GM Reports Preliminary 2007 Financial Results



    
    - 2007 adjusted net loss of $23 million, reported net loss of $38.7
billion

    - 2007 adjusted automotive operating pre-tax income improved by almost
$900
    million

    - Strong emerging market performance helps drive record automotive revenue
    of $178 billion

    - Adjusted automotive operating cash flow improvement of $2 billion

    - Continued improvement in automotive earnings expected for 2008
    

    DETROIT, Feb. 12 /CNW/ -- General Motors Corp. (NYSE:   GM) today announced
a 2007 calendar-year adjusted net loss, excluding special items, of $23
million, or $.04 per diluted share.  This compares to adjusted net income of
$2.2 billion, or $3.84 per diluted share in 2006, as significantly improved
automotive performance was offset by large losses at GMAC.  Including special
items, the company reported a loss of $38.7 billion, or $68.45 per diluted
share, compared to a reported loss of $2 billion, or $3.50 per diluted share
in 2006.  The loss is almost entirely attributable to the non-cash $38.3
billion special charge in the third quarter related to the valuation allowance
against deferred tax assets.
    GM's core automotive business generated record revenue of $178 billion in
2007, a $7 billion improvement over 2006, aided by explosive growth in
emerging markets and favorable foreign exchange against a weaker U.S. dollar.
In total, GM generated $181 billion in revenue in 2007, compared with $206
billion in 2006.  The decrease versus last year is due to the non-
consolidation of GMAC revenue, following GM's sale of 51 percent of GMAC in
November of 2006.
    "2007 was another year of important progress for GM, as we implemented
further significant structural cost reductions in North America, grew
aggressively in emerging markets, negotiated an historic labor contract with
our UAW partners in the U.S., advanced development of a broad range of
advanced propulsion technologies and most importantly, introduced a series of
breakthrough cars and trucks around the world," GM Chairman and CEO Rick
Wagoner said.  "We're pleased with the positive improvement trend in our
automotive results, especially given the challenging conditions in important
markets like the U.S. and Germany, but we have more work to do to achieve
acceptable profitability and positive cash flow," Wagoner added.
    In the fourth quarter 2007, GM posted adjusted net income of $46 million
or $.08 per diluted share, compared to adjusted net income of $180 million, or
$.32 per diluted share in the year-ago period.  Including special items, the
company reported a net loss of $722 million, or $1.28 per diluted share in the
fourth quarter 2007, compared to net income of $950 million, or $1.68 per
diluted share in the year-ago period.  The fourth quarter results reflect a
$1.6 billion tax benefit in continuing operations related to SFAS No. 109
guidelines for intra-period tax allocations between continuing operations,
other comprehensive income and discontinued operations.
    Special charges recorded in the fourth quarter totaled $768 million,
including an $805 million adjustment principally related to a favorable tax
item related to the gain on the sale of Allison Transmission, which was offset
by $622 million in charges associated with GM's support of Delphi's
restructuring efforts, $552 million for pension benefits provided to Delphi
employees and retirees and $290 million in other restructuring-related
charges.  Details on special items are included in the "Highlights" section of
the press release.
    GM reported revenue of $47.1 billion in the fourth quarter versus $50.8
billion in the year ago period, with the decline more than accounted for by
the exclusion of GMAC revenue starting December 1, 2006.  Revenue from
automotive operations totaled $46.7 billion in the quarter, a $3 billion
increase over the prior year and a new quarterly revenue record, reflecting
strong growth in Latin America, Asia Pacific and Eastern Europe.
    Beginning in the fourth quarter of 2007 and reflected in the remainder of
this release, GM will report its automotive operations and regional results on
a pre-tax basis, with taxes reported on a total corporate basis.
    
