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Equity In Net Assets Of Nonconsolidated Affiliates
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity in Net Assets of Nonconsolidated Affiliates Equity in Net Assets of Nonconsolidated Affiliates
Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income.
Years Ended December 31,
202320222021
Automotive China joint ventures equity income (loss)$446 $677 $1,098 
Other joint ventures equity income (loss)(a)327 159 203 
Total Equity income (loss)$773 $837 $1,301 
__________
(a)    Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Equity earnings related to Ultium Cells Holdings LLC were $293 million in the year ended December 31, 2023.

Investments in Nonconsolidated Affiliates
December 31, 2023December 31, 2022
Automotive China joint ventures carrying amount$6,373 $6,714 
Ultium Cells Holdings LLC carrying amount2,268 1,463 
Other investments carrying amount1,972 1,998 
Total equity in net assets of nonconsolidated affiliates$10,613 $10,176 

The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.2 billion and $4.3 billion at December 31, 2023 and 2022 primarily due to goodwill from the application of fresh-start reporting and the purchase of additional interests in nonconsolidated affiliates.
The following table summarizes our direct ownership interests in our China JVs:
December 31, 2023December 31, 2022
Automotive China JVs
SAIC General Motors Corp., Ltd. (SGM)50 %50 %
Pan Asia Technical Automotive Center Co., Ltd.50 %50 %
SAIC General Motors Sales Co., Ltd. (SGMS)49 %49 %
SAIC GM Wuling Automobile Co., Ltd. (SGMW)44 %44 %
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar)40 %40 %
SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom)25 %25 %
SAIC GM Dong Yue Motors Co., Ltd. (SGM DY)25 %25 %
SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT)25 %25 %
Other joint ventures
SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC)35 %35 %
SAIC-GMF Leasing Co., Ltd. 35 %35 %

SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%), SAIC-GMAC (20%) and SAIC-GMF Leasing Co., Ltd. (20%). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC, owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co., Ltd.

Summarized Financial Data of Nonconsolidated Affiliates
December 31, 2023December 31, 2022
Automotive China JVsOthersTotalAutomotive China JVsOthersTotal
Summarized Balance Sheet Data
Current assets$15,963 $17,435 $33,398 $17,735 $17,405 $35,140 
Non-current assets11,585 11,535 23,120 12,428 10,826 23,254 
Total assets$27,548 $28,970 $56,518 $30,163 $28,231 $58,394 
Current liabilities$22,104 $15,308 $37,412 $23,267 $17,498 $40,765 
Non-current liabilities1,070 4,174 5,244 1,167 3,184 4,351 
Total liabilities$23,174 $19,482 $42,656 $24,434 $20,682 $45,116 
Noncontrolling interests$868 $— $868 $904 $— $904 

Years Ended December 31,
202320222021
Summarized Operating Data
Automotive China JVs' net sales$31,435 $35,857 $42,776 
Others' net sales4,311 2,029 2,017 
Total net sales$35,746 $37,886 $44,793 
Automotive China JVs' net income$1,122 $1,407 $2,109 
Others' net income771 426 587 
Total net income$1,893 $1,833 $2,696 
Transactions with Nonconsolidated Affiliates Our nonconsolidated affiliates are involved in various aspects of the development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with and balances related to our nonconsolidated affiliates:
Years Ended December 31,
202320222021
Automotive sales and revenue$209 $218 $227 
Automotive purchases, net$2,766 $2,637 $1,551 
Dividends received$1,018 $1,030 $783 
Operating cash flows$(941)$(1,133)$(616)

December 31, 2023December 31, 2022
Accounts and notes receivable, net$589 $1,089 
Accounts payable$806 $942 
Undistributed earnings$1,719 $1,918