v3.24.3
Equity in Net Assets of Nonconsolidated Affiliates
 9 Months Ended
Sep. 30, 2024
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 (loss) or Automotive and other cost of sales.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Automotive China joint ventures equity income (loss)$(137)$192 $(347)$353 
Ultium Cells Holdings LLC equity income (loss)(a)309 101 788 191 
Other joint ventures equity income (loss)15 35 36 4 
Total Equity income (loss)$187 $328 $477 $548 
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(a)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution (LGES), 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.

There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) or Ultium Cells Holdings LLC since December 31, 2023.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales$4,480 $7,858 $13,268 $21,817 
Automotive China JVs' net income (loss)$(282)$485 $(724)$904 

Dividends declared but not paid from our nonconsolidated affiliates were $664 million and an insignificant amount at September 30, 2024 and December 31, 2023. Dividends received from our nonconsolidated affiliates were insignificant and $190 million in the three and nine months ended September 30, 2024 and $101 million and $514 million in the three and nine months ended September 30, 2023. Undistributed earnings from our nonconsolidated affiliates were $2.0 billion and $1.7 billion at September 30, 2024 and December 31, 2023.