 Finance leases 1.9 2.6 Weighted-average discount rate: Operating leases 11.89 % 11.01 % Finance leases 5.71 % 5.59 % As of September 30, 2024, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands): Operating Leases Finance Leases 2024 (remainder of the year) $ 15,005 $ 570 2025 66,800 6,817 2026 66,260 82,686 2027 57,597 245 2028 53,890 39 Thereafter 140,208 8 Total minimum lease payments 399,760 90,365 Less: Interest (124,951) (8,417) Present value of lease obligations 274,809 81,948 Less: Current portion (34,801) (6,921) Long-term portion of lease obligations $ 240,008 $ 75,027 As of September 30, 2024, the Company entered into additional leases for facilities and equipment that have not yet commenced with undiscounted future lease payments of $18.9 million. The leases are expected to commence over the next twelve months.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Contractual Obligations As of September 30, 2024 and December 31, 2023, the Company had $443.6 million and $270.2 million in commitments related to AMP-1 and AMP-2 plant and equipment, respectively. These commitments represent future expected payments on open purchase orders entered into as of September 30, 2024 and December 31, 2023. T he Company’s non-cancellable long-term commitments primarily related to certain inventory component purchases. On October 1, 2024, the Company entered into amendments (the “Amendments”) to certain battery-supply agreements with Panasonic Energy Co., Ltd. and certain of its affiliates. Pursuant to the terms of the Amendments, the Company has reduced its contractual minimum commitment from approximately $4.8 billion to approximately $2.8 billion. The Company’s remaining minimum purchase commitments of an aggregate of approximately $2.8 billion was calculated using the current base prices, which could vary period-to-period primarily as a result of changes in raw material indexes. The estimated future payments having a remaining term in excess of one year, adjusted per the Amendments, were as follows (in thousands): Years ended December 31, Minimum Purchase Commitment 2024 (remainder of the year) $ 80,465 2025 267,150 2026 297,841 2027 394,502 2028 484,004 Thereafter 1,436,629 Total $ 2,960,591 Legal Matters From time-to-time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. Some of these claims, lawsuits and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, non-monetary sanctions or relief. Beginning on April 18, 2021, two individual actions and two putative class actions were filed in federal courts in Alabama, California, New Jersey and Indiana, asserting claims under the federal securities laws against the Company (f/k/a Churchill Capital Corp IV), its wholly owned subsidiary, Atieva, Inc. (“Lucid Motors”), and certain current and former officers and directors of the Company, generally relating to the Merger. On September 16, 2021, the plaintiff in the New Jersey action voluntarily dismissed that lawsuit. The remaining actions were ultimately transferred to the Northern District of California and consolidated under the caption, In re CCIV / Lucid Motors Securities Litigation , Case No. 4:21-cv-09323-YGR (the “Consolidated Class Action”). On December 30, 2021, lead plaintiffs in the Consolidated Class Action filed a revised amended consolidated complaint (the “Complaint”), which asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of shareholders who purchased stock in CCIV between February 5, 2021 and February 22, 2021. The Complaint names as defendants Lucid Motors and the Company’s chief executive officer, and generally alleges that, prior to the public announcement of the Merger, defendants purportedly made false or misleading statements regarding the expected start of production for the Lucid Air and related matters. The District Court granted defendants’ motion to dismiss on January 11, 2023, with plaintiffs being provided the ability to seek leave to amend. On June 29, 2023, the District Court denied plaintiff’s motion for leave to amend, dismissed the lawsuit and terminated the case. On July 28, 2023, plaintiffs appealed the District Court’s decisions to the Ninth Circuit Court of Appeals. On August 8, 2024, the Ninth Circuit affirmed the district court judgment dismissing the case. On September 17, 2024, the Ninth Circuit denied Plaintiffs’ petition for a rehearing or rehearing en banc . On September 25, 2024, the Ninth Circuit issued its mandate affirming the district court judgment. In addition, two separate purported shareholders of the Company filed shareholder derivative actions, purportedly on behalf of the Company, against certain of the Company’s officers and directors in California federal court, captioned Sahr Lebbie v. Peter Rawlinson, et al., Case No. 4:22-cv-00531-YGR (N.D. Cal.) (filed on January 26, 2022) and Zsata Williams-Spinks v. Peter Rawlinson, et al. , Case No. 4:22-cv-01115-YGR (N.D. Cal.) (filed on February 23, 2022). The complaint also names the Company as a nominal defendant. Based on allegations that are similar to those in the Consolidated Class Action, the Lebbie complaint asserts claims for unjust enrichment, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, abuse of control, gross mismanagement and waste of corporate assets and a claim for contribution under Sections 10(b) and 21D of the Exchange Act in connection with the Consolidated Class Action and the Williams-Spinks complaint asserts claims for breach of fiduciary duty, gross mismanagement, abuse of control, unjust enrichment, contribution under Sections 10(b) and 21D of the Exchange Act, and aiding and abetting breach of fiduciary duty in connection with the Consolidated Class Action. The complaints seek compensatory damages, interest thereon, certain corporate governance reforms, and attorneys’ fees and expenses. On April 29, 2022, the District Court consolidated the two actions into In re Lucid Group, Inc. (f/k/a Churchill Capital Corp IV) Derivative Litigation , Case No. 4:22-cv-00531-YGR (N.D. Cal.) (the “Consolidated Derivative Action”). On May 25, 2022, the District Court then stayed the Consolidated Derivative Action pending developments in the Consolidated Class Action. On December 12, 2023, given that the Consolidated Class Action was dismissed by the trial court and appealed to the Ninth Circuit Court of Appeals, the District Court administratively closed the Consolidated Derivative Action for statistical purposes but reminded the parties of their obligations under the stay. On April 1, 2022 and May 31, 2022, two alleged shareholders filed putative class actions under the federal securities laws against Lucid Group, Inc. and certain officers of the Company relating to alleged statements, updated projections and guidance provided in the late 2021 to early 2022 timeframe. The complaints, which were filed in the Northern District of California, are captioned Victor W. Mangino v. Lucid Group, Inc., et al. , Case No. 3:22-cv-02094-JD, and Anant Goel v. Lucid Group, Inc., et al. , Case No. 3:22-cv-03176-JD. The two matters were consolidated into one action, entitled In re Lucid Group, Inc. Securities Litigation , Case No. 22-cv-02094-JD. The consolidated complaint names as defendants Lucid Group, Inc. and the Company’s chief executive officer and former chief financial officer, and generally allege that defendants purportedly made false or misleading statements regarding delivery and revenue projections and related matters between November 15, 2021 and August 3, 2022. The consolidated complaint seeks certification of the action as a class action, as well as compensatory damages, interest thereon, and attorneys’ fees and expenses. Defendants filed a Motion to Dismiss on February 23, 2023. On August 8, 2024, the Court granted in part and denied in part Defendants’ Motion to Dismiss, and gave Plaintiffs leave to replead their complaint. On September 20, 2024, Plaintiffs filed an Amended Consolidated Complaint, which no longer names the Company’s former chief financial officer as an individual defendant. Lucid’s opening brief in support of its renewed Motion to Dismiss is due on November 15, 2024. Defendants believe that the plaintiffs’ claims are without merit and intends to defend themselves vigorously, but they cannot ensure that their efforts to dismiss the consolidated complaint will be successful or that they will avoid liability in this matter. In addition, on September 5, 2024, a purported shareholder of the Company filed a shareholder derivative lawsuit on behalf of Lucid Group, Inc. against certain of the Company’s current and former directors in Delaware state court, captioned Tricia Rodney v. Rawlinson, et al. , Delaware Court of Chancery, Case No. 2024-0927. The complaint names the Company as a nominal defendant. The complaint alleges: (i) a breach of fiduciary duty claim against the Company’s CEO; (ii) a breach of fiduciary duty claim against other then-current members of the Board in 2022; and (iii) an unjust enrichment claim against the Company’s CEO. In addition, on July 11, 2022, a purported shareholder of the Company filed a shareholder derivative action, purportedly on behalf of the Company, against certain of the Company’s officers and directors in California state court, captioned Floyd Taylor v. Glenn August, et al. , Superior Court, Alameda County, Case No. 22CV014130. The complaint also names the Company as a nominal defendant. Based on allegations that are similar to those in the In re Lucid Group, Inc. Securities Litigation action, the Taylor complaint asserts claims for breach of fiduciary duty, unjust enrichment, waste of corporate assets and aiding and abetting breach of fiduciary duty. The complaint seeks compensatory damages, punitive damages, interest, and attorneys’ fees and expenses. The case is currently stayed. Moreover, on March 25, 2021, the Illinois Automobile Dealers Association, Chicago Automobile Trade Association, Peoria Metro New Car Dealers Association, Illinois Motorcycle Dealers Association, and 241 individual motor vehicle dealers filed an action against the Office of the Illinois Secretary of State (“SOS”), Jesse White, in his official capacity as the Illinois Secretary of State; Lucid USA, Inc. (“Lucid USA”); and other defendants, in the Circuit Court of Cook County, Illinois, County Department, Chancery Division, Case No. 2021CH01438. The suit generally alleges that Illinois law does not permit manufacturers to obtain licenses as motor vehicle dealers. Plaintiffs seek to prevent Lucid from engaging in the sale of motor vehicles directly to consumers. The SOS granted Lucid USA a dealer’s license on June 3, 2021. In December 2022, the Court granted Defendants’ Motion to Dismiss. Plaintiffs subsequently appealed and the decision was affirmed by the First District Appellate Court on August 23, 2024. Plaintiffs have filed a petition for further review of the case by the Illinois Supreme Court. Furthermore, while we have registered and applied for trademarks in an effort to protect our brand and goodwill with customers, competitors or other third parties are, have in the past, and may in the future, oppose our trademark applications or otherwise challenge our use of the trademarks and other brand names in which we have invested. Such oppositions and challenges can be expensive and may adversely affect our ability to maintain the goodwill gained in connection with a particular trademark. In addition, we may lose our trademark or are unable to submit specimens of use by the applicable deadline to perfect such trademark rights. For instance, in June 2024, we reached an agreement with Gravity, Inc. to settle a claim before the United States Patent and Trademark Office (“USPTO”) that opposed and requested cancellation of our trademark application and registration for the use of “Gravity.” At this time, the Company does not consider any such claims, lawsuits or proceedings that are currently pending, individually or in the aggregate, including the matters referenced above, to be material to the Company’s business or likely to result in a material adverse effect on its future operating results, financial condition or cash flows should such proceedings be resolved unfavorably. Indemnification In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, investors, directors, officers, and certain key employees with respect to certain matters, including, but not limited to, losses arising out of our breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. The Company has never paid a material claim, nor has it been sued in connection with these indemnification arrangements. The Company has indemnification obligations with respect to letters of credit and surety bond primarily used as security against facility leases, utilities infrastructure and other agreements that require securitization. The indemnification obligations were $83.2 million and $56.3 million as of September 30, 2024 and December 31, 2023, respectively, for which no liabilities are recorded in the condensed consolidated balance sheets.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company ’ s provision from income taxes for interim periods is determined using its effective tax rate that arise during the period. The Company’s quarterly tax provision is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how the Company does business, the valuation allowance against deferred tax assets, and tax law developments. The Company’s effective tax rate was 0.0% for the three and nine months ended September 30, 2024 and 2023, due to minimal profits in foreign jurisdictions and U.S. losses for which no benefit will be realized.

