0001628280-24-020633 | 10-Q | XBRL Viewer

BALANCE SHEETS COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventory as of March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	147,156	$	210,283
Work in progress	57,902		53,227
Finished goods	360,595		432,726
Total Inventory	$	565,653	$	696,236

Schedule of Property, Plant and Equipment, Net and Construction in Progress

Property, plant and equipment, net as of March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024		December 31, 2023
Land and land improvements	$	69,718	$	69,718
Building and improvements(1)	602,772		576,097
Machinery, tooling and vehicles(2)	1,076,742		1,045,485
Computer equipment and software	81,559		74,336
Leasehold improvements	235,271		221,619
Furniture and fixtures	46,287		45,315
Finance leases	91,182		94,285
Construction in progress	1,334,675		1,185,413
Total Property, plant and equipment	3,538,206		3,312,268
Less accumulated depreciation and amortization	(566,605)		(501,401)
Property, plant and equipment, net	$	2,971,601	$	2,810,867

(1) As of March 31, 2024 and December 31, 2023, $123.1 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 $34.8 million and $32.5 million of service loaner vehicles as of March 31, 2024 and December 31, 2023, respectively.

Construction in progress consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Machinery and tooling	$	846,452	$	728,751
Construction of AMP-1 and AMP-2(1)	466,077		430,878
Leasehold improvements	22,146		25,784
Total construction in progress	$	1,334,675	$	1,185,413

(1) As of March 31, 2024 and December 31, 2023, $24.3 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 March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024		December 31, 2023
Engineering, design, and testing accrual	$	45,825	$	42,176
Construction in progress	177,989		156,414
Accrued purchases(1)	43,414		44,957
Retail leasehold improvements accrual	4,498		6,005
Third-party services accrual	38,911		41,478
Tooling liability	75,308		49,925
Short-term borrowings	72,524		72,533
Operating lease liabilities, current portion	30,258		28,431
Reserve for loss on firm inventory purchase commitments	118,927		143,566
Accrued warranty	13,470		22,677
Other current liabilities	205,917		190,828
Total other current liabilities	$	827,041	$	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 March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024		December 31, 2023
Operating lease liabilities, net of current portion	$	239,081	$	244,122
Other long-term liabilities(1)(2)	286,833		280,217
Total other long-term liabilities	$	525,914	$	524,339

(1) As of March 31, 2024 and December 31, 2023, $47.4 million and $62.5 million of capital expenditure support received from MISA was recorded as deferred liability within other long-term liabilities in the condensed consolidated balance sheets, respectively. See Note 16 “Related Party Transactions” for more information.

(2) As of March 31, 2024 and December 31, 2023, $107.8 million of deferred revenue was recorded within other long-term liabilities in the condensed consolidated balance sheets, 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 March 31,
	2024		2023
Accrued warranty - beginning of period(2)	$	46,076	$	22,949
Warranty costs incurred	(18,068)		(8,260)
Provision for warranty(1)	20,155		11,186
Accrued warranty - end of period(2)	$	48,163	$	25,875

(1) Provision for warranty for the three months ended March 31, 2024 and 2023 included estimated costs related to the recalls identified and/or special campaigns to repair or replace items under warranties.

(2) Accrued warranty balance of $13.5 million and $22.7 million, respectively, was recorded within other current liabilities, and $34.7 million and $23.4 million, respectively, was recorded within other long-term liabilities, in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023.

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

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 will be 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 March 31, 2024 and December 31, 2023 (in millions):


	March 31, 2024		December 31, 2023
Principal Amount	$	2,012.5	$	2,012.5
Unamortized Debt Discounts and Issuance Costs	(14.2)		(15.5)
Net Carrying Amount	$	1,998.3	$	1,997.0

Fair Value (Level 2)	$	1,041.5	$	1,061.6

The effective interest rate for the convertible note is 1.5%. The components of interest expense related to the 2026 Notes were as follows (in millions):


	Three Months Ended March 31,
	2024		2023
Contractual interest	$	6.3	$	6.3
Amortization of debt discounts and debt issuance costs	1.3		1.3
Interest expense	$	7.6	$	7.6

The 2026 Notes were not eligible for conversion as of March 31, 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 March 31, 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 Public Investment Fund (“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 $110.7 million) to SAR 1.77 billion (approximately $471.9 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 March 31, 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 March 31, 2024 and December 31, 2023, the Company had outstanding borrowings of SAR 272 million (approximately $72.5 million). The weighted average interest rate on the outstanding borrowings was 7.60% and 7.49% as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, availability under the GIB Credit Facility was SAR 726 million (approximately $193.6 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 interest expense recorded during the three months ended March 31, 2024 and 2023 was not material. As of March 31, 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. 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 (“FCCR”) financial covenant, in each case on terms set forth in the credit agreement governing the ABL Credit Facility. As of March 31, 2024 and December 31, 2023, the Company was in compliance with applicable covenants under the ABL Credit Facility.

As of March 31, 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 $47.7 million and $45.4 million as of March 31, 2024 and December 31, 2023, respectively. Availability under the ABL Credit Facility was $360.6 million (including $146.0 million cash and cash equivalents) and $413.4 million (including $144.0 million cash and cash equivalents) as of March 31, 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. During the three months ended March 31, 2024 and 2023, amortization of the deferred issuance costs and commitment fee were immaterial.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

LEASES (Tables)

3 Months Ended

Mar. 31, 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):


	March 31, 2024		December 31, 2023
Operating leases:
Right-of-use assets	$	217,699	$	221,508

Other current liabilities	$	30,258	$	28,431
Other long-term liabilities	239,081		244,122
Total operating lease liabilities	$	269,339	$	272,553

Finance leases:
Property, plant and equipment, net	$	84,036	$	85,055
Total finance lease assets	$	84,036	$	85,055

Finance lease liabilities, current portion	$	7,548	$	8,202
Finance lease liabilities, net of current portion	75,807		77,653
Total finance lease liabilities	$	83,355	$	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 March 31,
	2024		2023
Operating lease expense:
Operating lease expense (1)	$	15,010	$	12,815
Variable lease expense	447		445

Finance lease expense:
Amortization of leased assets	$	1,019	$	1,405
Interest on lease liabilities	1,169		1,244
Total finance lease expense	$	2,188	$	2,649
Total lease expense	$	17,645	$	15,909

(1) Excluded short-term leases, which were not material.

Other information related to leases where the Company is the lessee was as follows:


	March 31, 2024		December 31, 2023
Weighted-average remaining lease term (in years):
Operating leases	6.6		6.8
Finance leases	2.3		2.6

Weighted-average discount rate:
Operating leases	11.28	%	11.01	%
Finance leases	5.60	%	5.59	%

Schedule of Operating Lease Maturity

As of March 31, 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)	$	43,077	$	4,673
2025	63,912		6,619
2026	60,491		82,488
2027	52,668		117
2028	48,891		37
Thereafter	120,875		—
Total minimum lease payments	389,914		93,934
Less: Interest	(120,575)		(10,579)
Present value of lease obligations	269,339		83,355
Less: Current portion	(30,258)		(7,548)
Long-term portion of lease obligations	$	239,081	$	75,807

Schedule of Finance Lease Maturity

As of March 31, 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)	$	43,077	$	4,673
2025	63,912		6,619
2026	60,491		82,488
2027	52,668		117
2028	48,891		37
Thereafter	120,875		—
Total minimum lease payments	389,914		93,934
Less: Interest	(120,575)		(10,579)
Present value of lease obligations	269,339		83,355
Less: Current portion	(30,258)		(7,548)
Long-term portion of lease obligations	$	239,081	$	75,807

STOCK-BASED AWARDS - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Balance - beginning of period (in shares)	32,911,135
Options granted (in shares)	118,456
Options exercised (in shares)	(1,415,298)
Options canceled (in shares)	(314,353)
Balance - end of period (in shares)	31,299,940	32,911,135
Options vested and exercisable (in shares)	26,319,750
Weighted Average Exercise Price
Balance - beginning of period (in dollars per share)	$ 1.99
Options granted (in dollars per share)	4.57
Options exercised (in dollars per share)	1.08
Options canceled (in dollars per share)	6.38
Balance - end of period (in dollars per share)	2.00	$ 1.99
Options vested and exercisable (in dollars per share)	$ 1.21
Additional Disclosures
Options outstanding, weighted average remaining contractual term	5 years 2 months 8 days	5 years 6 months
Options outstanding, intrinsic value	$ 50,669	$ 91,785
Options vested and exercisable, weighted average remaining contractual term	4 years 11 months 8 days
Options vested and exercisable, intrinsic value	$ 49,301

STOCK-BASED AWARDS - Narrative (Details)	3 Months Ended		12 Months Ended
STOCK-BASED AWARDS - Narrative (Details)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 shares	Dec. 31, 2022 USD ($) tranche shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 63,696,000	$ 53,819,000
Stock-based compensation expense capitalized \| $	$ 10,500,000	$ 8,100,000
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for tax withholding obligation (in shares) \| shares	500,000	500,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation expense \| $	$ 13,300,000
Unamortized share-based compensation, recognition period	3 years
Time-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation expense \| $	$ 392,900,000
Unamortized share-based compensation, recognition period	2 years
Awards vested (in shares) \| shares	6,683,649
Nonvested awards (in shares) \| shares	55,800,369		54,699,739
Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation expense \| $	$ 13,100,000
Unamortized share-based compensation, recognition period	1 year 4 months 24 days
Awards vested (in shares) \| shares	535,598
Stock-based compensation expense \| $	$ 4,700,000	$ 0
Nonvested awards (in shares) \| shares	8,718,044		9,305,825
Service period			3 years
Share-based compensation arrangement by share-based payment award, award granted, percentage of target			100.00%
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			0.00%
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			150.00%
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 \| $				$ 8,200,000
Nonvested awards (in shares) \| shares			2,090,140

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Contractual Obligations

As of March 31, 2024 and December 31, 2023, the Company had $330.2 million and $270.2 million, respectively, in commitments related to AMP-1 and AMP-2 plant and equipment. These commitments represent future expected payments on open purchase orders entered into as of March 31, 2024 and December 31, 2023.

The Company’s non-cancellable long-term commitments primarily related to certain inventory component purchases. The estimated future payments having a remaining term in excess of one year as of March 31, 2024 were as follows (in thousands):


Years ended December 31,	Minimum Purchase Commitment(1)
2024 (remainder of the year)	$	341,376
2025	469,334
2026	706,837
2027	703,205
2028	692,764
Thereafter	2,016,409
Total	$	4,929,925

(1) Included minimum purchase commitment of approximately $4.9 billion of battery cells from Panasonic Energy Co., Ltd. and certain of its affiliates, using the base prices per the agreements.

