GM Announces First Full-Year Results as New Company

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    GM achieves four consecutive quarters of profitability

    Calendar year net income of $4.7 billion, earnings per share of $2.89 on a
    diluted basis

    Calendar year earnings before interest and tax (EBIT) adjusted of $7.0
    billion

    Material Weakness in Financial Reporting Eliminated





    >>

DETROIT, Feb. 24, 2011 /CNW/ -- General Motors Company (NYSE: GM) today announced its calendar year 2010 results marked by $4.7 billion of net income attributable to common stockholders for its first full year of operations.

Revenue for the calendar year was $135.6 billion. Automotive cash flow from operating activities was $6.6 billion and automotive free cash flow was $2.4 billion, both reflecting the impact of a $4.0 billion voluntary cash contribution to the company's U.S. pension plans.

"Last year was one of foundation building," said Dan Akerson, chairman and chief executive officer. "Particularly pleasing was that we demonstrated GM's ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters."

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    GM generated the following results:

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                                      Fourth Quarter
                                            '10        Calendar Year '10
    Revenue (bils.)                             $36.9              $135.6
    Net income attributable to common
     stockholders (bils.)                        $0.5                $4.7
       -Adjustments and loss on
        preferred, included above
        (bils.)                                 $(0.4)              $(0.2)
    Earnings per share on a fully
     diluted basis ($/share)                    $0.31               $2.89
       -Adjustments and loss on
        preferred, included above
        ($/share)                              $(0.21)             $(0.14)
       --------------------------              ------              ------
    Earnings before interest and tax
     (EBIT) adj. (bils.)                         $1.0                $7.0
    --------------------------------             ----                ----
    Automotive net cash flow from
     operating activities (bils.)               $(1.7)               $6.6
    Automotive free cash flow (bils.)           $(2.8)               $2.4
       -Contribution to U.S. pension
        plans, included above (bils.)           $(4.0)              $(4.0)


    >>

Fourth quarter net income attributable to common stockholders of $0.5 billion includes net charges of $0.4 billion, or a $0.21 reduction to fully diluted earnings per share, as a result of the previously disclosed $0.7 billion loss on the purchase of U.S. Treasury (UST) preferred shares, partially offset by the impact of EBIT adjustments. The company had approximately $0.3 billion in favorable EBIT adjustments including the previously disclosed $0.2 billion gain associated with the repayment of the VEBA Note, and $0.1 billion of cumulative gains on the sale of Nexteer and the purchase of the Strasbourg, France facility.

GM North America (GMNA) had EBIT in the fourth quarter 2010 of $0.8 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe (GME) had a loss before interest and taxes of $0.6 billion, an improvement from a loss of $0.8 billion in the same quarter a year ago. GM International Operations (GMIO) had EBIT of $0.3 billion, down from $0.4 billion in fourth quarter 2009. GM South America (GMSA) had EBIT of $0.2 billion for the fourth quarter, compared with $0.3 billion in the same quarter a year ago. GM began reporting GMSA results as an operating segment in the fourth quarter, and has revised the segment reporting for prior periods.

Automotive net cash flow from operating activities for the fourth quarter was $(1.7) billion, which reflects a $4.0 billion voluntary cash contribution to the U.S. pension plans. After deducting $1.1 billion of capital expenditures, automotive free cash flow was $(2.8) billion.

As a result of GM's 2010 financial performance, the company will pay profit sharing to approximately 45,000 eligible GM U.S. hourly employees, and approximately 3,000 eligible GM Components Holdings (GMCH) employees. The average payout per employee will be approximately $4,300 for GM employees and $3,200 for GMCH employees.

In addition, GM announced today that after assessing remediation actions that it put in place to address the company's material weakness regarding the financial reporting process, the management team and Audit Committee of the Board of Directors concluded that the material weakness no longer exists as of December 31, 2010.

"Our focus for 2011 is to build on our progress and continue to generate momentum in the marketplace. We expect our first quarter will be a strong start," said Chris Liddell, vice chairman and chief financial officer.