    GM Automotive Operations
    
    GM's global automotive operations posted adjusted earnings before tax of
$553 million in 2007 (reported loss of $1.9 billion), compared to an adjusted
loss before tax of $339 million in 2006 (reported loss of $6.1 billion).  In
the fourth quarter 2007, GM's automotive operations had an adjusted loss
before tax of $803 million (reported loss of $1.2 billion), compared to
adjusted earnings before tax of $8 million in the year-ago quarter (reported
loss of $111 million).
    GM's worldwide vehicle sales increased 3 percent, or 277,000 units, to
9.4 million vehicles in 2007, marking the second best year in units sold in
the company's 100-year history.  For the third consecutive year, a majority of
the company's sales - almost 60 percent - were outside of the U.S.  Record
sales performance was achieved in key growth markets throughout Eastern
Europe, Latin America and the Asia Pacific.
    GM North America (GMNA) posted an adjusted loss before tax of $1.5
billion for 2007 (reported loss of $3.3 billion), compared to a loss before
tax of $1.6 billion in the year-ago period, excluding special items (reported
loss of $7.5 billion).  GMNA had an adjusted loss before tax of $1.1 billion
in the fourth quarter (reported loss of $1.3 billion), compared to an adjusted
loss before tax of $129 million in the fourth quarter 2006 (reported loss of
$30 million).
    Losses for the year in GMNA were largely attributable to a softer U.S.
market, and the strategic actions to reduce dealer inventory by approximately
150,000 units and lower sales of daily rental vehicles by about 110,000
vehicles in the U.S.  High commodity prices, unfavorable foreign exchange and
lower unit sales exerted pressure on profitability, but were more than offset
by better product mix, stronger pricing, and significantly reduced
manufacturing and legacy costs.  GMNA also incurred higher engineering costs
to support continuing product and technology development activities.
    "Our North America turnaround remains on track despite the weak U.S.
economy and continued high commodity prices," Wagoner said.  "The actions
we've taken to further reduce structural costs and strengthen our product
lineup with great new vehicles like the award-winning Chevrolet Malibu and
Cadillac CTS are fundamentally improving our ability to compete in the U.S.
and around the world.  We're building a solid foundation for continued growth
and improved operating results," Wagoner added.
    GM reached its structural cost reduction target of $9 billion in North
America in 2007 versus 2005, a key part of reducing global automotive
structural cost as a percent of revenue from 34 percent in 2005 to 29.7
percent in 2007.  GM expects to derive additional structural cost savings of
$4 billion to $5 billion by 2010 in the U.S. as it fully implements the 2007
GM-UAW contract, including the independent healthcare trust.  These savings
will help GM reach its goal to reduce structural cost as a percent of revenue
to 25 percent of revenue by 2010, and further to 23 percent of revenue by
2012.
    GM Europe (GME) posted its second consecutive year of adjusted
profitability in 2007 with earnings before tax of $55 million (reported loss
of $524 million), down from earnings before tax of $357 million in 2006,
excluding special items (reported loss of $297 million).  For the fourth
quarter GME posted an adjusted loss before tax of $215 million (reported loss
of $445 million) versus an adjusted loss before tax of $12 million in the year
ago period (reported loss of $154 million).  The decline in calendar year and
fourth quarter earnings were attributable primarily to a markedly softer
German market as well as unfavorable foreign exchange rates.  Other key areas
of GME's business performed relatively well, including strong sales outside
Germany, increases in net pricing, and improvements in structural and material
cost performance.
    GME sales were up 8.9 percent in 2007 to a record 2.2 million units, led
by Chevrolet, up 34 percent, Opel/Vauxhall, up 4.3 percent and Cadillac up 31
percent.  Strong demand for GM vehicles in the United Kingdom, Ukraine, Italy,
Greece and Russia - where sales doubled to 260,000 units - made the company
the fastest growing major automobile manufacturer in Europe in 2007. Financial
results generated from the rapidly growing sales of GM Daewoo-built Chevrolet
vehicles in Europe are consolidated in Korea and reflected in GM Asia Pacific
(GMAP) results.
    With a 19 percent increase in sales to a record 1.2 million units in
2007, GM Latin America, Africa, Middle East (GMLAAM) achieved a record $1.3
billion in adjusted earnings before tax for the year (reported income of $1.3
billion), up 140 percent over 2006 adjusted earnings of $561 million (reported
income of $518 million).  GMLAAM also set a sales record in the fourth quarter
with 341,000 units, up 18 percent year over year, generating $424 million in
adjusted earnings before tax (reported income of $424 million), up from $76
million in the fourth quarter of 2006 (reported income of $76 million). Robust
sales in the GMLAAM region resulted in record revenue of $18.9 billion for the
calendar year and $6 billion in the fourth quarter.
    The year-over-year gain in GMLAAM pre-tax earnings was largely driven by
strong volume growth, which outpaced industry growth, as well as favorable
price and mix.  Robust sales contributed to record GM sales in Argentina,
Brazil, Chile, Colombia, Egypt and Venezuela in 2007.  Continued strong sales
of the Chevrolet Corsa, Aveo and Celta throughout the region were complemented
by the successful launch of several new entries, including the Chevrolet
Captiva in Latin America and Chevrolet Suburban and Cadillac Escalade in the
Middle East.  Chevrolet sales in the region were up 23 percent for the
calendar year, and accounted for 90 percent of units sold in GMLAAM in 2007.
    GMAP posted adjusted earnings before tax of $744 million in 2007
(reported income of $681 million) compared to $403 million (reported income of
$1.2 billion) for 2006.  GMAP adjusted earnings before tax for the fourth
quarter were $72 million (reported income also $72 million), compared to $105
million in fourth quarter of 2006 (reported income of $29 million).  The
calendar year earnings gain was driven by favorable volume and mix, increased
equity income from GM's China joint ventures and improved operating
performance at Holden. The results were partially offset by increased
structural cost increases associated with continued investment in high growth
markets and lower Suzuki equity income resulting from the sale of a majority
of GM's equity in 2006.
    GMAP had continued strong performance in China, where domestic sales grew
18.5 percent in 2007 and GM, with its local partners, became the first global
automotive manufacturer to sell more than 1 million vehicles.  In addition, GM
sales in India rose 74 percent, and export sales of the GM Daewoo products
built in Korea increased by 30 percent to 870,000 vehicles.
    