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 Complaint seeks certification of the action as a class action as well as compensatory damages, interest thereon, and attorneys’ fees and expenses. 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. Currently, the parties are litigating the case on appeal.

On December 3, 2021, the Company received a subpoena from the SEC requesting the production of certain documents related to an investigation by the SEC related to the business combination between the Company (f/k/a Churchill Capital Corp IV) and Legacy Lucid and certain projections and statements. The Company responded and fully cooperated with the SEC in its review. On April 27, 2023, SEC staff informed the Company that the SEC has concluded this matter and it does not intend to recommend an enforcement action by the SEC against the Company.

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. The Company is advancing defendants’ fees and expenses incurred in their defense of the actions.

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 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, which is pending before the court. 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 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 Company is advancing defendants’ fees and expenses incurred in their defense of the action.

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 to the Illinois First District Appellate Court and the parties are currently litigating the case on appeal.

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, we are evaluating and responding to a claim in a United States Patent and Trademark Office administrative hearing opposing and requesting 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 $61.7 million and $56.3 million as of March 31, 2024 and December 31, 2023, respectively, for which no liabilities are recorded in the condensed consolidated balance sheets.

RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Liabilities

A summary of restructuring liabilities associated with the Restructuring Plan was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Restructuring liabilities - beginning of period	$	54	$	—
Restructuring charges excluding non-cash items(1)	—		23,939
Cash payments	(54)		—
Restructuring liabilities - end of period	$	—	$	23,939

(1) Excluded non-cash items of $1.4 million for the three months ended March 31, 2023, 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,169,489	$ 1,369,947
Restricted cash included in other current assets	21	1,560
Total cash, cash equivalents, and restricted cash	$ 2,169,510	$ 1,371,507	$ 901,595	$ 1,737,320

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, net	$ 126,930	$ 51,822
Other current liabilities	827,041	798,990
Other long-term liabilities	$ 525,914	$ 524,339
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	10,000,000
Convertible preferred stock, shares issued (in shares)	100,000	0
Convertible preferred stock, shares outstanding (in shares)	100,000	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)	2,307,786,638	2,300,111,489
Common stock, shares outstanding (in shares)	2,306,928,813	2,299,253,664
Treasury stock (in shares)	857,825	857,825
Related Party
Accounts receivable, net	$ 84,884	$ 35,526
Other current liabilities	99,201	92,258
Other long-term liabilities	$ 163,424	$ 178,311

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (680,859)	$ (779,528)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

BALANCE SHEETS COMPONENTS

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEETS COMPONENTS

Inventory

Inventory as of March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	147,156	$	210,283
Work in progress	57,902		53,227
Finished goods	360,595		432,726
Total Inventory	$	565,653	$	696,236

Inventory as of March 31, 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. During the three months ended March 31, 2024 and 2023, the Company recorded write-downs of $137.8 million and $227.0 million to reduce its inventories to its net realizable values and for any excess or obsolete inventories, as well as losses from firm purchase commitments, respectively.

Property, plant and equipment, net

Property, plant and equipment, net as of March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024		December 31, 2023
Land and land improvements	$	69,718	$	69,718
Building and improvements(1)	602,772		576,097
Machinery, tooling and vehicles(2)	1,076,742		1,045,485
Computer equipment and software	81,559		74,336
Leasehold improvements	235,271		221,619
Furniture and fixtures	46,287		45,315
Finance leases	91,182		94,285
Construction in progress	1,334,675		1,185,413
Total Property, plant and equipment	3,538,206		3,312,268
Less accumulated depreciation and amortization	(566,605)		(501,401)
Property, plant and equipment, net	$	2,971,601	$	2,810,867

(2) Included $34.8 million and $32.5 million of service loaner vehicles as of March 31, 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, which is 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):


	March 31, 2024		December 31, 2023
Machinery and tooling	$	846,452	$	728,751
Construction of AMP-1 and AMP-2(1)	466,077		430,878
Leasehold improvements	22,146		25,784
Total construction in progress	$	1,334,675	$	1,185,413

Depreciation and amortization expense was $68.8 million and $49.8 million for the three months ended March 31, 2024 and 2023, respectively. The amount of interest capitalized on construction in progress related to significant capital asset construction was $3.0 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively.

Other current liabilities

Other current liabilities as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024		December 31, 2023
Engineering, design, and testing accrual	$	45,825	$	42,176
Construction in progress	177,989		156,414
Accrued purchases(1)	43,414		44,957
Retail leasehold improvements accrual	4,498		6,005
Third-party services accrual	38,911		41,478
Tooling liability	75,308		49,925
Short-term borrowings	72,524		72,533
Operating lease liabilities, current portion	30,258		28,431
Reserve for loss on firm inventory purchase commitments	118,927		143,566
Accrued warranty	13,470		22,677
Other current liabilities	205,917		190,828
Total other current liabilities	$	827,041	$	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 March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024		December 31, 2023
Operating lease liabilities, net of current portion	$	239,081	$	244,122
Other long-term liabilities(1)(2)	286,833		280,217
Total other long-term liabilities	$	525,914	$	524,339

Accrued warranty

Accrued warranty activities consisted of the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Accrued warranty - beginning of period(2)	$	46,076	$	22,949
Warranty costs incurred	(18,068)		(8,260)
Provision for warranty(1)	20,155		11,186
Accrued warranty - end of period(2)	$	48,163	$	25,875

COMMON STOCK WARRANT LIABILITY - Schedule of Fair Value of Private Placement Warrants (Details) - $ / shares	Mar. 31, 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)	$ 0.60	$ 1.21

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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 March 31,
	2024		2023
Net loss	$	(680,859)	$	(779,528)
Accretion of redeemable convertible preferred stock	(3,901)		—
Net loss attributable to common stockholders, basic and diluted	$	(684,760)	$	(779,528)

Weighted-average shares outstanding attributable to common stockholders, basic and diluted	2,301,870,644		1,831,725,009

Net loss per share attributable to common stockholders, basic and diluted	$	(0.30)	$	(0.43)

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:


	March 31,
Excluded Securities	2024	2023
Private Placement Warrants to purchase common stock	44,350,000	44,350,000
Options outstanding to purchase common stock	31,299,940	36,450,296
RSUs outstanding	58,879,709	44,064,453
Employee stock purchase plan	15,503,221	10,251,959
If-converted common shares from convertible note	36,737,785	36,737,785
If-converted common shares from redeemable convertible preferred stock	278,148,643	—
Total	464,919,298	171,854,493

The 5,638,704 and 2,090,140 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 March 31, 2024 and 2023, respectively.

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	464,919,298	171,854,493
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)	31,299,940	36,450,296
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	58,879,709	44,064,453
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	15,503,221	10,251,959
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 redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation amount (in shares)	278,148,643	0

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 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	$	1,388,590	$	—	$	—	$	1,388,590	$	1,388,590	$	—	$	—
Level 1:
Money market funds	638,232		—		—		638,232		638,232		—		—
U.S. Treasury securities	1,798,047		408		(2,627)		1,795,828		92,667		1,219,989		483,172
Subtotal	2,436,279		408		(2,627)		2,434,060		730,899		1,219,989		483,172
Level 2:
Certificates of deposit	67,899		50		(13)		67,936		—		67,936		—
Time deposits	100,000		—		—		100,000		50,000		50,000		—
Commercial paper	171,352		24		(17)		171,359		—		171,359		—
Corporate debt securities	460,025		451		(441)		460,035		—		315,616		144,419
Subtotal	799,276		525		(471)		799,330		50,000		604,911		144,419
Total	$	4,624,145	$	933	$	(3,098)	$	4,621,980	$	2,169,489	$	1,824,900	$	627,591


	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:


	March 31, 2024
	Amortized cost		Estimated Fair Value
Within one year	$	1,826,205	$	1,824,900
After one year through three years	628,450		627,591
Total	$	2,454,655	$	2,452,491

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 a reconciliation of the common stock warrant liability and derivative liability measured and recorded at fair value on a recurring basis (in thousands):


	Three Months Ended March 31,
	2024				2023
	Derivative Liability		Common Stock Warrant Liability		Common Stock Warrant Liability
Fair value-beginning of period	$	—	$	53,664	$	140,590
Issuance	497,100		—		—
Change in fair value	—		(27,054)		40,802
Fair value-end of period	$	497,100	$	26,610	$	181,392

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

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
	Mar. 31, 2024	Mar. 31, 2023
Derivative Liabilities
Level 3 Liabilities [Roll Forward]
Fair value-beginning of period	$ 0
Issuance	497,100
Change in fair value	0
Fair value-end of period	497,100
Common Stock Warrant Liability
Level 3 Liabilities [Roll Forward]
Fair value-beginning of period	53,664	$ 140,590
Issuance	0	0
Change in fair value	(27,054)	40,802
Fair value-end of period	$ 26,610	$ 181,392

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

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 March 31, 2024 and the results of operations for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 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.

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

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 liability, 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):


	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	2,169,489	$	1,369,947
Restricted cash included in other current assets	21		1,560
Total cash, cash equivalents, and restricted cash	$	2,169,510	$	1,371,507

Accounts Receivable, Net

Accounts receivable consist of receivables from our customers and from financial institutions offering financing products to our customers for the sale of vehicles, sales of powertrain kits and services. The Company provides an allowance against accounts receivable for any potential uncollectible amounts. The Company recorded immaterial allowance for uncollectible amounts as of March 31, 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 March 31, 2024 and December 31, 2023, accounts receivables from 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”), represented 66.9% 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 March 31, 2024 and December 31, 2023.

Vehicle Sales with Residual Value Guarantee

The Company provides an RVG to its commercial banking partner in connection with its vehicle leasing program. Vehicle sales with RVG totaled $89.5 million and $18.7 million during the three months ended March 31, 2024 and 2023, 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 residual value guarantee liability. The RVG liabilities were not material as of March 31, 2024 and December 31, 2023.

As of March 31, 2024 and December 31, 2023, the Company recorded $33.4 million and $28.7 million of total deferred revenue primarily related to OTA and remarketing activities for vehicle sales, respectively. The Company recorded $9.0 million and $7.7 million of the total deferred revenue within other current liabilities and the remaining $24.4 million and $21.0 million within other long-term liabilities in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. Revenue recognized during the three months ended March 31, 2024 and 2023 from the prior period deferred revenue balances was not material.

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 sales location of vehicles was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
North America	$	114,756	$	148,762
Middle East	54,582		668
Other international	3,402		2
Total Revenue	$	172,740	$	149,432

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 will recognize 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 Liability

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 contract 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 asset or liability in the condensed consolidated balance sheet.

