v3.25.1
Inventory
3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
Our inventory consisted of the following (in millions):
 March 31,
2025
December 31,
2024
Raw materials$5,100 $5,242 
Work in process2,024 1,532 
Finished goods (1)5,247 3,940 
Service parts1,335 1,303 
Total$13,706 $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 months ended March 31, 2025 and 2024, we recorded write-downs of $79 million and $39 million, respectively, in Cost of revenues in the consolidated statements of operations.