Analysis of Inventory
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Inventory Disclosure
Tesla Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Service parts | |||||||||||
| Inventory |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Inventory levels exhibited significant fluctuation over the five-year period. Overall inventory value increased substantially between 2021 and 2023, followed by a slight decline in 2024 and a modest increase in 2025. A detailed examination of the inventory components reveals varying trends within each category.
- Raw Materials
- Raw materials inventory increased considerably from 2021 to 2022, more than doubling in value. This was followed by a decrease in 2023 and continued to decline through 2025, although the rate of decline slowed. The value in 2025 is approximately 38% lower than the peak in 2022.
- Work in Process
- Work in process inventory demonstrated a similar pattern to raw materials, increasing significantly from 2021 to 2022, then decreasing in both 2023 and 2024. A slight increase was observed in 2025, but the level remained below the 2022 peak. The 2025 value is approximately 39% higher than the 2021 value.
- Finished Goods
- Finished goods inventory experienced the most substantial growth, nearly quadrupling from 2021 to 2023. A decrease was noted in 2024, but the value remained elevated compared to earlier years. The 2025 value is approximately 79% higher than the 2021 value.
- Service Parts
- Service parts inventory consistently increased from 2021 to 2024, demonstrating a steady upward trend. The rate of increase slowed in 2025, with the value remaining relatively stable compared to 2024. The 2025 value is approximately 124% higher than the 2021 value.
The substantial increases in inventory between 2021 and 2023, particularly in finished goods, may warrant further investigation to determine the underlying causes. Potential factors could include increased production volume, supply chain disruptions, or changes in inventory management strategies. The subsequent declines in raw materials and work in process in 2024 and 2025 could indicate improved supply chain efficiency or a reduction in production levels. The continued growth in service parts suggests a potential focus on aftermarket support and maintenance.
The overall inventory value remained significantly higher in 2025 than in 2021, indicating a sustained increase in the company’s investment in inventory. Monitoring these trends closely will be crucial for assessing the company’s operational efficiency and financial health.