    GMAC
    
    On a standalone basis, GMAC Financial Services reported a net loss of
$2.3 billion in 2007, compared with net income of $2.1 billion in 2006. 
Profitable results in the global automotive and insurance businesses were more
than offset by the significant loss at Residential Capital, LLC (ResCap).   In
the fourth quarter, GMAC reported a net loss of $724 million, compared to net
income of $1.0 billion in the fourth quarter of 2006.  The effect on ResCap of
the continued disruption in the mortgage, housing and capital markets was the
primary driver of adverse performance.
    GM reported a $1.1 billion net loss attributable to GMAC, as a result of
its 49 percent equity interest and preferred dividends received for the full
year 2007, and a $394 million reported net loss for the fourth quarter.
    While market conditions remain uncertain, GMAC has taken aggressive
actions in 2007 across all its businesses in an effort to mitigate future
risk, rationalize the cost structure and position the company for growth.  As
a result, GMAC currently expects to be profitable in 2008.  GMAC's liquidity
position is at relatively high historical levels and GM believes that GMAC
remains adequately capitalized.
    
    Cash and Liquidity
    
    Cash, marketable securities and readily available assets of the Voluntary
Employees Beneficiary Association (VEBA) trust totaled $27.3 billion as of
December 31, 2007, up from $26.4 billion as of December 31, 2006.  GM ended
the 2007 calendar year with negative adjusted automotive operating cash flow
of $2.4 billion, a significant $2 billion improvement compared to 2006.  It
marks the second consecutive year-over-year improvement in operating cash flow
for all four of GM's operating regions.
    Consistent with past years, GM withdrew $2.7 billion from the VEBA in
December, leaving a balance of $16.3 billion at 2007 year-end, of which the
UAW related portion is estimated at $14.5 billion.  In negotiations with the
UAW and UAW retiree class counsel on a Settlement Agreement involving the
healthcare MOU that will shortly be filed with the court, the parties have
agreed in principle that of the $18.5 billion that was agreed to be set aside
upfront for future retiree healthcare claims, the difference of approximately
$4 billion will be funded with a short term note maturing January 2010 with
interest at 9 percent.  This will enhance interim liquidity for GM and provide
the UAW and plan participants a 9 percent return.
    The parties have also agreed in principle, as part of the overall
Settlement Agreement, to execute a series of derivatives that would
effectively reduce the conversion price of the convertible note from $40 to
$36, and would entitle GM to recover the additional economic value provided if
the GM stock price appreciates to between $63.48 and $70.53 per share.
    
    Future Outlook
    
    Despite the uncertainty in the U.S. market, the company announced it
expects improved pre-tax automotive earnings in 2008 versus 2007, largely
driven by continued strong performance in emerging markets.  GM expects
improvements in automotive revenue, favorable pricing, favorable material cost
performance and continued reductions in structural cost as a percentage of
revenue in the 2008 calendar year.  Operating cash flow is expected to be
relatively flat in 2008 versus 2007, despite planned increases in capital
spending to about $8 billion, up from $7.5 billion in 2007.
    GM remains confident in the 2010-2011 opportunities to further improve
earnings and cash flow.  Most notable is the potential to realize the full
impact of the GM-UAW labor agreement which is expected to provide
significantly greater flexibility and yield additional savings of $4 billion
to $5 billion.  In addition, GM estimates that if the U.S. market volume
returns to trend levels in 2009 and beyond, which would be an increase of 1
million units, the change would generate additional pre-tax income to GM in
the range of approximately $1 billion to $1.5 billion annually.  GM also
expects to reduce a substantial portion of the cost premiums it has
historically paid to Delphi for systems and components over the next three to
five years.  The savings will be offset by various labor and transitional
subsidies of $300-400 million per year under Delphi's plan of reorganization,
however GM expects to achieve annual net savings over the mid-term of
approximately $500 million.
    In addition, significant additional opportunities to further improve GM
earnings and cash flow by 2010-2011 include improved pricing driven by a host
of new products, continued strong growth in revenue and profitability in
emerging markets, and improved performance at GMAC.
    General Motors Corp. (NYSE:   GM), the world's largest automaker, has been
the annual global industry sales leader for 77 years. Founded in 1908, GM
today employs about 266,000 people around the world.  With global headquarters
in Detroit, GM manufactures its cars and trucks in 35 countries.  In 2007,
nearly 9.37 million GM cars and trucks were sold globally under the following
brands:  Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  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 our management, our use
of the words "expect," "anticipate," "estimate," "goal," "target," "believe,"
"improve," "intend," "potential," "continue," "designed," "opportunity,"
"risk," "may," "would," "could," "should" or the negative of any of those
words or similar expressions is intended to identify forward-looking
statements that represent our current judgment about possible future events.
We believe these judgments are reasonable, but these statements are not
guarantees of any events or financial results, and our actual results may
differ materially due to a variety of important factors. Such factors include,
among others, the following: our ability 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; market acceptance of our products;
significant changes in the competitive environment and the effect of
competition in our markets, including on our pricing policies; our ability to
maintain adequate liquidity and financing sources and an appropriate level of
debt; shortages of and price increases for fuel; adoption of new laws or
changes in existing laws that may affect the production, licensing,
distribution, cost or sale of our products; the final results of
investigations and inquiries by the SEC and other governmental agencies;
changes in GMAC's ability to make distributions on the Preferred Membership
Interests we hold; completion of the final settlement with the UAW and UAW
retirees, including obtaining court approval in a form acceptable to us, the
UAW, and class counsel; treatment of the terms of the 2006 Settlement
Agreement pursuant to the Retiree MOU in a form acceptable to us, the UAW and
class counsel; our completion of discussions with the staff of the SEC
regarding accounting treatment with respect to the New VEBA and the Post-
Retirement Medical Benefits for the Covered Group as set forth in the Retiree
MOU, on a basis reasonably satisfactory to us; and as applicable, a
determination by us that the New VEBA satisfies the requirements of section
302(c)(5) of the Labor-Management Relations Act of 1947, as amended (LMRA), as
well as bank and other regulatory approval; and changes in economic
conditions, commodity prices, currency exchange rates or political stability
in the markets in which we operate. In addition, GMAC's actual results may
differ materially due to numerous important factors that are described in
GMAC's most recent report on SEC Form 10-K, which may be revised or
supplemented in subsequent reports on SEC Forms 10-K, 10-Q, and 8-K. The
factors identified by GMAC include, among others, the following: possible
downgrades for GMAC or ResCap by rating agencies; inability to maintain
adequate financing sources for its substantial capital needs; credit exposure
to us and recent developments in the residential mortgage market, especially
in the nonprime sector.  The most recent reports on SEC Forms 10-K, 10-Q or 8-
K filed by us or GMAC provide information about these and other 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 (GAAP). This press release also contains a reconciliation of
     each presented non-GAAP measure to its most comparable GAAP financial
     measure.
    

