Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory

Our inventory consisted of the following (in millions):

	December 31, 2024		December 31, 2023
Raw materials	$	5,242	$	5,390
Work in process	1,532		2,016
Finished goods (1)	3,940		5,049
Service parts	1,303		1,171
Total	$	12,017	$	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 years ended December 31, 2024, 2023 and 2022, we recorded write-downs of $190 million, $233 million and $144 million, respectively, in Cost of revenues in the consolidated statements of operations.