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 Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (992,475) $ (630,894) $ (2,316,724) $ (2,174,654) Accretion of redeemable convertible preferred stock (related party) 42,838 — (107,924) — Net loss attributable to common stockholders, basic and diluted $ (949,637) $ (630,894) $ (2,424,648) $ (2,174,654) Weighted-average shares outstanding attributable to common stockholders, basic and diluted 2,323,971,541 2,284,446,783 2,312,249,333 2,010,916,100 Net loss per share attributable to common stockholders, basic and diluted $ (0.41) $ (0.28) $ (1.05) $ (1.08) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: September 30, Excluded Securities 2024 2023 Private Placement Warrants to purchase common stock 44,350,000 44,350,000 Options outstanding to purchase common stock 28,845,241 34,320,337 RSUs outstanding 101,501,380 51,817,847 Employee stock purchase plan 16,831,978 9,353,757 If-converted common shares from convertible note 36,737,785 36,737,785 If-converted common shares from Series A redeemable convertible preferred stock 291,019,450 — If-converted common shares from Series B redeemable convertible preferred stock 173,206,009 — Total 692,491,843 176,579,726 The 14,673,053 and 9,452,483 shares of common stock equivalents subject to RSUs are excluded from the anti-dilutive table above as the underlying shares remain contingently issuable since the respective performance conditions have not been satisfied as of September 30, 2024 and 2023, respectively.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLAN The Company has a 401(k) savings plan (the “401(k) Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer-matching contribution. The matching contribution expense under the Company’s 401(k) Plan was not material for the three and nine months ended September 30, 2024, and nil for the same periods in the prior year.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Leases In February 2022, the Company entered into a lease agreement with KAEC, a related party of PIF, which is an affiliate of Ayar, for its first international manufacturing plant in Saudi Arabia. The lease has an initial term of 25 years expiring in 2047. The right-of-use asset related to this lease was $4.3 million and $4.5 million as of September 30, 2024 and December 31, 2023, respectively. The lease liability was $6.0 million and $5.7 million as of September 30, 2024 and December 31, 2023, respectively. The right-of-use asset and lease liability were recorded in right-of-use assets and other long-term liabilities in the condensed consolidated balance sheets, respectively. The lease expense recorded for the three and nine months ended September 30, 2024 and 2023 was immaterial. In July 2023, the Company entered into a lease agreement with King Abdullah Financial District Development and Management Company, a subsidiary of PIF, which is an affiliate of Ayar, for its corporate office in Saudi Arabia. The lease has an initial term of six years expiring in 2029. The right-of-use asset related to this lease was $2.1 million and $2.3 million as of September 30, 2024 and December 31, 2023, respectively. The lease liability was $2.3 million as of September 30, 2024 and December 31, 2023. The right-of-use asset and lease liability were recorded in right-of-use assets and other long-term liabilities in the condensed consolidated balance sheets, respectively. The lease expense recorded for the three and nine months ended September 30, 2024 was immaterial. SIDF Loan Agreement In February 2022, Lucid LLC entered into the SIDF Loan Agreement with the SIDF, a related party of PIF, which is an affiliate of Ayar. Under the SIDF Loan Agreement, SIDF has committed to provide the SIDF Loans to Lucid LLC in an aggregate principal amount of up to SAR 5.19 billion (approximately $1.4 billion); provided that SIDF may reduce the availability of SIDF Loans under the facility in certain circumstances. See Note 6 “Debt” for more information. MISA Agreements In February 2022, Lucid LLC entered into agreements with MISA, a related party of PIF, which is an affiliate of Ayar, pursuant to which MISA has agreed to provide economic support for certain capital expenditures in connection with Lucid LLC’s on-going design and construction of AMP-2. The support by MISA is subject to Lucid LLC’s completion of certain milestones related to the construction and operation of AMP-2. Following the commencement of construction, if operations at the plant do not commence within 30 months, or if the agreed scope of operations is not attained within 55 months, MISA may suspend availability of subsequent support. Pursuant to the agreements, MISA has the right to require Lucid LLC to transfer the ownership of AMP-2 to MISA, at the fair market value thereof, minus an amortized value of the support provided in the event of customary events of default including abandonment or material and chronically low utilization of AMP-2. Alternatively, Lucid LLC is entitled to avoid the transfer of the ownership of AMP-2 by electing to pay such amortized value. The agreements will terminate on the fifteenth anniversary of the commencement of CBU operations at AMP-2 at the latest. During the year ended December 31, 2022, the Company received support of SAR 366 million (approximately $97.3 million) in cash, of which $64.0 million was recorded as deferred liability within other long-term liabilities and $33.3 million was recorded as a deduction in calculating the carrying amount of the related assets in the consolidated balance sheet as of December 31, 2022. Subsequently, the Company recorded $64.0 million as a deduction in calculating the carrying amount of the related assets in the consolidated balance sheet as of December 31, 2023. During the year ended December 31, 2023, the Company received support of SAR 366 million (approximately $97.5 million) in cash, of which $62.5 million was recorded as deferred liability within other long-term liabilities and $35.0 million was recorded as a deduction in calculating the carrying amount of the related assets in the consolidated balance sheet as of December 31, 2023. As of September 30, 2024, the Company recorded $97.5 million as a deduction in calculating the carrying amount of the related assets in the condensed consolidated balance sheet. There were no unfulfilled conditions and contingencies attached to the payments received. GIB Facility Agreement In April 2022, Lucid LLC entered into the GIB Facility Agreement with GIB. GIB is a related party of PIF, which is an affiliate of Ayar. The GIB Facility Agreement provided for two committed revolving credit facilities in an aggregate principal amount of SAR 1 billion (approximately $266.1 million). In March 2023, Lucid LLC entered into an amendment of the GIB Facility Agreement to combine the Bridge Facility and the Working Capital Facility into a committed SAR 1 billion (approximately $266.6 million) GIB Credit Facility which may be used for general corporate purposes. See Note 6 “Debt” for more information. Construction Service Contract Lucid LLC entered into agreements with Al Bawani Company Limited (“Al Bawani”), an affiliate of PIF, which is an affiliate of Ayar, for certain design and construction services in connection with the development of AMP-2. The capital expenditures incurred to date under these agreements were SAR 678.5 million (approximately $180.9 million) and SAR 444.6 million (approximately $118.6 million) as of September 30, 2024 and December 31, 2023, respectively. Amounts due to Al Bawani under these agreements were SAR 89.5 million (approximately $23.8 million) and SAR 74.0 million (approximately $19.7 million) as of September 30, 2024 and December 31, 2023, respectively, and were recorded within other current liabilities in the condensed consolidated balance sheets. Subscription Agreements In May 2023, the Company entered into the 2023 Subscription Agreement with Ayar, pursuant to which Ayar agreed to purchase from the Company 265,693,703 shares of the Company’s common stock at a price per share of $6.83 in a private placement for aggregate net proceeds of $1.8 billion. In June 2023, the Company issued the shares to Ayar pursuant to the 2023 Subscription Agreement and received aggregate net proceeds of $1.8 billion after deducting issuance costs of $2.0 million. In March 2024, the Company entered into the Series A Subscription Agreement with Ayar, pursuant to which Ayar agreed to purchase from the Company 100,000 shares of its Series A Redeemable Convertible Preferred Stock for an aggregate purchase price of $1.0 billion in a private placement. Subsequently, in March 2024, the Company issued the shares to Ayar pursuant to the Series A Subscription Agreement and received aggregate gross proceeds of $1.0 billion. In August 2024, the Company entered into the Series B Subscription Agreement with Ayar, pursuant to which Ayar agreed to purchase from the Company 75,000 shares of its Series B Redeemable Convertible Preferred Stock for an aggregate purchase price of $750.0 million in a private placement. Subsequently, in August 2024, the Company issued the shares to Ayar pursuant to the Series B Subscription Agreement and received aggregate gross proceeds of $750.0 million. See Note 8 “Redeemable Convertible Preferred Stock” for more information. In October 2024, the Company entered into the 2024 Subscription Agreement, pursuant to which Ayar agreed to purchase from the Company 374,717,927 shares of the Company’s common stock in a private placement. In addition, Ayar agreed to purchase an additional 21,470,459 shares of the Company’s common stock. As of October 31, 2024, the Company consummated the private placement of shares to Ayar pursuant to the 2024 Subscription Agreement for aggregate proceeds of approximately $1,026.5 million. See Note 17 “Subsequent Events” for more information. Common stock acquired by Ayar under the 2023 Subscription Agreement and 2024 Subscription Agreement, the Redeemable Convertible Preferred Stock acquired by Ayar under the Series A Subscription Agreement and the Series B Subscription Agreement, and the common stock issuable upon conversion thereof are subject to the Investor Rights Agreement dated February 22, 2021 (as amended from time-to-time, the “Investor Rights Agreement”), which governs the registration for resale of such common stock and the Redeemable Convertible Preferred Stock. Human Resources Development Fund (“HRDF”) Joint Cooperation Agreement In March 2023, Lucid LLC entered into a joint cooperation agreement with HRDF, a related party of PIF, which is an affiliate of Ayar. Pursuant to the agreement, Lucid LLC will train and develop local personnel in Saudi Arabia, and HRDF agreed to reimburse the Company training related costs in an aggregate maximum amount of SAR 29.3 million (approximately $7.8 million) during the program. The Company received a payment SAR 3.7 million (approximately $1.0 million) in cash during the three and nine months ended September 30, 2024, and SAR 8.8 million (approximately $2.3 million) during the year ended December 31, 2023. The Company recorded $1.8 million of deferred liability within other current liabilities in the condensed consolidated balance sheets as of December 31, 2023. As of September 30, 2024, the Company recorded the remaining deferred liability balance as a deduction to operating expenses in the condensed consolidated statement of operations and comprehensive loss. The deduction recorded to operating expenses in the condensed consolidated statement of operations and comprehensive loss was not material for the three and nine months ended September 30, 2024 and 2023. EV Purchase Agreement In August 2023, Lucid LLC entered into the EV Purchase Agreement with the Government of Saudi Arabia, a related party of PIF, which is an affiliate of Ayar, as represented by the Ministry of Finance. The EV Purchase Agreement supersedes the letter of undertaking that Lucid LLC entered into in April 2022. Pursuant to the terms of the EV Purchase Agreement, the Government of Saudi Arabia and its entities and corporate subsidiaries and other beneficiaries (collectively, the “Purchaser”) may purchase up to 100,000 vehicles, with a minimum purchase quantity of 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles during a ten-year period. Under the EV Purchase Agreement, the Purchaser may reduce the minimum vehicle purchase quantity by the number of vehicles set out in any purchase order not accepted by us or by the number of any vehicles that Lucid LLC fails to deliver within six months from the date of the applicable purchase order. The Purchaser also has sole and absolute discretion to decide whether to exercise the option to purchase the additional 50,000 vehicles. The Company recognized net vehicle sales amount of SAR 171.0 million (approximately $45.6 million) and SAR 500.5 million (approximately $133.4 million) during the three and nine months ended September 30, 2024, respectively, and SAR 18.7 million (approximately $5.0 million) during the same periods in the prior year. The deferred revenue from the vehicle sales was primarily related to OTA and was recorded within other current liabilities and other long-term liabilities in the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the deferred revenue balance was not material. The Company recorded amounts due from the Purchaser of SAR 265.8 million (approximately $70.8 million) and SAR 133.2 million (approximately $35.5 million) in accounts receivable, net in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. See “Vehicle Sales without Residual Value Guarantee” section under Note 2 “Summary of Significant Accounting Policies” for the revenue recognition policies. Implementation Agreement with Aston Martin In June 2023, the Company entered into an agreement (the “Implementation Agreement”) with Aston Martin, a related party of PIF, which is an affiliate of Ayar, under which the Company and Aston Martin have established a long-term strategic technology and supply arrangement. On November 6, 2023, pursuant to the terms of the Implementation Agreement, integration and supply arrangements became effective, under which the Company will provide Aston Martin access to its powertrain, battery system, and software technologies, work with Aston Martin to integrate its powertrain and battery components with Aston Martin’s battery electric vehicle chassis, and supply powertrain and battery components to Aston Martin (collectively, the “Strategic Technology Arrangement”). In connection with the commencement of the Strategic Technology Arrangement, the Company received technology access fees in 28,352,273 ordinary shares of Aston Martin (subject to a lock-up provision of 365 days from its issuance) and the first cash installment of $33.0 million. These shares were initially measured at a fair value of $73.2 million. As of September 30, 2024 and December 31, 2023, the Company remeasured the shares and recorded fair values of $45.7 million and $81.5 million within investments in equity securities of a related party in the condensed consolidated balance sheets, respectively. The Company will receive the remaining cash payments of $99 million phased over a period of three years. In connection with the Strategic Technology Arrangement, the Company will also receive an aggregate of $10 million for integration service fees phased over a period of three years, of which the Company received $4.8 million from inception through September 30, 2024. The Company recorded accounts receivable of $1.1 million in the condensed consolidated balance sheet as of September 30, 2024. The Company accounts for technology access, integration service, and supply arrangement as a single performance obligation and recognizes revenue related to technology access and integration service based on estimated units of delivery under the supply arrangement. As of September 30, 2024 and December 31, 2023, the Company recorded $112.0 million and $107.8 million as deferred revenue primarily within other long-term liabilities in the condensed consolidated balance sheets, respectively. Aston Martin has also committed to an effective minimum spend with the Company on powertrain components of $225 million. DDTL Credit Facility In August 2024, the Company entered into a $750.0 million five year DDTL Credit Facility with Ayar, which may be used for working capital and general corporate purposes. See Note 6 “Debt” for more information. Time Deposit The Company purchases time deposits with GIB from time-to-time. GIB is a related party of PIF, which is an affiliate of Ayar. As of September 30, 2024, the time deposit balance was $15.0 million, which was recorded within short-term investments in the condensed consolidated balance sheet. See Note 5 “Fair Value Measurements and Financial Instruments” for more information.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In connection with the preparation of the condensed consolidated financial statements for the three and nine months ended September 30, 2024, the Company evaluated subsequent events and concluded there were no subsequent events that required recognition in the condensed consolidated financial statements. 2024 Underwriting Agreement On October 16, 2024, the Company entered into the 2024 Underwriting Agreement with the Underwriter, under which the Underwriter agreed to purchase 262,446,931 shares of the Company’s common stock. The Company also granted the Underwriter a 30-day option to purchase up to 39,367,040 additional shares of its common stock (the “Overallotment Option”). On October 17, 2024, the Underwriter exercised the Overallotment Option to purchase an additional 15,037,594 shares. On October 18, 2024, the Company completed the public offering pursuant to the 2024 Underwriting Agreement and received aggregate proceeds of approximately $719.0 million. 2024 Subscription Agreement On October 16, 2024, the Company also entered into the 2024 Subscription Agreement, pursuant to which Ayar agreed to purchase from the Company 374,717,927 shares of the Company’s common stock in a private placement. In addition, given the Underwriter’s exercise of the Overallotment Option, Ayar agreed to purchase an additional 21,470,459 shares of the Company’s common stock. As of October 31, 2024, the Company consummated the private placement of shares to Ayar pursuant to the 2024 Subscription Agreement for aggregate proceeds of approximately $1,026.5 million.

