RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS 2026 Notes The 2026 Notes were issued to certain new and existing principal stockholders, including T. Rowe Price Associates, Inc. (“T. Rowe Price”), with an aggregate $285 million principal amount (refer to Note 10 "Debt" for more information about the 2026 Notes). Until May 2024, T. Rowe Price was a principal stockholder and related party of the Company as a beneficial owner of more than 10 percent of the Company’s voting interests. T. Rowe Price is no longer a related party. Revenues and Stock Warrants The Company recorded $343 million, $823 million, and $1,040 million in revenues from Amazon.com, Inc. and its affiliates (“Amazon”) for the years ended December 31, 2022, 2023, and 2024 in the Consolidated Statements of Operations, primarily within the automotive segment and related to the sale of EDVs. As of December 31, 2023 and 2024, the uncollected amounts related to these revenues in “Accounts receivable, net” on the Consolidated Balance Sheets were $6 million and $68 million, respectively. As of December 31, 2023 and 2024, contract liabilities related to these revenues, primarily related to extended service contracts, were $72 million and $135 million, respectively. Refer to Note 4 "Revenues" for more information. The Company has provided a share-based sales incentive to Amazon in the form of warrants to purchase shares of Class A common stock. The carrying value of the warrants was not material as of December 31, 2023 and 2024 and is amortized as an offset against revenues as EDVs are sold. The offset against revenues for the years ended December 31, 2022, 2023, and 2024 was not material. Operating Expenses The Company obtained prototyping, engineering, and other R&D services from a wholly-owned subsidiary of Ford Motor Company (“Ford”). Until May 2022, Ford was a principal stockholder and related party of the Company as a beneficial owner of more than 10 percent of the Company’s voting interests. The expense for services from Ford that the Company recognized in “Research and development” in the Consolidated Statement of Operations was not material through this time. Ford is no longer a related party. The Company obtains data services, including hosting, storage, and compute from Amazon. During the years ended December 31, 2022, 2023 and 2024, expenses related to these services of $60 million, $63 million, and $94 million, respectively, were recorded in “Research and development” and “Selling, general, and administrative” in the Consolidated Statements of Operations. As of December 31, 2023 and 2024, the unpaid amounts related to these services were not material. Unconditional Purchase Obligations and Commitments Refer to Note 16 "Commitments and Contingencies" for more information about unconditional purchase obligations with Amazon.
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