The Company’s derivative liability is 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 months ended March 31, 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 Company is evaluating the impact of this rule on its annual reports.

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.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (680,859)	$ (779,528)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	68,838	49,838
Amortization of insurance premium	8,589	10,263
Non-cash operating lease cost	7,469	5,830
Stock-based compensation	63,696	53,819
Inventory and firm purchase commitments write-downs	132,298	227,048
Change in fair value of common stock warrant liability	(27,054)	40,802
Net accretion of investment discounts/premiums	(21,304)	(21,395)
Change in fair value of equity securities of a related party	19,933	0
Other non-cash items	(1,255)	2,345
Changes in operating assets and liabilities:
Accounts receivable (including $(49,358) and $0 from a related party for the three months ended March 31, 2024 and 2023, respectively)	(75,196)	17,009
Inventory	(21,002)	(354,154)
Prepaid expenses	(11,042)	(9,082)
Other current assets	3,914	22,193
Other noncurrent assets	(4,369)	(27,337)
Accounts payable	(3,533)	(66,174)
Accrued compensation	8,147	21,545
Other current liabilities	(3,040)	1,374
Other long-term liabilities	19,025	4,340
Net cash used in operating activities	(516,745)	(801,264)
Cash flows from investing activities:
Purchases of property, plant and equipment (including $(6,026) and $(20,421) from a related party for the three months ended March 31, 2024 and 2023, respectively)	(198,197)	(241,770)
Purchases of investments	(514,548)	(842,538)
Proceeds from maturities of investments	1,030,291	1,041,151
Proceeds from sale of investments	0	13,244
Other investing activities	0	1,197
Net cash provided by (used in) investing activities	317,546	(28,716)
Cash flows from financing activities:
Payment for finance lease liabilities	(1,081)	(1,427)
Proceeds from exercise of stock options	1,525	2,181
Proceeds from issuance of redeemable convertible preferred stock to a related party	1,000,000	0
Tax withholding payments for net settlement of employee awards	(3,242)	(6,499)
Net cash provided by (used in) financing activities	997,202	(5,745)
Net increase (decrease) in cash, cash equivalents, and restricted cash	798,003	(835,725)
Beginning cash, cash equivalents, and restricted cash	1,371,507	1,737,320
Ending cash, cash equivalents, and restricted cash	2,169,510	901,595
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	1,031	857
Cash paid for taxes	9	0
Supplemental disclosure of non-cash investing and financing activity:
Increases (decreases) in purchases of property, plant and equipment included in accounts payable and other current liabilities	40,464	(19,812)
Property, plant and equipment and right-of-use assets obtained through leases	$ 4,327	$ 3,862

LEASES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2022	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Finance lease ROU asset		$ 84,036	$ 85,055
Liabilities finance lease		83,355	85,855
Proceeds from failed sale leaseback transaction	$ 31,700
Other long-term liabilities		525,914	524,339
Lease not yet commenced, undiscounted amount		15,100
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
Finance lease ROU asset		79,300	79,300
Liabilities finance lease		$ 79,200	$ 80,600

COMMON STOCK WARRANT LIABILITY (Tables)

3 Months Ended

Mar. 31, 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 were as follows:


	March 31, 2024		December 31, 2023
Fair value of Private Placement Warrants per share	$	0.60	$	1.21

The level 3 fair value inputs used in the Black-Scholes option pricing models were as follows:


	March 31, 2024		December 31, 2023
Volatility	90.0	%	85.0	%
Expected term (in years)	2.3		2.6
Risk-free rate	4.5	%	4.1	%
Dividend yield	—	%	—	%

The level 3 fair value inputs used in the valuation of the derivative liability were as follows:


	March 31, 2024
Volatility	40		%
Credit spread	28.5		%
Stock price	$	2.85
Term (in years)	5
Risk-free rate	4.2		%

DEBT - SIDF Loan Agreement (Narrative) (Details) - SIDF ر.س in Millions	Feb. 27, 2022 USD ($)	Feb. 27, 2022 SAR (ر.س)	Mar. 31, 2024 USD ($)	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	110,700,000					415
Maximum
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal	93,300,000	ر.س 350
Service fees	$ 471,900,000					ر.س 1,770

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,169,489	$ 1,369,947
Short-term investments	1,824,900	2,489,798
Accounts receivable, net (including $84,884 and $35,526 from a related party as of March 31, 2024 and December 31, 2023, respectively)	126,930	51,822
Inventory	565,653	696,236
Prepaid expenses	72,135	69,682
Other current assets	74,890	79,670
Total current assets	4,833,997	4,757,155
Property, plant and equipment, net	2,971,601	2,810,867
Right-of-use assets	217,699	221,508
Long-term investments	627,591	461,029
Other noncurrent assets	185,352	180,626
Investments in equity securities of a related party	60,801	81,533
TOTAL ASSETS	8,897,041	8,512,718
Current liabilities:
Accounts payable	101,489	108,724
Accrued compensation	100,641	92,494
Finance lease liabilities, current portion	7,548	8,202
Other current liabilities (including $99,201 and $92,258 associated with related parties as of March 31, 2024 and December 31, 2023, respectively)	827,041	798,990
Total current liabilities	1,036,719	1,008,410
Finance lease liabilities, net of current portion	75,807	77,653
Common stock warrant liability	26,610	53,664
Long-term debt	1,998,251	1,996,960
Other long-term liabilities (including $163,424 and $178,311 associated with related parties as of March 31, 2024 and December 31, 2023, respectively)	525,914	524,339
Derivative liability (Note 8 and Note $16 )	497,100	0
Total liabilities	4,160,401	3,661,026
Commitments and contingencies (Note 12)
REDEEMABLE CONVERTIBLE PREFERRED STOCK
Redeemable convertible preferred stock, par value $0.0001; 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 100,000 and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively (Note 8 and Note 16)	504,450	0
STOCKHOLDERS’ EQUITY
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 2,307,786,638 and 2,300,111,489 shares issued and 2,306,928,813 and 2,299,253,664 shares outstanding as of March 31, 2024 and December 31, 2023, respectively	231	230
Additional paid-in capital	15,134,686	15,066,080
Treasury stock, at cost, 857,825 shares at March 31, 2024 and December 31, 2023	(20,716)	(20,716)
Accumulated other comprehensive income (loss)	(2,400)	4,850
Accumulated deficit	(10,879,611)	(10,198,752)
Total stockholders’ equity	4,232,190	4,851,692
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	$ 8,897,041	$ 8,512,718

REDEEMABLE CONVERTIBLE PREFERRED STOCK - Schedule of Significant Inputs Used in the Valuation of the Derivative Liability (Details) - Level 3 - Ayar - Redeemable Convertible Preferred Stock - 2024 Subscription Agreement	3 Months Ended
	Mar. 31, 2024
Derivative [Line Items]
Term (in years)	5 years
Volatility
Derivative [Line Items]
Derivative liability, measurement input	0.40
Credit spread
Derivative [Line Items]
Derivative liability, measurement input	0.285
Stock price
Derivative [Line Items]
Derivative liability, measurement input	2.85
Risk-free rate
Derivative [Line Items]
Derivative liability, measurement input	0.042

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue (including $51,366 and $0 revenue from a related party for three months ended March 31, 2024 and 2023, respectively)	$ 172,740,000	$ 149,432,000
Costs and expenses
Cost of revenue	404,796,000	500,524,000
Research and development	284,627,000	229,803,000
Selling, general and administrative	213,232,000	168,770,000
Restructuring charges	0	22,496,000
Total cost and expenses	902,655,000	921,593,000
Loss from operations	(729,915,000)	(772,161,000)
Other income (expense), net
Change in fair value of common stock warrant liability	27,054,000	(40,802,000)
Change in fair value of equity securities of a related party	(19,933,000)	0
Interest income	50,631,000	40,005,000
Interest expense	(7,501,000)	(7,108,000)
Other income (expense), net	(1,007,000)	667,000
Total other income (expense), net	49,244,000	(7,238,000)
Loss before provision for income taxes	(680,671,000)	(779,399,000)
Provision for income taxes	(188,000)	(129,000)
Net loss	(680,859,000)	(779,528,000)
Accretion of redeemable convertible preferred stock (Note 8)	(3,901,000)	0
Net loss attributable to common stockholders, basic	(684,760,000)	(779,528,000)
Net loss attributable to common stockholders, diluted	$ (684,760,000)	$ (779,528,000)
Weighted average shares outstanding attributable to common stockholders, basic (in shares)	2,301,870,644	1,831,725,009
Weighted average shares outstanding attributable to common stockholders, diluted (in shares)	2,301,870,644	1,831,725,009
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.30)	$ (0.43)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.30)	$ (0.43)
Other comprehensive income (loss)
Net unrealized gains (losses) on investments, net of tax	$ (3,262,000)	$ 4,035,000
Foreign currency translation adjustments	(3,988,000)	0
Total other comprehensive income (loss)	(7,250,000)	4,035,000
Comprehensive loss	(688,109,000)	(775,493,000)
Accretion of redeemable convertible preferred stock (Note 8)	3,901,000	0
Comprehensive loss attributable to common stockholders	$ (692,010,000)	$ (775,493,000)

RELATED PARTY TRANSACTIONS - Implementation Agreement with Aston Martin (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 06, 2023	Dec. 31, 2023	Mar. 31, 2024
Related Party Transaction [Line Items]
Accounts receivable, net		$ 51,822	$ 126,930
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net		35,526	84,884
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 \| Related Party
Related Party Transaction [Line Items]
Other liabilities		107,800	109,900
Aston Martin Lagonda Global Holdings plc \| Strategic Technology Arrangement, Technology Access Fees \| Related Party
Related Party Transaction [Line Items]
Number of shares received	28,352,273
Initial installment	$ 33,000
Fair value amount	73,200	81,500	60,800
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		$ 1,600
Accounts receivable, net			$ 2,100

BALANCE SHEETS COMPONENTS - Schedule of Accrued Warranty Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Accrued warranty - beginning of period	$ 46,076	$ 22,949
Warranty costs incurred	(18,068)	(8,260)
Provision for warranty	20,155	11,186
Accrued warranty - end of period	48,163	$ 25,875
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	13,500
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	$ 34,700

LEASES

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

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 March 31, 2024 and December 31, 2023, assets associated with the finance lease were $79.3 million. As of March 31, 2024 and December 31, 2023, liabilities associated with the finance lease were $79.2 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 March 31, 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):


	March 31, 2024		December 31, 2023
Operating leases:
Right-of-use assets	$	217,699	$	221,508

Other current liabilities	$	30,258	$	28,431
Other long-term liabilities	239,081		244,122
Total operating lease liabilities	$	269,339	$	272,553

Finance leases:
Property, plant and equipment, net	$	84,036	$	85,055
Total finance lease assets	$	84,036	$	85,055

Finance lease liabilities, current portion	$	7,548	$	8,202
Finance lease liabilities, net of current portion	75,807		77,653
Total finance lease liabilities	$	83,355	$	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 March 31,
	2024		2023
Operating lease expense:
Operating lease expense (1)	$	15,010	$	12,815
Variable lease expense	447		445

Finance lease expense:
Amortization of leased assets	$	1,019	$	1,405
Interest on lease liabilities	1,169		1,244
Total finance lease expense	$	2,188	$	2,649
Total lease expense	$	17,645	$	15,909

(1) Excluded short-term leases, which were not material.

