v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Income Taxes
The components of ”Loss before income taxes” in the Consolidated Statements of Operations are as follows (in millions):

Years Ended December 31,
202320242025
United States$(5,406)$(4,717)$(3,601)
Foreign(25)(24)(19)
Total loss before income taxes$(5,431)$(4,741)$(3,620)
Schedule of Reconciliation of Provision for Income Taxes to its Components at United States Statutory Rate
A reconciliation of the provision for income taxes to its components at the United States statutory rate is shown below (in millions). Foreign items do not exceed 5% of computed statutory tax and therefore are not disaggregated. Changes in unrecognized tax positions are reported on a gross basis.

Years Ended December 31,
202320242025
Amount
(in millions)		PercentageAmount
(in millions)		PercentageAmount
(in millions)		Percentage
Federal income tax at statutory rate$(1,141)21 %$(996)21 %$(760)21 %
Domestic Federal
Effects of cross-border tax laws5 — %2 — %— — %
Tax credits
Research and development credits(150)3 %(135)3 %(5)— %
Other(11)— %(10)— %(8)— %
Nontaxable or nondeductible items— 
Nondeductible stock-based compensation and 162(m) limitation49 (1)%57 (1)%11 — %
Other2 — %22 — %4 — %
Other adjustments(1)— %35 (1)%20 (1)%
Change in valuation allowance1,226 (23)%1,007 (21)%733 (20)%
State and local income taxes, net of federal income tax effect ¹(7)— %(6)— %— — %
Foreign tax effects7 — %10 — %10 — %
Changes in unrecognized tax benefits22 — %19 — %1 — %
Provision for income taxes$1 — %$5 — %$6 — %
1 State taxes in California make up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Income Taxes Paid, Net of Cash Received
The amount of income taxes paid, net of cash received, is shown by jurisdiction below (in millions):

Years Ended December 31,
202320242025
United States federal$— $— $— 
Domestic state and local— — — 
Foreign
Canada3 — 7 
Serbia— — 1 
Other— — — 
Total$3 $— $8 
Schedule of Components of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows (in millions):

December 31, 2024December 31, 2025
Deferred tax assets:
Net operating loss and tax credit carryforwards$4,621 $5,783 
Inventory110 133 
Deferred revenues442 430 
Operating lease liabilities120 171 
Stock-based compensation49 44 
Accrued liabilities142 152 
Research and development capitalization925 673 
Other77 130 
Total deferred tax assets6,486 7,516 
Less: valuation allowances(6,228)(7,134)
Total net deferred tax assets258 382 
Deferred tax liabilities:
Property, plant, and equipment(75)(170)
Operating lease assets(103)(146)
Volkswagen Group loan commitment asset(51)(52)
Other(29)(13)
Total deferred tax liabilities(258)(381)
Net deferred tax assets$— $1 
Schedule of Activity Related to Unrecognized Tax Benefits
The Company had the following activity related to unrecognized tax benefits (in millions):

Years Ended December 31,
20242025
Beginning balance$61 $80 
Additions for current year tax positions17 1 
Additions for tax positions of prior years2 — 
Ending balance$80 $81