Inventory

9 Months Ended

Sep. 30, 2024

Our inventory consisted of the following (in millions):


	September 30, 2024		December 31, 2023
Raw materials	$	5,555	$	5,390
Work in process	1,791		2,016
Finished goods (1)	5,950		5,049
Service parts	1,234		1,171
Total	$	14,530	$	13,626

(1)Finished goods inventory includes products-in-transit to fulfill customer orders, new vehicles, used vehicles and energy products available for sale.

We write-down inventory for any excess or obsolete inventory or when we believe that the net realizable value of inventory is less than the carrying value. During the three and nine months ended September 30, 2024, we recorded write-downs of $46 million and $114 million, respectively, in Cost of revenues in the consolidated statements of operations. During the three and nine months ended September 30, 2023, we recorded write-downs of $43 million and $148 million, respectively, in Cost of revenues in the consolidated statements of operations.