    
      Management believes 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 and 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 our future capital investment
     allocations. 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 comparable to similarly titled
     measures of other companies due to potential differences in the method of
     calculation between companies. Costs such as the special attrition
     program 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 or liquidity
     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 measures. 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.
    

    Adjusted Net Income

    
      Adjusted net income excludes charges for certain tax related items,
     gains and losses on the sale of business units and business interests,
     charges associated with certain changes in estimates, restructuring,
     plant closure and impairment charges, charges associated with Delphi and
     special attrition program charges.
    

    
      The following is a discussion of each adjustment to net income (loss)
     determined in accordance with GAAP to arrive at adjusted net income:
    

    
     -  Deferred tax assets and tax-related items. GM established valuation
        allowances against its deferred tax assets in the U.S., Canada and
        Germany. The charge associated with establishing these valuation
        allowances is excluded from adjusted net income. Other tax related
        items excluded from adjusted net income are: (1) the impact of the
        reduction in corporate income and trade tax rates in Germany; (2) the
        reversal of our deferred tax asset valuation allowance at GM Daewoo;
        and (3) unusual tax events that may result as GM is involved in the
        sales of its business units and business interests from time-to-time.
        Management believes the exclusion of these valuation allowance charges
        and tax related items from adjusted net income is useful because
        management does not consider these charges part of GM's core earnings
        in evaluating the performance of the business and excludes these costs
        when evaluating the performance of the Corporation, its business units
        and its management team and when making decisions to allocate
        resources among GM's business units.
    



    General Motors Corporation

    Use of Non-GAAP Financial Measures (Continued)

    
     -  Gains and losses on the sale of business units and business interests.
        The gains and 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 may have significant gains or losses from such sales in the
        future, such events have historically occurred sporadically.
        Management excludes the gains and losses associated with these events
        when it evaluates the Corporation's operations and for internal
        reporting and forecasting purposes and for allocation of additional
        resources.
    

    
     -  Change in estimate regarding period of economic benefit of existing
        pension prior service cost. Our non-GAAP financial measures exclude
        the charge associated with this change in accounting estimate.
        Management believes the exclusion of this change in estimate from
        adjusted net income is useful because management does not consider
        these non-recurring charges part of GM's core earnings. Accordingly,
        management 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, impairment, idling and plant closure charges. Our
        non-GAAP financial measures exclude exit costs and related charges,
        primarily consisting of severance costs, lease abandonment costs,
        product impairments, any subsequent changes in estimates related to
        exit activities and goodwill impairment and other intangible asset
        impairment charges. 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 determining the allocation of resources, such as
        capital investments, among the Corporation's business units and as
        part of its forecasting and budgeting.
    

    
     -  Delphi charges. Our non-GAAP financial measures exclude the estimated
        charges associated with the comprehensive settlement agreements
        entered into with Delphi in connection with the restructuring of
        Delphi's operations and certain pension related charges for lump-sum
        payments to Delphi retirees. 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.
    

    
     -  Special attrition program charges. Our non-GAAP financial measures
        exclude the estimated charges associated with the special attrition
        program agreement among the UAW, GM and Delphi. Management believes it
        is useful in evaluating the performance of GM, its management teams
        and its business units during a particular time period to exclude
        charges associated with the special attrition program. Accordingly,
        management does not consider these costs as part of its core earnings,
        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.
    

    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.
    



    General Motors Corporation

    Use of Non-GAAP Financial Measures (Concluded)

    GM North America Vehicle Revenue per Unit

    
      GM's earnings releases and charts for securities analysts also include
     the use of a non-GAAP measure 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 vehicle 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 fees 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.
    



