GM Reports 2006 Financial Results



    
    - Record revenue of $207 billion in 2006

    - 2006 adjusted net income of $2.2 billion - improvement of $5.4 billion

    - 2006 reported net loss of $2.0 billion - improvement of $8.4 billion

    - Positive fourth quarter net income and operating cash flow

    - Year-end cash balance of $26.4 billion
    

    DETROIT, March 14 /CNW/ -- General Motors Corp. (NYSE:   GM) today posted
net income for 2006, excluding special items, of $2.2 billion, or $3.88 per
share fully diluted, compared with a net loss of $3.2 billion, or $5.67 per
share, in 2005, marking a $5.4 billion improvement. Including special items,
GM had a net loss of $2.0 billion, or $3.50 per share for 2006, compared with
a net loss of $10.4 billion, or $18.42 per share in the year-ago period. GM
earned record revenue of $207 billion in 2006, compared with $195 billion in
2005.
    "We needed 2006 to be a big year, and it was," GM Chairman and CEO Rick
Wagoner said. "Our performance last year reflects the significant progress
we've made toward transforming GM into a more competitive, global business
focused on long-term, sustainable success. The improvement is a credit to our
employees, union partners, dealers and suppliers worldwide.  It's also
validation that our strategy is working, and faster than many people thought
possible.
    "But nobody at GM is declaring victory, because we all know there is
still a lot more work to do to achieve our goals of steady growth, solid
profitability and positive cash flow generation.  We're confident that the
momentum we generated in 2006 will continue to build through this year and
beyond," Wagoner added.
    GM's net income in the fourth quarter 2006 was $180 million, or $.32 per
diluted share, excluding special items. These results compare to a net loss of
$936 million, or $1.66 per share in the year ago period.  Including the net
favorable effect of all special items, GM's net income was $950 million, or
$1.68 per diluted share in the fourth quarter of 2006, compared with a loss of
$6.6 billion, or $11.63 per share in the fourth quarter of 2005.  GM had
revenue of $51.2 billion in the fourth quarter 2006, compared with $51.7
billion in the same period a year ago, with the decline more than accounted
for by the exclusion of GMAC revenue starting December 1, 2006, which is
explained in greater detail in the "GMAC" section of the press release.
    The reported results for the fourth quarter 2006 include special items
totaling $770 million after-tax, or $1.36 per diluted share. These are
primarily attributable to gains related to GMAC transaction-related items and
the sale of the GM desert proving ground property, partially offset by costs
related to previously announced GM restructuring items.  Additional details on
these special items are included in the "Highlights" section of the press
release.

    
    GM Automotive Operations
    
    Net income from global automotive operations for 2006 improved by more
than $5.7 billion, totaling $422 million on an adjusted basis, excluding
special items (reported net loss of $3.2 billion).  Adjusted net income for
GM's automotive operations in the fourth quarter 2006 was $228 million
(reported net income of $194 million), compared with an adjusted loss of $1.2
billion in the year-ago period.
    GM sold 9.1 million vehicles worldwide in 2006.  For the second
consecutive year, unit sales outside of the U.S. surpassed domestic sales with
almost 5 million units, or 55 percent of global volume.  GM Europe (GME), GM
Asia Pacific (GMAP), and GM Latin America, Africa and the Middle East (GMLAAM)
all set regional sales records, with GME exceeding 2 million units, GMAP
topping 1.25 million units, and LAAM surpassing 1 million units for the first
time.
    GM North America (GMNA) posted a $5 billion earnings improvement in 2006,
with an adjusted net loss of $779 million (reported net loss of $4.6 billion).
In the fourth quarter of 2006, GMNA recorded its fourth consecutive quarter of
more than $1 billion improvement in adjusted earnings.  GMNA had an adjusted
net loss of $14 million in the fourth quarter 2006 (reported net income of $50
million), versus an adjusted loss of $1.4 billion in the same quarter 2005.
The calendar year improvement was realized despite a 207,000 unit reduction in
GMNA production to balance inventory with deliveries, and reflects continued
significant reductions in structural costs related to health care,
manufacturing and workforce attrition, as well as positive sales mix and the
impact of the company's product and value focused sales and marketing
strategy.
    GM reduced structural costs in North America by $6.8 billion in 2006,
exceeding its target of $6 billion, and remains on-track to deliver the
previously announced $9 billion of annual structural cost savings in
2007(versus 2005 structural cost levels).  GM's progress in globalizing its
product development, powertrain and manufacturing operations, combined with
aggressive GMNA turnaround actions, are driving these significant structural
cost reductions.  GM reduced its global automotive structural cost from over
34 percent of revenue in 2005 to 30 percent of revenue in 2006, an impressive
first step toward GM's goal of cutting structural cost to 25 percent of
revenue by 2010.
    "We made very significant progress in 2006 toward our 25 percent
structural cost goal," Wagoner said.  "At the same time, we continue to invest
heavily in future products, technology and growth markets.  GM plans to
increase its global capital spending from $7.5 billion in 2006, to between
$8.5 and $9 billion in 2007 and 2008."
    GM's commitment to quality and design leadership was reinforced in 2006
with strong consumer and media reception to GM's newest cars and trucks,
including the Chevrolet Tahoe, GMC Yukon, and Cadillac Escalade full-size
utilities; GMC Sierra and Chevrolet Silverado full-size pickups; the Saturn
Aura midsize sedan; Opel Corsa small car; and the Holden Commodore full-size
sedan.  In addition, early public reaction to the Saturn Outlook and GMC
Acadia midsize crossovers, introduced late in 2006, has been positive.
    GME posted its first full-year of profitability since 1999 with adjusted
earnings of $227 million for 2006 (reported net loss of $225 million).  GME
had an adjusted loss of $8 million in the fourth quarter 2006 (reported net
loss of $119 million), compared to net income of $5 million in the year-ago
quarter.  GME revenue in the fourth quarter 2006 was $9 billion, up from $8.1
billion in the same quarter 2005.  Contributing to GME's improved performance
during the year was strong revenue growth due to record volume of over 2
million units, and continued structural cost reductions.
    "The actions we've taken in Europe to reduce structural cost and re-
energize our product lineup is making a big impact on the business," Wagoner
noted. "And our multi-brand approach in Europe is really getting traction. The
Opel/Vauxhall brands are strengthening, led by products like the all-new Corsa
and segment-leading Meriva and Zafira.  And, the Chevrolet brand again
achieved record sales, while Saab and Cadillac also demonstrated strong
growth.  And we're especially pleased with our progress in Russia, where GM
sales grew 73 percent in 2006."
    GMAP delivered adjusted earnings of $441 million in 2006 (reported net
income of $1.2 billion), compared with $557 million in 2005, with the decline
totally attributable to the loss of Suzuki equity income in 2006, as a result
of the divestiture of most of GM's holdings in Suzuki Motor Corp.  For the
fourth quarter of 2006, GMAP's adjusted earnings were $122 million (reported
net income of $135 million), consistent with the same quarter 2005 earnings of
$124 million.  Record 2006 sales of GM Daewoo products contributed to GM's
continued strong performance in the region, headlined by sales gains of 32
percent in China and 19 percent in Korea.
    "The AP region remains the core of GM's global growth strategy.  In 2006,
GM advanced its leading position in China, again improving its market share to
almost 12 percent.  We also announced plans to add a new assembly plant in
India to take advantage of opportunities in that important market, and we
continue to grow in Korea," Wagoner said.
    GM's LAAM region delivered its best financial performance in 10 years
with adjusted earnings of $533 million in 2006 (reported net income of $490
million), an improvement of $381 million over 2005.  GMLAAM also recorded
adjusted and reported fourth quarter earnings of $128 million, up from
adjusted earnings of $63 million in the same quarter of 2005.  These
improvements were driven by record revenue and volume for the region, and
significant gains at GM do Brasil.
    "By cost-effectively leveraging GM's products and resources from around
the world, GMLAAM has been able to take advantage of growth opportunities
throughout the region, achieving milestone sales of over 1 million units and
impressive revenue and profit results," Wagoner said.

    
    GMAC
    
    On a standalone basis, GMAC Financial Services reported 2006 net income
of $2.1 billion, compared with net income of $2.3 billion in 2005.  GMAC's
operating earnings for 2006, excluding two significant items, amounted to $2.0
billion, compared to $2.7 billion of operating earnings in 2005.
    For the fourth quarter of 2006, GMAC had net income of $1.0 billion, up
from $112 million in the fourth quarter of 2005.  The 2006 fourth quarter
results include a $791 million after-tax benefit related to deferred tax
liabilities that GMAC transferred to GM when GMAC converted to a Limited
Liability Company (LLC).  Conversely, fourth quarter 2005 results included the
impact of goodwill impairment charges of $439 million after-tax.  Excluding
the LLC benefit, GMAC operating earnings for the fourth quarter 2006 were $225
million, compared to $551 million in the year-ago period.
    On November 30, 2006, GM closed the previously-announced transaction to
sell 51 percent controlling interest in GMAC to an investor consortium led by
Cerberus Capital.  As a result of the closing of the GMAC transaction, GMAC
results through November were fully consolidated in GM's reporting, and
December results were reflected on an equity income basis for GM's remaining
49 percent interest.
    After adjusting GMAC results for equity income in December, dividends to
GM on preferred stock and various transaction-related items, GM reported an
adjusted net loss of $284 million associated with GMAC for the fourth quarter
2006, and net income of $1.5 billion for the calendar year.  Going forward, GM
will record GMAC results on an equity income basis.
    Based on GMAC's results, GM will refund approximately $1 billion to GMAC,
in the form of a capital contribution, to restore its adjusted tangible equity
balance as of November 30, 2006 to the $14.4 billion level that was agreed
upon in conjunction with the 51 percent sale of GMAC.   The amount of the
refund reflects reduced tangible book value at November 30, 2006, principally
caused by a deterioration in GMAC's Residential Capital, LLC (ResCap)
earnings, changes in GMAC deferred tax balances and the restatement of prior
financial results.
    For additional details on GMAC 2006 fourth quarter and calendar-year
financial results, see the company's earnings release dated March 13, 2007 on
the company web site at www.gmacfs.com.

