Notes Receivable from Third Parties

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Notes Receivable from Third Parties

Notes Receivable from Third Parties

The following table shows the composition of notes receivable, net of reserves (in thousands):

	March 31, 2023		December 31, 2022
Green Power Motor Company	$	44	$	45
VIA	—		31,608
	$	44	$	31,653

The following table summarizes the activity related to the notes receivable reserve (in thousands):

Balance at December 31, 2022	$	60,513
Write-offs	(48,913)
Effect of change in foreign currency exchange rates	176
Balance at March 31, 2023	$	11,776

Write-offs during the three months ended March 31, 2023 of $48.9 million were driven by the completion of the VIA acquisition as of January 31, 2023 and the notes value extended to VIA Motors prior to the closing of the acquisition were adjusted at the time of the acquisition to reflect the value attributable to the credits included in the closing statement. VIA notes receivable, including additional funding of $0.8 million on January 17, 2023, were settled and included in the consideration

transferred at fair value as discussed in Note 5 for $5.2 million. An additional impairment of $27.4 million was recorded in "Asset impairments" in the consolidated statement of operations for the three months ended March 31, 2023 upon settlement.