INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

The gross carrying amount and accumulated amortization of separately identifiable intangible assets are as follows:

	As of March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Licenses:
S-WAY Product and Platform license	$	50,000	$	7,144	$	42,856
FCPM license	47,181		—		47,181
Other intangibles	2,240		356		1,884
Total intangible assets	$	99,421	$	7,500	$	91,921

	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Licenses:
S-WAY Product and Platform license	$	50,000	$	5,357	$	44,643
FCPM license	47,181		—		47,181
Other intangibles	1,432		162		1,270
Total intangible assets	$	98,613	$	5,519	$	93,094

Amortization expense related to intangible assets for the three months ended March 31, 2023 was $2.0 million. Amortization expense related to intangible assets for the three months ended March 31, 2022 was immaterial.

In 2021, the Company acquired a license for fuel cell power modules ("FCPMs") for use in the production of FCEVs. The Company will amortize the license beginning at the start of production for FCEVs, expected in the second half of 2023. As of March 31, 2023, the Company has not started amortizing the license.