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	$ (992,475)	$ (630,894)	$ (2,316,724)	$ (2,174,654)

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	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Form 10-K filed with the SEC on February 27, 2024. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024 and the results of operations for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period.
Principles of Consolidation	The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include, among others, inventory valuation, warranty reserve, useful lives of property, plant and equipment, fair value of common stock warrants, fair value of derivative liabilities associated with the Redeemable Convertible Preferred Stock, estimates of residual value guarantee (“RVG”) liability, deferred revenue related to technology access fees and over-the-air (“OTA”) software updates, sales return reserves, assumptions used to measure stock-based compensation expense, and estimated incremental borrowing rates for assessing operating and finance leases. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified in the accompanying condensed consolidated financial statements and notes thereto in order to conform to the current period presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash in other current assets is primarily related to letters of credit issued to the landlords for certain of the Company’s leased facilities.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable consists of receivables from our customers and from financial institutions offering financing products to our customers for the sale of vehicles, sales of powertrain kits, services, and regulatory credits. The Company provides an allowance against accounts receivable for any potential uncollectible amounts. The Company recorded immaterial allowance for uncollectible amounts as of September 30, 2024 and December 31, 2023.
Concentration of Credit Risk	Concentration of Credit Risk
Concentration of Supply Risk	Concentration of Supply Risk The Company is dependent on its suppliers, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary components of its products according to the schedule and at prices, quality levels and volumes acceptable to the Company, or its inability to efficiently manage these components, could have a material adverse effect on the Company’s results of operations and financial condition.
Revenue from Contracts with Customers	Revenue from Contracts with Customers Vehicle Sales Vehicle Sales without Residual Value Guarantee Vehicle sales revenue is generated from the sale of electric vehicles to customers. There are two performance obligations identified in vehicle sale arrangements. These are the vehicle including an onboard advanced driver assistance system (“ADAS”), and the right to unspecified OTA software updates to be provided as and when available over the term of the basic vehicle warranty, which is generally 4 years. Payment is typically received at the time of delivery or shortly after delivery of the vehicle to the customer, except for vehicle sales under the EV Purchase Agreement. The Company recognizes revenue related to the vehicle when the customer obtains control of the vehicle which occurs at a point in time either upon completion of delivery to the agreed upon delivery location or upon pick up of the vehicle by the customer. As the unspecified OTA software updates are provided when-and-if they become available, revenue related to OTA software updates is recognized ratably over the basic vehicle warranty term, commencing when control of the vehicle is transferred to the customer. At the time of revenue recognition, the Company reduces the transaction price and records a sales return reserve against revenue for estimated variable consideration related to future product returns. Return rate estimates are based on historical experience and sales return reserve balance was not material as of September 30, 2024 and December 31, 2023. Vehicle Sales with Residual Value Guarantee Vehicle Operating Lease Revenue The Company accounts for sales of vehicles with repurchase obligations as operating leases. The Company sells vehicles primarily to rental companies with an obligation to repurchase the vehicles at an agreed upon repurchase price. The Company records the difference between the proceeds received and the agreed upon repurchase price as vehicle leasing revenue on a straight-line basis over the term of the lease. Deferred leasing revenue and repurchase obligation were recorded in other current liabilities and other long-term liabilities in the condensed consolidated balance sheets, and were not material as of September 30, 2024 and December 31, 2023. The operating lease revenue was not material for the three and nine months ended September 30, 2024, and nil for the same periods in the prior year. Other Other consists of revenue from non-warranty after-sales vehicle services, sales of battery pack systems, powertrain kits, retail merchandise, and regulatory credits.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Accounting for the redeemable convertible preferred stock requires an evaluation to determine if liability classification is required under ASC 480-10. Liability classification is required for freestanding financial instruments that are (1) subject to an unconditional obligation requiring the issuer to redeem the instrument by transferring assets, such as those that are mandatorily redeemable, (2) instruments other than equity shares that embody an obligation of the issuer to repurchase its equity shares, or (3) certain types of instruments that obligate the issuer to issue a variable number of equity shares. Securities that do not meet the scoping criteria to be classified as a liability under ASC 480 are subject to redeemable equity guidance, which prescribes securities that may be subject to redemption upon an event not solely within the Company’s control to be classified as temporary equity. Securities classified in temporary equity are initially measured at the proceeds received, net of issuance costs and excluding the fair value of bifurcated embedded derivatives, if any. Subsequent measurement of the carrying value of the redeemable convertible preferred stock is required as the instrument is probable of becoming redeemable. The Company accretes the redeemable convertible preferred stock to its redemption value. In certain circumstances, the redemption price may vary based on changes in stock price, in which case the Company recognizes changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the then current maximum redemption value at the end of each reporting period.
Derivative Liabilities	Derivative Liabilities The Company evaluates all of its financial instruments, including convertible notes and redeemable convertible preferred stock, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company applies significant judgment to identify and evaluate complex terms and conditions in these contracts and agreements to determine whether embedded derivatives exist. Embedded derivatives must be separately measured from the host contracts if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the condensed consolidated statements of operations and comprehensive loss at each reporting period end. Bifurcated embedded derivatives are classified as a separate liability in the condensed consolidated balance sheet. The Company’s derivative liabilities are related to the conversion features embedded in the Redeemable Convertible Preferred Stock. See Note 8 “Redeemable Convertible Preferred Stock” for more information. Except for the policies described above, there have been no significant changes to accounting policies during the three and nine months ended September 30, 2024.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires incremental segment information disclosure on an annual and interim basis. This amendment includes disclosure of significant segment expenses which are regularly provided to the CODM and included within each reported measure of segment profit or loss; other segment items by reportable segment and a description of its composition; reportable segment’s profit or loss and assets; additional measures of segment profit or loss if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance, and the title and position of the entity’s CODM and how the CODM uses the reported measures of segment profit or loss in assessing segment performance and determining resource allocation. The Company with a single reportable segment is required to provide all the disclosures from this amendment. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively. The Company is evaluating the impact of this amendment to the related financial statement disclosures and expects to adopt them for the year ended December 31, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires incremental annual income tax disclosures. This amendment includes disclosures of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and also disaggregated by individual jurisdictions that meet a quantitative threshold; income (or loss) from continuing operations before income tax expenses (or benefit) disaggregated between domestic and foreign; and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively (with retrospective application permitted). The Company is evaluating the impact of this amendment to the related financial statement disclosures. In March 2024, the SEC issued its final rule that requires certain climate-related disclosures in annual reports, including governance, oversight, and risk management processes on material climate-related risks; material impact of climate risks on the Company’s strategy, business model, and outlook; material climate targets and goals; and material financial statements impacts due to severe weather events and other natural conditions. This SEC rule provides phased effective dates, starting with fiscal years beginning on or after January 1, 2025. The SEC rule is currently stayed pending the outcome of litigation, and the Company is evaluating the impact of this rule on its annual reports. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses (such as purchases of inventory, employee compensation, depreciation, and amortization) within the relevant expense captions presented on the face of the statements of operations and comprehensive loss. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and should be applied either prospectively or retrospectively. The Company is evaluating the impact of this amendment to the related financial statement disclosures. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto.
Fair Value Measurement	The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the “exit price” that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between independent market participants on the measurement date. The Company measures certain financial assets and liabilities at fair value at each reporting period using a fair value hierarchy, which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 —Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. Factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity. The sensitivity of the fair value measurement to changes in unobservable inputs may result in a significantly higher or lower measurement.

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 following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statements of cash flows (in thousands): September 30, December 31, Cash and cash equivalents $ 1,893,638 $ 1,369,947 Restricted cash included in other current assets 14 1,560 Restricted cash included in other noncurrent assets 11 — Total cash, cash equivalents, and restricted cash $ 1,893,663 $ 1,371,507
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statements of cash flows (in thousands): September 30, December 31, Cash and cash equivalents $ 1,893,638 $ 1,369,947 Restricted cash included in other current assets 14 1,560 Restricted cash included in other noncurrent assets 11 — Total cash, cash equivalents, and restricted cash $ 1,893,663 $ 1,371,507
Schedule of Disaggregation of Revenue	The disaggregation of the Company’s revenue by geographic area based on the location where the sales originated was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 147,408 $ 120,615 $ 417,254 $ 406,899 Middle East 49,651 12,832 144,882 19,582 Other international 2,979 4,367 11,223 11,639 Total Revenue $ 200,038 $ 137,814 $ 573,359 $ 438,120

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	A summary of restructuring liabilities associated with the restructuring plans was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restructuring liabilities - beginning of period $ 17,567 $ 1,705 $ 54 $ — Restructuring charges excluding non-cash items (1)(2) 76 518 21,784 25,989 Cash payments (16,405) (1,846) (20,600) (25,612) Restructuring liabilities - end of period $ 1,238 $ 377 $ 1,238 $ 377 (1) Excluded non-cash items of $1.5 million for the nine months ended September 30, 2024 related to the 2024 Restructuring Plan, which was net of accelerated stock-based compensation expense of $3.2 million and a reversal of $4.7 million related to previously recognized stock-based compensation expenses for unvested restricted stock awards. (2) Excluded non-cash items of $1.4 million for the nine months ended September 30, 2023 related to the 2023 Restructuring Plan, which was net of accelerated stock-based compensation expense of $3.4 million and a reversal of $4.8 million related to previously recognized stock-based compensation expenses for unvested restricted stock awards.

BALANCE SHEETS COMPONENTS (Tabl

BALANCE SHEETS COMPONENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventory	Inventory as of September 30, 2024 and December 31, 2023 was as follows (in thousands): September 30, December 31, Raw materials $ 212,397 $ 210,283 Work in progress 70,250 53,227 Finished goods 224,195 432,726 Total Inventory $ 506,842 $ 696,236
Schedule of Property, Plant and Equipment, Net and Construction in Progress	Property, plant and equipment, net as of September 30, 2024 and December 31, 2023 was as follows (in thousands): September 30, December 31, Land and land improvements $ 70,967 $ 69,718 Building and improvements (1) 888,633 576,097 Machinery, tooling and vehicles (2) 1,379,141 1,045,485 Computer equipment and software 88,068 74,336 Leasehold improvements 253,657 221,619 Furniture and fixtures 49,772 45,315 Finance leases 88,847 94,285 Construction in progress 1,102,833 1,185,413 Total Property, plant and equipment 3,921,918 3,312,268 Less accumulated depreciation and amortization (699,820) (501,401) Property, plant and equipment, net $ 3,222,098 $ 2,810,867 (1) As of September 30, 2024 and December 31, 2023, $125.1 million and $120.2 million of capital expenditure support received from Ministry of Investment of Saudi Arabia (“MISA”) was primarily recorded as a deduction to the AMP-2 building balance, respectively. See Note 16 “Related Party Transactions” for more information. (2) Included $35.9 million and $32.5 million of service loaner vehicles as of September 30, 2024 and December 31, 2023, respectively. September 30, December 31, Machinery and tooling $ 834,806 $ 728,751 Construction of AMP-1 and AMP-2 (1) 230,627 430,878 Leasehold improvements and other 37,400 25,784 Total construction in progress $ 1,102,833 $ 1,185,413 (1) As of September 30, 2024 and December 31, 2023, $69.7 million and $12.1 million, of capital expenditure support received from MISA was recorded primarily as a deduction to the AMP-2 facility construction in progress balance, respectively. See Note 16 “Related Party Transactions” for more information.
Schedule of Other Current Liabilities	Other current liabilities as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, December 31, Engineering, design, and testing accrual $ 72,365 $ 42,176 Construction in progress 138,220 156,414 Accrued purchases (1) 25,016 44,957 Retail leasehold improvements accrual 1,875 6,005 Third-party services accrual 32,844 41,478 Tooling liability 141,819 49,925 Short-term borrowings 46,649 72,533 Operating lease liabilities, current portion 34,801 28,431 Reserve for loss on firm inventory purchase commitments 145,617 143,566 Accrued warranty 13,809 22,677 Other current liabilities 208,059 190,828 Total other current liabilities $ 861,074 $ 798,990 (1) Primarily represent accruals for inventory related purchases and transportation charges that had not been invoiced.
Schedule of Other Long-Term Liabilities	Other long-term liabilities as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, December 31, Operating lease liabilities, net of current portion $ 240,008 $ 244,122 Other long-term liabilities (1)(2) 318,517 280,217 Total other long-term liabilities $ 558,525 $ 524,339 (1) As of December 31, 2023, $62.5 million of capital expenditure support received from MISA was recorded as deferred liability within other long-term liabilities in the consolidated balance sheet. See Note 16 “Related Party Transactions” for more information. (2) As of September 30, 2024 and December 31, 2023, $112.0 million and $107.8 million of deferred revenue was recorded within other long-term liabilities in the condensed consolidated balance sheets, respectively, in connection with the strategic technology and supply arrangement, and integration and supply arrangements with Aston Martin Lagonda Global Holdings plc (together with its subsidiaries, “Aston Martin”). See Note 16 “Related Party Transactions” for more information.
Schedule of Accrued Warranty Activities	Accrued warranty activities consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accrued warranty - beginning of period (2) $ 78,496 $ 62,186 $ 46,076 $ 22,949 Warranty costs incurred (10,204) (13,929) (46,090) (33,759) Provision for warranty (1) 10,570 7,054 78,876 66,121 Accrued warranty - end of period (2) $ 78,862 $ 55,311 $ 78,862 $ 55,311 (1) Provision for warranty for the three and nine months ended September 30, 2024 and 2023 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties. During the three and nine months ended September 30, 2024, the Company recorded nil and $41.5 million provision associated with a special warranty campaign, respectively. (2) Accrued warranty balance of $13.8 million and $22.7 million was recorded within other current liabilities, and $65.1 million and $23.4 million was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.