Other information related to leases where the Company is the lessee was as follows:


	March 31, 2024		December 31, 2023
Weighted-average remaining lease term (in years):
Operating leases	6.6		6.8
Finance leases	2.3		2.6

Weighted-average discount rate:
Operating leases	11.28	%	11.01	%
Finance leases	5.60	%	5.59	%

As of March 31, 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)	$	43,077	$	4,673
2025	63,912		6,619
2026	60,491		82,488
2027	52,668		117
2028	48,891		37
Thereafter	120,875		—
Total minimum lease payments	389,914		93,934
Less: Interest	(120,575)		(10,579)
Present value of lease obligations	269,339		83,355
Less: Current portion	(30,258)		(7,548)
Long-term portion of lease obligations	$	239,081	$	75,807

As of March 31, 2024, the Company entered into additional leases for facilities and equipment that have not yet commenced with undiscounted future lease payments of $15.1 million. The leases are expected to commence over the next twelve months.

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):


	March 31, 2024		December 31, 2023
Operating leases:
Right-of-use assets	$	217,699	$	221,508

Other current liabilities	$	30,258	$	28,431
Other long-term liabilities	239,081		244,122
Total operating lease liabilities	$	269,339	$	272,553

Finance leases:
Property, plant and equipment, net	$	84,036	$	85,055
Total finance lease assets	$	84,036	$	85,055

Finance lease liabilities, current portion	$	7,548	$	8,202
Finance lease liabilities, net of current portion	75,807		77,653
Total finance lease liabilities	$	83,355	$	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 March 31,
	2024		2023
Operating lease expense:
Operating lease expense (1)	$	15,010	$	12,815
Variable lease expense	447		445

Finance lease expense:
Amortization of leased assets	$	1,019	$	1,405
Interest on lease liabilities	1,169		1,244
Total finance lease expense	$	2,188	$	2,649
Total lease expense	$	17,645	$	15,909

(1) Excluded short-term leases, which were not material.

Other information related to leases where the Company is the lessee was as follows:


	March 31, 2024		December 31, 2023
Weighted-average remaining lease term (in years):
Operating leases	6.6		6.8
Finance leases	2.3		2.6

Weighted-average discount rate:
Operating leases	11.28	%	11.01	%
Finance leases	5.60	%	5.59	%

As of March 31, 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)	$	43,077	$	4,673
2025	63,912		6,619
2026	60,491		82,488
2027	52,668		117
2028	48,891		37
Thereafter	120,875		—
Total minimum lease payments	389,914		93,934
Less: Interest	(120,575)		(10,579)
Present value of lease obligations	269,339		83,355
Less: Current portion	(30,258)		(7,548)
Long-term portion of lease obligations	$	239,081	$	75,807

LEASES - Schedule of Operating and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating leases:
Right-of-use assets	$ 217,699	$ 221,508
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities (including $99,201 and $92,258 associated with related parties as of March 31, 2024 and December 31, 2023, respectively)	Other current liabilities (including $99,201 and $92,258 associated with related parties as of March 31, 2024 and December 31, 2023, respectively)
Other current liabilities	$ 30,258	$ 28,431
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities (including $163,424 and $178,311 associated with related parties as of March 31, 2024 and December 31, 2023, respectively)	Other long-term liabilities (including $163,424 and $178,311 associated with related parties as of March 31, 2024 and December 31, 2023, respectively)
Other long-term liabilities	$ 239,081	$ 244,122
Total operating lease liabilities	$ 269,339	$ 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	$ 84,036	$ 85,055
Finance lease liabilities, current portion	7,548	8,202
Finance lease liabilities, net of current portion	75,807	77,653
Total finance lease liabilities	$ 83,355	$ 85,855

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	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	$ 2,169,489	$ 1,369,947
Short-term investments	1,824,900	2,489,798
Long-term investments	627,591	461,029
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	2,169,489	1,369,947
Gross Unrealized Gains	933	3,869
Gross Unrealized Losses	(3,098)	(2,772)
Short-term investments	1,824,900	2,489,798
Long-term investments	627,591	461,029
Total, amortized cost	4,624,145	4,319,677
Total, estimated fair value	4,621,980	4,320,774
Fair Value, Recurring \| Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	1,388,590	516,673
Cash, estimated fair value	1,388,590	516,673
Short-term investments	0	0
Long-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	730,899	803,274
Amortized cost	2,436,279	2,732,413
Gross Unrealized Gains	408	2,480
Gross Unrealized Losses	(2,627)	(2,073)
Estimated Fair Value	2,434,060	2,732,820
Short-term investments	1,219,989	1,638,537
Long-term investments	483,172	291,009
Fair Value, Recurring \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, amortized cost	50,000	50,000
Amortized cost	799,276	1,070,591
Gross Unrealized Gains	525	1,389
Gross Unrealized Losses	(471)	(699)
Estimated Fair Value	799,330	1,071,281
Short-term investments	604,911	851,261
Long-term investments	144,419	170,020
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	638,232	698,702
Amortized cost	638,232	698,702
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	638,232	698,702
Short-term investments	0	0
Long-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	92,667	104,572
Amortized cost	1,798,047	2,033,711
Gross Unrealized Gains	408	2,480
Gross Unrealized Losses	(2,627)	(2,073)
Estimated Fair Value	1,795,828	2,034,118
Short-term investments	1,219,989	1,638,537
Long-term investments	483,172	291,009
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	0	0
Amortized cost	67,899	105,993
Gross Unrealized Gains	50	97
Gross Unrealized Losses	(13)	(22)
Estimated Fair Value	67,936	106,068
Short-term investments	67,936	106,068
Long-term investments	0	0
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	50,000	50,000
Amortized cost	100,000	50,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	100,000	50,000
Short-term investments	50,000	0
Long-term investments	0	0
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	0	0
Amortized cost	171,352	299,248
Gross Unrealized Gains	24	191
Gross Unrealized Losses	(17)	(8)
Estimated Fair Value	171,359	299,431
Short-term investments	171,359	299,431
Long-term investments	0	0
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	0	0
Amortized cost	460,025	615,350
Gross Unrealized Gains	451	1,101
Gross Unrealized Losses	(441)	(669)
Estimated Fair Value	460,035	615,782
Short-term investments	315,616	445,762
Long-term investments	$ 144,419	$ 170,020

NET LOSS PER SHARE - Narrative (Details) - shares	3 Months Ended
NET LOSS PER SHARE - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Restricted stock units outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of underlying shares contingently issuable (in shares)	5,638,704	2,090,140

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 31, 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 March 31, 2024, the Company has incurred operating losses and negative cash flows from operating activities. For the three months ended March 31, 2024 and 2023, the Company has incurred net losses of $680.9 million and $779.5 million, respectively. The Company had an accumulated deficit of $10.9 billion as of March 31, 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 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, credit facilities, and issuance of convertible preferred stock. Historically, the Company funded operations primarily with issuances of common 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 will bear 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. On November 8, 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 Third Investment Company, the controlling stockholder of the Company (“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. On May 31, 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. On May 31, 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. On March 24, 2024, the Company entered into a subscription agreement (the “2024 Subscription Agreement”) with Ayar. Pursuant to the 2024 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 “Redeemable Convertible Preferred Stock”), for an aggregate purchase price of $1.0 billion in a private placement. On March 29, 2024, the Company issued the shares to Ayar pursuant to the 2024 Subscription Agreement and received aggregate gross proceeds of $1.0 billion. The Redeemable Convertible Preferred Stock is 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 Convertible Preferred Stock of the Company (the “Certificate of Designations”) 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. 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; further develop its supply chain and manufacturing; and hire additional management and other key 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. 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 ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 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):


	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	2,169,489	$	1,369,947
Restricted cash included in other current assets	21		1,560
Total cash, cash equivalents, and restricted cash	$	2,169,510	$	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):


	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	2,169,489	$	1,369,947
Restricted cash included in other current assets	21		1,560
Total cash, cash equivalents, and restricted cash	$	2,169,510	$	1,371,507

Schedule of Disaggregation of Revenue

The disaggregation of the Company’s revenue by geographic area based on the sales location of vehicles was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
North America	$	114,756	$	148,762
Middle East	54,582		668
Other international	3,402		2
Total Revenue	$	172,740	$	149,432

STOCK-BASED AWARDS

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED AWARDS

Stock Options

A summary of stock option activity for the three months ended March 31, 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	118,456	4.57
Options exercised	(1,415,298)	1.08
Options canceled	(314,353)	6.38
Balance as of March 31, 2024	31,299,940	$	2.00	5.19	$	50,669
Options vested and exercisable as of March 31, 2024	26,319,750	$	1.21	4.94	$	49,301

As of March 31, 2024, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $13.3 million, which is expected to be recognized over a weighted-average period of 3.0 years.

Restricted Stock Units (“RSUs”)

A summary of RSUs activity for the three months ended March 31, 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	9,880,263	1,550,107	11,430,370	2.93
Vested	(6,683,649)	(535,598)	(7,219,247)	12.39
Cancelled/Forfeited	(2,095,984)	(1,602,290)	(3,698,274)	8.03
Balance as of March 31, 2024	55,800,369	8,718,044	64,518,413	$	9.48

As of March 31, 2024, unrecognized stock-based compensation cost related to outstanding unvested time-based RSUs that are expected to vest was $392.9 million, which is expected to be recognized over a weighted-average period of 2.0 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. For the three months ended March 31, 2024 and 2023, the Company withheld 0.5 million shares of common stock by net settlement to meet the related tax withholding requirements related to the CEO time-based and performance-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. During the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expenses of $4.7 million and nil, respectively, related to these performance-based RSUs. As of March 31, 2024, the unamortized expense for the performance-based RSUs was $13.1 million, which will be recognized over a weighted-average period of 1.4 years contingent upon realization of the corporate performance conditions and/or individual performance.

