Dividends declared

[Table of Contents](#i1f1d4643819f4c4aa82d0bc4fb2f7f45_7)GENERAL MOTORS COMPANY AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)Note 8. Equity in Net Assets of Nonconsolidated AffiliatesNonconsolidated 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).

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|  | Three Months Ended |  | Six Months Ended |
|  | June 30, 2022 |  | June 30, 2021 |  | June 30, 2022 |  | June 30, 2021 |
| Automotive China equity income (loss) | $ | (87) |  |  | $ | 276  |  |  | $ | 147  |  |  | $ | 584  |  |
| Other joint ventures equity income (loss) | 42  |  |  | 51  |  |  | 100  |  |  | 108  |  |
| Total Equity income (loss) | $ | (45) |  |  | $ | 327  |  |  | $ | 247  |  |  | $ | 692  |  |

  
There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2021.

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|  | Three Months Ended |  | Six Months Ended |
|  | June 30, 2022 |  | June 30, 2021 |  | June 30, 2022 |  | June 30, 2021 |
| Summarized Operating Data of Automotive China JVs  |  |  |  |  |  |  |  |
| Automotive China JVs' net sales | $ | 6,083  |  |  | $ | 8,954  |  |  | $ | 15,074  |  |  | $ | 18,830  |  |
| Automotive China JVs' net income (loss) | $ | (207) |  |  | $ | 527  |  |  | $ | 298  |  |  | $ | 1,113  |  |

Dividends declared but not paid from our nonconsolidated affiliates were $878 million and an insignificant amount at June 30, 2022 and December 31, 2021. Dividends received from our nonconsolidated affiliates were insignificant in the three and six months ended June 30, 2022 and $693 million and $709 million in the three and six months ended June 30, 2021. Undistributed earnings from our nonconsolidated affiliates were $2.3 billion and $2.1 billion at June 30, 2022 and December 31, 2021. In July 2022, approximately $400 million of the dividends declared from our nonconsolidated affiliates were paid.  
Note 9. Variable Interest Entities Consolidated VIEsAutomotive Financing – GM Financial GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and the finance receivables, lease-related assets and cash held by them are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries.  
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