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				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Automotive China joint ventures equity income (loss)	$	83	$	71	$	248	$	116

Other joint ventures equity income (loss)(a)	(408)		19		(307)		277
Total Equity income (loss)	$	(324)	$	91	$	(58)	$	394

(a)Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is 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. Equity income (loss) in Ultium Cells Holdings LLC was insignificant in the three and six months ended June 30, 2026 and insignificant and $252 million in the three and six months ended June 30, 2025.

In the three months ended June 30, 2026, we recorded $364 million of impairment charges in equity income, and in the year ended December 31, 2025, we recorded an insignificant amount of restructuring-related charges in equity income in connection with our EV strategic realignment. Refer to Note 15 for additional information.

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				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales	$	6,207	$	6,084	$	11,900	$	11,149
Automotive China JVs' net income (loss)	$	252	$	127	$	591	$	197

Dividends declared but not paid from our nonconsolidated affiliates were $1.2 billion and $926 million at June 30, 2026 and December 31, 2025. Dividends received from our nonconsolidated affiliates were insignificant in the three and six months ended June 30, 2026 and $189 million and $977 million in the three and six months ended June 30, 2025. We had net undistributed losses from our nonconsolidated affiliates of $1.2 billion and $1.5 billion at June 30, 2026 and December 31, 2025, including $3.2 billion of undistributed losses at June 30, 2026 and December 31, 2025 offset by $2.0 billion and $1.8 billion of undistributed earnings at June 30, 2026 and December 31, 2025.