    
    Cash and Liquidity
    
    GM achieved positive adjusted operating cash flow for the fourth quarter
2006 of approximately $300 million, an improvement of $1.4 billion compared to
the fourth quarter 2005.
    Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association (VEBA) Trust totaled $26.4
billion at December 31, 2006, up from $20.4 billion on September 30, 2006.  In
addition to the impact of favorable operating cash flow in fourth quarter,
this reflects the impact of distributions received from the closing of the
sale of the 51 percent interest in GMAC.

    
    Financial Restatements
    
    GM previously disclosed that it had understated its stockholders' equity
as of December 31, 2001 and subsequent periods by approximately $500 million
related to deferred tax liabilities and taxation of foreign currency
translation.  GM today confirmed a final adjustment to stockholders' equity as
of January 1, 2002 of $245 million.
    GM also previously disclosed it would be restating its financial
statements for 2002 through the third quarter of 2006 largely due to hedge
accounting.  The following chart provides a summary of the impact of the
restatements on reported net income for the 2002-2006 periods.



    ($Ms)   GM Reported Net Income (after-tax GAAP)

    
                            Q1-Q3 2006     2005      2004     2003      2002
    Previously reported      (3,025)     (10,567)   2,804    3,859     1,574
    Adjustments                  97          150     (103)    (334)      161
    Restated results         (2,928)     (10,417)   2,701    3,525     1,735
    

    These results had no impact on cash flow for any of the restated periods.
Details on all of the restatements for the periods 2002 through the third
quarter 2006 can be found in the "Highlights" section of this press release.
    GM plans to file its annual report on Form 10-K with the Securities and
Exchange Commission on March 15, 2007.  Once filed, it will be available in
the "SEC Filings" section of GM's investor website at
www.gm.com/company/investor_information/sec/.
    General Motors Corp. (NYSE:   GM), the world's largest automaker, has been
the global industry sales leader for 76 years. Founded in 1908, GM today
employs about 280,000 people around the world.  With global headquarters in
Detroit, GM manufactures its cars and trucks in 33 countries.  In 2006, nearly
9.1 million GM cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac,
Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is the industry leader in
vehicle safety, security and information services.  More information on GM can
be found at www.gm.com.

    
    Forward-looking Statements
    
    In this press release and in related comments by General Motors'
management, we will use words like "expect," "anticipate," "estimate,"
"forecast," "initiative," "objective," "plan," "goal," "project," "outlook,"
"priorities," "target," "intend," "evaluate," "pursue," "seek," "may,"
"would," "could," "should," "believe," "potential," "continue," "designed," or
"impact" to identify forward-looking statements that represent our current
judgments about possible future events. We believe these judgments are
reasonable, but GM's actual results may differ materially due to a variety of
important factors. Among other items, such factors include: the ability of GM
to realize production efficiencies, to achieve reductions in costs as a result
of the turnaround restructuring and health care cost reductions and to
implement capital expenditures at levels and times planned by management; the
pace of product introductions; market acceptance of the Corporation's new
products; significant changes in the competitive environment and the effect of
competition in the Corporation's markets, including on the Corporation's
pricing policies; our ability to maintain adequate liquidity and financing
sources and an appropriate level of debt; changes in the existing, or the
adoption of new, laws, regulations, policies or other activities of
governments, agencies and similar organizations where such actions may affect
the production, licensing, distribution or sale of our products, the cost
thereof or applicable tax rates; costs and risks associated with litigation;
the final results of investigations and inquiries by the SEC and other
governmental agencies; changes in our accounting principles, or their
application or interpretation, and our ability to make estimates and the
assumptions underlying the estimates, including the range of estimates for the
Delphi pension benefit guarantees, which could result in an impact on
earnings; changes in relations with unions and employees/retirees and the
legal interpretations of the agreements with those unions with regard to
employees/retirees and the successful completion of a collective bargaining
agreement; negotiations and bankruptcy court actions with respect to Delphi's
obligations to GM, negotiations with respect to GM's obligations under the
pension benefit guarantees to Delphi employees, and GM's ability to recover
any indemnity claims against Delphi; labor strikes or work stoppages at GM or
its key suppliers such as Delphi or financial difficulties at GM's key
suppliers such as Delphi; additional credit rating downgrades and the effects
thereof; factors affecting GMAC's results of operations and financial
condition such as credit ratings, interest rates, the housing market(including
the downturn in residential mortgages, particularly in the nonprime sector),
adequate access to the capital, changes in the residual value of off-lease
vehicles, changes in U.S. government-sponsored mortgage programs or
disruptions in the markets in which our mortgage subsidiaries operate, and
changes in GMAC's contractual servicing rights; shortages of and price
increases for fuel; changes in economic conditions, commodity prices, such as
steel and other raw materials, currency exchange rates or political stability
in the markets in which we operate; the effects of transactions or alliances
entered into by one or more of our competitors; currency exchange rates or
political instability in the markets in which we operate; and general economic
conditions, in particular stability of consumer confidence.  The most recent
annual reports on Form 10-K and quarterly reports on Form 10-Q filed by GM and
GMAC provide information about these factors, which may be revised or
supplemented in future reports to the SEC on those forms.



    
                           General Motors Corporation
                       Use of Non-GAAP Financial Measures
    

    This press release and the accompanying tables include the following non-
GAAP financial measures: (a) adjusted net income, (b) managerial cash flow,
and (c) GM North America vehicle revenue per unit. Each of these financial
measures excludes the impact of certain items and therefore has not been
calculated in accordance with U.S. generally accepted accounting principles,
or GAAP.

    
    Adjusted Net Income
    
    Adjusted net income excludes a charge for the special attrition program
agreement, restructuring and impairments charges, gains and losses on the sale
of businesses and business interests, and charges associated with the Delphi
bankruptcy. Each of the adjustments is described in more detail below. This
press release also contains a reconciliation of each of these non-GAAP
measures to its most comparable GAAP financial measure.
    Management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our operating results because
they exclude amounts that GM management does not consider part of operating
results when assessing the performance of the organization and measuring the
results of GM's performance. In addition, GM has historically reported similar
non-GAAP financial measures. GM believes that inclusion of these non-GAAP
financial measures provides consistency and comparability with past earnings
releases. GM management uses these non-GAAP financial measures to evaluate
GM's performance and believes these measures allow GM management to readily
view operating trends, perform analytical comparisons, benchmark performance
among geographic regions and assess whether the GM North American structural
cost turnaround plan is on target.  Also, GM management uses adjusted net
income for forecasting purposes, and in determining its future capital
investment allocations. Also, adjusted net income is a key variable in
determining management incentive compensation. Accordingly, GM believes these
non-GAAP financial measures are useful to investors in allowing for greater
transparency of supplemental information used by management in its financial
and operational decision-making.
    While GM believes that these non-GAAP financial measures provide useful
supplemental information, there are limitations associated with the use of
these non-GAAP financial measures. These non-GAAP financial measures are not
prepared in accordance with GAAP, do not reflect a comprehensive system of
accounting and may not be completely comparable to similarly titled measures
of other companies due to potential differences in the exact method of
calculation between companies. Items such as special attrition program
agreement and restructuring charges that are excluded from GM's non-GAAP
financial measures can have a material impact on net earnings. As a result,
these non-GAAP financial measures have limitations and should not be
considered in isolation from, or as a substitute for, net earnings, cash flow
from operations or other measures of performance prepared in accordance with
GAAP. GM compensates for these limitations by using these non-GAAP financial
measures as supplements to GAAP financial measures and by reviewing the
reconciliations of the non-GAAP financial measures to their most comparable
GAAP financial measure. Investors are encouraged to review the reconciliations
of these non-GAAP financial measures to their most comparable GAAP financial
measures that are included elsewhere in this press release.

    The following is a discussion of the adjustments to the comparable GAAP
financial measure that produces our non-GAAP financial measures:

    (*) Special attrition program charges.  Our non-GAAP financial measures
exclude the estimated charge associated with the special attrition program
agreement among the UAW, GM and Delphi.  Management believes it is useful in
evaluating the performance of GM and its management teams and business units
during a particular time period to exclude charges associated with the special
attrition program, because the charge occurs irregularly and is generally
associated with one-time structural changes to GM's North America business.
Accordingly, management does not consider these costs as part of its core
earnings for purposes of evaluating the performance of the business, and
excludes such costs when evaluating the performance of the Corporation, its
business units and its management teams and when making decisions to allocate
resources among GM's business units.
    (*) Restructuring and impairment charges.  Our non-GAAP financial measures
exclude exit costs and related charges, primarily consisting of severance
costs and lease abandonment costs, and any subsequent changes in estimates
related to exit activities as they relate to GM's significant restructurings,
which involved significant layoffs.  Management believes the exclusion of
restructuring and impairment charges from adjusted net income is useful
because management does not consider these costs part of GM's core earnings in
evaluating GM's operational managers and the exclusion permits investors to
evaluate the performance of our management the same way management does.
Additionally, management excludes restructuring and impairment charges in its
determinations regarding the allocation of resources, such as capital
investment, among the Corporation's business units and as part of its
forecasting and budgeting.


    
                           General Motors Corporation
                       Use of Non-GAAP Financial Measures
    

    (*) Gains and losses on the sale of business units and business interests.
The gains or losses on the sale of business units and business interests are
excluded from adjusted net income.  While GM is involved in sales of its
business units and business interests from time to time and the Corporation
may have significant gains or losses from such sales in the future, such
events have historically occurred sporadically.  Management excludes the
charges associated with these events when it evaluates the Corporation's
operations and for internal reporting, forecasting purposes and allocation of
additional resources.
    (*) Charges associated with the Delphi bankruptcy.  Our non-GAAP financial
measures exclude charges associated with the Delphi bankruptcy, the estimated
contingent liability reserve established by management.  Management believes
it is useful in evaluating the performance of GM and its management teams and
business units during a particular time period to exclude charges associated
with the Delphi bankruptcy, because this charge is not in the ordinary course
of GM's business. Accordingly, management does not consider these costs part
of its core earnings for purposes of evaluating the performance of GM's
business and excludes such costs when evaluating the performance of GM, its
business units and its management teams and when making decisions to allocate
resources among GM's business units.
    (*) Tax-related items.  The income tax expense that arose as a result of
the conversion of GMAC to a limited liability company (LLC) in connection with
the sale of a controlling interest in GMAC and is offset by the reversal of
State/Local tax contingencies and income related to the portfolio of
automotive leases transferred to GM as part of the GMAC transaction, is
excluded from adjusted net income.  GM is involved in sales of its business
units and business interests from time to time, which may result in unusual
tax events. Management excludes the charges and gains associated with these
unusual events when it evaluates the Corporation's operations and for internal
reporting, forecasting purposes and allocation of additional resources.