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 March 31, 2024, unrecognized stock-based compensation cost related to the ESPP was $29.9 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 months ended March 31, 2024 and 2023, was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	912	$	574
Research and development	37,533		27,983
Selling, general and administrative	25,251		26,705
Restructuring charges	—		(1,443)
Total	$	63,696	$	53,819

For the three months ended March 31, 2024 and 2023, the Company capitalized stock-based compensation expenses of $10.5 million and $8.1 million, respectively, primarily as part of the cost of inventory.

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Future Payments

The estimated future payments having a remaining term in excess of one year as of March 31, 2024 were as follows (in thousands):


Years ended December 31,	Minimum Purchase Commitment(1)
2024 (remainder of the year)	$	341,376
2025	469,334
2026	706,837
2027	703,205
2028	692,764
Thereafter	2,016,409
Total	$	4,929,925

(1) Included minimum purchase commitment of approximately $4.9 billion of battery cells from Panasonic Energy Co., Ltd. and certain of its affiliates, using the base prices per the agreements.

RELATED PARTY TRANSACTIONS - GIB Facility Agreement (Narrative) (Details) - Line of Credit $ in Millions, ر.س in Billions	Mar. 31, 2023 USD ($)	Mar. 12, 2023 USD ($)	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	$ 266.6		$ 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
Maximum borrowing capacity					$ 266.1	ر.س 1
Amended GIB Facility Agreement \| Revolving Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity		$ 266.6	ر.س 1

RELATED PARTY TRANSACTIONS - Human Resources Development Fund (“HRDF”) Joint Cooperation Agreement (Narrative) (Details) - Human Resources Development Fund - Related Party $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 SAR (ر.س)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SAR (ر.س)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)
Human Resources Development Fund Training Reimbursement Agreement
Related Party Transaction [Line Items]
Related party transaction, amount of transaction	$ 7.8	ر.س 29,300,000
Joint cooperation agreement term	1 year	1 year
Human Resources Development Fund Training Reimbursements
Related Party Transaction [Line Items]
Related party transaction, amount of transaction				ر.س 0	$ 2.3	ر.س 8,800,000
Human Resources Development Fund Training Reimbursements \| Other Current Liabilities
Related Party Transaction [Line Items]
Related party transaction, amount of transaction			$ 1.4		$ 1.8

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
SIDF Loan Agreement \| Related Party
Related Party Transaction [Line Items]
Principal Amount		$ 1.4	ر.س 5,190

DEBT - ABL Credit Facility (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash and cash equivalents		$ 2,169,489,000		$ 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
Commitment fee percentage	0.25%
Outstanding amounts		0		0
Remaining borrowing capacity		360,600,000		413,400,000
Cash and cash equivalents		146,000,000		144,000,000
Issuance costs		6,300,000
Deferred issuance costs and commitment fee		0	$ 0
Letter of Credit \| ABL Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Letters of credit outstanding		$ 47,700,000		$ 45,400,000
Bridge Loan \| ABL Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000

STOCK-BASED AWARDS - Schedule of Restricted Stock Units Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted stock units outstanding
Shares
Balance at beginning of period (in shares)	64,005,564
Granted (in shares)	11,430,370
Vested (in shares)	(7,219,247)
Cancelled/forfeited (in shares)	(3,698,274)
Balance at end of period (in shares)	64,518,413
Weighted-Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 10.90
Granted (in dollars per share) \| $ / shares	2.93
Vested (in dollars per share) \| $ / shares	12.39
Cancelled/forfeited (in dollars per share) \| $ / shares	8.03
Balance at end of period (in dollars per share) \| $ / shares	$ 9.48
Time-Based Shares
Shares
Balance at beginning of period (in shares)	54,699,739
Granted (in shares)	9,880,263
Vested (in shares)	(6,683,649)
Cancelled/forfeited (in shares)	(2,095,984)
Balance at end of period (in shares)	55,800,369
Performance-Based Shares
Shares
Balance at beginning of period (in shares)	9,305,825
Granted (in shares)	1,550,107
Vested (in shares)	(535,598)
Cancelled/forfeited (in shares)	(1,602,290)
Balance at end of period (in shares)	8,718,044

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	May 31, 2022 lawsuit	Apr. 01, 2022 lawsuit	Apr. 18, 2021 lawsuit	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Individual Actions
Loss Contingencies [Line Items]
Number of lawsuits \| 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 \| $				$ 61.7	$ 56.3
Capital Addition Purchase Commitments
Loss Contingencies [Line Items]
Contractual obligation \| $				$ 330.2	$ 270.2

BALANCE SHEETS COMPONENTS - Schedule of Property, Plant and Equipment, Net (Details) $ in Thousands, ر.س in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 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	$ 3,538,206	$ 3,312,268
Less accumulated depreciation and amortization	(566,605)	(501,401)
Property, plant and equipment, net	2,971,601	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	69,718	69,718
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	602,772	576,097
Machinery, tooling and vehicles
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	1,076,742	1,045,485
Service Loaner Vehicles
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	34,800	32,500
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	81,559	74,336
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	235,271	221,619
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	46,287	45,315
Finance leases
Property, Plant and Equipment [Line Items]
Finance leases	91,182	94,285
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	1,334,675	1,185,413
AMP-2 Building Balance \| MISA \| Government Grant \| Related Party
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction	$ (123,100)	$ (120,200)

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2024		2023
Net loss	$	(680,859)	$	(779,528)
Accretion of redeemable convertible preferred stock	(3,901)		—
Net loss attributable to common stockholders, basic and diluted	$	(684,760)	$	(779,528)

Weighted-average shares outstanding attributable to common stockholders, basic and diluted	2,301,870,644		1,831,725,009

Net loss per share attributable to common stockholders, basic and diluted	$	(0.30)	$	(0.43)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	March 31,
Excluded Securities	2024	2023
Private Placement Warrants to purchase common stock	44,350,000	44,350,000
Options outstanding to purchase common stock	31,299,940	36,450,296
RSUs outstanding	58,879,709	44,064,453
Employee stock purchase plan	15,503,221	10,251,959
If-converted common shares from convertible note	36,737,785	36,737,785
If-converted common shares from redeemable convertible preferred stock	278,148,643	—
Total	464,919,298	171,854,493

DEBT (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2024 and December 31, 2023 (in millions):


	March 31, 2024		December 31, 2023
Principal Amount	$	2,012.5	$	2,012.5
Unamortized Debt Discounts and Issuance Costs	(14.2)		(15.5)
Net Carrying Amount	$	1,998.3	$	1,997.0

Fair Value (Level 2)	$	1,041.5	$	1,061.6

The components of interest expense related to the 2026 Notes were as follows (in millions):


	Three Months Ended March 31,
	2024		2023
Contractual interest	$	6.3	$	6.3
Amortization of debt discounts and debt issuance costs	1.3		1.3
Interest expense	$	7.6	$	7.6

LEASES - Schedule of Operating and Finance Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024 (remainder of the year)	$ 43,077
2025	63,912
2026	60,491
2027	52,668
2028	48,891
Thereafter	120,875
Total minimum lease payments	389,914
Less: Interest	(120,575)
Total operating lease liabilities	269,339	$ 272,553
Less: Current portion	(30,258)	(28,431)
Long-term portion of lease obligations	239,081	244,122
Finance Leases
2024 (remainder of the year)	4,673
2025	6,619
2026	82,488
2027	117
2028	37
Thereafter	0
Total minimum lease payments	93,934
Less: Interest	(10,579)
Total finance lease liabilities	83,355	85,855
Less: Current portion	(7,548)	(8,202)
Long-term portion of lease obligations	$ 75,807	$ 77,653

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (680,859)	$ (779,528)
Accretion of redeemable convertible preferred stock	(3,901)	0
Net loss attributable to common stockholders, basic	(684,760)	(779,528)
Net loss attributable to common stockholders, diluted	$ (684,760)	$ (779,528)
Weighted-average shares outstanding attributable to common stockholders, basic (in shares)	2,301,870,644	1,831,725,009
Weighted-average shares outstanding attributable to common stockholders, diluted (in shares)	2,301,870,644	1,831,725,009
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.30)	$ (0.43)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.30)	$ (0.43)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

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	60.00%
Expected term (in years)	5 years
Risk-free interest rate	0.90%
Expected dividends	0.00%

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+ Details

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.00%)	(0.00%)

REDEEMABLE CONVERTIBLE PREFERRED STOCK - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 29, 2024 USD ($)	Mar. 24, 2024 USD ($) shares	Mar. 31, 2024 USD ($) day $ / shares	Dec. 31, 2023 USD ($)
Temporary Equity [Line Items]
Derivative liability (Note 8 and Note $16 )			$ 497,100	$ 0
Accretion of redeemable convertible preferred stock			3,901
Carrying amount			504,450	0
Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Carrying amount			$ 504,450	$ 0
Ayar \| Redeemable Convertible Preferred Stock \| 2024 Subscription Agreement
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
Initial value (in dollars per share) \| $ / shares			$ 10,000
Dividend rate, percentage			9.00%
Convertible preferred stock, liquidation preference amount			$ 1,001,600
Voting cap calculation denominator (in dollars per share) \| $ / shares			$ 2.77
Shares issued on initial date outstanding threshold		10.00%
Percentage of shares owned threshold		50.00%
Certain adjustments, conversion price (in dollars per share) \| $ / shares			5.50
Initial conversion price (in dollars per share) \| $ / shares			$ 3.5952
Threshold percentage of stock price trigger			200.00%
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
Issuance costs			$ 2,400
Derivative liability (Note 8 and Note $16 )			497,100
Accretion of redeemable convertible preferred stock			3,900
Carrying amount			$ 504,500

BALANCE SHEETS COMPONENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory [Line Items]
Inventory write-down	$ 137,800	$ 227,000
Depreciation and amortization	68,838	49,838
Construction in progress
Inventory [Line Items]
Interest capitalized	$ 3,000	$ 1,800