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    About General Motors
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General Motors, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 202,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 30 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM's largest national market is China, followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on the new General Motors can be found at www.gm.com.

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    Forward-Looking Statements
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In this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products.

GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.

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Exhibit 1

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                        General Motors Company and Subsidiaries
                                 Supplemental Material
                                      (Unaudited)


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The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), EBIT adjusted and Automotive free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT, EBIT adjusted and Automotive free cash flow are considered non-GAAP financial measures.

Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.

While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result, the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.

The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):

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                               Successor
                                        Three        Three
                                        Months      Months
                                        Ended        Ended
                                      December    September
                             Year         31,         30,
                            Ended        2010        2010
                          December
                             31,
                             2010     ---------   ----------
                          ---------
     Operating
     segments
      GMNA(a)                $5,748        $813       $2,125
      GME(a)(b)              (1,764)       (568)        (559)
      GMIO(a)(b)              2,262         334          516
      GMSA(a)(b)                818         195          163
      GM
       Financial(c)             129         129            -
                                ---         ---          ---
      Total
       operating              7,193         903        2,245
        segments
       Corporate
       and                      284         442           30
        eliminations(b)         ---         ---          ---
    EBIT(c)                   7,477       1,345        2,275
       Interest
       income                   465         136          125
       Automotive
       interest               1,098         248          263
       expense
      Income
       tax
       expense                  672        (173)         (25)
       (benefit)                ---        ----          ---
    Net
     income
     (loss)                   6,172       1,406        2,162
       attributable
       to
      stockholders
      Less:
       Cumulative             1,504         896          203
        dividends
        on and
        charge
        related
        to
        purchase
        of
        preferred
        stock                 -----         ---          ---
    Net
     income                  $4,668        $510       $1,959
        attributable
        to
        common
        stockholders         ======        ====       ======



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                            Successor
                          Three    Three      Three
                          Months   Months     Months
                          Ended    Ended      Ended
                           June             December
                            30,                31,
                           2010    ------      2009
                                   March
                                     31,
                          -----     2010    ---------
                                   ------
     Operating
     segments
      GMNA(a)             $1,592   $1,218     $(3,443)
      GME(a)(b)             (160)    (477)       (799)
      GMIO(a)(b)             504      908         428
      GMSA(a)(b)             195      265         291
      GM
       Financial(c)            -        -           -
                             ---      ---         ---
      Total
       operating           2,131    1,914      (3,523)
        segments
       Corporate
       and                   (98)     (90)       (523)
        eliminations(b)      ---      ---        ----
    EBIT(c)                2,033    1,824      (4,046)
       Interest
       income                114       90          75
       Automotive
       interest              250      337         329
       expense
      Income
       tax
       expense               361      509        (861)
       (benefit)             ---      ---        ----
    Net
     income
     (loss)                1,536    1,068      (3,439)
       attributable
       to
      stockholders
      Less:
       Cumulative            202      203          81
        dividends
        on and
        charge
        related
        to
        purchase
        of
        preferred
        stock                ---      ---         ---
    Net
     income               $1,334     $865     $(3,520)
        attributable
        to
        common
        stockholders      ======     ====     =======

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    <<
         Interest and income taxes are recorded centrally in Corporate;
         therefore, there are no reconciling items for GM's automotive
         operating segments between EBIT and Net income (loss) attributable
    (a)  to stockholders.
         In the year ended December 31, 2010 GM changed its managerial and
         financial reporting structure so that certain entities
         geographically located within Russia and Uzbekistan were
         transferred from GM's GME segment to GM's GMIO segment and certain
         entities geographically located in Brazil, Argentina, Colombia,
         Ecuador, Venezuela, Bolivia, Chile, Paraguay, Peru and Uruguay
         were transferred from GM's GMIO segment to GM's newly created GMSA
         segment. GM has retrospectively revised the segment presentation
    (b)  for all periods presented.
    (c) GM Financial amounts represent income before income taxes.


