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				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Automotive China joint ventures equity income (loss)	$	32	$	80	$	280	$	197

Other joint ventures equity income (loss)(a)(b)	196		210		(111)		487
Total Equity income (loss)	$	228	$	290	$	169	$	684

(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 nine months ended September 30, 2026 and $213 million and $465 million in the three and nine months ended September 30, 2025.

In the three months ended September 30, 2026, we recorded no impairment charges in equity income. In the nine months ended September 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				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales	$	6,649	$	6,121	$	18,548	$	17,270
Automotive China JVs' net income (loss)	$	141	$	144	$	732	$	341

Dividends declared but not paid from our nonconsolidated affiliates were $1.4 billion and $926 million at September 30, 2026 and December 31, 2025. Dividends received from our nonconsolidated affiliates were insignificant in the three and nine months ended September 30, 2026 and insignificant and $1.1 billion in the three and nine months ended September 30, 2025. We had net undistributed losses from our nonconsolidated affiliates of $945 million and $1.5 billion at September 30, 2026 and December 31, 2025, including $3.1 billion and $3.2 billion of undistributed losses at September 30, 2026 and December 31, 2025, offset by $2.2 billion and $1.8 billion of undistributed earnings at September 30, 2026 and December 31, 2025.