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Note 20 - Equity Affiliates
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

Note 20. Equity Affiliates

 

We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housings and driveshafts).

 

Equity method investments exceeding $5 at September 30, 2021 — 

 

   

Ownership Percentage

  

Investment

  

Dongfeng Dana Axle Co., Ltd.

   50%   $ 109  

ROC-Spicer, Ltd.

   50%     22  

Axles India Limited

   48%     10  

Tai Ya Investment (HK) Co., Limited

   50%     5  

All others as a group

         4  

Investments in equity affiliates

         150  

Investments in affiliates carried at cost

         24  

Investments in affiliates

       $ 174  

 

On July 29, 2021, we acquired a 1% ownership interest in Switch Mobility Limited (Switch) for $18. Our investment in Switch will be carried at cost and included in the net assets of our Commercial Vehicle operating segment.

 

On July 7, 2021, we sold a portion of our ownership interest in Tai Ya Investment (HK) Co., Limited (Tai Ya) to China Motor Corporation (CMC), reducing our ownership interest in Tai Ya to 50%. In conjunction with the decrease in our ownership interest, the Tai Ya shareholders agreement was amended, eliminating our controlling financial interest in Tai Ya. Upon our loss of control, we recognized a de minimis loss to other income (expense), net on the deconsolidation of Tai Ya. The $4 fair value of our retained interest in Tai Ya was determined based on the share sale to CMC. Our retained investment in Tai Ya is being accounted for by applying the equity method. Our equity method investment in Tai Ya is included in the net assets of our Light Vehicle operating segment.

 

On March 1, 2021, we acquired the remaining 51% ownership interest in Pi Innovo Holdings Limited (Pi Innovo). The additional interest, along with our existing ownership interest, provided us with a 100% ownership interest in Pi Innovo. As such, we ceased accounting for our investment in Pi Innovo under the equity method. See Note 2 for additional information.