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                        General Motors Company and Subsidiaries
                                 Supplemental Material
                                      (Unaudited)


    >>

The following tables summarize the reconciliation of EBIT adjusted to EBIT and Automotive free cash flow to Automotive Net cash provided by (used in) operating activities (dollars in millions):

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                                Successor
                       Year Ended
                        December                      Three
                        31, 2010    Three Months     Months
                           (a)          Ended         Ended
                                    December 31,   September
                       ----------     2010 (a)      30, 2010
                                    ------------    ---------
    >>

    <<
    EBIT adjusted          $7,030         $1,021       $2,275
    Adjustments               447            324            -
                              ---            ---          ---
    EBIT                   $7,477         $1,345       $2,275
                           ======         ======       ======
    >>

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    Automotive
    Free cash flow         $2,389        $(2,818)      $1,363
    Capital                 4,200          1,088        1,261
      expenditures          -----          -----        -----
    Net cash               $6,589        $(1,730)      $2,624
      provided by          ======        =======       ======
      (used in)
      operating
      activities



    >>

    <<
                               Successor
                          Three        Three
                         Months       Months     Three Months
                          Ended        Ended         Ended
                        June 30,    March 31,    December 31,
                          2010         2010          2009
                       ---------   ----------   -------------
    >>

    <<
    EBIT adjusted          $2,033       $1,701          $(954)
    Adjustments                 -          123         (3,092)
                              ---          ---         ------
    EBIT                   $2,033       $1,824        $(4,046)
                           ======       ======        =======
    >>

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    Automotive
    Free cash flow         $2,834       $1,010        $(2,919)
    Capital                 1,011          840          1,033
      expenditures          -----          ---          -----
    Net cash               $3,845       $1,850        $(1,886)
      provided by          ======       ======        =======
      (used in)
      operating
      activities

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            GM Financial amounts included in EBIT and EBIT adjusted represent
    (a)     income before income taxes.


    Adjustments

    In the three months ended December 31, 2010 Adjustments included the
following:
    >>

    <<
     -  Gain of $198 million on the extinguishment of the VEBA Notes;
     -  Gain of $66 million related to the acquisition of General Motors
        Strasbourg S.A.S; and
     -  Gain of $60 million related to the sale of Nexteer, a manufacturer of
        steering components and half-shafts, to Pacific Century Motors.


    >>

In the three months ended March 31, 2010 Adjustments included a gain of $123 million as a result of the sale of Saab Automobile AB to Spyker Cars NV.

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    In the three months ended December 31, 2009 Adjustments included the
following:
    >>

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     - Settlement loss of $2.6 billion related to the termination of GM's UAW
       hourly retiree medical plan and Mitigation Plan, under which GM
       agreed that an independent VEBA would be formed to pay certain
       healthcare costs of UAW hourly retirees and their beneficiaries;
     - Impairment charge of $270 million related to GM's investment in Ally
       Financial common stock;
     - Charges of $150 million related to the settlement of existing Delphi
       obligations upon consummation of the Delphi Master Disposition
       Agreement and GM's agreement to fund the wind-down costs of certain
       Delphi facilities; and
     - Loss on extinguishment of debt of $101 million related to the
       repayment of secured long-term debt of $400 million (in connection
       with the purchase of the remaining noncontrolling interest in CAMI
       Automotive, Inc.).


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    <<
                        General Motors Company and Subsidiaries
                                 Supplemental Material
                                      (Unaudited)


    >>

    <<
                                            Successor
                                    Three                  Three
                                   Months        Year     Months
                                    Ended        Ended     Ended
                                              December
                                   December       31,     December
                                   31, 2010      2010     31, 2009
                                   --------   ---------   --------
    Production Volume (units in
     thousands)(a)
    GMNA - Cars                         240         977        235
    GMNA - Trucks                       463       1,832        381
                                        ---       -----        ---
    Total GMNA                          703       2,809        616
    GME                                 313       1,234        256
    GMIO - Consolidated Entities        265       1,016        229
    GMIO -  Joint Ventures(b)           747       2,729        592
                                        ---       -----        ---
    Total GMIO                        1,012       3,745        821
    GMSA                                241         926        229
                                        ---         ---        ---
    Total Worldwide                   2,269       8,714      1,922
                                      =====       =====      =====



