Inventory

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Inventory

Inventory

Our inventory consisted of the following (in millions):

	June 30, 2025		December 31, 2024
Raw materials	$	5,088	$	5,242
Work in process	1,603		1,532
Finished goods (1)	6,388		3,940
Service parts	1,491		1,303
Total	$	14,570	$	12,017

(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 six months ended June 30, 2025, we recorded write-downs of $131 million and $210 million, respectively, in Cost of revenues in the consolidated statements of operations. During the three and six months ended June 30, 2024, we recorded write-downs of $29 million and $68 million, respectively, in Cost of revenues in the consolidated statements of operations.