DESCRIPTION OF BUSINESS (Details) $ / shares in Units, ر.س in Millions					1 Months Ended			3 Months Ended		12 Months Ended
	Mar. 29, 2024 USD ($)	Mar. 24, 2024 USD ($) $ / shares shares	May 31, 2023 USD ($) shares	Apr. 29, 2022 USD ($) facility	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) facility	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) facility	Dec. 31, 2023 USD ($) $ / shares	Mar. 12, 2023 USD ($)	Nov. 08, 2022 USD ($)	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								$ 680,859,000	$ 779,528,000
Accumulated deficit								$ 10,879,611,000			$ 10,198,752,000
Convertible preferred stock, par value (in dollars per share) \| $ / shares								$ 0.0001			$ 0.0001
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
2024 Subscription Agreement \| Ayar \| Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Consideration to be received on agreement		$ 1,000,000,000
Net proceeds received	$ 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
SIDF
Debt Instrument [Line Items]
Debt instrument, face amount							1,400,000,000			$ 1,400,000,000						$ 1,400,000,000	ر.س 5,190
ABL Credit Facility \| Line of Credit \| Revolving Credit Facility
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 \| Line of Credit \| Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity														$ 100,000,000
GIB Facility Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 266,100,000		$ 266,600,000	$ 266,100,000		$ 266,600,000	$ 266,100,000		$ 266,600,000			ر.س 1,000
Number of facilities \| facility				2			2			2					2
GIB Facility Agreement \| Line of Credit \| Revolving Credit Facility \| Saudi Arabian Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate						1.40%
GIB Facility Agreement \| Line of Credit \| Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 173,000,000			$ 173,000,000			$ 173,000,000					ر.س 650
GIB Facility Agreement \| Line of Credit \| Bridge Loan \| Saudi Arabian Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate				1.25%
GIB Facility Agreement \| Line of Credit \| Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 93,100,000			$ 93,100,000			$ 93,100,000					ر.س 350
GIB Facility Agreement \| Line of Credit \| Working Capital Facility \| Saudi Arabian Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate				1.70%

RELATED PARTY TRANSACTIONS - MISA Agreements (Narrative) (Details) - MISA - Related Party ر.س in Millions, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2022	Mar. 31, 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		$ (24.3)	(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		(50.1)	(35.0)
Government Grant \| Other Noncurrent Liabilities
Related Party Transaction [Line Items]
Related party transaction, amount of transaction		$ 47.4	62.5		$ 64.0
Government Grant \| Other Noncurrent Assets
Related Party Transaction [Line Items]
Related party transaction, amount of transaction			$ 64.0

COMMON STOCK WARRANT LIABILITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

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 fair value of $53.7 million as of December 31, 2023. The Private Placement Warrants remained unexercised and were remeasured to fair value of $26.6 million as of March 31, 2024. The Company recognized a gain of $27.1 million and a loss of $40.8 million for the three months ended March 31, 2024 and 2023, 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 were as follows:


	March 31, 2024		December 31, 2023
Fair value of Private Placement Warrants per share	$	0.60	$	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:


	March 31, 2024		December 31, 2023
Volatility	90.0	%	85.0	%
Expected term (in years)	2.3		2.6
Risk-free rate	4.5	%	4.1	%
Dividend yield	—	%	—	%

STOCKHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuances

The Company’s common stock reserved for future issuances as of March 31, 2024 was as follows:


			March 31, 2024
Private Placement Warrants to purchase common stock			44,350,000
Stock options outstanding			31,299,940
Restricted stock units outstanding			64,518,413
Shares available for future grants under equity plans			11,563,534
If-converted common shares from convertible note			36,737,785
If-converted common shares from redeemable convertible preferred stock			278,357,254
Total shares of common stock reserved			466,826,926

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

DEBT - Schedule of Components of Interest Expense (Details) - 1.25% Convertible Senior Notes, Due December 2026 - Convertible Debt - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument, Redemption [Line Items]
Contractual interest	$ 6.3	$ 6.3
Amortization of debt discounts and debt issuance costs	1.3	1.3
Interest expense	$ 7.6	$ 7.6

EMPLOYEE BENEFIT PLAN	3 Months Ended
EMPLOYEE BENEFIT PLAN	Mar. 31, 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 and nil for the three months ended March 31, 2024 and 2023, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) obligation	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Revenue, Major Customer [Line Items]
Number of performance obligations \| obligation	2
Basic vehicle warranty term	4 years
Revenues	$ 172,740	$ 149,432
Electric Vehicle Purchase Agreement \| Customer Concentration Risk \| Accounts Receivable \| Government of Saudi Arabia
Revenue, Major Customer [Line Items]
Concentration risk (as a percent)	66.90%		68.50%
Vehicle Sales with RVG
Revenue, Major Customer [Line Items]
Revenues	$ 89,500	$ 18,700
Vehicle Sales with OTA and Remarketing
Revenue, Major Customer [Line Items]
Vehicle Sales primarily with OTA and Remarketing	33,400		$ 28,700
Vehicle Sales with OTA and Remarketing \| Other Current Liabilities
Revenue, Major Customer [Line Items]
Vehicle Sales primarily with OTA and Remarketing	9,000		7,700
Vehicle Sales with OTA and Remarketing \| Other Noncurrent Liabilities
Revenue, Major Customer [Line Items]
Vehicle Sales primarily with OTA and Remarketing	$ 24,400		$ 21,000

STOCKHOLDERS’ EQUITY - Schedule of Common Stock Reserved for Future Issuances (Details)	Mar. 31, 2024 shares
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	466,826,926
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)	31,299,940
Restricted stock units outstanding
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	64,518,413
Shares available for future grants under equity plans
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	11,563,534
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 redeemable convertible preferred stock
Class of Stock [Line Items]
Total shares of common stock reserved (in shares)	278,357,254

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

STOCK-BASED AWARDS (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 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	118,456	4.57
Options exercised	(1,415,298)	1.08
Options canceled	(314,353)	6.38
Balance as of March 31, 2024	31,299,940	$	2.00	5.19	$	50,669
Options vested and exercisable as of March 31, 2024	26,319,750	$	1.21	4.94	$	49,301

Schedule of Restricted Stock Units Activity

A summary of RSUs activity for the three months ended March 31, 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	9,880,263	1,550,107	11,430,370	2.93
Vested	(6,683,649)	(535,598)	(7,219,247)	12.39
Cancelled/Forfeited	(2,095,984)	(1,602,290)	(3,698,274)	8.03
Balance as of March 31, 2024	55,800,369	8,718,044	64,518,413	$	9.48

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


	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	912	$	574
Research and development	37,533		27,983
Selling, general and administrative	25,251		26,705
Restructuring charges	—		(1,443)
Total	$	63,696	$	53,819

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts receivable	$ (75,196)	$ 17,009
Purchases of property, plant and equipment	(198,197)	(241,770)
Related Party
Accounts receivable	(49,358)	0
Purchases of property, plant and equipment	$ (6,026)	$ (20,421)

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Contributions employees may elect to contribute (percent)	100.00%
Company matching contribution	$ 0	$ 0

COMMON STOCK WARRANT LIABILITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 23, 2021
Class of Warrant or Right [Line Items]
Recognized gain (loss) from change in fair value of private placement warrant liability	$ 27,054	$ (40,802)
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	26,600		$ 53,700	$ 812,000
Recognized gain (loss) from change in fair value of private placement warrant liability	$ 27,100	$ (40,800)

COMMON STOCK WARRANT LIABILITY - Schedule of Level 3 Fair Value Inputs (Details) - Level 3	Mar. 31, 2024	Dec. 31, 2023
Volatility
Class of Warrant or Right [Line Items]
Warrant measurement input	0.900	0.850
Expected term (in years)
Class of Warrant or Right [Line Items]
Expected term (in years)	2 years 3 months 18 days	2 years 7 months 6 days
Risk-free rate
Class of Warrant or Right [Line Items]
Warrant measurement input	0.045	0.041
Dividend yield
Class of Warrant or Right [Line Items]
Warrant measurement input	0	0

LEASES - Schedule of Other Information Related to Leases (Details)	Mar. 31, 2024	Dec. 31, 2023
Weighted-average remaining lease term (in years):
Operating leases	6 years 7 months 6 days	6 years 9 months 18 days
Finance leases	2 years 3 months 18 days	2 years 7 months 6 days
Weighted-average discount rate:
Operating leases	11.28%	11.01%
Finance leases	5.60%	5.59%

BALANCE SHEETS COMPONENTS - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Engineering, design, and testing accrual	$ 45,825	$ 42,176
Construction in progress	177,989	156,414
Accrued purchases	43,414	44,957
Retail leasehold improvements accrual	4,498	6,005
Third-party services accrual	38,911	41,478
Tooling liability	75,308	49,925
Short-term borrowings	72,524	72,533
Operating lease liabilities, current portion	30,258	28,431
Reserve for loss on firm inventory purchase commitments	118,927	143,566
Accrued warranty	13,470	22,677
Other current liabilities	205,917	190,828
Total other current liabilities	$ 827,041	$ 798,990

STOCK-BASED AWARDS - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 63,696	$ 53,819
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	912	574
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	37,533	27,983
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	25,251	26,705
Restructuring charges
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ (1,443)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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	Mar. 31, 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)	130.00%
Debt instrument, convertible, threshold trading days	20
Redemption Option One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price (percent)	130.00%
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)	98.00%
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	100.00%
Debt instrument, effective interest rate		1.50%

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	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	(779,528)						(779,528)
Other comprehensive income (loss)	4,035					4,035
Tax withholding payments for net settlement of employee awards	(6,499)			(6,499)
Issuance of common stock upon vesting of employee RSUs (in shares)			1,870,073
Issuance of common stock upon exercise of stock options (in shares)			2,200,365
Issuance of common stock upon exercise of stock options	2,181			2,181
Stock-based compensation	61,961			61,961
Ending balance (in shares) at Mar. 31, 2023			1,833,385,174
Ending balance at Mar. 31, 2023	$ 3,631,851		$ 183	11,809,781	(20,716)	(7,537)	(8,149,860)
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance at Dec. 31, 2023	$ 0	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of derivative liability and issuance costs (in shares)		100,000
Issuance of redeemable convertible preferred stock, net of derivative liability and issuance costs		$ 500,549
Accretion of redeemable convertible preferred stock		$ 3,901
Ending balance (in shares) at Mar. 31, 2024	100,000	100,000
Ending balance at Mar. 31, 2024	$ 504,450	$ 504,450
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	(680,859)						(680,859)
Other comprehensive income (loss)	(7,250)					(7,250)
Tax withholding payments for net settlement of employee awards	(3,242)			(3,242)
Issuance of common stock upon vesting of employee RSUs (in shares)			6,259,851
Issuance of common stock upon vesting of employee RSUs	$ 0		$ 1	(1)
Issuance of common stock upon exercise of stock options (in shares)	1,415,298		1,415,298
Issuance of common stock upon exercise of stock options	$ 1,525			1,525
Accretion of redeemable convertible preferred stock	(3,901)			(3,901)
Stock-based compensation	$ 74,225			74,225
Ending balance (in shares) at Mar. 31, 2024	2,306,928,813		2,306,928,813
Ending balance at Mar. 31, 2024	$ 4,232,190		$ 231	$ 15,134,686	$ (20,716)	$ (2,400)	$ (10,879,611)