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                                    Combined
                                        GM
                                   and Old GM
                                   ----------
                                    Year Ended
                                    December
                                    31, 2009
                                   ---------
    Production Volume (units in
     thousands)(a)
    GMNA - Cars                            727
    GMNA - Trucks                        1,186
                                         -----
    Total GMNA                           1,913
    GME                                  1,106
    GMIO - Consolidated Entities           752
    GMIO -  Joint Ventures(b)            1,925
                                         -----
    Total GMIO                           2,677
    GMSA                                   807
                                           ---
    Total Worldwide                      6,503
                                         =====

    >>

    <<
            Production volume includes vehicles produced by certain joint
    (a)     ventures.
            The joint venture agreements with SGMW (44%) and FAW-GM (50%)
            allow for significant rights as a member as well as the
            contractual right to report SGMW and FAW-GM joint venture
    (b)     production in China.



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    <<
                        General Motors Company and Subsidiaries
                                 Supplemental Material
                                      (Unaudited)


    >>

    <<
                                               Successor
                                     Three                     Three
                                    Months                     Months
                                     Ended      Year Ended     Ended
                                   December     December     December
                                   31, 2010     31, 2010     31, 2009
                                    --------     --------     --------
    Vehicle Sales (units in
      thousands)(a)(b)(c)(d)(e)
      United States
        Chevrolet - Cars                 133           636         133
        Chevrolet - Trucks               257           930         219
        Cadillac                          42           147          36
        Buick                             41           155          30
        GMC                              103           335          78
        Other                              1            12          42
                                         ---           ---         ---
        Total United States              577         2,215         538
        Canada, Mexico and
         Other                           108           410         100
                                         ---           ---         ---
        Total GMNA                       685         2,625         637
                                         ---         -----         ---
      GME
        Opel/Vauxhall                    297         1,178         265
        Chevrolet                        128           477         107
        Other                              1             7           6
                                         ---           ---         ---
        Total GME                        426         1,662         378
                                         ---         -----         ---
      GMIO
        Chevrolet                        263           914         205
        Wuling                           240         1,149         247
        Buick                            150           551         134
        GM Daewoo                         40           130          41
        Holden                            34           141          36
        FAW-GM                            21            88          26
        GMC                               10            35           8
        Cadillac                           6            22           3
        Other                             12            46          12
                                         ---           ---         ---
        Total GMIO(f)(g)                 776         3,077         713
                                         ---         -----         ---
      GMSA
        Chevrolet                        284         1,014         222
        Other                              2            11           2
                                         ---           ---         ---
        Total GMSA                       286         1,026         224
                                         ---         -----         ---
      Total Worldwide                  2,173         8,390       1,952
                                       =====         =====       =====



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                                  Combined GM
                                   and Old GM
                                   ----------
                                   Year Ended
                                  December 31,
                                      2009
                                 -------------
    Vehicle Sales (units in
      thousands)(a)(b)(c)(d)(e)
      United States
        Chevrolet - Cars                   546
        Chevrolet - Trucks                 799
        Cadillac                           109
        Buick                              102
        GMC                                260
        Other                              269
                                           ---
        Total United States              2,084
        Canada, Mexico and
         Other                             400
                                           ---
        Total GMNA                       2,484
                                         -----
      GME
        Opel/Vauxhall                    1,209
        Chevrolet                          426
        Other                               32
                                           ---
        Total GME                        1,668
                                         -----
      GMIO
        Chevrolet                          629
        Wuling                           1,001
        Buick                              448
        GM Daewoo                          121
        Holden                             126
        FAW-GM                              35
        GMC                                 36
        Cadillac                            11
        Other                               47
                                           ---
        Total GMIO(f)(g)                 2,453
                                         -----
      GMSA
        Chevrolet                          862
        Other                               10
                                           ---
        Total GMSA                         872
                                           ---
      Total Worldwide                    7,477
                                         =====