    
                           General Motors Corporation
                              List of Special Items
    

    
                 (Dollars in millions except per share amounts)
                                   (Unaudited)
    

    
                                       Three Months Ended      Year Ended
                                        December 31, 2007   December 31, 2007
                                       ------------------   -----------------
                                       Earnings     EPS     Earnings     EPS
     REPORTED
     Loss from continuing operations  $(1,527)   $(2.70)   $(43,297)  $(76.52)
     Income from discontinued
     operations                            --        --         256       .45
     Gain on sale of discontinued
     operations                           805      1.42       4,309      7.62
                                      -------   -------    --------   -------
     Net Loss                           $(722)   $(1.28)   $(38,732)  $(68.45)
                                      =======   =======    ========   =======
    

    
     ADJUSTMENTS
     Pre-Tax Adjustments:
      Delphi (A)                         $622                $1,547
      Pension benefits for Delphi
      retirees (B)                        552                   552
      Restructuring/Special
      attrition program (C)               290                   918
      Product impairments (D)             169                   277
      Pension prior service cost (E)       --                 1,561
      Plant closures (F)                  (43)                  (90)
                                      -------              --------
                                        1,590                 4,765
                                      -------              --------
     Tax related:
      Valuation allowance on
        deferred tax assets and
        associated tax items (G)           --                38,300
      Income tax impact of pre-tax
      adjustments                         (17)                  (47)
                                      -------              --------
                                          (17)               38,253
                                      -------              --------
     Total Continuing Operations        1,573     $2.78      43,018    $76.03
                                      -------   -------    --------   -------
     Gain on sale of discontinued
      operations (H)                     (805)    (1.42)     (4,309)    (7.62)
                                      -------   -------    --------   -------
     Total Adjustments                   $768     $1.36     $38,709    $68.41
                                      =======   =======    ========   =======
    

    
     ADJUSTED
     Income (loss) from continuing
      operations                          $46      $.08      $ (279)    $(.49)
     Income from discontinued
      operations                           --        --         256       .45
                                      -------   -------    --------   -------
     Adjusted Income - Basic (*)            $46      $.08       $ (23)   $(.04)
                                      =======   =======    ========   =======
     Adjusted Income - Diluted (*)                   $.08                $(.04)
                                                =======               =======
    



    
                           General Motors Corporation
                              List of Special Items
                                   (Unaudited)
    

    
     (A) During the fourth quarter, we recorded charges of $622 million in
         Corporate and Other as a result of amendments to the GM-Delphi
         Settlement Agreements, support of Delphi's sales of businesses,
         updated estimates of Delphi retiree healthcare costs and possible
         support based on ongoing discussions with Delphi.
    

    
         Including the fourth quarter charges, year-to-date charges for Delphi
         total $1.5 billion, of which $575 million was recorded during the
         second quarter and $350 million was recorded during the third
         quarter.
    

    
     (B) During the fourth quarter, we recorded charges of $552 million
         related to pension benefit increases granted to Delphi employees and
         retirees/surviving spouses as part of the 2007 UAW/GM labor contract.
    

    
     (C) Relates to various restructuring initiatives or the Special Attrition
         Program. Charges recorded by regions are as follows:
    

    
         GMNA: Charges of $61 million during the quarter and $278 million for
         the year were recognized relating to adjustments to plant closing
         reserves. Additionally, favorable curtailment adjustments of $1
         million were recorded during the quarter and reserve adjustments of
         $11 million for the year were recorded under the Special Attrition
         Program. GME: Charges during the quarter and for the year of $230
         million and $579 million, respectively, were recognized for
         separation programs primarily in Belgium, Germany and Sweden.
         GMAP:  Year-to-date charges of $50 million were recognized relating
         to separation programs at Australian facilities.
    

    
     (D) Amounts relate to charges for product specific asset impairments.
         GMNA recorded a $169 million charge during the fourth quarter and
         $264 million in cumulative charges for the year. GMAP recorded $13
         million for the year.
    

    
     (E) Relates to a change in the estimate of the amortization period for
         pension prior service cost for certain of our employee benefit plans.
         In conjunction with entering into the 2007 UAW/GM labor contract, GM
         determined that the four year term of the labor contract better
         reflects the period of future economic benefit received from plan
         amendments to U.S. hourly pension plans. Concurrently, GM evaluated
         the remaining economic benefit related to the unamortized prior
         service cost remaining from prior labor contracts and determined the
         future economic benefit for those amounts that remained at the end of
         the third quarter of 2007 did not extend beyond the third quarter.
         Accordingly, during the third quarter 2007, GM recorded a charge of
         $1.3 billion in GMNA and $.3 billion in Corporate and Other to
         expense the remaining portion of unamortized prior service cost from
         the plan amendments entered into as part of the 1999 and 2003 labor
         contracts.
    

    
     (F) Relates to curtailment gains and favorable reserve adjustments at
         GMNA related to the closure of two former component plants.
    

    
     (G) Relates to a net charge during the third quarter of 2007 for a
         valuation allowance on certain deferred tax assets and associated tax
         items in the U.S., Canada and Germany. The net charge includes the
         valuation allowance of $39 billion, which is offset by an adjustment
         of $.7 billion relating to tax benefits recorded at loss entities
         through the third quarter of 2007. Additionally, the allowance
         includes a $.5 billion charge associated with a reduction in the
         value of deferred tax assets due to a reduction in the statutory
         corporate income tax and trade tax rates in Germany.
    

