v3.26.1
Inventory
3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventory Inventory
Our inventory consisted of the following (in millions):
 March 31,
2026
December 31,
2025
Raw materials$4,310 $4,522 
Work in process1,922 1,725 
Finished goods (1)6,842 4,849 
Service parts1,360 1,296 
Total$14,434 $12,392 
(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, 2026 and 2025, we recorded write-downs of $77 million and $79 million, respectively, in Cost of revenues in the consolidated statements of operations.