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    <<
    (a)  Includes HUMMER, Saturn and Pontiac vehicle sales data.
    (b)  Includes GM Saab vehicle sales data through February 2010.
    (c)  Vehicle sales data may include rounding differences.
          Certain fleet sales that are accounted for as operating leases are
          included in vehicle sales at the time of delivery to the daily
    (d)   rental car companies.
          GMNA vehicle sales primarily represent sales to the ultimate
          customer. GME, GMIO and GMSA vehicle sales primarily represent
    (e)   estimated sales to the ultimate customer.
          Includes SGM joint venture vehicle sales in China of 1.0 million
          vehicles, SGMW and FAW-GM joint venture vehicle sales in China
          of 1.3 million vehicles and HKJV joint venture vehicle sales in
          India of 110,000 vehicles in the year ended December 31, 2010.
          Combined GM and Old GM SGM joint venture vehicle sales in China
          of 708,000 vehicles and combined GM and Old GM SGMW and FAW-GM
          joint venture vehicle sales in China of 1.1 million vehicles in
          the year ended December 31, 2009. We do not record revenue from
    (f)   our joint ventures' vehicle sales.
          The joint venture agreements with SGMW (44%) and FAW-GM (50%)
          allow for significant rights as a member as well as the
          contractual right to report SGMW and FAW-GM joint venture
          vehicle sales in China as part of global market share. These
          entities are not consolidated for financial reporting purposes.
          Income and losses related to these entities are recorded in
    (g)   Equity income, net of tax.


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    <<
                        General Motors Company and Subsidiaries
                                 Supplemental Material
                                      (Unaudited)


    >>

    <<
                                          Successor
                                                             Three
                            Three Months                    Months
                                Ended        Year Ended      Ended
                            December 31,     December      December
                                 2010        31, 2010      31, 2009
                            -------------     --------      --------
    Market
     Share(a)(b)(c)(d)
      United States -
       Cars                          13.2%         14.3%        15.5%
      United States -
       Trucks                        23.9%         23.0%        24.6%
      Total United States            19.1%         18.8%        20.2%
      Total GMNA                     18.5%         18.2%        19.2%
      Total GME                       9.0%          8.8%         8.2%
      Total GMIO(e)(f)                8.6%          8.8%         8.9%
      Total GMSA                     19.6%         19.9%        19.6%
      Total Worldwide                11.5%         11.4%        11.4%
    >>

    <<
    U.S. Retail/Fleet
     Mix
      % Fleet Sales -
       Cars                          29.6%         36.9%        34.6%
      % Fleet Sales -
       Trucks                        19.1%         23.2%        20.5%
      Total Vehicles                 22.3%         28.2%        25.8%
    >>

    <<
    GMNA Capacity
     Utilization(g)                  89.6%         89.5%        61.5%



    >>

    <<
                             Combined GM
                              and Old GM
                              ----------
                               Year Ended
                             December 31,
                                 2009
                            -------------
    Market
     Share(a)(b)(c)(d)
      United States -
       Cars                           16.3%
      United States -
       Trucks                         23.1%
      Total United States             19.7%
      Total GMNA                      18.9%
      Total GME                        8.9%
      Total GMIO(e)(f)                 8.7%
      Total GMSA                      20.0%
      Total Worldwide                 11.6%
    >>

    <<
    U.S. Retail/Fleet
     Mix
      % Fleet Sales -
       Cars                           29.0%
      % Fleet Sales -
       Trucks                         21.6%
      Total Vehicles                  24.7%
    >>