    
                           General Motors Corporation
                       Use of Non-GAAP Financial Measures

    Managerial Cash Flow
    

    GM also reports non-GAAP managerial automotive operating cash flow in its
earnings releases and charts for securities analysts.  Management believes
that providing managerial automotive operating cash flow furnishes it and
investors with useful information by representing the cash flow generated or
consumed by its automotive operations, including cash consumed by automotive
capital expenditures and equity investments in companies related to our core
business and cash generated by sales of automotive operating assets and equity
investments in companies related to GM's core business, before funding non-
operating-related obligations including debt maturities, dividends and other
non-operating items.  Management uses this non-GAAP financial measure to
assess its automotive cash flow when evaluating the performance of GM, its
business units and its management teams and when making decisions to allocate
resources among GM's business units.

    
    GM North America Vehicle Revenue per Unit
    
    GM's earnings releases and charts for securities analysts also include
the use of non-GAAP measures of revenue per vehicle. Management uses revenue
per vehicle to track operating efficiency and to facilitate comparisons
between periods and between manufacturers, and believes that it would provide
valuable information to investors who are interested in identifying trends and
comparing different companies. Revenue per vehicle includes certain vehicles
sales to other GM regions that are excluded from GAAP reporting, and excludes
non-vehicle sales such as service parts and operations and OnStar service, and
other income that GM does not derive from the sale of vehicles, such as
interest on the GM credit card.  Management also includes sales to daily car
rental companies in revenue per vehicle, although they are not treated as
sales under GAAP reporting because of GM's repurchase obligations.

    
    Structural Cost Reduction Target
    
    GM structural cost reduction target in North America excludes the cost of
the three $1 billion contributions to an independent VEBA Trust in 2006, 2007,
and 2011, in connection with the UAW health care settlement agreement.
Management uses this measure to track the structural cost reduction target on
a running rate basis since a significant portion of the benefit of the
health-care settlement agreement related to hourly employees is anticipated to
extend well beyond the periods in which the expense related to the
contributions will be incurred. Management believes that this measure is
useful to investors as it allows them to evaluate the ongoing effects of GM's
structural cost reduction initiatives.


    
                           General Motors Corporation
                                Explanatory Note
    

    On November 30, 2006, GM completed the sale of a 51% controlling interest
in GMAC, LLC. For the eleven months ended November 30, 2006, GMAC's earnings
and cash flows are fully consolidated in GM's Consolidated Statements of
Operations and Statements of Cash Flows.  After November 30, 2006, GM's
remaining 49% interest in GMAC's common membership interests is reflected as
an equity method investment. Also, GM's interest in GMAC's preferred
membership interest of 1,555,000 units which was purchased for $1.4 billion at
the time of the closing is reflected as a cost method investment.
    GM has restated its financial statements and financial information for
2002 through the third quarter of 2006. These restatements primarily relate to
the following: (1) accounting for derivative contracts in accordance with
Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for
Derivative Instruments and Hedging Activities, as amended; (2) accounting for
deferred income taxes in accordance with SFAS No. 109, Accounting for Income
Taxes; and (3) other various accounting adjustments.


    

                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Three Months Ended      Three Months Ended
                                     Sept. 30, 2006         June 30, 2006
                                   --------------------  -------------------
                                   As Prev.              As Prev.
                                   Reported    Restated  Reported   Restated
                                   --------    --------  --------   --------
     REPORTED
     --------

     Net Loss                        $(91)    $(147)    $(3,379)   $(3,383)
     EPS-Basic                     $(0.16)   $(0.26)     $(5.97)    $(5.98)
                                     ----      ----        ----       ----
     ADJUSTMENTS
     -----------
     Delphi (A)                       325       325           -          -
     GMAC Commercial Finance
      Goodwill Impairment (B)         695       695           -          -
     GMAC Transaction Related (C)    (322)     (322)        690        690
     Special Attrition Program (D)    (64)      (64)      4,214      4,214
     Restructuring (E)                 46        46        (357)      (357)
     Product Impairments (F)          112       112         197        197
     Tax related items (G)           (148)     (148)          -          -
     Sale of Investments (H)            -         -        (212)      (212)
                                      ---       ---        ----       ----
      Subtotal                        644       644       4,532      4,532

     ADJUSTED
     --------                         ---       ---       -----      -----
     Adjusted Income / (Loss)        $553      $497      $1,153     $1,149
                                      ---       ---       -----      -----
     Adjusted EPS-Basic             $0.98     $0.88       $2.04      $2.03

     See footnotes.



                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Three Months Ended      Nine Months Ended
                                     March 31, 2006         Sept. 30, 2006
                                   --------------------  -------------------
                                   As Prev.              As Prev.
                                   Reported    Restated  Reported   Restated
                                   --------    --------  --------   --------
     REPORTED
     --------

     Net Income / (Loss)             $445      $602     $(3,025)   $(2,928)
     EPS-Basic                      $0.79     $1.06      $(5.34)    $(5.18)
                                     ----      ----        ----      ----
     ADJUSTMENTS
     -----------
     Delphi (A)                         -         -         325        325
     GMAC Commercial Finance
      Goodwill Impairment (B)           -         -         695        695
     GMAC Transaction Related(C)        -         -         368        368
     Special Attrition Program (D)     52        52       4,202      4,202
     Restructuring (E)                 59        91        (252)      (220)
     Product Impairments (F)            -         -         309        309
     Tax related items (G)              -         -        (148)      (148)
     Sale of Investments (H)         (372)     (372)       (584)      (584)
                                     ----      ----       -----      -----
      Subtotal                       (261)     (229)      4,915      4,947

     ADJUSTED
     --------                         ---       ---       -----      -----
     Adjusted Income / (Loss)        $184      $373      $1,890     $2,019
                                      ---       ---       -----      -----
     Adjusted EPS-Basic             $0.33     $0.66       $3.33      $3.56

     See footnotes.



                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Three Months Ended      Three Months Ended
                                     Dec. 31, 2005          Sept. 30, 2005
                                   ------------------    --------------------
                                   As Prev.              As Prev.
                                   Reported    Restated  Reported   Restated
                                   --------    --------  --------   --------
     REPORTED
     --------

     Net Loss                     $(6,663)  $(6,577)    $(1,664)   $(1,673)
     EPS-Basic                    $(11.78)  $(11.63)     $(2.94)    $(2.96)
                                    -----     -----       -----      -----
     ADJUSTMENTS
     -----------

     North America restructuring
      Charge (A)                    1,651     1,651           -          -
     Delphi (B)                     3,575     3,575           -          -
     U.S. salaried attrition
      program (C)                       -         -           -          -
     Plant & facility impairments (D)   -         -         805        805
     Adjustments to investment in
      Fuji Heavy Industries (E)       (51)      (51)          -          -
     Restructuring charges:
      GME, GMAP, and Other (F)         97        97          56         56
     Cumulative effect of
      accounting change (G)           109       109           -          -
     Change in Polish tax law (H)     (49)      (49)          -          -
     Tax items (I)                   (129)     (129)       (311)      (311)
     Goodwill Impairment (J)          438       438           -          -
                                    -----     -----       -----      -----
      Subtotal                      5,641     5,641         550        550

     ADJUSTED
     --------                       -----     -----       -----      -----
     Adjusted Income / (Loss)     $(1,022)    $(936)    $(1,114)   $(1,123)
                                    -----       ---       -----      -----
     Adjusted EPS-Basic            $(1.81)   $(1.66)     $(1.97)    $(1.99)

     See footnotes.



                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Three Months Ended      Three Months Ended
                                     June 30, 2005          March 31, 2005
                                   ------------------    --------------------
                                   As Prev.              As Prev.
                                   Reported    Restated  Reported   Restated
                                   --------    --------  --------   --------
     REPORTED
     --------

     Net Loss                       $(987)    $(917)    $(1,253)   $(1,250)
     EPS-Basic                     $(1.75)   $(1.62)     $(2.22)    $(2.21)
                                    -----     -----       -----      -----
     ADJUSTMENTS
     -----------

     North America restructuring
      Charge (A)                        -         -           -          -
     Delphi (B)                         -         -           -          -
     U.S. salaried attrition
      program (C)                       -         -         148        148
     Plant & facility impairments (D)   -         -          84         84
     Adjustments to investment in
      Fuji Heavy Industries (E)       788       788           -          -
     Restructuring charges:
      GME, GMAP, and Other (F)        126       126         422        422
     Cumulative effect of
      accounting change (G)             -         -           -          -
     Change in Polish tax law (H)       -         -           -          -
     Tax items (I)                   (158)     (158)       (389)      (389)
     Goodwill Impairment (J)            -         -           -          -
                                     ----      ----        ----       ----
      Subtotal                        756       756         265        265

     ADJUSTED
     --------                        ----      ----        ----       ----
     Adjusted Income / (Loss)       $(231)    $(161)      $(988)     $(985)
                                      ---       ---         ---        ---
     Adjusted EPS-Basic            $(0.41)   $(0.28)     $(1.75)    $(1.74)

     See footnotes.



                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                    Twelve Months Ended
                                    December 31, 2005
                                    -------------------
                                   As Prev.
                                   Reported     Restated
                                   --------     --------
     REPORTED
     --------

     Net Loss                     $(10,567)     $(10,417)
     EPS-Basic                     $(18.69)      $(18.42)
                                    ------        ------
     ADJUSTMENTS
     -----------

     North America restructuring
      Charge (A)                     1,651         1,651
     Delphi (B)                      3,575         3,575
     U.S. salaried attrition
      program (C)                      148           148
     Plant & facility impairments (D)  889           889
     Adjustments to investment in
      Fuji Heavy Industries (E)        737           737
     Restructuring charges:
      GME, GMAP, and Other (F)         701           701
     Cumulative effect of
      accounting change (G)            109           109
     Change in Polish tax law (H)      (49)          (49)
     Tax items (I)                    (987)         (987)
     Goodwill Impairment (J)           438           438
                                     -----         -----
      Subtotal                       7,212         7,212

     ADJUSTED
     --------                        -----         -----
     Adjusted Income / (Loss)      $(3,355)      $(3,205)
                                     -----         -----
     Adjusted EPS-Basic             $(5.93)       $(5.67)

     See footnotes.



