Related Party Transactions
|9 Months Ended|
Sep. 30, 2023
|Related Party Transactions [Abstract]|
|Related Party Transactions||Related Party Transactions
The Company’s Chief Executive Officer and founder has ownership interests in certain vendors providing services to the Company. The services purchased from these vendors include rent of office space and certain utilities and maintenance services related to the property on which the rented premises are located. Expenses and related payments to these vendors totaled $0.1 million and $0.5 million during the three and nine months ended September 30, 2023, respectively and $0.2 million and $0.6 million during the three and nine months ended September 30, 2022, respectively.
In addition, the Company entered into certain transactions with SummerBio in the year ended December 31, 2022. These transactions included purchases of COVID-19 testing services for the Company’s employees and certain assets for a total amount of nil during the three and nine months ended September 30, 2023 and $0.2 million and $1.3 million during the three and nine months ended September 30, 2022, respectively.
Toyota Motor Corporation (“Toyota”) is a beneficial owner of more than 10% of the voting interests of the Company and has the right to designate a director for election to the Company’s Board of Directors. Toyota is developing prototypes and supplying parts and materials for some of the Company’s manufactured subassembly components. The Company made payments to Toyota for these parts and materials totaling $0.3 million and $1.1 million during the three and nine months ended September 30, 2023, respectively and nil during each of the three and nine months ended September 30, 2022. Additionally, the Company identified an embedded finance lease within the Company’s purchase and sale agreement with Toyota for subassembly components in the amount of $3.6 million and nil as of September 30, 2023 and December 31, 2022, respectively.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef