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Equity In Net Assets Of Nonconsolidated Affiliates
 12 Months Ended
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,
202420232022
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, 2024December 31, 2023
Automotive China JVs carrying amount$1,474 $6,373 
Ultium Cells Holdings LLC carrying amount3,749 2,268 
Other investments carrying amount1,879 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, 2024December 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, 2024December 31, 2023
Automotive China JVsOthersTotalAutomotive China JVsOthersTotal
Summarized Balance Sheet Data
Current assets$11,203 $10,862 $22,065 $15,963 $17,435 $33,398 
Non-current assets6,518 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 liabilities887 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,
202420232022
Summarized Operating Data
Automotive China JVs' net sales$21,740 $31,435 $35,857 
Others' net sales5,545 4,311 2,029 
Total net sales$27,285 $35,746 $37,886 
Automotive China JVs' net income (loss)$(4,466)$1,122 $1,407 
Others' net income1,315 771 426 
Total net income (loss)$(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,
202420232022
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, 2024December 31, 2023
Accounts and notes receivable, net$1,056 $589 
Accounts payable$892 $806 
Undistributed earnings$6 $1,719