Deposits and Other Current Assets

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deposits and Other Current Assets

4. Deposits and Other Current Assets

(in thousands)
Deposits:	September 30, 2024		December 31, 2023
Deposits for research and development, prototype parts and other	$	27,106	$	28,609
Deposits for goods and services yet to be received (“Future Work”)	2,760		2,773
Total deposits	$	29,866	$	31,382
Other current assets:
Prepaid expenses	$	6,255	$	13,309
Other current assets	8,935		8,412
Total other current assets	$	15,190	$	21,721

Deposits for research and development, prototype and production parts, and other are recognized and reported as Research and development expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss when services are provided or as prototype parts are received. In addition, during the nine months ended September 30, 2024, the Company made deposits for inventory and property, plant and equipment items, which are classified out of Deposits upon receipt of title.

Prepaid expenses primarily consist of software subscriptions and insurance, and Other current assets includes certain deferred expenses.