v3.25.4
REVENUES (Tables)
12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates revenue by major source (in millions):

Years Ended December 31,
202320242025
New electric vehicles$4,059 $4,161 $3,639 
Regulatory credits73 333 197 
Software and services302 476 1,551 
Total revenues$4,434 $4,970 $5,387 
Schedule of Contract Liabilities The following table summarizes the Company’s deferred revenues recorded by line item on the Consolidated Balance Sheets (in millions):
December 31, 2024December 31, 2025
Current portion of deferred revenues, lease liabilities, and other liabilities$552 $1,277 
Other non-current liabilities1,288 1,066 
Total deferred revenues$1,840 $2,343