    <<
    GMNA Capacity
     Utilization(g)                   48.0%

    >>

    <<
    (a) Market share information is based on vehicle sales volume.
    (b) Includes HUMMER, Saturn and Pontiac vehicle sales data.
    (c) Includes GM Saab vehicle sales data through February 2010.
         GMNA vehicle sales primarily represent sales to the ultimate
         customer. GME, GMIO and GMSA vehicle sales primarily represent
    (d)  estimated sales to the ultimate customer.
         Includes SGM joint venture vehicle sales in China of 1.0 million
         vehicles, SGMW and FAW-GM joint venture vehicle sales in China of
         1.3 million vehicles and HKJV joint venture vehicle sales in India
         of 110,000 vehicles in the year ended December 31, 2010. Combined GM
         and Old GM SGM joint venture vehicle sales in China of 708,000
         vehicles and combined GM and Old GM SGMW and FAW-GM joint venture
         vehicle sales in China of 1.1 million vehicles in the year ended
         December 31, 2009. We do not record revenue from our joint ventures'
    (e)  vehicle sales.
         The joint venture agreements with SGMW (44%) and FAW-GM (50%) allow
         for significant rights as a member as well as the contractual right
         to report SGMW and FAW-GM joint venture vehicle sales in China as
         part of global market share. These entities are not consolidated for
         financial reporting purposes. Income and losses related to these
    (f)  entities are recorded in Equity income, net of tax.
    (g) Two shift rated, annualized.


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    <<
                        General Motors Company and Subsidiaries
                                 Supplemental Material
                                      (Unaudited)


    >>

    <<
                                            Successor
                                     December    December
                                     31, 2010    31, 2009
                                    ---------     --------
    Worldwide Employment
     (thousands)
    GMNA(a)                                 96         103
    GME(b)                                  40          50
    GMIO(c)                                 32          34
    GMSA                                    31          28
    GM Financial                             3           -
                                           ---         ---
    Total Worldwide                        202         215
                                           ===         ===
    >>

    <<
    U.S. - Salaried                         28          26
    U.S. - Hourly                           49          51

    >>

    <<
    (a) Decrease in GMNA primarily relates to restructuring initiatives.
         Decrease in GME primarily relates to the sale of Saab, employees
         located within Russia and Uzbekistan transferred from our GME segment
         to our GMIO segment and restructuring initiatives in Belgium,
         Germany, Spain and the United Kingdom in the year ended December 31,
    (b)  2010.
         GMIO reflects a reduction of 2,400 employees due to the sale of GM
    (c)  India in the year ended December 31, 2010.


    >>

    <<
                                   Successor             Predecessor
                                                        January 1,
                                       July 10, 2009       2009
                         Year Ended        Through       Through
                        December 31,    December 31,
                             2010            2009     July 9, 2009
                       -------------   -------------  ------------
     Worldwide Payroll
      (billions)                $14.0            $6.2          $6.2


    >>

    <<
                        General Motors Company and Subsidiaries
                         Consolidated Statements of Operations
                        (In millions, except per share amounts)
                                      (Unaudited)


    >>

    <<
                                       Successor
                                                July
                                                 10,
                                                2009
                                     Year
                                    Ended     Through
                                   December   December
                                      31,        31,
                                       2010       2009
                                       ----       ----
    Net sales and revenue
      Automotive sales             $135,142    $57,329
      GM Financial and other
       revenue                          281          -
      Other automotive revenue          169        145
                                        ---        ---
      Total net sales and
       revenue                      135,592     57,474
                                    -------     ------
    Costs and expenses
      Automotive cost of sales      118,792     56,381
      GM Financial operating
       expenses and other               152          -
      Automotive selling,
       general and
       administrative expense        11,446      6,006
      Other automotive expenses,
       net                              118         15
                                        ---        ---
      Total costs and expenses      130,508     62,402
                                    -------     ------
       Operating income (loss)        5,084     (4,928)
    Equity in income (loss) of
     and disposition of
     interest in Ally
     Financial                            -          -
    Automotive interest
     expense                         (1,098)      (694)
    Interest income and other
     non-operating income,
     net                              1,555        440
    Gain (loss) on
     extinguishment of debt             196       (101)
    Reorganization gains, net             -          -
                                        ---        ---
    Income (loss) before
     income taxes and equity
     income                           5,737     (5,283)
    Income tax expense
     (benefit)                          672     (1,000)
    Equity income, net of tax         1,438        497
                                      -----        ---
    Net income (loss)                 6,503     (3,786)
    Net (income) loss
     attributable to
     noncontrolling interests          (331)      (511)
                                       ----       ----
    Net income (loss)
     attributable to
     stockholders                     6,172     (4,297)
    Less: Cumulative dividends
     on and charge related to
     purchase of                      1,504        131
      preferred stock                 -----        ---
    Net income (loss)
     attributable to common
     stockholders                    $4,668    $(4,428)
                                     ======    =======
    Earnings (loss) per share
    Basic
      Net income (loss)
       attributable to common
       stockholders                   $3.11     $(3.58)
      Weighted-average common
       shares outstanding             1,500      1,238
    Diluted
      Net income (loss)
       attributable to common
       stockholders                   $2.89     $(3.58)
      Weighted-average common
       shares outstanding             1,624      1,238
    >>