FAIR VALUE MEASUREMENTS AND F_2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis by Level Within the Fair Value Hierarchy	The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Reported As: Amortized cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents Short-Term Investments Long-Term Investments Cash $ 755,638 $ — $ — $ 755,638 $ 755,638 $ — $ — Level 1: Money market funds 743,253 — — 743,253 743,253 — — U.S. Treasury securities 1,794,352 6,453 (91) 1,800,714 300,286 1,064,049 436,379 Subtotal 2,537,605 6,453 (91) 2,543,967 1,043,539 1,064,049 436,379 Level 2: Certificates of deposit 3,000 2 — 3,002 3,002 — — Time deposits (1) 305,000 — — 305,000 60,000 245,000 — Commercial paper 72,321 48 (1) 72,368 24,299 48,069 — Corporate debt securities 345,110 2,370 (13) 347,467 7,160 221,165 119,142 Subtotal 725,431 2,420 (14) 727,837 94,461 514,234 119,142 Total $ 4,018,674 $ 8,873 $ (105) $ 4,027,442 $ 1,893,638 $ 1,578,283 $ 555,521 (1) Included $15.0 million of time deposit with GIB in short-term investments. GIB is a related party of PIF, which is an affiliate of Ayar. See Note 16 “Related Party Transactions” for more information. December 31, 2023 Reported As: Amortized cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and cash equivalents Short-Term Investments Long-Term Investments Cash $ 516,673 $ — $ — $ 516,673 $ 516,673 $ — $ — Level 1: Money market funds 698,702 — — 698,702 698,702 — — U.S. Treasury securities 2,033,711 2,480 (2,073) 2,034,118 104,572 1,638,537 291,009 Subtotal 2,732,413 2,480 (2,073) 2,732,820 803,274 1,638,537 291,009 Level 2: Certificates of deposit 105,993 97 (22) 106,068 — 106,068 — Time Deposits 50,000 — — 50,000 50,000 — — Commercial paper 299,248 191 (8) 299,431 — 299,431 — Corporate debt securities 615,350 1,101 (669) 615,782 — 445,762 170,020 Subtotal 1,070,591 1,389 (699) 1,071,281 50,000 851,261 170,020 Total $ 4,319,677 $ 3,869 $ (2,772) $ 4,320,774 $ 1,369,947 $ 2,489,798 $ 461,029
Schedule of Available-for-Sale Securities by Contractual Maturity	The following table summarizes our available-for-sale securities by contractual maturity: September 30, 2024 Amortized cost Estimated Fair Value Within one year $ 1,575,513 $ 1,578,283 After one year through three years 549,608 555,521 Total $ 2,125,121 $ 2,133,804
Schedule of Reconciliation of Common Stock Warrant Liability and Derivative Liability Measured and Recorded at Fair Value on a Recurring Basis	The following table presents reconciliation of the common stock warrant liability measured and recorded at fair value on a recurring basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fair value-beginning of period $ 19,071 $ 139,259 $ 53,664 $ 140,590 Change in fair value 13,748 (60,316) (20,845) (61,647) Fair value-end of period $ 32,819 $ 78,943 $ 32,819 $ 78,943 The following table presents reconciliation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock measured and recorded at fair value on a recurring basis (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Series A Derivative Liability Series B Derivative Liability Series A Derivative Liability Series B Derivative Liability Fair value-beginning of period $ 394,100 $ — $ — $ — Issuance — 297,675 497,100 297,675 Change in fair value 191,200 49,050 88,200 49,050 Fair value-end of period $ 585,300 $ 346,725 $ 585,300 $ 346,725

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Notes and Components of Interest Expense	The following table is a summary of the 2026 Notes as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Principal Amount $ 2,012.5 $ 2,012.5 Unamortized Debt Discounts and Issuance Costs (11.7) (15.5) Net Carrying Amount $ 2,000.8 $ 1,997.0 Fair Value (Level 2) $ 1,363.5 $ 1,061.6 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual interest $ 6.4 $ 6.3 $ 19.0 $ 18.9 Amortization of debt discounts and debt issuance costs 1.3 1.3 3.8 3.9 Interest expense $ 7.7 $ 7.6 $ 22.8 $ 22.8

COMMON STOCK WARRANT LIABILITY

COMMON STOCK WARRANT LIABILITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Fair Value of Private Placement Warrants and Level 3 Fair Value Inputs	The fair value of the Private Placement Warrants that are not subject to the contingent forfeiture provisions was estimated using a Black-Scholes option pricing model, and was as follows: September 30, 2024 December 31, 2023 Fair value of Private Placement Warrants per share $ 0.74 $ 1.21 September 30, 2024 December 31, 2023 Volatility 95.0 % 85.0 % Expected term (in years) 1.8 2.6 Risk-free rate 3.7 % 4.1 % Dividend yield — % — % The level 3 fair value inputs used in the valuation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock were as follows: September 30, 2024 Series A Derivative Liability Series B Derivative Liability Volatility 40.0 % 40.0 % Credit spread 20.9 % 20.9 % Stock price $ 3.53 $ 3.53 Term (in years) 4.5 4.9 Risk-free rate 3.6 % 3.6 %

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)	9 Months Ended
	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
Schedule of Significant Inputs Used in the Valuation of the Derivative Liability	The fair value of the Private Placement Warrants that are not subject to the contingent forfeiture provisions was estimated using a Black-Scholes option pricing model, and was as follows: September 30, 2024 December 31, 2023 Fair value of Private Placement Warrants per share $ 0.74 $ 1.21 September 30, 2024 December 31, 2023 Volatility 95.0 % 85.0 % Expected term (in years) 1.8 2.6 Risk-free rate 3.7 % 4.1 % Dividend yield — % — % The level 3 fair value inputs used in the valuation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock were as follows: September 30, 2024 Series A Derivative Liability Series B Derivative Liability Volatility 40.0 % 40.0 % Credit spread 20.9 % 20.9 % Stock price $ 3.53 $ 3.53 Term (in years) 4.5 4.9 Risk-free rate 3.6 % 3.6 %

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuances	The Company’s common stock reserved for future issuances as of September 30, 2024 was as follows: September 30, 2024 Private Placement Warrants to purchase common stock 44,350,000 Stock options outstanding 28,845,241 Restricted stock units outstanding 116,174,433 Shares available for future grants under equity plans 51,144,960 If-converted common shares from convertible note 36,737,785 If-converted common shares from Series A redeemable convertible preferred stock 291,019,450 If-converted common shares from Series B redeemable convertible preferred stock 173,206,009 Total shares of common stock reserved 741,477,878

STOCK-BASED AWARDS (Tables)

STOCK-BASED AWARDS (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of stock option activity for the nine months ended September 30, 2024 was as follows: Outstanding Options Number of Options Weighted Average Exercise Price Weighted-Average Remaining Contractual Term Intrinsic Value (in thousands) Balance as of December 31, 2023 32,911,135 $ 1.99 5.5 $ 91,785 Options granted 232,177 3.99 Options exercised (2,896,364) 1.12 Options canceled (1,401,707) 6.83 Balance as of September 30, 2024 28,845,241 $ 1.86 4.61 $ 65,140 Options vested and exercisable as of September 30, 2024 26,103,849 $ 1.33 4.47 $ 64,972
Schedule of Restricted Stock Units Activity	A summary of RSUs activity for the nine months ended September 30, 2024 was as follows: Restricted Stock Units Time-Based Shares Performance-Based Shares Total Shares Weighted-Average Grant-Date Fair Value Balance as of December 31, 2023 54,699,739 9,305,825 64,005,564 $ 10.90 Granted 88,542,220 13,772,614 102,314,834 2.88 Vested (31,636,368) (1,644,016) (33,280,384) 8.34 Cancelled/Forfeited (11,785,855) (5,079,726) (16,865,581) 7.02 Balance as of September 30, 2024 99,819,736 16,354,697 116,174,433 $ 5.13
Schedule of Performance-Based RSUs	The fair value of these performance-based RSUs was measured on the grant date, March 27, 2021, using a Monte Carlo simulation model, with the following assumptions: Weighted average volatility 60.0 % Expected term (in years) 5.0 Risk-free interest rate 0.9 % Expected dividends — %
Schedule of Stock-Based Compensation Expense	Total employee and nonemployee stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023, was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 1,145 $ 1,221 $ 2,956 $ 2,560 Research and development 53,663 35,963 124,722 101,356 Selling, general and administrative 33,286 31,053 82,605 90,959 Restructuring charges — — (1,480) (1,443) Total $ 88,094 $ 68,237 $ 208,803 $ 193,432

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Operating and Finance Leases	The balances for the operating and finance leases where the Company is the lessee are presented as follows within the Company’s condensed consolidated balance sheets (in thousands): September 30, December 31, Operating leases: Right-of-use assets $ 220,616 $ 221,508 Other current liabilities $ 34,801 $ 28,431 Other long-term liabilities 240,008 244,122 Total operating lease liabilities $ 274,809 $ 272,553 Finance leases: Property, plant and equipment, net $ 82,989 $ 85,055 Total finance lease assets $ 82,989 $ 85,055 Finance lease liabilities, current portion $ 6,921 $ 8,202 Finance lease liabilities, net of current portion 75,027 77,653 Total finance lease liabilities $ 81,948 $ 85,855
Schedule of Lease Cost	The components of lease expense were as follows within the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease expense: Operating lease expense (1) $ 15,680 $ 14,000 $ 46,109 $ 40,578 Variable lease expense 522 438 1,432 1,306 Finance lease expense: Amortization of leased assets $ 669 $ 1,326 $ 2,496 $ 4,133 Interest on lease liabilities 1,161 1,204 3,495 3,677 Total finance lease expense $ 1,830 $ 2,530 $ 5,991 $ 7,810 Total lease expense $ 18,032 $ 16,968 $ 53,532 $ 49,694 (1) Excluded short-term leases, which were not material. Other information related to leases where the Company is the lessee was as follows: September 30, December 31, Weighted-average remaining lease term (in years): Operating leases 6.4 6.8 Finance leases 1.9 2.6 Weighted-average discount rate: Operating leases 11.89 % 11.01 % Finance leases 5.71 % 5.59 %
Schedule of Operating Lease Maturity	As of September 30, 2024, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands): Operating Leases Finance Leases 2024 (remainder of the year) $ 15,005 $ 570 2025 66,800 6,817 2026 66,260 82,686 2027 57,597 245 2028 53,890 39 Thereafter 140,208 8 Total minimum lease payments 399,760 90,365 Less: Interest (124,951) (8,417) Present value of lease obligations 274,809 81,948 Less: Current portion (34,801) (6,921) Long-term portion of lease obligations $ 240,008 $ 75,027
Schedule of Finance Lease Maturity	As of September 30, 2024, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands): Operating Leases Finance Leases 2024 (remainder of the year) $ 15,005 $ 570 2025 66,800 6,817 2026 66,260 82,686 2027 57,597 245 2028 53,890 39 Thereafter 140,208 8 Total minimum lease payments 399,760 90,365 Less: Interest (124,951) (8,417) Present value of lease obligations 274,809 81,948 Less: Current portion (34,801) (6,921) Long-term portion of lease obligations $ 240,008 $ 75,027

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Estimated Future Payments	The estimated future payments having a remaining term in excess of one year, adjusted per the Amendments, were as follows (in thousands): Years ended December 31, Minimum Purchase Commitment 2024 (remainder of the year) $ 80,465 2025 267,150 2026 297,841 2027 394,502 2028 484,004 Thereafter 1,436,629 Total $ 2,960,591

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (992,475) $ (630,894) $ (2,316,724) $ (2,174,654) Accretion of redeemable convertible preferred stock (related party) 42,838 — (107,924) — Net loss attributable to common stockholders, basic and diluted $ (949,637) $ (630,894) $ (2,424,648) $ (2,174,654) Weighted-average shares outstanding attributable to common stockholders, basic and diluted 2,323,971,541 2,284,446,783 2,312,249,333 2,010,916,100 Net loss per share attributable to common stockholders, basic and diluted $ (0.41) $ (0.28) $ (1.05) $ (1.08)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: September 30, Excluded Securities 2024 2023 Private Placement Warrants to purchase common stock 44,350,000 44,350,000 Options outstanding to purchase common stock 28,845,241 34,320,337 RSUs outstanding 101,501,380 51,817,847 Employee stock purchase plan 16,831,978 9,353,757 If-converted common shares from convertible note 36,737,785 36,737,785 If-converted common shares from Series A redeemable convertible preferred stock 291,019,450 — If-converted common shares from Series B redeemable convertible preferred stock 173,206,009 — Total 692,491,843 176,579,726

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ / shares in Units, ر.س in Millions

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

May 31, 2023 USD ($) shares

Apr. 29, 2022 USD ($) facility

Aug. 31, 2024 USD ($) $ / shares shares

Mar. 31, 2024 USD ($) $ / shares shares

Jun. 30, 2023 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2022 USD ($) facility

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($) shares

Sep. 30, 2023 USD ($)

Dec. 31, 2022 USD ($) facility

Dec. 31, 2023 USD ($)

Nov. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Apr. 29, 2022 SAR (ر.س) facility

Feb. 27, 2022 USD ($)

Feb. 27, 2022 SAR (ر.س)