BALANCE SHEETS COMPONENTS - Schedule of Construction in Progress (Details) $ in Thousands, ر.س in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 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	$ 1,334,675	1,185,413
Machinery and tooling
Property, Plant and Equipment [Line Items]
Total construction in progress	846,452	728,751
Construction of AMP-1 and AMP-2
Property, Plant and Equipment [Line Items]
Total construction in progress	466,077	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	(24,300)	(12,100)		$ (33,300)
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total construction in progress	$ 22,146	$ 25,784

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 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 Year 2047. The right-of-use asset related to this lease was $4.4 million and $4.5 million as of March 31, 2024 and December 31, 2023, respectively. The lease liability was $5.8 million and $5.7 million as of March 31, 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 months ended March 31, 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 Year 2029. The right-of-use asset related to this lease was $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively. The lease liability was $2.4 million and $2.3 million as of March 31, 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 months ended March 31, 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 March 31, 2024, the Company recorded $47.4 million as deferred liability within other long-term liabilities and $50.1 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). On March 12, 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 under these agreements were SAR 498.3 million (approximately $132.9 million) and SAR 444.6 million (approximately $118.6 million) as of March 31, 2024 and December 31, 2023, respectively. Amounts due to Al Bawani under these agreements were SAR 100.1 million (approximately $26.7 million) and SAR 74.0 million (approximately $19.7 million) as of March 31, 2024 and December 31, 2023, respectively, and were primarily recorded within other current liabilities in the condensed consolidated balance sheets. Subscription Agreements On May 31, 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. On March 24, 2024, the Company entered into the 2024 Subscription Agreement with Ayar, pursuant to which Ayar agreed to purchase from the Company 100,000 shares of its Redeemable Convertible Preferred Stock for an aggregate purchase price of $1.0 billion in a private placement. On March 29, 2024, the Company issued the shares to Ayar pursuant to the 2024 Subscription Agreement and received aggregate gross proceeds of $1.0 billion. See Note 8 “Redeemable Convertible Preferred Stock” for more information. Common stock acquired by Ayar under the 2023 Subscription Agreement, the Redeemable Convertible Preferred Stock acquired by Ayar under the 2024 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 of SAR 29.3 million (approximately $7.8 million) during a one-year program. During the year ended December 31, 2023, the Company received a payment of SAR 8.8 million (approximately $2.3 million) in cash. No payment was received during the three months ended March 31, 2024. The Company recorded $1.4 million and $1.8 million as deferred liability within other current liabilities in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. The deduction recorded to operating expenses in the condensed consolidated statement of operations and comprehensive loss was immaterial and nil, for the three months ended March 31, 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 vehicles that Lucid LLC fails to deliver within six months from the date of the applicable purchase order. The Purchaser also has 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 192.6 million (approximately $51.4 million) during the three months ended March 31, 2024. The Company recorded amounts due from the Purchaser of SAR 318.4 million (approximately $84.9 million) and SAR 133.2 million (approximately $35.5 million) in accounts receivable, net in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. See “Vehicle Sales without Residual Value Guarantee” section under Note 2 “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 million. These shares were initially measured at a fair value of $73.2 million. As of March 31, 2024 and December 31, 2023, the Company remeasured the shares and recorded the fair value of $60.8 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 $1.6 million during the year ended December 31, 2023 and recorded accounts receivable of $2.1 million in the condensed consolidated balance sheet as of March 31, 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 March 31, 2024 and December 31, 2023, the Company recorded $109.9 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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

DEBT - Schedule of Convertible Notes (Details) - 1.25% Convertible Senior Notes, Due December 2026 - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Principal Amount	$ 2,012.5	$ 2,012.5
Unamortized Debt Discounts and Issuance Costs	(14.2)	(15.5)
Net Carrying Amount	1,998.3	1,997.0
Level 2:
Debt Instrument, Redemption [Line Items]
Fair Value (Level 2)	$ 1,041.5	$ 1,061.6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 172,740	$ 149,432
Related Party
Revenues	$ 51,366	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

LEASES - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating lease expense:
Operating lease expense	$ 15,010	$ 12,815
Variable lease expense	447	445
Finance lease expense:
Amortization of leased assets	1,019	1,405
Interest on lease liabilities	1,169	1,244
Total finance lease expense	2,188	2,649
Total lease expense	$ 17,645	$ 15,909

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 172,740	$ 149,432
North America
Revenue, Major Customer [Line Items]
Revenues	114,756	148,762
Middle East
Revenue, Major Customer [Line Items]
Revenues	54,582	668
Other international
Revenue, Major Customer [Line Items]
Revenues	$ 3,402	$ 2

- Definition

+ References

+ Details

RESTRUCTURING

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING

On March 28, 2023, the Company announced a restructuring plan (the “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 Restructuring Plan in 2024.

During the three months ended March 31, 2024 and 2023, the Company recorded charges of nil and $22.5 million, respectively, related to severance payments, employee benefits, employee transition and stock-based compensation, net of a reversal of previously recognized stock-based compensation expense. These charges were recorded within restructuring charges in the condensed consolidated statements of operations and comprehensive loss.

A summary of restructuring liabilities associated with the Restructuring Plan was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Restructuring liabilities - beginning of period	$	54	$	—
Restructuring charges excluding non-cash items(1)	—		23,939
Cash payments	(54)		—
Restructuring liabilities - end of period	$	—	$	23,939

As of March 31, 2024, there were no restructuring liabilities associated with the Restructuring Plan included in accrued compensation in the condensed consolidated balance sheet. Restructuring liabilities associated with the Restructuring Plan were immaterial as of December 31, 2023.

REDEEMABLE CONVERTIBLE PREFERRED STOCK

3 Months Ended

Mar. 31, 2024

Temporary Equity Disclosure [Abstract]

REDEEMABLE CONVERTIBLE PREFERRED STOCK

On March 24, 2024, the Company entered into the 2024 Subscription Agreement with Ayar. Pursuant to the 2024 Subscription Agreement, Ayar agreed to purchase from the Company 100,000 shares of the Redeemable Convertible Preferred Stock for an aggregate purchase price of $1.0 billion in a private placement. On March 29, 2024, the Company issued the shares to Ayar pursuant to the 2024 Subscription Agreement and received aggregate gross proceeds of $1.0 billion. The shares of the Redeemable Convertible Preferred Stock were issued pursuant to the Certificate of Designations. Pursuant to the 2024 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 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 preferred stock (paid-in-kind) compounded cumulative dividends upon each share of the Redeemable Convertible Preferred Stock. 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.

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 March 31, 2024, the liquidation preference of the Redeemable Convertible Preferred Stock was $1,001.6 million.

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 $2.77.

As long as at least 10% of the aggregate number of shares of the Redeemable Convertible Preferred Stock issued on the 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 Redeemable Convertible Preferred Stock issued on the 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, 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 because it is the majority shareholder of the Company. The Company classified the Redeemable Convertible Preferred Stock as mezzanine equity and recorded 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 as discussed below. The Company accretes the Redeemable Convertible Preferred Stock to its redemption value, which is greater of (a) the Minimum Consideration and of (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. The Company recorded $3.9 million of accretion as a reduction to additional paid-in capital in the condensed consolidated balance sheet as of March 31, 2024. The carrying value of the Redeemable Convertible Preferred Stock was $504.5 million as of March 31, 2024.

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 contract which is accounted for within mezzanine equity as described above, and (ii) the bifurcated derivative liability related to the conversion features. The proceeds from issuance will first be allocated to the fair value of the bifurcated derivative with the residual being allocated to the host contract. The bifurcated derivative will be remeasured to fair value at each reporting period with changes in fair value recorded in the condensed consolidated statement of operations and comprehensive loss. As of March 31, 2024, the Company recorded an embedded derivative liability of $497.1 million with no change in fair value as the Redeemable Convertible Preferred Stock was issued on the last business day of the quarter.

The Company estimated the fair value of the derivative liability 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 liability were as follows:


	March 31, 2024
Volatility	40		%
Credit spread	28.5		%
Stock price	$	2.85
Term (in years)	5
Risk-free rate	4.2		%

RESTRUCTURING - Schedule of Restructuring Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring liabilities - beginning of period	$ 54	$ 0
Restructuring charges excluding non-cash items	0	23,939
Cash payments	(54)	0
Restructuring liabilities - end of period	0	23,939
Non-cash items, net		1,400
Accelerated stock-based compensation expense		3,400
Stock-based compensation expense reversal	$ (63,696)	(53,819)
Unvested Restricted Stock Award
Restructuring Reserve [Roll Forward]
Stock-based compensation expense reversal		$ 4,800

BALANCE SHEETS COMPONENTS - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 147,156	$ 210,283
Work in progress	57,902	53,227
Finished goods	360,595	432,726
Total Inventory	$ 565,653	$ 696,236

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Amortized cost
Within one year	$ 1,826,205
After one year through three years	628,450
Total	2,454,655
Estimated Fair Value
Within one year	1,824,900
After one year through three years	627,591
Total	$ 2,452,491

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 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 March 31, 2024 and the results of operations for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 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 liability, 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 consist of receivables from our customers and from financial institutions offering financing products to our customers for the sale of vehicles, sales of powertrain kits and services. The Company provides an allowance against accounts receivable for any potential uncollectible amounts. The Company recorded immaterial allowance for uncollectible amounts as of March 31, 2024 and December 31, 2023.
Concentration of Credit Risk	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.
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 and Other	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 March 31, 2024 and December 31, 2023. Vehicle Sales with Residual Value Guarantee The Company provides an RVG to its commercial banking partner in connection with its vehicle leasing program. Vehicle sales with RVG totaled $89.5 million and $18.7 million during the three months ended March 31, 2024 and 2023, 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 residual value guarantee liability. The RVG liabilities were not material as of March 31, 2024 and December 31, 2023. 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 will recognize 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 Liability	Derivative Liability 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 contract 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 asset or liability in the condensed consolidated balance sheet. The Company’s derivative liability is 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 months ended March 31, 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 Company is evaluating the impact of this rule on its annual reports. 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 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.