    <<
    Cash dividends per common
     share                               $-         $-



    >>

    <<
                                       Predecessor
                                    January
                                     1, 2009
                                                 Year
                                    Through      Ended
                                               December
                                    July 9,       31,
                                        2009       2008
                                        ----       ----
    Net sales and revenue
      Automotive sales               $46,787   $147,732
      GM Financial and other
       revenue                             -          -
      Other automotive revenue           328      1,247
                                         ---      -----
      Total net sales and revenue     47,115    148,979
                                      ------    -------
    Costs and expenses
      Automotive cost of sales        55,814    149,257
      GM Financial operating
       expenses and other                  -          -
      Automotive selling, general
       and administrative expense      6,161     14,253
      Other automotive expenses,
       net                             1,235      6,699
                                       -----      -----
      Total costs and expenses        63,210    170,209
                                      ------    -------
       Operating income (loss)       (16,095)   (21,230)
    Equity in income (loss) of
     and disposition of
     interest in Ally Financial        1,380     (6,183)
    Automotive interest expense       (5,428)    (2,525)
    Interest income and other
     non-operating income, net           852        424
    Gain (loss) on
     extinguishment of debt           (1,088)        43
    Reorganization gains, net        128,155          -
                                     -------        ---
    Income (loss) before income
     taxes and equity income         107,776    (29,471)
    Income tax expense
     (benefit)                        (1,166)     1,766
    Equity income, net of tax             61        186
                                         ---        ---
    Net income (loss)                109,003    (31,051)
    Net (income) loss
     attributable to
     noncontrolling interests            115        108
                                         ---        ---
    Net income (loss)
     attributable to
     stockholders                    109,118    (30,943)
    Less: Cumulative dividends
     on and charge related to
     purchase of                           -          -
      preferred stock                    ---        ---
    Net income (loss)
     attributable to common
     stockholders                   $109,118   $(30,943)
                                    ========   ========
    Earnings (loss) per share
    Basic
      Net income (loss)
       attributable to common
       stockholders                  $178.63    $(53.47)
      Weighted-average common
       shares outstanding                611        579
    Diluted
      Net income (loss)
       attributable to common
       stockholders                  $178.55    $(53.47)
      Weighted-average common
       shares outstanding                611        579
    >>

    <<
    Cash dividends per common
     share                                $-      $0.50


    >>

    <<
                        General Motors Company and Subsidiaries
                              Consolidated Balance Sheets
    >>

    <<
                          (In millions, except share amounts)
                                      (Unaudited)