                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Twelve Months Ended
                                    December 31, 2004
                                   --------------------
                                   As Prev.
                                   Reported    Restated
                                   --------    --------
     REPORTED
     --------

     Net Income                    $2,804       $2,701
     EPS-Basic                      $4.97        $4.78
                                    -----        -----
     ADJUSTMENTS
     -----------

     Gain on Sale of XM Stock (A)    (118)        (118)
     Plant & Facility Impairments (B) 133          133
     Asset Impairments (C)            297          297
     Write-down of Fiat
      Investment (D)                  136          136
     Tax Items (E)                   (540)        (540)
     Fiat Charge (F)                  886          886
     Continuously Variable (G)
      Transmission                     31           31
                                    -----        -----
      Subtotal                        825          825

     ADJUSTED
     --------                       -----        -----
     Adjusted Income / (Loss)      $3,629       $3,526
                                    -----        -----
     Adjusted EPS-Basic             $6.43        $6.24

     (A)  In December 2004, GM contributed 11 million shares of XM
          Satellite Radio Holdings Inc. Class A common stock valued at
          $432 million to its Voluntary Employees' Beneficiary Association
          (VEBA). The contribution resulted in a pre-tax gain of $190
          million ($118 million after-tax).
     (B)  Includes charges for previously announced facilities
          rationalization actions at GM's Baltimore, MD and Linden, NJ
          plants.
     (C)  Reflects the results of GM's annual review of the carrying
          value of its long-lived assets held and used, other than
          goodwill and intangible assets with indefinite lives.
          Impairments relate to product-specific assets and facilities
     (D)  Relates to GM's investment in Fiat Auto Holdings, B.V. and
          reflects completion of an impairment study relating to the
          carrying value of that investment, which resulted in the
          write-off of the remaining balance of $220 million pre-tax
          ($136 million after-tax).
     (E)  Reflects various adjustments resulting from changes in tax
          laws both in the U.S. and overseas and capital loss carryforwards.
     (F)  On February 13, 2005, GM and Fiat reached a settlement agreement
          related to various issues that resulted in an after-tax charge to
          earnings of $886 million. Since the underlying events and
          disputes giving rise to GM's and Fiat's agreement existed at
          December 31, 2004, GM recognized this charge in the fourth
          quarter of 2004.
     (G)  Relates to GM's cancellation of its Continuous Variable
          Transmission product in Europe. Charges are for related asset
          impairments and contract cancellation costs.



                          General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Twelve Months Ended
                                    December 31, 2003
                                   -------------------
                                   As Prev.
                                   Reported     Restated
                                   --------     --------
     REPORTED
     --------

     Net Income                    $3,859       $3,525
     EPS-Basic                      $7.31        $6.71
                                    -----        -----
     ADJUSTMENTS
     -----------

     Hourly Retiree Lump Sum/
      Vouchers (A)                    725          725
     Reserve for Idled Workers (B)   (103)        (103)
     GME Restructuring Charge (C)     218          218
     Gain on Sale of GM Defense (D)  (505)        (505)
     Gain on sale of Hughes (E)    (1,179)      (1,179)
                                    -----        -----
      Subtotal                       (844)        (844)

     ADJUSTED
     --------                       -----        -----
     Adjusted Income / (Loss)      $3,015       $2,681
                                    -----        -----
     Adjusted EPS-Basic             $5.77        $5.17

     (A)  The October 2003 contract with the United Auto Workers provided
          for lump-sum payments and vehicle discount vouchers for retirees,
          accounted for in GMNA and Other.
     (B)  The Reserve for Idled Workers primarily relates to adjustments to
          previously established reserves for the Janesville, Wisconsin
          plant, accounted for in GMNA.
     (C)  The GME Restructuring Charge relates to the initiative implemented
          in the fourth quarter of 2003 to improve competitiveness of GM's
          automotive operations in Europe.
     (D)  The Gain on Sale of GM Defense relates to the sale of GM's light
          armored vehicle business to General Dynamics Corporation for net
          proceeds of approximately $1.1 billion.
     (E)  The Gain on Sale of Hughes relates to the split-off of Hughes
          from GM and the simultaneous sale of GM's 19.8% economic interest
          in Hughes to the News Corporation, Ltd. for a total of
          approximately $3.1 billion  in cash.



                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Twelve Months Ended
                                    December 31, 2002
                                   -------------------
                                   As Prev.
                                   Reported     Restated
                                   --------     --------
     REPORTED
     --------

     Net loss                      $1,574       $1,735
     EPS-Basic                      $3.08        $3.36
                                    -----        -----
     ADJUSTMENTS
     -----------
     Hughes EchoStar
      Termination Payment (A)        (372)        (372)
     Hughes Write-down of
      Crown Media Investment (B)       27           27
     Hughes Write-down of XM
      Radio Investment (C)             63           63
     Hughes Costs Related to
      Shut-down of DIRECTV DSL(TM)
      Service (D)                      97           97
     Hughes Loss on HTIL
      Transaction (E)                  15           15
     Write-down of
      Fiat Auto Investment (F)      1,371        1,371
     GMNA Production
      Footprint (G)                   116          116
     Hughes Sale of Equity
      Interests (H)                   (68)         (68)
     GME End of Life Vehicle
      Charge (I)                       55           55
     GME Restructuring
      Charge (J)                      407          407
     Hughes Space Shuttle
      Settlement (K)                  (59)         (59)
     Hughes GECC Contractual
      Dispute (L)                      51           51
     Hughes Loan Guarantee
      Charge (M)                       18           18

                                    -----        -----
      Subtotal                      1,721        1,721

     ADJUSTED
     --------                       -----        -----
     Adjusted Income / (Loss)      $3,295       $3,456
                                    -----        -----
     Adjusted EPS-Basic             $5.88        $6.17

     (A)  The Hughes EchoStar Termination Payment reflects the $600 million
          EchoStar paid to Hughes in connection with the termination of the
          October 28, 2001 merger agreement between Hughes and EchoStar.
     (B)  The Hughes Write-down of Crown Media Investment relates to the
          recognition of an other than temporary decline in the market
          value of Hughes' investment in Crown Media.
     (C)  The Hughes Write-down of XM Radio Investment relates to the
          recognition of an other than temporary decline in the market
          value of Hughes' investment in XM Radio.



                           General Motors Corporation
                      Prior Period Restatements - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

     (D)  The Hughes Costs Related to Shut-down of DIRECTV DSL(TM) Service
          relates to the costs to close the business including contract
          termination payments, write-offs of equipment, and severance
          payments.
     (E)  The Hughes Loss on HTIL Transaction relates to the exchange of
          Hughes' ownership in Hughes Tele.com (India) Limited for an equity
          interest in and long term receivables from Tata Teleservices
          Limited.
     (F)  The Write-down of Fiat Auto Investment relates to GM's investment
          in Fiat Auto Holdings, B.V. ("Fiat Auto") and reflects completion
          of an impairment study relating to the carrying value of that
          investment, which was reduced from $2.4 billion to $220 million.
     (G)  The GMNA Production Footprint charge primarily relates to costs
          associated with the transfer of commercial truck production from
          Janesville, Wisconsin, to Flint, Michigan.
     (H)  The Hughes Sale of Equity Interests relates primarily to the
          investment in the multimedia company Thomson.
     (I)  The GME End of Life Vehicle Charge relates to the European Union's
          directive requiring member states to enact legislation regarding
          end-of-life vehicles to be the responsibility of manufacturers for
          dismantling and recycling vehicles they have sold.
     (J)  The GME Restructuring Charge relates to the initiative implemented
          in the first quarter of 2002 to improve the competitiveness of GM's
          automotive operations in Europe.
     (K)  The Hughes Space Shuttle Settlement relates to the favorable
          resolution of a lawsuit that was filed against the U.S. government
          on March 22, 1991, based upon the National Aeronautics and Space
          Administration's (NASA) breach of contract to launch ten satellites
          on the Space Shuttle.
     (L)  The Hughes GECC Contractual Dispute relates to an expected loss
          associated with a contractual dispute with General Electric
          Capital Corporation.
     (M)  The Hughes Loan Guarantee Charge relates to a loan guarantee for a
          Hughes Network Systems' affiliate in India.



                           General Motors Corporation
                        List of Special Items - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Three Months Ended       Year to Date
                                    Dec. 31, 2006          Dec. 31, 2006
                                   ------------------    ----------------
                                    Net        $1-2/3     Net       $1-2/3
                                   Income        EPS     Income       EPS
                                   -------     ------    -------    ------
     REPORTED
     --------
     Net Income / (Loss)             $950     $1.68     $(1,978)    $(3.50)
                                      ---      ----       -----      ----
     ADJUSTMENTS
     -----------
     Delphi (A)                         -         -         325       0.57
     GMAC Commercial Finance
      Goodwill Impairment (B)           -         -         695       1.23
     GMAC Transaction Related (C)    (712)    (1.26)       (344)     (0.60)
     Special Attrition Program (D)    (51)    (0.09)      4,151       7.33
     Restructuring (E)                180      0.32         (40)     (0.07)
     Product Impairments (F)            -         -         309       0.55
     Tax related items (G)            (66)    (0.12)       (214)     (0.38)
     Sale of Investments (H)            -         -        (584)     (1.03)
     Gain on Sale (I)                (175)    (0.31)       (175)     (0.31)
     Component Plant Settlement (J)   146      0.26         146       0.26
     Delphi - Medicare Part D (K)     (92)    (0.16)        (92)     (0.16)

                                      ---      ----       -----       ----
     Subtotal                        (770)    (1.36)      4,177       7.39

     ADJUSTED
     --------                         ---      ----       -----       ----
     Adjusted Income - Basic EPS     $180     $0.32      $2,199      $3.89
                                      ---      ----       -----       ----
     Adjusted EPS - Fully Diluted             $0.32                  $3.88
                                               ----                   ----

     (A)  During the third quarter of 2006, GM increased its contingent
          liability by $325 million after-tax ($500 million pre-tax),
          based on current available data and ongoing discussions with
          Delphi and other stakeholders. GM recorded a charge of $3.6
          billion after-tax ($5.5 billion pre-tax) in the fourth quarter
          of December 2005.  GM's current estimate of the range of
          reasonably possible outcomes are between $6 billion and $7.5
          billion.  GM believes the more likely amount of the liability is
          at the lower end of this range.  GM may incur a payment in 2007
          not expected to exceed $400 million pre-tax and additional ongoing
          expenses on a limited duration estimated to be less than $100
          million (pre-tax) annually.