Debt Instrument [Line Items]

Net loss

$ 992,475,000

$ 630,894,000

$ 2,316,724,000

$ 2,174,654,000

Accumulated deficit

$ (12,515,476,000)

$ (12,515,476,000)

$ (10,198,752,000)

Equity Distribution Agreement

Debt Instrument [Line Items]

Consideration to be received on agreement

$ 600,000,000

Net proceeds received

$ 594,300,000

Remaining number of shares available (in shares) | shares

0

2022 Subscription Agreement | Ayar

Debt Instrument [Line Items]

Consideration to be received on agreement

$ 915,000,000

Net proceeds received

915,000,000

Underwriting Agreement

Debt Instrument [Line Items]

Consideration to be received on agreement

$ 1,200,000,000

Net proceeds received

$ 1,200,000,000

2023 Subscription Agreement | Ayar

Debt Instrument [Line Items]

Consideration to be received on agreement

$ 1,800,000,000

Net proceeds received

$ 1,800,000,000

Number of shares issued (in shares) | shares

265,693,703

Series A Redeemable Convertible Preferred Stock | Ayar | Redeemable Convertible Preferred Stock

Debt Instrument [Line Items]

Consideration to be received on agreement

$ 1,000,000,000

Number of shares issued (in shares) | shares

100,000

Convertible preferred stock, par value (in dollars per share) | $ / shares

$ 0.0001

Gross proceeds received

$ 1,000,000,000

Series B Redeemable Convertible Preferred Stock | Ayar | Redeemable Convertible Preferred Stock

Debt Instrument [Line Items]

Consideration to be received on agreement

$ 750,000,000

Number of shares issued (in shares) | shares

75,000

Convertible preferred stock, par value (in dollars per share) | $ / shares

$ 0.0001

Gross proceeds received

$ 750,000,000

Number of shares to be issued (in shares) | shares

75,000

SIDF

Debt Instrument [Line Items]

Principal Amount

1,400,000,000

$ 1,400,000,000

$ 1,400,000,000

ر.س 5,190

ABL Credit Facility | Revolving Credit Facility | Line of Credit

Debt Instrument [Line Items]

Debt instrument, term

5 years

Maximum borrowing capacity

1,000,000,000

$ 1,000,000,000

$ 1,000,000,000

ABL Credit Facility | Bridge Loan | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 100,000,000

GIB Facility Agreement | Revolving Credit Facility | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 266,100,000

$ 266,600,000

$ 266,100,000

$ 266,100,000

ر.س 1,000

Number of facilities | facility

2

2

2

2

Interest rate

1.40%

GIB Facility Agreement | Bridge Loan | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 173,000,000

$ 173,000,000

$ 173,000,000

ر.س 650

Interest rate

1.25%

GIB Facility Agreement | Working Capital Facility | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 93,100,000

$ 93,100,000

$ 93,100,000

ر.س 350

Interest rate

1.70%

DDTL Credit Facility | Secured Debt | Delayed Draw Term Loan (DDTL)

Debt Instrument [Line Items]

Debt instrument, term

5 years

Maximum borrowing capacity

$ 750,000,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,893,638	$ 1,369,947
Restricted cash included in other current assets	14	1,560
Restricted cash included in other noncurrent assets	11	0
Total cash, cash equivalents, and restricted cash	$ 1,893,663	$ 1,371,507	$ 1,165,947	$ 1,737,320

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) obligation	Sep. 30, 2023 USD ($)
Revenue, Major Customer [Line Items]
Number of performance obligations | obligation					2
Basic vehicle warranty term					4 years
Revenues			$ 200,038	$ 137,814	$ 573,359	$ 438,120
Electric Vehicle Purchase Agreement | Customer Concentration Risk | Accounts Receivable | Government of Saudi Arabia
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	72.10%	68.50%
Vehicle Sales with RVG
Revenue, Major Customer [Line Items]
Revenues			116,600	$ 56,500	307,500	$ 112,000
Residual value guarantee, liability	$ 41,800	$ 0	41,800		41,800
Vehicle Sales with OTA and Remarketing
Revenue, Major Customer [Line Items]
Contract with customer, liability	46,300	28,700	46,300		46,300
Vehicle Sales with OTA and Remarketing | Other Current Liabilities
Revenue, Major Customer [Line Items]
Contract with customer, liability	13,700	7,700	13,700		13,700
Vehicle Sales with OTA and Remarketing | Other Noncurrent Liabilities
Revenue, Major Customer [Line Items]
Contract with customer, liability	$ 32,600	$ 21,000	$ 32,600		$ 32,600

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 200,038	$ 137,814	$ 573,359	$ 438,120
North America
Revenue, Major Customer [Line Items]
Revenues	147,408	120,615	417,254	406,899
Middle East
Revenue, Major Customer [Line Items]
Revenues	49,651	12,832	144,882	19,582
Other international
Revenue, Major Customer [Line Items]
Revenues	$ 2,979	$ 4,367	$ 11,223	$ 11,639

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 76,000	$ 518,000	$ 20,304,000	$ 24,546,000
Restructuring liabilities	1,238,000	377,000	1,238,000	377,000	$ 17,567,000	$ 54,000	$ 1,705,000	$ 0
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	100,000		20,300,000
Restructuring liabilities	1,200,000		1,200,000
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	$ 500,000	0	$ 24,500,000
Restructuring liabilities	$ 0		$ 0			$ 0

RESTRUCTURING - Schedule of Res

RESTRUCTURING - Schedule of Restructuring Liabilities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring liabilities - beginning of period	$ 17,567,000	$ 1,705,000	$ 54,000	$ 0
Restructuring charges excluding non-cash items	76,000	518,000	21,784,000	25,989,000
Cash payments	(16,405,000)	(1,846,000)	(20,600,000)	(25,612,000)
Restructuring liabilities - end of period	1,238,000	377,000	1,238,000	377,000
Stock-based compensation expense reversal	(88,094,000)	$ (68,237,000)	(208,803,000)	(193,432,000)
2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liabilities - end of period	1,200,000		1,200,000
Non-cash items, net			1,500,000
Accelerated stock-based compensation expense			3,200,000
2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liabilities - beginning of period			0
Restructuring liabilities - end of period	$ 0		0
Non-cash items, net				1,400,000
Accelerated stock-based compensation expense				3,400,000
Unvested Restricted Stock Award | 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Stock-based compensation expense reversal			$ 4,700,000
Unvested Restricted Stock Award | 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Stock-based compensation expense reversal				$ 4,800,000

BALANCE SHEETS COMPONENTS - Sch

BALANCE SHEETS COMPONENTS - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 212,397	$ 210,283
Work in progress	70,250	53,227
Finished goods	224,195	432,726
Total Inventory	$ 506,842	$ 696,236

BALANCE SHEETS COMPONENTS - Nar

BALANCE SHEETS COMPONENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory write-down	$ 154,900	$ 230,800	$ 446,900	$ 752,800
Depreciation and amortization	$ 69,500	$ 60,800	$ 204,494	$ 166,033

BALANCE SHEETS COMPONENTS - S_2

BALANCE SHEETS COMPONENTS - Schedule of Property, Plant and Equipment, Net (Details) $ in Thousands, ر.س in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SAR (ر.س)
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment	$ 3,921,918	$ 3,312,268
Less accumulated depreciation and amortization	(699,820)	(501,401)
Property, plant and equipment, net	3,222,098	2,810,867
MISA | Government Grant | Related Party
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction		97,500	ر.س 366	$ 97,300	ر.س 366
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	70,967	69,718
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	888,633	576,097
Machinery, tooling and vehicles
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	1,379,141	1,045,485
Service Loaner Vehicles
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	35,900	32,500
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	88,068	74,336
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	253,657	221,619
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	49,772	45,315
Finance leases
Property, Plant and Equipment [Line Items]
Finance leases	88,847	94,285
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	1,102,833	1,185,413
AMP-2 Building Balance | MISA | Government Grant | Related Party
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction	$ (125,100)	$ (120,200)

BALANCE SHEETS COMPONENTS - S_3

BALANCE SHEETS COMPONENTS - Schedule of Construction in Progress (Details) $ in Thousands, ر.س in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SAR (ر.س)
MISA | Government Grant | Related Party
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction		$ 97,500	ر.س 366	$ 97,300	ر.س 366
Construction in progress
Property, Plant and Equipment [Line Items]
Total construction in progress	$ 1,102,833	1,185,413
Machinery and tooling
Property, Plant and Equipment [Line Items]
Total construction in progress	834,806	728,751
Construction of AMP-1 and AMP-2
Property, Plant and Equipment [Line Items]
Total construction in progress	230,627	430,878
AMP-2 Construction In Progress Balance | MISA | Government Grant | Related Party
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction	(69,700)	(12,100)		$ (33,300)
Leasehold improvements and other
Property, Plant and Equipment [Line Items]
Total construction in progress	$ 37,400	$ 25,784

BALANCE SHEETS COMPONENTS - S_4

BALANCE SHEETS COMPONENTS - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Engineering, design, and testing accrual	$ 72,365	$ 42,176
Construction in progress	138,220	156,414
Accrued purchases	25,016	44,957
Retail leasehold improvements accrual	1,875	6,005
Third-party services accrual	32,844	41,478
Tooling liability	141,819	49,925
Short-term borrowings	46,649	72,533
Operating lease liabilities, current portion	34,801	28,431
Reserve for loss on firm inventory purchase commitments	145,617	143,566
Accrued warranty	13,809	22,677
Other current liabilities	208,059	190,828
Total other current liabilities	$ 861,074	$ 798,990

BALANCE SHEETS COMPONENTS - S_5

BALANCE SHEETS COMPONENTS - Schedule of Other Long-Term Liabilities (Details) $ in Thousands, ر.س in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SAR (ر.س)
Property, Plant and Equipment [Line Items]
Operating lease liabilities, net of current portion	$ 240,008	$ 244,122
Other long-term liabilities	318,517	280,217
Total other long-term liabilities	558,525	524,339
Related Party
Property, Plant and Equipment [Line Items]
Total other long-term liabilities	120,286	178,311
MISA | Government Grant | Related Party
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction		97,500	ر.س 366	$ 97,300	ر.س 366
MISA | Government Grant | Related Party | Other Noncurrent Liabilities
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction				$ 64,000
MISA | Government Grant | Related Party | AMP-2 Fixed Asset and AMP-2 Construction in Progress Balance
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction	97,500	(35,000)
MISA | Government Grant | Related Party | AMP-2 Fixed Asset and AMP-2 Construction in Progress Balance | Other Noncurrent Liabilities
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction		62,500
Aston Martin Lagonda Global Holdings plc | Strategic Technology Arrangement | Related Party
Property, Plant and Equipment [Line Items]
Total other long-term liabilities	$ 112,000	$ 107,800

BALANCE SHEETS COMPONENTS - S_6

BALANCE SHEETS COMPONENTS - Schedule of Accrued Warranty Activities (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 and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Accrued warranty - beginning of period	$ 78,496	$ 62,186	$ 46,076	$ 22,949
Warranty costs incurred	(10,204)	(13,929)	(46,090)	(33,759)
Provision for warranty	10,570	7,054	78,876	66,121
Accrued warranty - end of period	78,862	$ 55,311	78,862	$ 55,311
Special Warranty Campaign
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Provision for warranty	0		41,500
Other Current Liabilities
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Accrued warranty - beginning of period			22,700
Accrued warranty - end of period	13,800		13,800
Other Long-Term Liabilities
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Accrued warranty - beginning of period			23,400
Accrued warranty - end of period	$ 65,100		$ 65,100

FAIR VALUE MEASUREMENTS AND F_3

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis by Level Within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	$ 1,893,638	$ 1,369,947
Long-term investments	555,521	461,029
Short-term investments	1,578,283	2,489,798
Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	15,000	0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	1,893,638	1,369,947
Gross Unrealized Gains	8,873	3,869
Gross Unrealized Losses	(105)	(2,772)
Long-term investments	555,521	461,029
Total, amortized cost	4,018,674	4,319,677
Total, estimated fair value	4,027,442	4,320,774
Short-term investments	1,578,283	2,489,798
Fair Value, Recurring | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	755,638	516,673
Cash, estimated fair value	755,638	516,673
Long-term investments	0	0
Short-term investments	0	0
Fair Value, Recurring | Level 1:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	1,043,539	803,274
Amortized cost	2,537,605	2,732,413
Gross Unrealized Gains	6,453	2,480
Gross Unrealized Losses	(91)	(2,073)
Estimated Fair Value	2,543,967	2,732,820
Long-term investments	436,379	291,009
Short-term investments	1,064,049	1,638,537
Fair Value, Recurring | Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	94,461	50,000
Amortized cost	725,431	1,070,591
Gross Unrealized Gains	2,420	1,389
Gross Unrealized Losses	(14)	(699)
Estimated Fair Value	727,837	1,071,281
Long-term investments	119,142	170,020
Short-term investments	514,234	851,261
Fair Value, Recurring | Money market funds | Level 1:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	743,253	698,702
Amortized cost	743,253	698,702
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	743,253	698,702
Long-term investments	0	0
Short-term investments	0	0
Fair Value, Recurring | U.S. Treasury securities | Level 1:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	300,286	104,572
Amortized cost	1,794,352	2,033,711
Gross Unrealized Gains	6,453	2,480
Gross Unrealized Losses	(91)	(2,073)
Estimated Fair Value	1,800,714	2,034,118
Long-term investments	436,379	291,009
Short-term investments	1,064,049	1,638,537
Fair Value, Recurring | Certificates of deposit | Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	3,002	0
Amortized cost	3,000	105,993
Gross Unrealized Gains	2	97
Gross Unrealized Losses	0	(22)
Estimated Fair Value	3,002	106,068
Long-term investments	0	0
Short-term investments	0	106,068
Fair Value, Recurring | Time Deposits | Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	60,000	50,000
Amortized cost	305,000	50,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	305,000	50,000
Long-term investments	0	0
Short-term investments	245,000	0
Fair Value, Recurring | Time Deposits | Level 2: | Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	15,000
Fair Value, Recurring | Commercial paper | Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	24,299	0
Amortized cost	72,321	299,248
Gross Unrealized Gains	48	191
Gross Unrealized Losses	(1)	(8)
Estimated Fair Value	72,368	299,431
Long-term investments	0	0
Short-term investments	48,069	299,431
Fair Value, Recurring | Corporate debt securities | Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	7,160	0
Amortized cost	345,110	615,350
Gross Unrealized Gains	2,370	1,101
Gross Unrealized Losses	(13)	(669)
Estimated Fair Value	347,467	615,782
Long-term investments	119,142	170,020
Short-term investments	$ 221,165	$ 445,762

