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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Sales and income of our China JVs are not consolidated into our financial statements; rather, our proportionate share of the earnings of
each joint venture is reflected as Equity income. The following table summarizes information regarding Equity income (dollars in millions):
Years Ended December 31,
2014 2013 2012
China JVs ....................................................................... $ 2,066 $ 1,763 $ 1,521
Others .......................................................................... 28 47 41
Total equity income ............................................................... $ 2,094 $ 1,810 $ 1,562
We received dividends from nonconsolidated affiliates of $1.8 billion, $1.7 billion and $1.4 billion in the years ended December 31,
2014, 2013 and 2012. At December 31, 2014 and 2013 we had undistributed earnings including dividends declared but not received of
$2.0 billion and $1.8 billion related to our nonconsolidated affiliates.
Investment in China JVs
The following table summarizes our direct ownership interests in China JVs:
December 31, 2014 December 31, 2013
Shanghai General Motors Co., Ltd. (SGM) ........................................... 50% 50%
Shanghai GM Norsom Motor Co., Ltd. (SGM Norsom) ................................. 25% 25%
Shanghai GM Dong Yue Motors Co., Ltd. (SGM DY) .................................. 25% 25%
Shanghai GM Dong Yue Powertrain (SGM DYPT) ..................................... 25% 25%
SAIC-GM-Wuling Automobile Co., Ltd. ............................................. 44% 44%
FAW-GM Light Duty Commercial Vehicle Co., Ltd. ................................... 50% 50%
Pan Asia Technical Automotive Center Co., Ltd. ....................................... 50% 50%
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) ................................ 40% 40%
Shanghai Chengxin Used Car Operation and Management Co., Ltd. (Shanghai Chengxin Used
Car) ........................................................................ 33% 33%
SAIC General Motors Sales Co., Ltd. (SGMS) ........................................ 49% 49%
SGM is a joint venture established by Shanghai Automotive Industry Corporation (SAIC) (50%) and us (50%). SGM has interests
in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM
(50%), SAIC (25%) and us (25%). These four joint ventures are engaged in the production, import and sale of a comprehensive range
of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%) and Shanghai
Chengxin Used Car (33%). SGM also has a 20% equity interest in SAIC-GMAC, a joint venture established by General Motors
Acceptance Corporation (now Ally Financial) (40%) and SAICFC (40%). As a result of GM Financial’s transactions on January 2,
2015 GM Financial now owns 35% of SAIC-GMAC and SAICFC owns 45%.
SGMS is a joint venture established in November 2011 by SAIC (51%) and us (49%) to engage in the sales of the imported Buick,
Chevrolet and Cadillac brands and the sales of automobiles manufactured by SGM.
Investment in and Summarized Financial Data of Nonconsolidated Affiliates
The following table summarizes the carrying amount of investments in nonconsolidated affiliates (dollars in millions):
December 31, 2014 December 31, 2013
China JVs ..................................................................... $ 8,140 $ 7,851
Other investments ............................................................... 210 243
Total equity in net assets of nonconsolidated affiliates .................................. $ 8,350 $ 8,094
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