     (B)  During the third quarter GMAC's commercial finance business
          recognized a goodwill impairment charge of $695 million after-tax
          ($839 million pre-tax). The charge was the result of a decision
          made by new management to eliminate certain low margin product
          lines in its commercial finance business.

     (C)  In the second quarter of 2006, GM recognized impairment losses
          on GMAC to reflect the net assets held for sale as required by
          SFAS 144. In the third quarter, GM recognized a reversal of
          losses previously recognized due to the fact that an impairment
          charge was recorded by GMAC's commercial finance business.



                           General Motors Corporation
                        List of Special Items - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

          At the end of November, GM closed its sale of GMAC to a
          consortium of investors. GM recognized gains on curtailments
          of its pension and post retirement benefit liabilities. These
          gains were offset by the loss on sale of GMAC including various
          tax items related to the sale. In addition, as part of its
          investment and capital strategy, GMAC Insurance Operations
          completed a securities portfolio review and decided to reduce the
          elevated investment leverage and free up capital for growth
          strategies and dividends. This was achieved by reducing the
          investment in equities from nearly 35% of total invested assets
          to approximately 10% and resulted in a pre-tax gain of
          approximately $873 million or $567 million after-tax. The
          proceeds from the sales have been either invested in fixed
          income securities or will be used to remit dividends in 2007.

     (D)  During the fourth quarter, GM recorded a favorable adjustment
          primarily due to closed plants and the related JOBS bank in GMNA.

          The second quarter charge relates to the results of the
          GM-UAW-Delphi Special Attrition Program, primarily for payments
          to employees (approximately $1.4 billion) and for the curtailment
          charges associated with GM's U.S. hourly pension plan as a result
          of the attrition program (approximately $2.8 billion).

     (E)  Relates to various restructuring initiatives and other matters,
          as follows:

          o  For the fourth quarter of 2006:
             o  Restructuring charges of $53 million at GMAP related
                to reduced volume and employee separation at Holden.
             o  Additional charges of $111 million were recognized at GME
                primarily related to separations.

          o  Year-to-date totals include the following:
             o  favorable revision of the accrual taken in the fourth
                quarter of 2005 for the North American plant capacity
                actions (approximately $600 million).
             o  Charges totaling $309 million were recognized at GME,
                related to the announced closure in December 2006 of the
                GM assembly plant in Azambuja, Portugal, which includes
                amounts for the writedown to fair market value of plant
                assets, employee separation costs, and contract
                cancellation charges. Additional costs were incurred
                related to the elimination of a shift at the Ellesmere
                Port plant in the U.K.
             o  Other restructuring charges of $43 million at GMLAAM.
             o  Estimated charges of $76 million related to separations of
                salaried employees at GMNA.

     (F)  GMNA has recorded impairment charges of $309 million after-tax
          related to product specific assets and write down of plant assets
          in connection with the planned stoppage of production at the
          Doraville, Georgia assembly plant.

     (G)  Primarily reflects the reversal of a deferred tax asset valuation
          allowance at GM Daewoo and residual taxes at Suzuki.

     (H)  Year-to-date results include an after-tax gain of $212 million
          from the sale of GM's entire investment in Isuzu Motors, Ltd.
          Additionally, year-to-date results include an after-tax gain of
          $372 million from the sale of 92.36 million shares of GM's
          investment in Suzuki Motor Corp. (Suzuki) for approximately $2
          billion in cash, reducing GM's equity stake in Suzuki from 20.4%
          to approximately 3.7% (16.3 million shares). The gains were
          recognized at GMAP.

     (I)  During the fourth quarter, GM sold its desert proving grounds
          in Mesa, Arizona.

     (J)  During the fourth quarter, GM announced its plan to cease
          production at two former component plants that are included in
          GM's consolidated financial results. GM recorded a charge of
          $146 million after-tax related to the idling and separation
          costs of the workforce.

     (K)  During the fourth quarter, GM was able to recognize tax benefit
          associated with Medicare Part D subsidies related to certain
          Delphi flow-back employees and retirees.



                           General Motors Corporation
                        List of Special Items - After-Tax
                 (Dollars in millions except per share amounts)
                                   (unaudited)

                                   Three Months Ended       Year to Date
                                    Dec. 31, 2005           Dec. 31, 2005
                                   ------------------     ---------------
                                               $1-2/3               $1-2/3
                                   Restated      EPS     Restated     EPS
                                   --------    ------    --------   -------
     REPORTED
     --------

     Net loss                     $(6,577)  $(11.63)   $(10,417)   $(18.42)
                                    -----     -----      ------      ----
     ADJUSTMENTS
     -----------

     North America restructuring
      charge (A)                    1,651      2.92       1,651       2.92
     Delphi (B)                     3,575      6.32       3,575       6.32
     U.S. salaried attrition
      program (C)                       -      -            148       0.26
     Plant & facility impairments (D)   -      -            889       1.57
     Adjustments to investment in
      Fuji Heavy Industries (E)       (51)    (0.09)        737       1.30
     Restructuring charges:
      GME, GMAP, and Other (F)         97      0.17         701       1.25
     Cumulative effect of
      accounting change (G)           109      0.19         109       0.19
     Change in Polish tax law (H)     (49)    (0.09)        (49)     (0.09)
     Tax items (I)                   (129)    (0.22)       (987)     (1.74)
     Goodwill Impairment (J)          438      0.77         438       0.77
                                    -----      ----       -----      -----
      Subtotal                      5,641      9.97       7,212      12.75

      ADJUSTED
      --------
                                      ---       ---       -----       ---
      Adjusted (loss) - Basic EPS   $(936)   $(1.66)    $(3,205)    $(5.67)
                                      ---       ---       -----       ---

     (A)  In connection with the North American manufacturing capacity
          actions announced in November, GM recorded an after-tax charge
          of $1.7 billion in the fourth quarter of 2005. This charge
          includes $1.2 billion associated employees and $455 million for
          the non-cash write-down of property, plants and equipment.

     (B)  In the fourth quarter of 2005, GM recorded a contingent liability
          due to Delphi's Chapter 11 filing. At that time, GM believed that
          the range of the contingent exposures was between $5.5 billion
          and $12 billion, with amounts near the low end of the range
          considered more possible than amounts near the high end of the
          range. During the third quarter of 2006, GM increased its
          contingent liability by $325 million after-tax ($500 million
          pre-tax), based on current available data and ongoing discussions
          with Delphi and other stakeholders. GM's current estimate of the
          range of reasonably possible outcomes are between $6 billion and
          $7.5 billion. GM believes the more likely amount of the liability
          is at the lower end of this range. GM may incur a payment in 2007
          not expected to exceed $400 million pre-tax and additional ongoing
          expenses on a limited duration estimated to be less than $100
          million (pre-tax) annually.

     (C)  Relates to voluntary early retirement and other separation programs
          in the U.S. in the first quarter of 2005.

     (D)  Year-to-date adjustments include after-tax impairment charges
          totaling $805 million ($468 million at GMNA, $176 million at GME,
          $99 million at GMLAAM, and $62 million at GMAP) resulting from
          third quarter reviews of the carrying value of long-lived
          assets held and used, other than goodwill and intangible assets
          with indefinite lives.  These impairments consist of $711 million
          related to product-specific assets and $94 million related to
          office and production facilities, which were still in service at
          year-end 2005.  Year-to-date results also include an after-tax
          charge of $84 million, recorded at GMNA in the first quarter 2005,
          for the write-down to fair market value of various plant assets
          in connection with the cessation of production at a Lansing
          assembly plant.

     (E)  Relates to the $788 million after-tax write-down to fair market
          value, as of June 30, 2005, of GM's investment in approximately
          20% of the common stock of Fuji Heavy Industries (FHI).  In the
          fourth quarter, GM completed the sale of its investment in the
          common stock of FHI and recorded a gain of $71 million (after-tax)
          due to the appreciation of the fair value of such stock after
          June 30, 2005, the date of the FHI impairment charge.  Also in
          the fourth quarter, GME recorded cancellation charges of $20
          million (after-tax) related to FHI, resulting in a net adjustment
          of $(51) million in the fourth quarter.

     (F)  The fourth quarter charge relates to after-tax restructuring
          charges of $69 million at GME, $21 million at GMAP, and $7
          million at Other.  In the fourth quarter of 2004, GM Europe
          announced a restructuring plan targeting a reduction in annual
          structural costs of an estimated $600 million by 2006.  A total
          reduction of 12,000 employees, including 10,000 in Germany, from
          2005-2007 through separation programs, early retirements, and
          selected outsourcing initiatives is expected. The fourth quarter
          GME restructuring charge of $69 million relates to approximately
          800 additional separations, as well as charges related to previous
          separations that are required to be amortized over future periods.
          The year-to-date GME charge of $672 million also includes costs
          related to the separation of approximately 6,700 people in the
          first three quarters.

     (G)  Relates to the adoption of Financial Accounting Standards Board
          Interpretation No. 47, "Accounting for Conditional Asset
          Retirement Obligations," as of December 31, 2005.

     (H)  Relates to the effect of changes in Polish tax law at a GM
          Powertrain joint venture. Amount is included in equity income.

     (I)  Fourth quarter and year-to-date amounts of $746 million and $1.6
          billion, respectively, relate to tax benefits, in excess of GM's
          previously communicated annual effective tax rate of 15%. In
          addition, the fourth quarter includes recognition of a valuation
          allowance of $617 million against deferred tax assets at GM do
          Brasil. Adjusted loss reflects an effective tax rate of 15%.