FAIR VALUE MEASUREMENTS AND F_4

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Nov. 06, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued interest	$ 11,400,000		$ 11,400,000		$ 11,100,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Other current assets		Other current assets		Other current assets
Allowance for credit losses, excluding accrued interest	$ 0		$ 0		$ 0
Fair value amount	45,660,000		45,660,000		81,533,000
Unrealized loss in change in fair value of equity securities	(8,836,000)	$ 0	(38,159,000)	$ 0
Aston Martin Lagonda Global Holdings plc | Strategic Technology Arrangement, Technology Access Fees | Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares received (in shares)						28,352,273
Fair value amount	45,700,000		45,700,000		$ 81,500,000	$ 73,200,000
Unrealized loss in change in fair value of equity securities	(8,800,000)		(38,200,000)
Aston Martin Lagonda Global Holdings plc | Equity Securities | Strategic Technology Arrangement, Technology Access Fees | Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized foreign currency gain (loss)	$ 3,000,000		$ 2,400,000

FAIR VALUE MEASUREMENTS AND F_5

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Amortized cost
Within one year	$ 1,575,513
After one year through three years	549,608
Total	2,125,121
Estimated Fair Value
Within one year	1,578,283
After one year through three years	555,521
Total	$ 2,133,804

FAIR VALUE MEASUREMENTS AND F_6

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Reconciliation of Common Stock Warrant Liability and Derivative Liability Measured and Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock Warrant Liability
Level 3 Liabilities [Roll Forward]
Fair value-beginning of period	$ 19,071	$ 139,259	$ 53,664	$ 140,590
Change in fair value	13,748	(60,316)	(20,845)	(61,647)
Fair value-end of period	32,819	$ 78,943	32,819	$ 78,943
Derivative Liabilities | Series A Redeemable Convertible Preferred Stock
Level 3 Liabilities [Roll Forward]
Fair value-beginning of period	394,100		0
Issuance	0		497,100
Change in fair value	191,200		88,200
Fair value-end of period	585,300		585,300
Derivative Liabilities | Series B Redeemable Convertible Preferred Stock
Level 3 Liabilities [Roll Forward]
Fair value-beginning of period	0		0
Issuance	297,675		297,675
Change in fair value	49,050		49,050
Fair value-end of period	$ 346,725		$ 346,725

DEBT - 2026 Notes (Narrative) (

DEBT - 2026 Notes (Narrative) (Details) - 1.25% Convertible Senior Notes, Due December 2026 $ / shares in Units, $ in Millions	1 Months Ended
	Dec. 31, 2021 USD ($) day $ / shares	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal Amount | $		$ 2,012.5	$ 2,012.5
Debt instrument, convertible, conversion ratio	0.0182548
Debt instrument, initial conversion price (in dollars per share) | $ / shares	$ 54.78
Debt instrument, convertible, threshold percentage of stock price (percent)	130%
Debt instrument, convertible, threshold trading days	20
Redemption Option One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price (percent)	130%
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
Redemption Option Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price (percent)	98%
Debt instrument, convertible, threshold consecutive trading days	10
Debt instrument, convertible, redemption period, number of consecutive business days	5
Convertible Debt
Debt Instrument [Line Items]
Principal Amount | $	$ 2,012.5
Interest rate	1.25%
Debt instrument, issuance price percentage	99.50%
Issuance discount and debt issuance costs | $	$ 1,986.6
Debt instrument, redemption price, percentage of principal amount redeemed	100%
Debt instrument, effective interest rate		1.50%

DEBT - Schedule of Convertible

DEBT - Schedule of Convertible Notes (Details) - 1.25% Convertible Senior Notes, Due December 2026 - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Principal Amount	$ 2,012.5	$ 2,012.5
Unamortized Debt Discounts and Issuance Costs	(11.7)	(15.5)
Net Carrying Amount	2,000.8	1,997
Level 2:
Debt Instrument, Redemption [Line Items]
Fair Value (Level 2)	$ 1,363.5	$ 1,061.6

DEBT - Schedule of Components o

DEBT - Schedule of Components of Interest Expense (Details) - 1.25% Convertible Senior Notes, Due December 2026 - Convertible Debt - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument, Redemption [Line Items]
Contractual interest	$ 6.4	$ 6.3	$ 19	$ 18.9
Amortization of debt discounts and debt issuance costs	1.3	1.3	3.8	3.9
Interest expense	$ 7.7	$ 7.6	$ 22.8	$ 22.8

DEBT - SIDF Loan Agreement (Nar

DEBT - SIDF Loan Agreement (Narrative) (Details) - SIDF ر.س in Millions	Feb. 27, 2022 USD ($)	Feb. 27, 2022 SAR (ر.س)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 27, 2022 SAR (ر.س)
Debt Instrument [Line Items]
Principal Amount	$ 1,400,000,000				$ 1,400,000,000	ر.س 5,190
Outstanding amounts			$ 0	$ 0
Minimum
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal	6,700,000	ر.س 25
Service fees	110,600,000					415
Maximum
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal	93,300,000	ر.س 350
Service fees	$ 471,800,000					ر.س 1,770

DEBT - GIB Facility Agreement (

DEBT - GIB Facility Agreement (Narrative) (Details) $ in Thousands, ر.س in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Mar. 12, 2023 SAR (ر.س)

Apr. 29, 2022 USD ($) facility

Mar. 31, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 SAR (ر.س)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 SAR (ر.س)

Mar. 31, 2023 SAR (ر.س)

Dec. 31, 2022 USD ($) facility

Apr. 30, 2022 USD ($) facility

Apr. 30, 2022 SAR (ر.س) facility

Apr. 29, 2022 SAR (ر.س) facility

Debt Instrument [Line Items]

Short-term borrowings | $

$ 46,649

$ 46,649

$ 72,533

GIB Facility Agreement | Line of Credit | GIB Facility Agreement | Related Party

Debt Instrument [Line Items]

Number of facilities | facility

2

2

Revolving Credit Facility | GIB Facility Agreement | Line of Credit

Debt Instrument [Line Items]

Short-term borrowings

$ 46,600

$ 46,600

ر.س 175

$ 72,500

ر.س 272

Debt, weighted average interest rate (as a percent)

7.56%

7.56%

7.56%

7.49%

7.49%

Interest expense | $

$ 1,100

$ 0

$ 3,800

$ 0

Revolving Credit Facility | GIB Facility Agreement | Line of Credit

Debt Instrument [Line Items]

Number of facilities | facility

2

2

2

Maximum borrowing capacity

$ 266,100

$ 266,600

$ 266,100

ر.س 1,000

Interest rate

1.40%

Remaining borrowing capacity

$ 219,400

$ 219,400

ر.س 823

$ 193,900

ر.س 727

Revolving Credit Facility | GIB Facility Agreement | Line of Credit | GIB Facility Agreement | Related Party

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 266,100

ر.س 1,000

Revolving Credit Facility | GIB Facility Agreement | Line of Credit | Maximum

Debt Instrument [Line Items]

Debt instrument, term

12 months

Revolving Credit Facility | Amended GIB Facility Agreement | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity | ر.س

ر.س 1,000

Interest rate

1.40%

Revolving Credit Facility | Amended GIB Facility Agreement | Line of Credit | GIB Facility Agreement | Related Party

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 266,600

ر.س 1,000

Revolving Credit Facility | Amended GIB Facility Agreement | Line of Credit | Maximum

Debt Instrument [Line Items]

Debt instrument, term

12 months

Bridge Loan | GIB Facility Agreement | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 173,000

173,000

650

Interest rate

1.25%

Commitment fee percentage

0.15%

Working Capital Facility | GIB Facility Agreement | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 93,100

$ 93,100

ر.س 350

Interest rate

1.70%

Commitment fee percentage

0.15%

Working Capital Facility | GIB Facility Agreement | Line of Credit | Maximum

Debt Instrument [Line Items]

Debt instrument, term

12 months

DEBT - ABL Credit Facility (Nar

DEBT - ABL Credit Facility (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash and cash equivalents		$ 1,893,638,000		$ 1,893,638,000		$ 1,369,947,000
Revolving Credit Facility | ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000,000						$ 1,000,000,000
Additional borrowing capacity	$ 500,000,000
Unused capacity, commitment fee percentage	0.25%
Outstanding amounts		0		0		0
Remaining borrowing capacity		335,000,000		335,000,000		413,400,000
Cash and cash equivalents		169,900,000		169,900,000		144,000,000
Issuance costs		6,300,000		6,300,000
Deferred issuance costs and commitment fee		1,000,000	$ 2,800,000	1,000,000	$ 2,800,000
Letter of Credit | ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Letters of credit outstanding		$ 67,400,000		$ 67,400,000		$ 45,400,000
Bridge Loan | ABL Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000

DEBT - DDTL Credit Facility (Na

DEBT - DDTL Credit Facility (Narrative) (Details) - DDTL Credit Facility - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2024
Secured Debt | Delayed Draw Term Loan (DDTL)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000
Unused capacity, commitment fee percentage	0.50%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Outstanding amounts		$ 0	$ 0
Issuance costs		6,200,000	6,200,000
Deferred issuance costs and commitment fee		$ 0	$ 0

COMMON STOCK WARRANT LIABILIT_2

COMMON STOCK WARRANT LIABILITY - Narrative (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	Dec. 31, 2023	Jul. 23, 2021
Class of Warrant or Right [Line Items]
Change in fair value of common stock warrant liability	$ (13,748)	$ 60,316	$ 20,845	$ 61,647
Private Placement Warrants to purchase common stock
Class of Warrant or Right [Line Items]
Number of warrants (in shares)						44,350,000
Warrant exercise price (in dollars per share)						$ 11.50
Warrant liability	32,800		32,800		$ 53,700	$ 812,000
Change in fair value of common stock warrant liability	$ (13,700)	$ 60,300	$ 20,800	$ 61,600

COMMON STOCK WARRANT LIABILIT_3

COMMON STOCK WARRANT LIABILITY - Schedule of Fair Value of Private Placement Warrants (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Fair value of Private Placement Warrants per share
Class of Warrant or Right [Line Items]
Fair value of Private Placement Warrants per share (in dollars per share)	$ 0.74	$ 1.21

COMMON STOCK WARRANT LIABILIT_4

COMMON STOCK WARRANT LIABILITY - Schedule of Level 3 Fair Value Inputs (Details) - Level 3	Sep. 30, 2024	Dec. 31, 2023
Volatility
Class of Warrant or Right [Line Items]
Warrant measurement input	0.950	0.850
Expected term (in years)
Class of Warrant or Right [Line Items]
Expected term (in years)	1 year 9 months 18 days	2 years 7 months 6 days
Risk-free rate
Class of Warrant or Right [Line Items]
Warrant measurement input	0.037	0.041
Dividend yield
Class of Warrant or Right [Line Items]
Warrant measurement input	0	0