    >>

    <<
                                                          Successor
                                                    December    December
                                                       31,         31,
                                 ASSETS                  2010        2009
                                                         ----        ----
    Automotive Current Assets
      Cash and cash equivalents                       $21,061     $22,679
      Marketable securities                             5,555         134
                                                        -----         ---
      Total cash, cash equivalents and marketable
       securities                                      26,616      22,813
      Restricted cash and marketable securities         1,240      13,917
      Accounts and notes receivable (net of
       allowance of $252 and $250)                      8,699       7,518
      Inventories                                      12,125      10,107
      Assets held for sale                                  -         388
      Equipment on operating leases, net                2,568       2,727
      Other current assets and deferred income
       taxes                                            1,805       1,777
                                                        -----       -----
      Total current assets                             53,053      59,247
    Automotive Non-current Assets
      Restricted cash and marketable securities         1,160       1,489
      Equity in net assets of nonconsolidated
       affiliates                                       8,529       7,936
      Property, net                                    19,235      18,687
      Goodwill                                         30,513      30,672
      Intangible assets, net                           11,882      14,547
      Deferred income taxes                               308         564
      Assets held for sale                                  -         530
      Other assets                                      3,286       2,623
                                                        -----       -----
      Total non-current assets                         74,913      77,048
                                                       ------      ------
      Total Automotive Assets                         127,966     136,295
    GM Financial Assets
      Finance receivables (including finance
       receivables transferred to special purpose
       entities of $7,156 at December 31, 2010)         8,197           -
      Restricted cash                                   1,090           -
      Goodwill                                          1,265           -
      Other assets                                        380           -
                                                          ---         ---
      Total GM Financial Assets                        10,932           -
                                                       ------         ---
    Total Assets                                     $138,898    $136,295
                                                     ========    ========
                         LIABILITIES AND EQUITY
    Automotive Current Liabilities
      Accounts payable (principally trade)            $21,497     $18,725
      Short-term debt and current portion of long-
       term debt (including debt at GM Daewoo of
       $70 at December 31, 2010)                        1,616      10,221
      Liabilities held for sale                             -         355
      Postretirement benefits other than pensions         625         846
      Accrued liabilities (including derivative
       liabilities at GM Daewoo of $111 at December
       31, 2010)                                       23,419      22,288
                                                       ------      ------
      Total current liabilities                        47,157      52,435
    Automotive Non-current Liabilities
      Long-term debt (including debt at GM Daewoo
       of $835 at December 31, 2010)                    3,014       5,562
      Liabilities held for sale                             -         270
      Postretirement benefits other than pensions       9,294       8,708
      Pensions                                         21,894      27,086
      Other liabilities and deferred income taxes      13,021      13,279
                                                       ------      ------
      Total non-current liabilities                    47,223      54,905
                                                       ------      ------
      Total Automotive Liabilities                     94,380     107,340
    GM Financial Liabilities
      Securitization notes payable                      6,128           -
      Credit facilities                                   832           -
      Other liabilities                                   399           -
                                                          ---         ---
      Total GM Financial Liabilities                    7,359           -
                                                        -----         ---
    Total Liabilities                                 101,739     107,340
    Commitments and contingencies
    Preferred stock Series A, $0.01 par value
     (2,000,000,000 shares authorized and
     360,000,000 shares issued                              -       6,998
      and outstanding (each with a $25.00
       liquidation preference) at December 31,
       2009)
    Equity
    Preferred stock, $0.01 par value,
     2,000,000,000 shares authorized:
      Series A (276,101,695 shares issued and
       outstanding (each with a $25.00 liquidation
       preference) at December 31, 2010)                5,536           -
      Series B (100,000,000 shares issued and
       outstanding (each with a $50.00 liquidation
       preference) at December 31, 2010)                4,855           -
    Common stock, $0.01 par value (5,000,000,000
     shares authorized and 1,500,136,998 shares
     and                                                   15          15
      1,500,000,000 shares issued and outstanding
       at December 31, 2010 and 2009)
    Capital surplus (principally additional paid-
     in capital)                                       24,257      24,040
    Retained earnings (accumulated deficit)               266      (4,394)
    Accumulated other comprehensive income              1,251       1,588
                                                        -----       -----
    Total stockholders' equity                         36,180      21,249
    Noncontrolling interests                              979         708
                                                          ---         ---
    Total equity                                       37,159      21,957
                                                       ------      ------
    Total Liabilities and Equity                     $138,898    $136,295
                                                     ========    ========





    >>

SOURCE General Motors

For further information: Renee Rashid-Merem, Office +1-313-665-3128, Cell +1-313-701-8560, renee.rashid-merem@gm.com, or Randy Arickx, Office +1-313-667-0006, Cell +1-313-268-7070, randy.c.arickx@gm.com

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