    (J)   Relates to goodwill impairment charges in GMAC's commercial
          finance business.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                      Fourth Quarter       Year to Date
                                   ------------------    ---------------
                                             Restated             Restated
                                    2006       2005      2006       2005
                                    ----       ----      ----       ----
     (Dollars in millions except per share amounts)
     Total net sales and
      revenues                    $51,209   $51,652   $207,349  $194,655
      Adjusted                    $50,337   $51,574   $206,477  $194,577
     Net income (loss)               $950   $(6,577)   $(1,978) $(10,417)
      Adjusted                       $180     $(936)    $2,199   $(3,205)
     Net margin
      (Net income / Total net
        sales and revenues)           1.9%    (12.7)%     (1.0)%    (5.4)%
      Adjusted                        0.4%     (1.8)%      1.1%     (1.6)%
     Earnings (losses) per share
       - basic
      $1-2/3 par value              $1.68   $(11.63)    $(3.50)  $(18.42)
     Earnings (losses) per share
       - diluted
      $1-2/3 par value              $1.68   $(11.63)    $(3.50)  $(18.42)
     Earnings (losses) per share
       - adjusted diluted
      $1-2/3 par value              $0.32    $(1.66)     $3.88    $(5.67)
     GM $1-2/3 par value average
      shares outstanding (Mil's)
      Basic shares                    566       566        566       566
      Diluted shares                  567       566        567       566
     Cash dividends per share
      of common stocks
      GM $1-2/3 par value           $0.25     $0.50      $1.00     $2.00

     See reconciliation of adjusted financial results and footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                      Fourth Quarter       Year to Date
                                   -------------------   --------------
                                             Restated             Restated
                                    2006       2005      2006      2005
                                    ----       ----      ----      ----
     Book value per share of
      common stocks at Dec. 31
      GM $1-2/3 par value          $(9.62)    $25.91

     Auto & Other total cash
      & marketable securities
      at Dec. 31 ($Bil's)           $23.9      $16.6
      Readily-available assets
        in VEBA                      $2.5       $3.8
                                     ----       ----
      Total Auto & Other cash
        & marketable securities
        plus readily-available
        assets in VEBA              $26.4      $20.4
                                     ----       ----

     Auto & Other Operations
      ($Mil's)
      Depreciation                 $1,366     $1,687     $4,622    $5,517
      Amortization of special
        tools                         743        989      3,468     4,516
      Amortization of intangible
        assets                         17         32         69        68
                                    -----      -----      -----    ------
         Total                     $2,126     $2,708     $8,159   $10,101
                                    -----      -----      -----    ------



     GM's share of significant nonconsolidated
      affiliates' net income (loss)
      ($Mil's)

     United States<B>                   $(5)        NA        $(5)       NA
     Italy(*)                            NA         NA         NA       $32
     Japan+                            NA        $43        $21      $183
     China                            $73        $90       $306      $302
     South KoreaNo.                      NA         NA         NA       $17

     <B>    GM sold a 51% ownership interest in GMAC in November 2006. As
          such, the remaining 49% ownership interest held by GM is
          accounted for under the equity method.
     (*)    During the second quarter of 2005, GM and Fiat S.p.A. completed
          the liquidation and termination of all joint ventures between
          them in existence at that time. As a result, GM regained
          complete ownership of all assets it originally contributed to
          each joint venture.
     +    In the fourth quarter 2005, GM completed the sale of its 20.1%
          investment in the common stock of Fuji Heavy Industries (FHI).
          In 2006, GM sold 92.36 million shares of its investment in Suzuki,
          reducing GM's stake from 20.4% to 3.7% (16.3 million shares).
          Effective with the completion of the sale, GM's remaining interest
          in Suzuki is accounted for as an available-for-sale equity
          security.
     No.    Effective for the third quarter 2005, the results of GM Daewoo's
          operations are consolidated by GM.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                         Fourth Quarter
                                          2006 and 2005
                                     -----------------------
     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                               Restated                           Restated
                        2006     2005    2006     2005   2006      2005
                        ----     ----    ----     ----   ----      ----
     Total net sales
      and revenues
     GMNA             $26,584  $27,770    $ -     $ -  $26,584   $27,770
     GME                8,975    8,102      -       -    8,975     8,102
     GMLAAM             3,973    3,546      -       -    3,973     3,546
     GMAP               4,492    3,449      -     (78)   4,492     3,371
                       ------   ------    ---      --   ------    ------
      Total GMA        44,024   42,867      -     (78)  44,024    42,789
     Other (1)            (23)     (39)     -       -      (23)      (39)
                       ------   ------    ---      --   ------    ------
     Total Auto &
      Other            44,001   42,828      -     (78)  44,001    42,750
                       ------   ------    ---      --   ------    ------
      GMAC (2)          6,486    8,808   (872)      -    5,614     8,808
      Other Financing(1)  722       16      -       -      722        16
                       ------    -----    ---      --   ------    ------
      Total Financing   7,208    8,824   (872)      -     6,336    8,824
                       ------    -----    ---      --   ------    ------
     Total net sales
      and revenues    $51,209  $51,652  $(872)   $(78) $50,337   $51,574
                       ------   ------    ---      --   ------    ------

     Income (loss)
      before income
      taxes, equity
      income, and
      minority interests
     GMNA                $124  $(4,114)  $(99) $2,537      $25   $(1,577)
     GME                 (153)    (197)   142     125      (11)      (72)
     GMLAAM                74       48      -       -       74        48
     GMAP                  (5)     (60)    76     (49)      71      (109)
                          ---    -----    ---   -----      ---     -----
      Total GMA            40   (4,323)   119   2,613      159    (1,710)
     Other                426   (5,991)  (607)  5,511     (181)     (480)
                          ---    -----    ---   -----      ---     -----
      Total Auto &
        Other             466  (10,314)  (488)  8,124      (22)   (2,190)
                          ---   ------    ---   -----      ---     -----
     GMAC(2)              371       55   (872)    712     (501)      767
     Other Financing     (345)      (9)   382       -       37        (9)
                          ---   ------    ---   -----      ---     -----
      Total Financing      26       46   (490)    712     (464)      758
                          ---   ------    ---   -----      ---     -----
     Total income (loss)
      before income
      taxes, equity
      income, and
      minority
      interests          $492 $(10,268) $(978) $8,836    $(486)  $(1,432)
                          ---   ------    ---   -----      ---     -----

     See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                         Fourth Quarter
                                          2006 and 2005
                                     -----------------------

     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                        2006     2005    2006     2005   2006      2005
                        ----     ----    ----     ----   ----      ----

     Net income (loss)
     GMNA                 $50  $(3,150)  $(64) $1,734     $(14)  $(1,416)
     GME                 (119)     (56)   111      61       (8)        5
     GMLAAM               128     (556)     -     619      128        63
     GMAP                 135      171    (13)    (47)     122       124
                          ---    -----  -----   -----    -----     -----
      Total GMA           194   (3,591)    34   2,367      228    (1,224)
     Other                470   (3,074)  (493)  2,836      (23)     (238)
                          ---    -----  -----   -----    -----     -----
      Total Auto &
        Other             664   (6,665)  (459)  5,203      205    (1,462)
                        -----    -----  -----   -----    -----     -----
     GMAC(2)            1,069      111 (1,353)    438     (284)      549
     Other Financing     (783)     (23) 1,042       -      259       (23)
                          ---    -----  -----   -----      ---       ---
      Total Financing     286       88   (311)    438      (25)      526
                          ---    -----    ---   -----      ---       ---
     Net income (loss)   $950  $(6,577) $(770) $5,641     $180     $(936)
                          ---    -----    ---   -----      ---       ---

     Income tax expense
      (benefit)
     GMNA                 $39  $(1,021)  $(35)   $886       $4     $(135)
     GME                  (35)    (136)    31      36       (4)     (100)
     GMLAAM               (52)     605      -    (617)     (52)      (12)
     GMAP                (106)    (124)    89       1      (17)     (123)
                          ---    -----    ---   -----      ---       ---
      Total GMA          (154)    (676)    85     306      (69)     (370)
     Other                (46)  (2,904)  (114)  2,675     (160)     (229)
                          ---    -----    ---   -----      ---       ---
      Total Auto &
        Other            (200)  (3,580)   (29)  2,981     (229)     (599)
                          ---    -----    ---   -----      ---       ---
     GMAC(2)             (705)      (1)   481     274     (224)      273
     Other Financing      438       14   (660)      -     (222)       14
                          ---    -----    ---   -----      ---       ---
      Total Financing    (267)      13   (179)    274     (446)      287
                          ---    -----    ---   -----      ---       ---
     Income tax expense
      (benefit)         $(467) $(3,567) $(208) $3,255    $(675)    $(312)
                          ---    -----    ---   -----      ---       ---

     See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                         Fourth Quarter
                                          2006 and 2005
                                     -----------------------

     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                        2006     2005    2006     2005   2006      2005
                        ----     ----    ----     ----   ----      ----

     Effective tax rate
     Total GM Corp.      (95)%     35%      21%     37%   139%       22%
     GMNA                 32%      25%      35%     35%    16%        9%
     GME                  23%      69%      22%     29%    36%      139%
     GMAC(2)            (190)%     (2)%     55%     38%    45%       36%


     Equity income (loss)
      and minority interests
     GMNA               $(35)     $26        -     $ -   $(35)      $26
     GME                  (1)      26        -     (49)    (1)      (23)
     GMLAAM                2        3        -       -      2         3
     GMAP                 34      110        -       -     34       110
     GMAC (2)             (7)      55        -       -     (7)       55
                          --      ---       --      --    ---       ---
     Total GMA           $(7)    $220        -    $(49)   $(7)     $171
                          --      ---       --      --    ---       ---

     See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                          Year to Date
                                          2006 and 2005
                                     -----------------------

     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                        2006     2005    2006     2005   2006      2005
                        ----     ----    ----     ----   ----      ----

     Total net sales
      and revenues
     GMNA            $109,779  $105,640     $ -     $ -  $109,779  $105,640
     GME               33,193    31,892       -       -    33,193    31,892
     GMLAAM            14,618    11,844       -       -    14,618    11,844
     GMAP              15,499    10,821       -     (78)   15,499    10,743
                      -------  -------      ---      --   -------   -------
      Total GMA       173,089   160,197       -     (78)  173,089   160,119
     Other (1)           (162)       31       -       -      (162)       31
                      -------   -------     ---      --   -------   -------
     Total Auto &
      Other           172,927   160,228       -     (78)  172,927   160,150
                      -------   -------     ---      --   -------   -------
     GMAC(2)           33,629    34,081    (872)      -    32,757    34,081
     Other Financing (1)  793       346       -       -       793       346
                      -------   -------     ---      --   -------   -------
      Total Financing  34,422    34,427    (872)      -    33,550    34,427
                      -------   -------     ---      --   -------   -------
     Total net sales
      and revenues   $207,349  $194,655   $(872)   $(78) $206,477  $194,577
                      -------   -------     ---      --   -------   -------

