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 Ended
	March 31, 2026		March 31, 2025
Automotive China joint ventures equity income (loss)	$	165	$	45

Other joint ventures equity income (loss)(a)	101		258
Total Equity income (loss)	$	266	$	303

(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 has historically been integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2026 and 2025, equity earnings in Ultium Cells Holdings LLC were insignificant and $241 million.

There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) or Ultium Cells Holdings LLC since December 31, 2025.


	Three Months Ended
	March 31, 2026		March 31, 2025
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales	$	5,692	$	5,065
Automotive China JVs' net income (loss)	$	339	$	70

Dividends declared but not paid from our nonconsolidated affiliates were $931 million and $926 million at March 31, 2026 and December 31, 2025. Dividends received from our nonconsolidated affiliates were insignificant and $788 million in the three months ended March 31, 2026 and 2025. We had net undistributed losses from our nonconsolidated affiliates of $1.2 billion and $1.5 billion at March 31, 2026 and December 31, 2025, including $3.2 billion of undistributed losses at March 31, 2026 and December 31, 2025 offset by $2.0 billion and $1.8 billion of undistributed earnings at March 31, 2026 and December 31, 2025.

In the three months ended March 31, 2026 and the year ended December 31, 2025, we recorded an insignificant amount of restructuring-related charges in equity income in connection with settlements associated with Ultium Cells Holdings LLC's strategic realignment of manufacturing and cell capacity to meet EV demand. Refer to Note 15 for information associated with commercial settlements with Ultium Cells Holdings LLC during the three months ended March 31, 2026 and December 31, 2025.