BALANCE SHEETS COMPONENTS - Schedule of Other Long-Term Liabilities (Details) $ in Thousands, ر.س in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 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	$ 239,081	$ 244,122
Other long-term liabilities	286,833	280,217
Total other long-term liabilities	525,914	524,339
Related Party
Property, Plant and Equipment [Line Items]
Total other long-term liabilities	163,424	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 \| Other Noncurrent Liabilities \| Government Grant \| Related Party
Property, Plant and Equipment [Line Items]
Related party transaction, amount of transaction	47,400	62,500		$ 64,000
Aston Martin Lagonda Global Holdings plc \| Strategic Technology Arrangement \| Related Party
Property, Plant and Equipment [Line Items]
Total other long-term liabilities	$ 107,800	$ 107,800

RELATED PARTY TRANSACTIONS - Leases (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jul. 31, 2023	Feb. 28, 2022
Related Party Transaction [Line Items]
Right-of-use assets	$ 217,699	$ 221,508
Operating lease, liability	269,339	272,553
KAEC Lease Agreement \| Related Party
Related Party Transaction [Line Items]
Lease initial term (in years)				25 years
Right-of-use assets	4,400	4,500
Operating lease, liability	5,800	5,700
KAFD Lease Agreement \| Related Party
Related Party Transaction [Line Items]
Lease initial term (in years)			6 years
Right-of-use assets	2,200	2,300
Operating lease, liability	$ 2,400	$ 2,300

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 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 for the three months ended March 31, 2024 and 2023 was 0.0% due to minimal profits in foreign jurisdictions and U.S. losses for which no benefit will be realized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

RELATED PARTY TRANSACTIONS - Subscription Agreement (Narrative) (Details) - Ayar - USD ($) $ / shares in Units, $ in Millions				1 Months Ended
	Mar. 29, 2024	Mar. 24, 2024	May 31, 2023	Jun. 30, 2023
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			$ 1,800.0
Gross proceeds received				$ 1,800.0
Issuance costs				$ 2.0
2024 Subscription Agreement \| Redeemable Convertible Preferred Stock
Related Party Transaction [Line Items]
Number of shares issued (in shares)		100,000
Consideration to be received on agreement		$ 1,000.0
Gross proceeds received	$ 1,000.0
Gross proceeds received	$ 1,000.0

RESTRUCTURING - Narrative (Details) - USD ($)	3 Months Ended
RESTRUCTURING - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0	$ 22,496,000

RELATED PARTY TRANSACTIONS - EV Purchase Agreement (Narrative) (Details) $ in Thousands, ر.س in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2023 vehicle	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SAR (ر.س)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 SAR (ر.س)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)
Related Party Transaction [Line Items]
Revenues		$ 172,740		$ 149,432
Accounts receivable, net		126,930				$ 51,822
Related Party
Related Party Transaction [Line Items]
Revenues		51,366		$ 0
Accounts receivable, net		84,884				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		51,400	ر.س 192.6
Accounts receivable, net		$ 84,900			ر.س 318.4	$ 35,500	ر.س 133.2

STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

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 months ended March 31, 2024 and 2023.

Common Stock Reserved for Issuance

The Company’s common stock reserved for future issuances as of March 31, 2024 was as follows:


			March 31, 2024
Private Placement Warrants to purchase common stock			44,350,000
Stock options outstanding			31,299,940
Restricted stock units outstanding			64,518,413
Shares available for future grants under equity plans			11,563,534
If-converted common shares from convertible note			36,737,785
If-converted common shares from redeemable convertible preferred stock			278,357,254
Total shares of common stock reserved			466,826,926

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)

3 Months Ended

Mar. 31, 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 were as follows:


	March 31, 2024		December 31, 2023
Fair value of Private Placement Warrants per share	$	0.60	$	1.21

The level 3 fair value inputs used in the Black-Scholes option pricing models were as follows:


	March 31, 2024		December 31, 2023
Volatility	90.0	%	85.0	%
Expected term (in years)	2.3		2.6
Risk-free rate	4.5	%	4.1	%
Dividend yield	—	%	—	%

The level 3 fair value inputs used in the valuation of the derivative liability were as follows:


	March 31, 2024
Volatility	40		%
Credit spread	28.5		%
Stock price	$	2.85
Term (in years)	5
Risk-free rate	4.2		%

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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 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.


	March 31, 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	$	1,388,590	$	—	$	—	$	1,388,590	$	1,388,590	$	—	$	—
Level 1:
Money market funds	638,232		—		—		638,232		638,232		—		—
U.S. Treasury securities	1,798,047		408		(2,627)		1,795,828		92,667		1,219,989		483,172
Subtotal	2,436,279		408		(2,627)		2,434,060		730,899		1,219,989		483,172
Level 2:
Certificates of deposit	67,899		50		(13)		67,936		—		67,936		—
Time deposits	100,000		—		—		100,000		50,000		50,000		—
Commercial paper	171,352		24		(17)		171,359		—		171,359		—
Corporate debt securities	460,025		451		(441)		460,035		—		315,616		144,419
Subtotal	799,276		525		(471)		799,330		50,000		604,911		144,419
Total	$	4,624,145	$	933	$	(3,098)	$	4,621,980	$	2,169,489	$	1,824,900	$	627,591


	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 months ended March 31, 2024 and 2023, there were immaterial 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 $11.7 million and $11.1 million as of March 31, 2024 and December 31, 2023, respectively, and was recorded in other current assets on its condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, no allowance for credit losses was recorded related to an impairment of available-for-sale securities.

The following table summarizes our available-for-sale securities by contractual maturity:


	March 31, 2024
	Amortized cost		Estimated Fair Value
Within one year	$	1,826,205	$	1,824,900
After one year through three years	628,450		627,591
Total	$	2,454,655	$	2,452,491

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 the fair value of $60.8 million and $81.5 million within investments in equity securities of a related party in the condensed consolidated balance sheets as of March 31, 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 months ended March 31, 2024, the Company recognized $19.9 million of unrealized loss in change in fair value of equity securities of a related party in the condensed consolidated statement of operations and comprehensive loss. During the three months ended March 31, 2024, the Company also recognized $0.8 million of unrealized foreign currency loss related to these equity securities in other income (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 liability, of which the fair values were measured upon issuance of the Private Placement Warrants and the Redeemable Convertible Preferred Stock, respectively, 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 measurement is nonrecurring and measured upon delivery of vehicles. 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 a reconciliation of the common stock warrant liability and derivative liability measured and recorded at fair value on a recurring basis (in thousands):


	Three Months Ended March 31,
	2024				2023
	Derivative Liability		Common Stock Warrant Liability		Common Stock Warrant Liability
Fair value-beginning of period	$	—	$	53,664	$	140,590
Issuance	497,100		—		—
Change in fair value	—		(27,054)		40,802
Fair value-end of period	$	497,100	$	26,610	$	181,392

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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		2,307,150,085
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Central Index Key	0001811210
Current Fiscal Year End Date	--12-31

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Nov. 06, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gain (loss)	$ 0	$ 0
Accrued interest	$ 11,700,000		$ 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
Allowance for credit losses, excluding accrued interest	$ 0		$ 0
Investments in equity securities of a related party	60,801,000		81,533,000
Unrealized loss in change in fair value of equity securities	19,933,000	$ 0
Strategic Technology Arrangement, Technology Access Fees \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities of a related party	60,800,000		81,500,000
Unrealized loss in change in fair value of equity securities	19,900,000
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 loss	800,000
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				28,352,273
Fair value amount	$ 60,800,000		$ 81,500,000	$ 73,200,000

COMMITMENTS AND CONTINGENCIES - Schedule of Estimated Future Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Long-Term Purchase Commitment [Line Items]
2024 (remainder of the year)	$ 341,376
2025	469,334
2026	706,837
2027	703,205
2028	692,764
Thereafter	2,016,409
Total	4,929,925
Battery Cells \| Panasonic Energy Co., Ltd. and Certain of Its Affiliates
Long-Term Purchase Commitment [Line Items]
Total	$ 4,900,000

DEBT - GIB Facility Agreement (Narrative) (Details) $ in Thousands, ر.س in Millions			1 Months Ended
	Mar. 12, 2023 USD ($)	Apr. 29, 2022 USD ($) facility	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SAR (ر.س)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)	Mar. 12, 2023 SAR (ر.س)	Dec. 31, 2022 USD ($) facility	Apr. 29, 2022 SAR (ر.س) facility
Debt Instrument [Line Items]
Short-term borrowings \| $				$ 72,524		$ 72,533
Revolving Credit Facility \| GIB Facility Agreement \| Line of Credit
Debt Instrument [Line Items]
Short-term borrowings				$ 72,500	ر.س 272	$ 72,500	ر.س 272
Debt, weighted average interest rate (as a percent)				7.60%	7.60%	7.49%	7.49%
Revolving Credit Facility \| GIB Facility Agreement \| Line of Credit
Debt Instrument [Line Items]
Number of facilities \| facility		2							2	2
Maximum borrowing capacity	$ 266,600	$ 266,100	$ 266,600						$ 266,100	ر.س 1,000
Remaining borrowing capacity				$ 193,600	ر.س 726	$ 193,900	ر.س 727
Revolving Credit Facility \| GIB Facility Agreement \| Line of Credit \| Saudi Arabian Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate			1.40%
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	$ 266,600							ر.س 1,000
Revolving Credit Facility \| Amended GIB Facility Agreement \| Line of Credit \| Saudi Arabian Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate	1.40%
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
Commitment fee percentage		0.15%
Bridge Loan \| GIB Facility Agreement \| Line of Credit \| Saudi Arabian Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate		1.25%
Working Capital Facility \| GIB Facility Agreement \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 93,100							$ 93,100	ر.س 350
Commitment fee percentage		0.15%
Working Capital Facility \| GIB Facility Agreement \| Line of Credit \| Saudi Arabian Interbank Offered Rate
Debt Instrument [Line Items]
Interest rate		1.70%
Working Capital Facility \| GIB Facility Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt instrument, term		12 months

RELATED PARTY TRANSACTIONS - Construction Service Contract (Narrative) (Details) $ in Thousands, ر.س in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SAR (ر.س)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SAR (ر.س)	Mar. 31, 2024 SAR (ر.س)	Dec. 31, 2023 SAR (ر.س)
Related Party Transaction [Line Items]
Accounts payable	$ 101,489		$ 108,724
Al Bawani Company Limited \| Construction Service Contract \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amount of transaction	132,900	ر.س 498.3	118,600	ر.س 444.6
Accounts payable	$ 26,700		$ 19,700		ر.س 100.1	ر.س 74.0

STOCK-BASED AWARDS - Employee Stock Purchase Plan (“ESPP”) (Narrative) (Details) - Employee Stock $ in Millions	3 Months Ended
	Mar. 31, 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	85.00%
Unrecognized share-based compensation expense \| $	$ 29.9
Unamortized share-based compensation, recognition period	1 year 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCKHOLDERS’ EQUITY - Narrative (Details) - $ / shares	3 Months Ended		12 Months Ended
STOCKHOLDERS’ EQUITY - Narrative (Details) - $ / shares	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021
Class of Stock [Line Items]
Shares repurchased (in shares)	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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details