     Income (loss)
      before income
      taxes, equity
      income, and
      minority interests
     GMNA             $(6,903) $(10,583) $5,908  $3,637     $(995)  $(6,946)
     GME                 (312)   (1,794)    654   1,330       342      (464)
     GMLAAM               527        43      43     150       570       193
     GMAP               1,023      (889)   (865)    853       158       (36)
                        -----    ------   -----  ------     -----    ------
      Total GMA        (5,665)  (13,223)  5,740   5,970        75    (7,253)
     Other             (1,152)   (6,916)   (102)  5,524    (1,254)   (1,392)
                        -----    ------   -----  ------     -----    ------
      Total Auto &
        Other          (6,817)  (20,139)  5,638  11,494    (1,179)   (8,645)
                        -----    ------   -----  ------     -----    ------
     GMAC(2)            2,247     3,426     (33)    712     2,214     4,138
     Other Financing     (377)      (27)    422       -        45       (27)
                        -----    ------   -----  ------     -----    ------
      Total Financing   1,870     3,399     389     712     2,259     4,111
                        -----    ------   -----  ------     -----    ------
     Total income (loss)
      before income
      taxes, equity
      income, and
      minority
      interests       $(4,947) $(16,740) $6,027 $12,206    $1,080   $(4,534)
                        -----    ------   -----  ------     -----     -----

     See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                          Year to Date
                                          2006 and 2005
                                     -----------------------

     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      ---------
                        2006     2005    2006     2005   2006      2005
                        ----     ----    ----     ----   ----      ----

     Net income (loss)
     GMNA             $(4,619)  $(8,233) $3,840  $2,426    $(779)  $(5,807)
     GME                 (225)   (1,028)    452     841      227      (187)
     GMLAAM               490      (566)     43     718      533       152
     GMAP               1,186      (246)   (745)    803      441       557
                        -----    ------   -----   -----    -----     -----
      Total GMA        (3,168)  (10,073)  3,590   4,788      422    (5,285)
     Other                161    (2,601)   (165)  1,986       (4)     (615)
                        -----    ------   -----   -----    -----     -----
      Total Auto &
        Other          (3,007)  (12,674)  3,425   6,774      418    (5,900)
                        -----    ------   -----   -----    -----     -----
     GMAC(2)            2,179     2,280    (658)    438    1,521     2,718
     Other Financing   (1,150)      (23)  1,410       -      260       (23)
                        -----    ------   -----   -----    -----     -----
      Total Financing   1,029     2,257     752     438    1,781     2,695
                        -----    ------   -----   -----    -----     -----
     Net income (loss)$(1,978) $(10,417) $4,177  $7,212   $2,199   $(3,205)
                        -----    ------   -----   -----    -----     -----

     Income tax expense
      (benefit)
     GMNA             $(2,243)  $(2,480) $2,068  $1,294    $(175)  $(1,186)
     GME                  (72)     (734)    202     461      130      (273)
     GMLAAM                28       611       -    (566)      28        45
     GMAP                 (23)     (172)    (15)     53      (38)     (119)
                        -----     -----   -----   -----    -----     -----
      Total GMA        (2,310)   (2,775)  2,255   1,242      (55)   (1,533)
     Other             (1,310)   (4,288)     63   3,538   (1,247)     (750)
                        -----     -----   -----   -----    -----     -----
      Total Auto &
        Other          (3,620)   (7,063)  2,318   4,780   (1,302)   (2,283)
                        -----     -----   -----   -----    -----     -----
     GMAC(2)               62     1,197     625     274      687     1,471
     Other Financing      773        (4)   (988)      -     (215)       (4)
                        -----     -----   -----   -----    -----     -----
      Total Financing     835     1,193    (363)    274      472     1,467
                        -----     -----   -----   -----    -----     -----
     Income tax expense
      (benefit)       $(2,785)  $(5,870) $1,955  $5,054    $(830)    $(816)
                        -----     -----   -----   -----      ---       ---

     See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (unaudited)

                                          Year to Date
                                          2006 and 2005
                                     -----------------------

     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                        2006     2005    2006     2005   2006      2005
                        ----     ----    ----     ----   ----      ----

     Effective tax rate
     Total GM Corp.      56%      35%      32%     41%   (77)%      18%
     GMNA                33%      23%      35%     36%    18%       17%
     GME                 23%      41%      31%     35%    38%       59%
     GMAC(2)              3%      35%   (1894)%    38%    31%       36%


     Equity income (loss)
      and minority interests
     GMNA               $41     $(47)       -     $ -    $41      $(47)
     GME                 15       53        -     (49)    15         4
     GMLAAM              (9)       4        -       -     (9)        4
     GMAP               140      474      105       -    245       474
     GMAC (2)            (6)      51        -       -     (6)       51
                        ---      ---      ---      --    ---       ---
     Total GMA         $181     $535     $105    $(49)  $286      $486
                        ---      ---      ---      --    ---       ---

     See footnotes.



                           General Motors Corporation
                              Operating Statistics
                                   (unaudited)

                                     Fourth Quarter        Year to Date
                                   -----------------     --------------

                                    2006       2005      2006      2005
                                    ----       ----      ----      ----
     (Units in thousands)
     Worldwide Production Volume
      GMNA - Cars                    446        483      1,822    1,834
      GMNA - Trucks                  661        798      2,827    3,022
                                   -----      -----      -----    -----
        Total GMNA                 1,107      1,281      4,649    4,856
        GME                          443        443      1,806    1,858
        GMLAAM                       215        188        830      775
        GMAP                         509        420      1,896    1,562
                                   -----      -----      -----    -----
         Total Worldwide           2,274      2,332      9,181    9,051
                                   -----      -----      -----    -----

     Vehicle Unit Deliveries
      Chevrolet - Cars               160        186        798      866
      Chevrolet - Trucks             377        364      1,618    1,804
      Pontiac                         88         97        410      438
      GMC                            118        104        481      566
      Buick                           50         52        241      282
      Oldsmobile                       0          0          0        2
      Saturn                          58         46        226      214
      Cadillac                        57         52        227      235
      Other                           32         30        124      111
                                   -----      -----      -----    -----
        Total United States          940        931      4,125    4,518
      Canada, Mexico, and Other      169        180        682      728
                                   -----      -----      -----    -----
        Total GMNA                 1,109      1,111      4,807    5,246
      GME                            475        453      2,003    1,984
      GMLAAM                         289        249      1,035      882
      GMAP                           330        291      1,253    1,065
                                   -----      -----      -----    -----
      Total Worldwide              2,203      2,104      9,098    9,177
                                   -----      -----      -----    -----

     Market Share
      United States - Cars          20.2%      21.0%      20.7%    22.6%
      United States - Trucks        26.4%      26.0%      27.1%    28.5%
        Total United States         23.6%      23.8%      24.2%    25.9%
      Total North America           23.2%      23.6%      23.8%    25.5%
      Total Europe                   9.2%       9.1%       9.2%     9.4%
      Total LAAM                    17.9%      18.1%      17.0%    16.8%
      Asia and Pacific               6.6%       6.3%       6.4%     5.8%
        Total Worldwide             13.3%      13.4%      13.5%    14.1%

     Worldwide Retail/Fleet Mix
      % Fleet Sales - Cars          38.1%      39.3%      33.9%    35.2%
      % Fleet Sales - Trucks        18.5%      21.8%      20.5%    19.6%
      Total Vehicles                25.8%      28.7%      28.3%    28.6%

      GMNA Capacity Utilization
        (2 shift rated, annualized) 88.8%      94.4%      92.4%    90.0%



                           General Motors Corporation
                              Operating Statistics
                                   (unaudited)

                                     Fourth Quarter        Year to Date
                                   ----------------      --------------
                                    2006       2005      2006      2005
                                    ----       ----      ----      ----

     GMAC's Worldwide Cost of
      Borrowing (3)                  6.01%     5.26%      5.88%     4.78%

     GMAC Period End Debt Spreads
      Over U.S. Treasuries
       2 Year                                              106 bp    475 bp
       5 Year                                              154 bp    535 bp
      10 Year                                              194 bp    540 bp

     Cash balances ($Bil's)                              $18.3     $20.0

     GMAC Automotive Finance
      Operations Consumer
        Credit (North America)
      Net charge-offs as a % of
        managed receivables          1.14%     1.00%      1.02%     0.99%
      Retail contracts 30 days
        delinquent as a % of average
        number of contracts
        outstanding (4)              2.62%     2.45%      2.49%     2.21%

     Retail penetration (U.S. only)
      Total retail contract volume
      (retail and lease) as a % of
      retail sales                     31%       32%        44%       39%
     SmartLease and SmartBuy
      as a % of retail sales           16%       14%        18%       17%

     Off-lease Vehicle
        Remarketing (U.S. only)
      Sales proceeds on scheduled
        lease terminations (36-month)
        per vehicle - Serviced    $13,493   $13,668    $13,848   $13,949
      Off-lease vehicles terminated -
        Serviced (units in 000s)       66        58        272       283

     ResCap ($Bil's)
      Production volume             $49.3     $45.3       $189    $175.6
      Mortgage servicing rights,
        net                                               $4.9      $4.0

     GMAC Insurance Operations ($Mil's)
      Combined ratio (5)             92.8%     92.8%      92.3%     93.9%
      Premium revenue written        $965      $941     $4,133    $4,150
      Investment portfolio
        market value                                    $7,574    $7,664
      After-tax net unrealized
        capital gains                                      $99      $573

     See footnotes.



