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Equity in Net Assets of Nonconsolidated Affiliates
 9 Months Ended
Sep. 30, 2025
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, 2025September 30, 2024September 30, 2025September 30, 2024
Automotive China joint ventures equity income (loss)$80 $(137)$197 $(347)
Ultium Cells Holdings LLC equity income (loss)(a)213 309 465 788 
Other joint ventures equity income (loss)(3)15 23 36 
Total Equity income (loss)$290 $187 $684 $477 
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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, 2024.
Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales$6,121 $4,480 $17,270 $13,268 
Automotive China JVs' net income (loss)$144 $(282)$341 $(724)

Dividends declared but not paid from our nonconsolidated affiliates were $1.6 billion and $395 million at September 30, 2025 and December 31, 2024. Dividends received from our nonconsolidated affiliates were $103 million and $1.1 billion in the three and nine months ended September 30, 2025 and insignificant and $190 million in the three and nine months ended September 30, 2024. We had net undistributed losses from our nonconsolidated affiliates of $256 million, including $2.7 billion of undistributed losses offset by $2.5 billion of undistributed earnings at September 30, 2025 and insignificant undistributed earnings at December 31, 2024.

In May 2025, we loaned $1.8 billion to Ultium Cells LLC to facilitate full voluntary prepayment of loans Ultium Cells LLC received under the U.S. Department of Energy's (DOE) Advanced Technology Vehicles Manufacturing program. Our loan to Ultium Cells LLC accrues interest at a rate of 5.7% per year, matures in April 2030 and is prepayable without penalties. This loan is presented in Other investing activities in the condensed consolidated statements of cash flows.

In the nine months ended September 30, 2025, in connection with Ultium Cells Holdings LLC’s strategic realignment of manufacturing and cell capacity to meet EV demand, we recorded charges of $260 million. Refer to Note 16 for additional information pertaining to our ongoing strategic reassessment of our EV capacity and manufacturing footprint, including our investments in our battery component manufacturing.