    
     (H) Relates to the gain on the sale of the commercial and military
         operations of our Allison Transmission business, which was completed
         in August 2007 and recorded as discontinued operations. The $805
         million net gain during the fourth quarter includes a $830 million
         re-allocation of GM's total year-to-date income tax expense between
         continuing operations, discontinued operations and other
         comprehensive income, as required under U.S. GAAP (SFAS 109).
         Additionally, $25 million in post-closing adjustments were determined
         and recorded during the fourth quarter.
    



    
                           General Motors Corporation
                              List of Special Items
                 (Dollars in millions except per share amounts)
                                   (Unaudited)
    


    
                                     Three Months Ended      Year Ended
                                      December 31, 2006   December 31, 2006
                                     ------------------   -----------------
                                     Earnings     EPS(*)    Earnings     EPS(*)
     REPORTED
     REPORTED
     Income (loss) from continuing
     operations                         $855     $1.51     $(2,423)   $(4.29)
     Income from discontinued
     operations                           95       .17         445       .79
                                     -------  --------    --------   -------
     Net Income (loss)                  $950     $1.68     $(1,978)   $(3.50)
                                     =======   =======    ========   =======
    

    
     ADJUSTMENTS
     Pre-tax adjustments:
      Component plant settlement (A)    $224                  $224
      Restructuring (B)                  218                  (130)
      Special attrition program (C)      (53)                6,387
      Gain on sale (D)                  (270)                 (270)
      GMAC transaction related (E)    (1,097)               (1,056)
      GMAC commercial finance
        goodwill impairment (F)           --                   839
      Delphi (G)                          --                   500
      Product impairments (H)             --                   475
      Sale of investments (I)             --                  (977)
                                     -------              --------
                                        (978)                5,992
                                     -------              --------
     Tax related:
      Tax related adjustment
        items (J)                       (158)                 (306)
      GMAC transaction related (E)       172                   355
      Income tax impact on pre-tax
        adjustments                      194                (1,887)
                                     -------              --------
                                         208                (1,838)
                                     -------              --------
     Total Adjustments - Continuing
      Operations                       $(770)   $(1.36)     $4,154     $7.35
                                     =======   =======    ========   =======
    

    
     ADJUSTED
     Income from continuing
      operations                         $85      $.15      $1,731     $3.06
     Income from discontinued
      operations                          95       .17         445       .79
                                     -------   -------    --------   -------
     Adjusted Income  - Basic           $180     $0.32      $2,176     $3.85
                                    ========   =======    ========   =======
     Adjusted Income  - Diluted                  $0.32                 $3.84
                                               =======               =======
    


    
     (*) Adjusted EPS - Basic for the year ended December 31, 2006 has been
     changed from $3.89 per share to $3.85 per share to reflect a revision to
     the special item related to the gain on sale of our Suzuki investment
     from $372 million, after-tax, to $395 million, after-tax. Additionally,
     see     average shares outstanding, Basic and Diluted.
    



    
                           General Motors Corporation
                         List of Special Items, Pre-Tax
                                   (Unaudited)
    

    
     (A) 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. GMNA recorded a charge of $224 million related to
         the idling and separation costs of the workforce.
    

    
     (B) Relates to various restructuring initiatives and other matters.
         Charges
         for the fourth quarter of 2006 include:
        - Additional charges of $142 million primarily related to separations
          at GME.
        - Restructuring charges of $76 million at GMAP related to reduced
          volume and employee separation at Holden.
        In addition to the fourth quarter charges, year-to-date amounts,
        reflecting a net favorable adjustment, include the following:
        - GMNA recorded a favorable adjustment of approximately $1 billion to
          the accrual recorded in the fourth quarter of 2005 for the North
          American plant capacity actions.
        - Charges totaling $512 million were recognized at GME relating to (1)
          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; and (2) costs related to the
          elimination of a shift at the Ellesmere Port plant in the U.K.
        - Estimated charges of $115 million related to separations of salaried
          employees at GMNA.
        - Other restructuring charges of $43 million and $5 million at GMLAAM
          and Corporate and Other, respectively.
    

    
     (C) During the fourth quarter, GMNA recorded a $53 million favorable
         adjustment primarily due to closed plants and the related JOBS bank.
         In addition to the fourth quarter charge, year-to-date charges
         totaling $6.4 billion at GMNA included the following:
        - Favorable adjustments of $161 million during the third quarter to
          adjust other personnel related accruals as a result of the GMNA
          hourly attrition plan.
        - Charges related to the results of the GM-UAW-Delphi Special
          Attrition Program primarily for payments to employees of
          approximately $2.1 billion.
        - Curtailment charges of approximately $4.4 billion associated with
          GM's U.S. hourly pension plan as a result of the attrition program.
    

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

    
     (E) During the fourth quarter, GM recorded adjustments to previous
         estimated charges related to the pending sale of GMAC. These
         adjustments were recorded beginning in the second quarter of 2006 and
         were necessary in order to revise previously estimated charges based
         on the closing.
    