                           General Motors Corporation
                                   (unaudited)

                                    2006       2005        Year to Date
                                    ----       ----        ------------

     Worldwide Employment
      at December 31 (in 000's)
     United States Hourly             89        105
     United States Salary             33         36
                                     ---        ---
      Total United States            122        141
     Canada, Mexico, and Other        30         32
                                     ---        ---
     GMNA                            152        173
     GME                              60         63
     GMLAAM                           32         31
     GMAP                             34         31
     GMAC(2)                           0         34
     Other                             2          3
                                     ---        ---
      Total                          280        335
                                     ---        ---

     Worldwide Payrolls ($Bil's)    $5.6       $5.9      $22.3     $21.5

     Footnotes:
     ----------------
     (1)  Other Operations and Other Financing include intercompany
          eliminations.

     (2)  GM closed the sale of its 51% controlling interest in GMAC at
          November 30, 2006. Since the GMAC Transaction, GM has accounted
          for its 49% ownership interest in GMAC using the equity method.
          Financial results reflect GMAC's fully consolidated financial
          results for the first 11 months of the year. GM recorded equity
          income on its GMAC investment for the last month of 2006.

     (3)  Calculated by dividing total interest expense (excluding mark
          to market adjustments) by total debt. For 2006, annualized rate
          is based on the first 11 months of the year.

     (4)  Excludes accounts in bankruptcy.

     (5)  Calculated as the sum of all reported losses and expenses
          (excluding interest and income tax expense) divided by the
          total of premiums and service revenues earned and other income.



                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                           Three Months
                                                       Ended December 31,
                                                       -------------------
                                                         2006      2005
                                                      (Dollars in  millions
                                                    except per share amounts)
     Net sales and revenues
      Automotive sales                                 $ 44,001  $ 42,828
      Financial services and insurance revenues           7,208     8,824
                                                       --------  --------
     Total net sales and revenues                        51,209    51,652
                                                       --------  --------

     Costs and expenses
      Automotive cost of sales                           39,405    43,339
      Selling, general, and administrative expenses       6,151     7,662
      Interest expense                                    3,394     4,368
      Provisions for credit and insurance losses
        related to financing and
        insurance operations                              1,304       737
      Other expenses                                      1,087     6,212
                                                       --------  --------
     Total costs and expenses                            51,341    62,318
                                                       --------  --------
      Operating income (loss)                              (132)  (10,666)

     Automotive interest income and other
      non-operating income, net                             624       398
                                                       --------  --------
     Income (loss) before income taxes, equity
      income (loss) and minority interests
      and cumulative effect of
      accounting change                                     492   (10,268)
     Income tax (benefit)                                  (467)   (3,567)
     Equity income (loss) and minority interests,
      net of tax                                             (9)      233
                                                       --------  --------
     Income (loss) before cumulative effect of
      accounting change                                     950    (6,468)
     Cumulative effect of a change in accounting
      principle                                              --      (109)
                                                       --------  --------
      Net income (loss)                                $    950  $ (6,577)
                                                       --------  --------

     Basic earnings (loss) per share
     Earnings (loss) before cumulative effect of
      accounting change                                $   1.68  $ (11.44)
     Cumulative effect of accounting change                  --     (0.19)
                                                       --------  --------
     Earnings (loss) per share, basic                  $   1.68  $ (11.63)
                                                       --------  --------
     Weighted average common shares outstanding,
      basic (millions)                                      566       565
                                                       --------  --------

     Diluted earnings (loss) per share
     Earnings (loss) before cumulative effect of
      accounting change                                $   1.68  $ (11.44)
     Cumulative effect of accounting change                  --     (0.19)
                                                       --------  --------
     Earnings (loss) per share, diluted                $   1.68  $ (11.63)
                                                       --------  --------
     Weighted average common shares outstanding,
      diluted (millions)                                    566       565
                                                       --------  --------

     Cash dividends per share                          $   0.25  $   0.50



                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                                  Years Ended December 31,
                                                2006        2005        2004
                                            ----------  ----------  --------
                                                   (Dollars in millions
                                                 except per share amounts)
     Net sales and revenues
      Automotive sales                      $ 172,927   $ 160,228   $ 163,341
      Financial services and insurance
       revenues                                34,422      34,427      32,010
                                            ---------   ---------   ---------
     Total net sales and revenues             207,349     194,655     195,351
                                            ---------   ---------   ---------

     Costs and expenses
      Automotive cost of sales                164,682     158,887     152,115
      Selling, general, and
       administrative expenses                 25,081      27,513      25,969
      Interest expense                         16,945      15,607      11,913
      Provisions for credit and insurance
       losses related to financing and
       insurance operations                     4,071       3,430       4,315
      Other expenses                            4,238       7,024       1,584
                                            ---------   ---------   ---------
     Total costs and expenses                 215,017     212,461     195,896
                                            ---------   ---------   ---------

      Operating income (loss)                 (7,668)    (17,806)       (545)

     Automotive interest income and other
      non-operating income (expense), net       2,721       1,066       1,400
                                            ---------   ---------   ---------

     Income (loss) before income taxes,
      equity income (loss) and minority
      interests and cumulative effect of
      accounting change                        (4,947)    (16,740)        855
     Income tax (benefit)                      (2,785)     (5,870)     (1,126)
     Equity income (loss) and minority
      interests, net of tax                       184         562         720
                                            ---------   ---------   ---------
     Income (loss) before cumulative
      effect of accounting change              (1,978)    (10,308)      2,701
     Cumulative effect of accounting
      change in accounting principle               --        (109)         --
                                            ---------   ---------   ---------
      Net income (loss)                     $  (1,978)  $ (10,417)  $   2,701
                                            ---------   ---------   ---------
     Basic earnings (loss) per share
     Earnings (loss) before cumulative
      effect of accounting change           $   (3.50)  $  (18.23)  $    4.78
     Cumulative effect of accounting
      change                                       --       (0.19)         --
                                            ---------   ---------   ---------
     Earnings (loss) per share, basic       $   (3.50)  $  (18.42)  $    4.78
                                            ---------   ---------   ---------
     Weighted average common shares
      outstanding, basic (millions)               566         565         565
                                            ---------   ---------   ---------
     Diluted earnings (loss) per share
     Earnings (loss) before cumulative
      effect of accounting change           $   (3.50)  $  (18.23)  $    4.76
     Cumulative effect of accounting
      change                                       --       (0.19)         --
                                            ---------   ----------  ---------
     Earnings (loss) per share, diluted     $   (3.50)  $  (18.42)  $    4.76
                                            ---------   ---------   ---------
     Weighted average common shares
      outstanding, diluted (millions)             566         565         567
                                            ---------   ---------   ---------

     Cash dividends per share               $    1.00   $    2.00   $    2.00



                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                                                              December 31,
                                                            2006        2005
                                                         --------     -------
                                                        (Dollars in millions)
                           ASSETS
     Current Assets
     Cash and cash equivalents                          $  23,774   $  15,187
     Marketable securities                                    138       1,416
                                                        ---------   ---------
      Total cash and marketable securities                 23,912      16,603
     Accounts and notes receivable, net                     8,216       5,917
     Inventories                                           13,921      13,862
     Equipment on operating leases, net                     6,125       6,993
     Deferred income taxes and other current assets        11,957       8,982
                                                        ---------   ---------
      Total current assets                                 64,131      52,357

     Financing and Insurance Operations assets
     Cash and cash equivalents                                349      15,539
     Investments in securities                                188      18,310
     Finance receivables, net                                  --     180,849
     Loans held for sale                                       --      21,865
     Assets held for sale                                      --      19,030
     Equipment on operating leases, net                    11,794      31,194
     Equity in net assets of GMAC LLC                       7,523          --
     Other assets                                           2,269      25,157
                                                        ---------   ---------
      Total Financing and Insurance Operations assets      22,123     311,944

     Non-Current Assets
     Equity in net assets of nonconsolidated
     affiliates                                             1,969       3,242
     Property, net                                         41,934      38,543
     Intangible assets, net                                 1,118       1,869
     Deferred income taxes                                 32,967      23,761
     Prepaid pension                                       17,366      37,576
     Other assets                                           4,584       4,864
                                                        ---------   ---------
      Total non-current assets                             99,938     109,855
                                                        ---------   ---------
     Total assets                                       $ 186,192   $ 474,156
                                                        ---------   ---------

           LIABILITIES AND STOCKHOLDERS' EQUITY
     Current Liabilities
     Accounts payable (principally trade)               $  26,931   $  26,402
     Short-term borrowings and current portion
       of long-term debt                                    5,666       1,627
     Accrued expenses                                      35,225      42,697
                                                        ---------   ---------
      Total current liabilities                            67,822      70,726

     Financing and Insurance Operations Liabilities
     Accounts payable                                       1,214       3,731
     Liabilities related to assets held for sale               --      10,941
     Debt                                                   9,438     253,508
     Other liabilities and deferred income taxes              925      26,325
                                                        ---------   ---------
      Total Financing and Insurance Operations
        liabilities                                        11,577     294,505

     Non-Current Liabilities
     Long-term debt                                        33,067      32,580
     Postretirement benefits other than pensions           50,086      28,990
     Pensions                                              11,934      11,225
     Other liabilities and deferred income taxes           15,957      20,430
                                                        ---------   ---------
      Total non-current liabilities                       111,044      93,225
                                                        ---------   ---------
        Total liabilities                                 190,443     458,456
     Minority interests                                     1,190       1,047
     Stockholders' equity (deficit)
     Preferred stock, no par value, authorized
      6,000,000, no shares issued and
      outstanding                                              --          --
     $1 2/3 par value common stock (2,000,000,000
      shares authorized, 756,637,541
      and 565,670,254 shares issued and outstanding,
      at December 31, 2006, respectively and
      756,637,541 and 565,518,106 at December 31,
      2005, respectively)                                     943         943
     Capital surplus (principally additional paid-in
      capital)                                             15,336      15,285
     Retained earnings                                        406       2,960
     Accumulated other comprehensive loss                (22,126)     (4,535)
                                                        ---------   ---------
      Total stockholders' equity (deficit)                 (5,441)     14,653
                                                        ----------  ---------
     Total liabilities, minority interests, and
      stockholders' equity (deficit)                    $ 186,192   $ 474,156
                                                        ---------   ---------

    





For further information:

For further information: http://media.gm.com, Renee Rashid-Merem, (313)
665-3128, or renee.rashid-merem@gm.com, or Randy Arickx, (313) 667-0006, or
randy.c.arickx@gm.com, both of General Motors Corporation

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