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Equity In Net Assets Of Nonconsolidated Affiliates | 12 Months Ended
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Dec. 31, 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.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Automotive China JVs equity income (loss) | $ | (4,407) |  |  | $ | 446 |  |  | $ | 677 |
Ultium Cells Holdings LLC equity income (loss)(a) | 975 |  |  | 293 |  |  | 8 |
Other joint ventures equity income (loss) | (268) |  |  | 34 |  |  | 151 |
Total Equity income (loss) | $ | (3,701) |  |  | $ | 773 |  |  | $ | 837 |
__________ (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. Investments in Nonconsolidated Affiliates
| December 31, 2024 |  | December 31, 2023
Automotive China JVs carrying amount | $ | 1,474 |  |  | $ | 6,373 |
Ultium Cells Holdings LLC carrying amount | 3,749 |  |  | 2,268 |
Other investments carrying amount | 1,879 |  |  | 1,972 |
Total equity in net assets of nonconsolidated affiliates | $ | 7,102 |  |  | $ | 10,613 |
The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $1.9 billion and $4.2 billion at December 31, 2024 and 2023 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, 2024 |  | December 31, 2023
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. Impairment Charges Our Automotive China JVs generated an equity loss of $4.4 billion in the year ended December 31, 2024, which includes $2.0 billion of impairments and restructuring-related charges recorded by certain of the China JVs and a $2.1 billion other-than-temporary impairment charge to write down certain of our automotive investments to their fair values. In response to intense competition in a market with significant excess capacity and an increasingly challenging regulatory environment related to emissions, fuel consumption and NEVs, we and our JV partners are restructuring our operations in China. The charges recorded by the China JVs were primarily related to asset impairments associated with plant closures and portfolio optimization actions and the recognition of a valuation allowance on deferred tax assets. As a result of the market challenges and competitive conditions, GM Financial also recorded a $0.3 billion other-than-temporary impairment charge to write down its SAIC-GMAC investment to its fair value. Fair Value Measurements In performing our impairment testing, we utilize a third-party valuation specialist to assist in determining the fair values of our investments based on valuation techniques using the best available information. The fair values of the investments in the China JVs are estimated based on their discounted cash flows (income approach). We make significant assumptions and estimates about the extent and timing of future cash flows, growth rates, market share and discount rates that represent unobservable, Level 3, inputs into our valuation methodologies. Where available and as appropriate, comparative market multiples are used to corroborate the results of the discounted cash flow method. The investment balance for SGM, SGM Norsom, SGM DY and SGM DYPT that was tested for impairment was $2.4 billion and the estimated key assumptions utilized in our impairment testing were: 16.5% discount rate; 0.5% long-term growth rate; passenger vehicle industry volumes of 23.3-24.0 million and a market share of 2.0-2.2% in 2024 through 2028. The investment balance for SAIC-GMAC that was tested for impairment was $1.5 billion and the estimated key assumptions utilized in our impairment testing were: 13.0% discount rate; 3.5% long-term growth rate; and alignment with the Automotive China JVs on vehicle volumes and market share. The discount rate considered various factors including bond yields, cost of equity, risk premiums and tax rates; the terminal values were determined using a growth model that applied an investee's long-term growth rate to its projected cash flows beyond the forecast period; and industry volumes and market share included annual estimates through the forecast period. In addition, minimum operating cash needs that incorporate specific business, economic and regulatory factors giving rise to varying cash needs were estimated. Our fair value estimates assume the achievement of the future financial results contemplated in our forecasted cash flows which is subject to significant uncertainties. There is no assurance that anticipated financial results will be achieved. Summarized Financial Data of Nonconsolidated Affiliates
| December 31, 2024 |  | December 31, 2023
| Automotive China JVs |  | Others |  | Total |  | Automotive China JVs |  | Others |  | Total
Summarized Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 11,203 |  |  | $ | 10,862 |  |  | $ | 22,065 |  |  | $ | 15,963 |  |  | $ | 17,435 |  |  | $ | 33,398 |
Non-current assets | 6,518 |  |  | 11,434 |  |  | 17,952 |  |  | 11,585 |  |  | 11,535 |  |  | 23,120 |
Total assets | $ | 17,721 |  |  | $ | 22,296 |  |  | $ | 40,017 |  |  | $ | 27,548 |  |  | $ | 28,970 |  |  | $ | 56,518 |
Current liabilities | $ | 17,076 |  |  | $ | 7,722 |  |  | $ | 24,798 |  |  | $ | 22,104 |  |  | $ | 15,308 |  |  | $ | 37,412 |
Non-current liabilities | 887 |  |  | 2,562 |  |  | 3,449 |  |  | 1,070 |  |  | 4,174 |  |  | 5,244 |
Total liabilities | $ | 17,963 |  |  | $ | 10,284 |  |  | $ | 28,247 |  |  | $ | 23,174 |  |  | $ | 19,482 |  |  | $ | 42,656 |
Noncontrolling interests | $ | 279 |  |  | $ | — |  |  | $ | 279 |  |  | $ | 868 |  |  | $ | — |  |  | $ | 868 |
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Summarized Operating Data |  |  |  |  |
Automotive China JVs' net sales | $ | 21,740 |  |  | $ | 31,435 |  |  | $ | 35,857 |
Others' net sales | 5,545 |  |  | 4,311 |  |  | 2,029 |
Total net sales | $ | 27,285 |  |  | $ | 35,746 |  |  | $ | 37,886 |
Automotive China JVs' net income (loss) | $ | (4,466) |  |  | $ | 1,122 |  |  | $ | 1,407 |
Others' net income | 1,315 |  |  | 771 |  |  | 426 |
Total net income (loss) | $ | (3,151) |  |  | $ | 1,893 |  |  | $ | 1,833 |
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,
| 2024 |  | 2023 |  | 2022
Automotive sales and revenue | $ | 90 |  |  | $ | 209 |  |  | $ | 218 |
Automotive purchases, net | $ | 4,875 |  |  | $ | 2,766 |  |  | $ | 2,637 |
Dividends received | $ | 418 |  |  | $ | 1,018 |  |  | $ | 1,030 |
Operating cash flows | $ | (4,422) |  |  | $ | (941) |  |  | $ | (1,133) |
| December 31, 2024 |  | December 31, 2023
Accounts and notes receivable, net | $ | 1,056 |  |  | $ | 589 |
Accounts payable | $ | 892 |  |  | $ | 806 |
Undistributed earnings | $ | 6 |  |  | $ | 1,719 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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