    
         At the end of November 2006, GM closed its sale of 51% of GMAC to a
         consortium of investors, and the year-to-date amounts reflect the
         charges associated with the sale. For the year-to-date period, GM
         recognized gains on curtailments of its pension and post retirement
         benefit liabilities of $607 million and favorable state and local
         pre-tax contingencies of $24 million related to the sale. These gains
         were offset by the loss on sale of GMAC of $447 million.
         Additionally, 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 revenues of $872 million.
         The proceeds from the sales were invested in fixed income securities
         or will be used to remit dividends in 2007.
    

    
     (F) During the third quarter of 2006, GMAC's commercial finance business
         recognized goodwill and other intangible asset impairment charges of
         $839 million. These charges were the result of a decision made by
         management to eliminate certain low margin product lines in its
         commercial finance business.
    

    
     (G) During the third quarter of 2006, GM increased its contingent
         liability associated with the restructuring of Delphi's operations
         by $500 million, based on data available at that time and ongoing
         discussions with Delphi and other stakeholders. GM established a
         contingent liability in the fourth quarter of 2005 and recorded a
         charge of $5.5 billion.
    

    
     (H) GMNA recorded impairment charges related to product specific assets
         and the write-down of plant assets in connection with the planned
         stoppage of production at the Doraville, Georgia assembly plant.
    

    
     (I) Relates to the gain on the sale of the following investments
         recognized at GMAP.
    

    
        - Gain of $666 million on the sale of 92.4 million shares of GM's
          investment in Suzuki for approximately $2 billion in cash, reducing
          GM's equity stake to approximately 3.7% (16.3 million shares).
        - Gain of $311 million on the sale of GM's entire investment in Isuzu
          Motors, Ltd.
    

    (J) Relates to the following specific tax related items:

    
        - Adjustments for the three and twelve months ended December 31, 2006
          of $66 million and $214 million, respectively, primarily for the
          reversal of a deferred tax asset valuation allowance at GM Daewoo
          and residual taxes at Suzuki.
        - GM recognized a $92 million tax benefit during the fourth quarter
          associated with Medicare Part D subsidies related to certain Delphi
          flow-back employees and retirees.
    



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    
                 (Dollars in millions except per share amounts)
                                   (Unaudited)
    

    
                                        Fourth Quarter        Year Ended
                                     -------------------  ------------------
                                        2007      2006       2007      2006
                                     --------  --------   --------   -------
     REPORTED
     Total net sales and revenue     $47,085   $50,803   $181,122   $205,601
     Income (loss) from continuing
       operations                    $(1,527)     $855   $(43,297)   $(2,423)
     Income from discontinued
       operations                        $--       $95       $256       $445
     Net income (loss)                 $(722)     $950   $(38,732)   $(1,978)
     Net margin from continuing
       operations (*)                     (3.2)%     1.7%     (23.9)%     (1.2)%
    

    
     Earnings (loss) per share -
     basic
       Continuing operations          $(2.70)    $1.51    $(76.52)    $(4.29)
       Income from discontinued
        operations                        --       .17        .45        .79
       Gain on sale of discontinued
        operations                      1.42        --       7.62         --
                                    --------  --------   --------   --------
       Net income (loss)              $(1.28)    $1.68    $(68.45)    $(3.50)
                                    ========  ========   ========   ========
     Earnings (loss) per share -
     diluted
       Continuing operations         $ (2.70)    $1.51    $(76.52)    $(4.29)
       Income from discontinued
        operations                        --       .17        .45        .79
       Gain on sale of discontinued
        operations                      1.42        --       7.62        --
                                    --------  --------   --------   --------
       Net income (loss)              $(1.28)    $1.68    $(68.45)    $(3.50)
                                    ========  ========   ========   ========
    

    
     ADJUSTED
     Total net sales and revenue     $47,085   $49,931   $181,122   $204,729
     Income (loss) from continuing
      operations                         $46       $85      $(279)    $1,731
     Net income (loss)                   $46      $180       $(23)    $2,176
     Net margin from continuing
      operations (*)                        .1%       .2%       (.2)%      0.8%
    

    
     Earnings (loss) per share -
     basic
       Continuing operations            $.08      $.15      $(.49)     $3.06
       Net income (loss)                $.08      $.32      $(.04)     $3.85
     Earnings (loss) per share -
     diluted
       Continuing operations            $.08      $.15      $(.49)     $3.05
       Net income (loss)                $.08      $.32      $(.04)     $3.84
    

    See reconciliation of adjusted financial results.

    
      (*) Calculated as Income (loss) from continuing operations / Total net
        sales and revenue.
    