REDEEMABLE CONVERTIBLE PREFER_3

REDEEMABLE CONVERTIBLE PREFERRED STOCK - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2024 USD ($) shares	Mar. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) day $ / shares	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Temporary Equity [Line Items]
Derivative liabilities associated with redeemable convertible preferred stock (related party)			$ 932,025		$ 932,025				$ 0
Accretion of redeemable convertible preferred stock (related party)			(42,838)		107,924
Redeemable convertible preferred stock, (related party)			1,060,156		1,060,156		$ 651,311		$ 0
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)			(240,250)	$ 0	(137,250)	$ 0
Ayar | Redeemable Convertible Preferred Stock Subscription Agreement
Temporary Equity [Line Items]
Derivative liabilities associated with redeemable convertible preferred stock (related party)			932,000		932,000
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)			$ (240,300)		$ (137,300)
Ayar | Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock Subscription Agreement
Temporary Equity [Line Items]
Initial value (in dollars per share) | $ / shares			$ 10,000		$ 10,000
Dividend rate, percentage					9%
Shares issued on initial date outstanding threshold					10%
Percentage of shares owned threshold					50%
Certain adjustments, conversion price (in dollars per share) | $ / shares			$ 5.50		$ 5.50
Threshold percentage of stock price trigger					200%
Trading days threshold | day					20
Consecutive trading days threshold | day					30
Liquidity conditions satisfied, threshold trading days | day					15
Average daily VWAP, period					5 days
Optional redemption, average daily VWAP period					20 days
Callable term					5 years
Ayar | Redeemable Convertible Preferred Stock | Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Number of shares issued (in shares) | shares		100,000
Consideration to be received on agreement		$ 1,000,000
Gross proceeds received		$ 1,000,000
Convertible preferred stock, liquidation preference amount			$ 1,091,300		$ 1,091,300
Voting cap calculation denominator (in dollars per share) | $ / shares			$ 2.77		$ 2.77
Initial conversion price (in dollars per share) | $ / shares			$ 3.5952		$ 3.5952
Issuance costs					$ 2,400
Derivative liabilities associated with redeemable convertible preferred stock (related party)			$ 585,300		585,300			$ 497,100
Accretion of redeemable convertible preferred stock (related party)			(59,400)		91,300
Redeemable convertible preferred stock, (related party)			591,900		591,900
Ayar | Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Number of shares issued (in shares) | shares	75,000
Consideration to be received on agreement	$ 750,000
Gross proceeds received	750,000
Convertible preferred stock, liquidation preference amount			$ 766,600		$ 766,600
Voting cap calculation denominator (in dollars per share) | $ / shares			$ 3.12		$ 3.12
Initial conversion price (in dollars per share) | $ / shares			$ 4.3799		$ 4.3799
Issuance costs					$ 600
Derivative liabilities associated with redeemable convertible preferred stock (related party)	$ 297,700		$ 346,700		346,700
Accretion of redeemable convertible preferred stock (related party)			16,600		16,600
Redeemable convertible preferred stock, (related party)			$ 468,300		$ 468,300

REDEEMABLE CONVERTIBLE PREFER_4

REDEEMABLE CONVERTIBLE PREFERRED STOCK - Schedule of Significant Inputs Used in the Valuation of the Derivative Liability (Details) - Level 3 - Ayar - Redeemable Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2024
Series A Redeemable Convertible Preferred Stock
Derivative [Line Items]
Term (in years)	4 years 6 months
Series B Redeemable Convertible Preferred Stock
Derivative [Line Items]
Term (in years)	4 years 10 months 24 days
Volatility | Series A Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	0.400
Volatility | Series B Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	0.400
Credit spread | Series A Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	0.209
Credit spread | Series B Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	0.209
Stock price | Series A Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	3.53
Stock price | Series B Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	3.53
Risk-free rate | Series A Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	0.036
Risk-free rate | Series B Redeemable Convertible Preferred Stock
Derivative [Line Items]
Derivative liability, measurement input	0.036

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021
Class of Stock [Line Items]
Shares repurchased (in shares)	0	0	0	0	857,825
Shares repurchased, repurchase price (in dollars per share)					$ 24.15
Employees
Class of Stock [Line Items]
Shares repurchased (in shares)					712,742
Board of Directors of Atieva
Class of Stock [Line Items]
Shares repurchased (in shares)					145,083

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Common Stock Reserved for Future Issuances (Details)	Sep. 30, 2024 shares
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	741,477,878
Private Placement Warrants to purchase common stock
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	44,350,000
Stock options outstanding
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	28,845,241
Restricted stock units outstanding
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	116,174,433
Shares available for future grants under equity plans
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	51,144,960
If-converted common shares from convertible note
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	36,737,785
If-converted common shares from Series A redeemable convertible preferred stock
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	291,019,450
If-converted common shares from Series B redeemable convertible preferred stock
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	173,206,009

STOCK-BASED AWARDS - Schedule o

STOCK-BASED AWARDS - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Balance - beginning of period (in shares) | shares	32,911,135
Options granted (in shares) | shares	232,177
Options exercised (in shares) | shares	(2,896,364)
Options canceled (in shares) | shares	(1,401,707)
Balance - end of period (in shares) | shares	28,845,241	32,911,135
Options vested and exercisable (in shares) | shares	26,103,849
Weighted Average Exercise Price
Balance - beginning of period (in dollars per share) | $ / shares	$ 1.99
Options granted (in dollars per share) | $ / shares	3.99
Options exercised (in dollars per share) | $ / shares	1.12
Options canceled (in dollars per share) | $ / shares	6.83
Balance - end of period (in dollars per share) | $ / shares	1.86	$ 1.99
Options vested and exercisable (in dollars per share) | $ / shares	$ 1.33
Additional Disclosures
Options outstanding, weighted average remaining contractual term	4 years 7 months 9 days	5 years 6 months
Options outstanding, intrinsic value | $	$ 65,140	$ 91,785
Options vested and exercisable, weighted average remaining contractual term	4 years 5 months 19 days
Options vested and exercisable, intrinsic value | $	$ 64,972

STOCK-BASED AWARDS - Narrative

STOCK-BASED AWARDS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($) tranche shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 88,094	$ 68,237	$ 208,803	$ 193,432
Stock-based compensation expense capitalized | $	$ 14,600	$ 11,400	$ 34,000	$ 31,800
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for tax withholding obligation (in shares) | shares	400,000	500,000	1,400,000	1,400,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation expense | $	$ 8,400		$ 8,400
Unamortized share-based compensation, recognition period			2 years 8 months 12 days
Time-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation expense | $	$ 399,600		$ 399,600
Unamortized share-based compensation, recognition period			1 year 9 months 18 days
Awards vested (in shares) | shares			31,636,368
Nonvested awards (in shares) | shares	99,819,736		99,819,736			54,699,739
Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation expense | $	$ 40,800		$ 40,800
Unamortized share-based compensation, recognition period			1 year 3 months 18 days
Awards vested (in shares) | shares			1,644,016
Stock-based compensation expense | $	$ 6,200	$ 2,900	$ 14,200	$ 3,600
Nonvested awards (in shares) | shares	16,354,697		16,354,697			9,305,825
Service period			3 years
Share-based compensation arrangement by share-based payment award, award granted, percentage of target			100%
Performance-Based Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, percentage of grants earnable			0%
Performance-Based Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, percentage of grants earnable			150%
Performance-Based Shares | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting installments with performance conditions met | tranche					4
Number of vesting installments | tranche					5
Awards vested (in shares) | shares					13,934,271
Performance-Based Shares | Chief Executive Officer | Award Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $					$ 8,200
Nonvested awards (in shares) | shares						2,090,140

STOCK-BASED AWARDS - Schedule_2

STOCK-BASED AWARDS - Schedule of Restricted Stock Units Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted stock units outstanding
Shares
Balance at beginning of period (in shares)	64,005,564
Granted (in shares)	102,314,834
Vested (in shares)	(33,280,384)
Cancelled/forfeited (in shares)	(16,865,581)
Balance at end of period (in shares)	116,174,433
Weighted-Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 10.90
Granted (in dollars per share) | $ / shares	2.88
Vested (in dollars per share) | $ / shares	8.34
Cancelled/forfeited (in dollars per share) | $ / shares	7.02
Balance at end of period (in dollars per share) | $ / shares	$ 5.13
Time-Based Shares
Shares
Balance at beginning of period (in shares)	54,699,739
Granted (in shares)	88,542,220
Vested (in shares)	(31,636,368)
Cancelled/forfeited (in shares)	(11,785,855)
Balance at end of period (in shares)	99,819,736
Performance-Based Shares
Shares
Balance at beginning of period (in shares)	9,305,825
Granted (in shares)	13,772,614
Vested (in shares)	(1,644,016)
Cancelled/forfeited (in shares)	(5,079,726)
Balance at end of period (in shares)	16,354,697

STOCK-BASED AWARDS - Schedule_3

STOCK-BASED AWARDS - Schedule of Performance-Based RSUs (Details) - Performance-Based Shares	Mar. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average volatility	60%
Expected term (in years)	5 years
Risk-free interest rate	0.90%
Expected dividends	0%

STOCK-BASED AWARDS - Employee S

STOCK-BASED AWARDS - Employee Stock Purchase Plan (“ESPP”) (Narrative) (Details) - Employee Stock $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive offering period	24 months
Number of purchase periods | period	4
Purchase period	6 months
Percentage of purchase price of common stock	85%
Unrecognized share-based compensation expense | $	$ 24.9
Unamortized share-based compensation, recognition period	1 year 8 months 12 days

STOCK-BASED AWARDS - Schedule_4

STOCK-BASED AWARDS - Schedule of 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 Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 88,094	$ 68,237	$ 208,803	$ 193,432
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,145	1,221	2,956	2,560
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	53,663	35,963	124,722	101,356
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	33,286	31,053	82,605	90,959
Restructuring charges
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 0	$ (1,480)	$ (1,443)

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2022	Sep. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Total finance lease assets		$ 82,989	$ 85,055
Total finance lease liabilities		81,948	85,855
Proceeds from failed sale leaseback transaction	$ 31,700
Other long-term liabilities		558,525	524,339
Lease not yet commenced, undiscounted amount		18,900
Failed Sale Leaseback
Lessee, Lease, Description [Line Items]
Other long-term liabilities		31,700	31,700
Casa Grande, Arizona
Lessee, Lease, Description [Line Items]
Lease term	4 years
Total finance lease assets		79,300	79,300
Total finance lease liabilities		$ 78,900	$ 80,600

LEASES - Schedule of Operating

LEASES - Schedule of Operating and Finance Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating leases:
Right-of-use assets	$ 220,616	$ 221,508
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities (including $70,495 and $92,258 associated with related parties as of September 30, 2024 and December 31, 2023, respectively)	Other current liabilities (including $70,495 and $92,258 associated with related parties as of September 30, 2024 and December 31, 2023, respectively)
Other current liabilities	$ 34,801	$ 28,431
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities (including $120,286 and $178,311 associated with related parties as of September 30, 2024 and December 31, 2023, respectively)	Other long-term liabilities (including $120,286 and $178,311 associated with related parties as of September 30, 2024 and December 31, 2023, respectively)
Other long-term liabilities	$ 240,008	$ 244,122
Total operating lease liabilities	$ 274,809	$ 272,553
Finance leases:
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Total finance lease assets	$ 82,989	$ 85,055
Finance lease liabilities, current portion	6,921	8,202
Finance lease liabilities, net of current portion	75,027	77,653
Total finance lease liabilities	$ 81,948	$ 85,855

LEASES - Schedule of Components

LEASES - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease expense:
Operating lease expense	$ 15,680	$ 14,000	$ 46,109	$ 40,578
Variable lease expense	522	438	1,432	1,306
Finance lease expense:
Amortization of leased assets	669	1,326	2,496	4,133
Interest on lease liabilities	1,161	1,204	3,495	3,677
Total finance lease expense	1,830	2,530	5,991	7,810
Total lease expense	$ 18,032	$ 16,968	$ 53,532	$ 49,694

LEASES - Schedule of Other Info

LEASES - Schedule of Other Information Related to Leases (Details)	Sep. 30, 2024	Dec. 31, 2023
Weighted-average remaining lease term (in years):
Operating leases	6 years 4 months 24 days	6 years 9 months 18 days
Finance leases	1 year 10 months 24 days	2 years 7 months 6 days
Weighted-average discount rate:
Operating leases	11.89%	11.01%
Finance leases	5.71%	5.59%

LEASES - Schedule of Operatin_2

LEASES - Schedule of Operating and Finance Lease Liability Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remainder of the year)	$ 15,005
2025	66,800
2026	66,260
2027	57,597
2028	53,890
Thereafter	140,208
Total minimum lease payments	399,760
Less: Interest	(124,951)
Total operating lease liabilities	274,809	$ 272,553
Less: Current portion	(34,801)	(28,431)
Long-term portion of lease obligations	240,008	244,122
Finance Leases
2024 (remainder of the year)	570
2025	6,817
2026	82,686
2027	245
2028	39
Thereafter	8
Total minimum lease payments	90,365
Less: Interest	(8,417)
Total finance lease liabilities	81,948	85,855
Less: Current portion	(6,921)	(8,202)
Long-term portion of lease obligations	$ 75,027	$ 77,653

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands					1 Months Ended
	May 31, 2022 lawsuit	Apr. 29, 2022 lawsuit	Apr. 01, 2022 lawsuit	Apr. 18, 2021 lawsuit	Feb. 23, 2022 lawsuit	Oct. 01, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event
Loss Contingencies [Line Items]
Purchase obligation						$ 2,960,591
Individual Actions
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit				2
Shareholder Derivative Actions
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit					2
Number of claims consolidated | lawsuit		2
Putative Class Actions
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit	2		2	2
Indemnification Agreement
Loss Contingencies [Line Items]
Estimate of possible loss							$ 83,200	$ 56,300
Capital Addition Purchase Commitments
Loss Contingencies [Line Items]
Contractual obligation							443,600	$ 270,200
Battery Cells | Panasonic Energy Co., Ltd. and Certain of Its Affiliates
Loss Contingencies [Line Items]
Purchase obligation							$ 4,800,000
Battery Cells | Subsequent Event | Panasonic Energy Co., Ltd. and Certain of Its Affiliates
Loss Contingencies [Line Items]
Purchase obligation						$ 2,800,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Estimated Future Payments (Details) - Subsequent Event $ in Thousands	Oct. 01, 2024 USD ($)
Long-Term Purchase Commitment [Line Items]
2024 (remainder of the year)	$ 80,465
2025	267,150
2026	297,841
2027	394,502
2028	484,004
Thereafter	1,436,629
Total	$ 2,960,591

