Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory

Our inventory consisted of the following (in millions):

	December 31, 2023		December 31, 2022
Raw materials	$	5,390	$	6,137
Work in process	2,016		2,385
Finished goods (1)	5,049		3,475
Service parts	1,171		842
Total	$	13,626	$	12,839

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

We write-down inventory for any excess or obsolete inventories or when we believe that the net realizable value of inventories is less than the carrying value. During the years ended December 31, 2023, 2022 and 2021 we recorded write-downs of $233 million, $144 million and $106 million, respectively, in Cost of revenues in the consolidated statements of operations.