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	0%	0%	0%	0%

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (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
Earnings Per Share [Abstract]
Net loss	$ (992,475)	$ (630,894)	$ (2,316,724)	$ (2,174,654)
Accretion of redeemable convertible preferred stock (related party)	42,838	0	(107,924)	0
Net loss attributable to common stockholders, basic	(949,637)	(630,894)	(2,424,648)	(2,174,654)
Net loss attributable to common stockholders, diluted	$ (949,637)	$ (630,894)	$ (2,424,648)	$ (2,174,654)
Weighted-average shares outstanding attributable to common stockholders, basic (in shares)	2,323,971,541	2,284,446,783	2,312,249,333	2,010,916,100
Weighted-average shares outstanding attributable to common stockholders, diluted (in shares)	2,323,971,541	2,284,446,783	2,312,249,333	2,010,916,100
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.41)	$ (0.28)	$ (1.05)	$ (1.08)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.41)	$ (0.28)	$ (1.05)	$ (1.08)

NET LOSS PER SHARE - Schedule_2

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	692,491,843	176,579,726
Private Placement Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	44,350,000	44,350,000
Options outstanding to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	28,845,241	34,320,337
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	101,501,380	51,817,847
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	16,831,978	9,353,757
If-converted common shares from convertible note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	36,737,785	36,737,785
If-converted common shares from Series A redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	291,019,450	0
If-converted common shares from Series B redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	173,206,009	0

NET LOSS PER SHARE - Narrative

NET LOSS PER SHARE - Narrative (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restricted stock units outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of underlying shares contingently issuable (in shares)	14,673,053	9,452,483

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Contributions employees may elect to contribute (percent)			100%
Company matching contribution	$ 0	$ 0	$ 0	$ 0

RELATED PARTY TRANSACTIONS - Le

RELATED PARTY TRANSACTIONS - Leases (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jul. 31, 2023	Feb. 28, 2022
Related Party Transaction [Line Items]
Right-of-use assets	$ 220,616	$ 221,508
Operating lease, liability	274,809	272,553
KAEC Lease Agreement | Related Party
Related Party Transaction [Line Items]
Lease initial term (in years)				25 years
Right-of-use assets	4,300	4,500
Operating lease, liability	6,000	5,700
KAFD Lease Agreement | Related Party
Related Party Transaction [Line Items]
Lease initial term (in years)			6 years
Right-of-use assets	2,100	2,300
Operating lease, liability	$ 2,300	$ 2,300

RELATED PARTY TRANSACTIONS - SI

RELATED PARTY TRANSACTIONS - SIDF Loan Agreement (Narrative) (Details) - SIDF ر.س in Millions, $ in Billions	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 28, 2022 SAR (ر.س)	Feb. 27, 2022 USD ($)	Feb. 27, 2022 SAR (ر.س)
Related Party Transaction [Line Items]
Principal Amount	$ 1.4			$ 1.4	ر.س 5,190
Related Party | SIDF Loan Agreement
Related Party Transaction [Line Items]
Principal Amount		$ 1.4	ر.س 5,190

RELATED PARTY TRANSACTIONS - MI

RELATED PARTY TRANSACTIONS - MISA Agreements (Narrative) (Details) - MISA - Related Party ر.س in Millions, $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2022	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SAR (ر.س)
MISA Agreement - AMP-2
Related Party Transaction [Line Items]
Period for suspension of funding, operation commencement	30 months
Period for suspension of funding, attainment of agreed scope of operations	55 months
Government Grant
Related Party Transaction [Line Items]
Related party transaction, amount of transaction			$ 97.5	ر.س 366	$ 97.3	ر.س 366
Government Grant | AMP-2 Construction In Progress Balance
Related Party Transaction [Line Items]
Related party transaction, amount of transaction		$ (69.7)	(12.1)		(33.3)
Government Grant | AMP-2 Fixed Asset and AMP-2 Construction in Progress Balance
Related Party Transaction [Line Items]
Related party transaction, amount of transaction		$ 97.5	(35)
Government Grant | Other Noncurrent Liabilities
Related Party Transaction [Line Items]
Related party transaction, amount of transaction					$ 64
Government Grant | Other Noncurrent Liabilities | AMP-2 Fixed Asset and AMP-2 Construction in Progress Balance
Related Party Transaction [Line Items]
Related party transaction, amount of transaction			62.5
Government Grant | Other Noncurrent Assets
Related Party Transaction [Line Items]
Related party transaction, amount of transaction			$ 64

RELATED PARTY TRANSACTIONS - GI

RELATED PARTY TRANSACTIONS - GIB Facility Agreement (Narrative) (Details) - Line of Credit $ in Millions, ر.س in Billions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 SAR (ر.س)	Mar. 12, 2023 SAR (ر.س)	Dec. 31, 2022 USD ($) facility	Apr. 30, 2022 USD ($) facility	Apr. 30, 2022 SAR (ر.س) facility	Apr. 29, 2022 USD ($) facility	Apr. 29, 2022 SAR (ر.س) facility
GIB Facility Agreement | Revolving Credit Facility
Related Party Transaction [Line Items]
Number of facilities				2			2	2
Maximum borrowing capacity	$ 266.6			$ 266.1			$ 266.1	ر.س 1
GIB Facility Agreement | GIB Facility Agreement | Related Party
Related Party Transaction [Line Items]
Number of facilities					2	2
GIB Facility Agreement | GIB Facility Agreement | Related Party | Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity					$ 266.1	ر.س 1
Amended GIB Facility Agreement | Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity | ر.س			ر.س 1
Amended GIB Facility Agreement | GIB Facility Agreement | Related Party | Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 266.6	ر.س 1

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Construction Service Contract (Narrative) (Details) $ in Thousands, ر.س in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 SAR (ر.س)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)	Sep. 30, 2024 SAR (ر.س)	Dec. 31, 2023 SAR (ر.س)
Related Party Transaction [Line Items]
Accounts payable	$ 139,187		$ 108,724
Al Bawani Company Limited | Construction Service Contract | Related Party
Related Party Transaction [Line Items]
Related party transaction, amount of transaction	180,900	ر.س 678.5	118,600	ر.س 444.6
Accounts payable	$ 23,800		$ 19,700		ر.س 89.5	ر.س 74.0

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Subscription Agreement (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended			9 Months Ended
	Oct. 31, 2024	Oct. 16, 2024	May 31, 2023	Aug. 31, 2024	Mar. 31, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
2023 Subscription Agreement
Related Party Transaction [Line Items]
Proceeds from issuance of common stock							$ 0	$ 1,812,641
Ayar | 2023 Subscription Agreement
Related Party Transaction [Line Items]
Number of shares issued (in shares)			265,693,703
Weighted average price (in dollars per share)			$ 6.83
Consideration to be received on agreement			$ 1,800,000
Net proceeds received						$ 1,800,000
Commissions and other issuance cost						$ 2,000
Ayar | 2024 Subscription Agreement | Subsequent Event
Related Party Transaction [Line Items]
Number of shares issued (in shares)		374,717,927
Sale of stock, additional number of shares issued in transaction (in shares)		21,470,459
Proceeds from issuance of common stock	$ 1,026,500
Ayar | Series A Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock
Related Party Transaction [Line Items]
Number of shares issued (in shares)					100,000
Consideration to be received on agreement					$ 1,000,000
Gross proceeds received					$ 1,000,000
Ayar | Series B Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock
Related Party Transaction [Line Items]
Number of shares issued (in shares)				75,000
Consideration to be received on agreement				$ 750,000
Gross proceeds received				$ 750,000

RELATED PARTY TRANSACTIONS - Hu

RELATED PARTY TRANSACTIONS - Human Resources Development Fund (“HRDF”) Joint Cooperation Agreement (Narrative) (Details) $ in Thousands, ر.س in Millions	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 SAR (ر.س)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 SAR (ر.س)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 SAR (ر.س)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)
Related Party Transaction [Line Items]
Other current liabilities			$ 861,074		$ 861,074		$ 798,990
Related Party
Related Party Transaction [Line Items]
Other current liabilities			70,495		70,495		92,258
Human Resources Development Fund | Human Resources Development Fund Training Reimbursement Agreement | Related Party
Related Party Transaction [Line Items]
Related party transaction, amount of transaction	$ 7,800	ر.س 29.3	$ 1,000	ر.س 3.7	$ 1,000	ر.س 3.7	2,300	ر.س 8.8
Other current liabilities							$ 1,800

RELATED PARTY TRANSACTIONS - EV

RELATED PARTY TRANSACTIONS - EV Purchase Agreement (Narrative) (Details) $ in Thousands, ر.س in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 31, 2023 vehicle

Sep. 30, 2024 USD ($)

Sep. 30, 2024 SAR (ر.س)

Sep. 30, 2023 USD ($)

Sep. 30, 2023 SAR (ر.س)

Sep. 30, 2024 USD ($)

Sep. 30, 2024 SAR (ر.س)

Sep. 30, 2023 USD ($)

Sep. 30, 2023 SAR (ر.س)

Sep. 30, 2024 SAR (ر.س)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 SAR (ر.س)

Related Party Transaction [Line Items]

Revenues

$ 200,038

$ 137,814

$ 573,359

$ 438,120

Accounts receivable, net

98,243

98,243

$ 51,822

Related Party

Related Party Transaction [Line Items]

Revenues

45,588

4,980

133,424

4,980

Accounts receivable, net

70,846

70,846

35,526

Electric Vehicle Purchase Agreement | Related Party | EV Purchase Agreement | Government of Saudi Arabia

Related Party Transaction [Line Items]

Number of vehicles committed | vehicle

100,000

Number of vehicles committed, minimum | vehicle

50,000

Number of vehicles committed, additional | vehicle

50,000

Number of years

10 years

Minimum vehicle purchase reduction period

6 months

Revenues

45,600

ر.س 171.0

$ 5,000

ر.س 18.7

133,400

ر.س 500.5

$ 5,000

ر.س 18.7

Accounts receivable, net

$ 70,800

$ 70,800

ر.س 265.8

$ 35,500

ر.س 133.2

RELATED PARTY TRANSACTIONS - Im

RELATED PARTY TRANSACTIONS - Implementation Agreement with Aston Martin (Narrative) (Details) - USD ($) $ in Thousands		11 Months Ended
	Nov. 06, 2023	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Investments in equity securities of a related party		$ 45,660	$ 81,533
Accounts receivable, net		98,243	51,822
Other long-term liabilities		558,525	524,339
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net		70,846	35,526
Other long-term liabilities		120,286	178,311
Strategic Technology Arrangement | Related Party | Aston Martin Lagonda Global Holdings plc
Related Party Transaction [Line Items]
Minimum amount committed	$ 225,000
Aston Martin Lagonda Global Holdings plc | Strategic Technology Arrangement, Technology Access Fees | Related Party
Related Party Transaction [Line Items]
Number of shares received (in shares)	28,352,273
Initial installment	$ 33,000
Investments in equity securities of a related party	73,200	45,700	81,500
Remaining amount	$ 99,000
Payment term	3 years
Aston Martin Lagonda Global Holdings plc | Strategic Technology Arrangement, Service Fees | Related Party
Related Party Transaction [Line Items]
Amount to receive	$ 10,000
Payment term	3 years
Related party transaction, amount of transaction		4,800
Accounts receivable, net		1,100
Aston Martin Lagonda Global Holdings plc | Strategic Technology Arrangement | Related Party
Related Party Transaction [Line Items]
Other long-term liabilities		$ 112,000	$ 107,800

RELATED PARTY TRANSACTIONS - DD

RELATED PARTY TRANSACTIONS - DDTL Credit Facility (Narrative) (Details) - Secured Debt - DDTL Credit Facility - Delayed Draw Term Loan (DDTL)	1 Months Ended
	Aug. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 750,000,000
Debt instrument, term	5 years

RELATED PARTY TRANSACTIONS - Ti

RELATED PARTY TRANSACTIONS - Time Deposit (Narrative) (Details) - Level 2: - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Debt securities, available-for-sale	$ 727,837	$ 1,071,281
Time Deposits
Related Party Transaction [Line Items]
Debt securities, available-for-sale	305,000	$ 50,000
Time Deposits | Related Party
Related Party Transaction [Line Items]
Debt securities, available-for-sale	15,000
GIB | Time Deposits | Related Party
Related Party Transaction [Line Items]
Debt securities, available-for-sale	$ 15,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands					9 Months Ended
	Oct. 31, 2024	Oct. 18, 2024	Oct. 17, 2024	Oct. 16, 2024	Sep. 30, 2024	Sep. 30, 2023
Underwriting Agreement
Subsequent Event [Line Items]
Proceeds from issuance of common stock					$ 0	$ 1,184,224
The Underwriter | Subsequent Event | 2024 Underwriting Agreement
Subsequent Event [Line Items]
Number of shares issued (in shares)				262,446,931
Sale of stock, underwriter exercise period				30 days
Sale of stock, maximum number of overallotment options available for issuance (in shares)				39,367,040
Proceeds from issuance of common stock		$ 719,000
The Underwriter | Subsequent Event | Underwriting Agreement
Subsequent Event [Line Items]
Sale of stock, additional number of shares issued in transaction (in shares)			15,037,594
Ayar | Subsequent Event | 2024 Subscription Agreement
Subsequent Event [Line Items]
Number of shares issued (in shares)				374,717,927
Sale of stock, additional number of shares issued in transaction (in shares)				21,470,459
Proceeds from issuance of common stock	$ 1,026,500