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    (Unaudited)

    
                                          Fourth Quarter        Year Ended
                                       -------------------  ------------------
                                          2007      2006       2007      2006
                                       --------  --------   --------   -------
     GM $1-2/3 par value average shares outstanding:
                                                     (Millions)
                                       ---------------------------------------
     Reported (GAAP):
      Basic shares                         566       566        566        566
      Diluted shares                       566       567        566        566
     Adjusted (Non-GAAP):
      Basic shares                         566       566        566        566
      Diluted shares                       567       567        566        567
    

    
     Cash dividends per share of
      common stock                        $.25      $.25      $1.00      $1.00
    


    
     Automotive cash & marketable securities and
     readily-available assets in VEBA at December 31:            (Billions)
                                                            ------------------
      Automotive cash & marketable
        securities                                            $26.7      $23.9
      Readily-available assets in VEBA                           .6        2.5
                                                            -------    -------
     Total automotive cash & marketable securities and
     readily-available assets in VEBA                         $27.3      $26.4
                                                            =======    =======
    


    
     Automotive Operations:                           (Millions)
                                       ---------------------------------------
       Depreciation                     $1,212    $1,355     $4,937    $4,575
       Amortization of special tools       916       738      3,243     3,450
       Amortization of intangible
      assets                                23        17         74        69
                                       -------   -------    -------   -------
       Total                            $2,151    $2,110     $8,254    $8,094
                                       =======   =======    =======   =======
    



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    
                              (Dollars in millions)
                                   (Unaudited)
    

    
                                 Fourth Quarter
                                  2007 and 2006
    

    
                              Reported       Special Items       Adjusted
                              --------       -------------       --------
                              2007   2006     2007    2006    2007     2006
                          --------------------------------------------------
     Net sales and
      revenue:
      GMNA                 $28,121  $28,516    $--     $--  $28,121  $28,516
      GME                   10,692    8,998     --      --   10,692    8,998
      GMLAAM                 6,040    3,975     --      --    6,040    3,975
      GMAP                   5,534    4,502     --      --    5,534    4,502
      Auto Elimination (a)  (3,695)  (2,352)    --      --   (3,695)  (2,352)
                          --------  ------- ------  ------  -------  -------
      Total GMA             46,692   43,639     --      --   46,692   43,639
      Corporate & Other
      (a)                       --      (44)    --      --       --      (44)
                          --------  ------- ------  ------  -------  -------
      Total Auto & Other    46,692   43,595     --      --   46,692   43,595
                          --------  ------- ------  ------  -------  -------
      GMAC                      --    6,486     --    (872)      --    5,614
      Other Financing (a)      393      722     --      --      393      722
                          --------  ------- ------  ------  -------  -------
      Total Financing          393    7,208     --    (872)     393    6,336
                          --------  ------- ------  ------  -------  -------
    

    
     Total                 $47,085  $50,803    $--   $(872) $47,085  $49,931
                          ========  ======= ======  ======  =======  =======
    

    
     Income (loss) from continuing operations
      before income taxes, other equity
      income and minority interests:
      GMNA                 $(1,221)      $5   $192    $(99) $(1,029)    $(94)
      GME                     (449)    (153)   230     142     (219)     (11)
      GMLAAM                   424       74     --      --      424       74
      GMAP                      13       (5)    --      76       13       71
      Auto Elimination         (24)     (32)    --      --      (24)     (32)
                          --------  ------- ------  ------  -------  -------
      Total GMA             (1,257)    (111)   422     119     (835)       8
      Corporate & Other     (1,652)     428  1,168    (631)    (484)    (203)
                          --------  ------- ------  ------  -------  -------
      Total Auto & Other    (2,909)     317  1,590    (512)  (1,319)    (195)
                          --------  ------- ------  ------  -------  -------
      GMAC                    (394)     366     --    (872)    (394)    (506)
      Other Financing           94     (347)    --     406       94       59
                          --------  ------- ------  ------  -------  -------
      Total Financing         (300)      19     --    (466)    (300)    (447)
                          --------  ------- ------  ------  -------  -------
    

    
     Total                 $(3,209)    $336 $1,590   $(978) $(1,619)   $(642)
                          ========  ======= ======  ======  =======  =======
    

    See footnotes.



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    
                              (Dollars in millions)
                                   (Unaudited)
    

    
                                 Fourth Quarter
                                  2007 and 2006
    

    
                               Reported       Special Items       Adjusted
                               --------       -------------       --------
                               2007   2006     2007    2006    2007     2006
                            --------------------------------------------------
     Equity income (loss), net of tax:
      GMNA                     $(28)    $(18)   $--     $--     $(28)    $(18)
      GME                        14        7     --      --       14        7
      GMLAAM                      8       11     --      --        8       11
      GMAP                       90       86     --      --       90       86
      Auto Elimination
      (a)                        --       --     --      --       --       --
                           --------   ------  -----  ------  -------  -------
      Total GMA                  84       86     --      --       84       86
      Corporate & Other          --       (2)    --      --       --       (2)
                           --------   ------  -----  ------  -------  -------
      Total Auto & Other         84       84     --      --       84       84
                           --------   ------  -----  ------  -------  -------
      GMAC                       --       (2)    --      --       --       (2)
      Other Financing            --       --     --      --       --       --
                           --------   ------  -----  ------  -------  -------
      Total Financing            --       (2)    --      --       --       (2)
                           --------   ------  -----  ------  -------  -------
    

    
     Total                      $84      $82    $--     $--      $84      $82
                           ========   ======  =====  ======  =======  =======
    

    
     Minority interests, net of tax:
      GMNA                      $(3)    $(17)   $--     $--      $(3)    $(17)
      GME                       (10)      (8)    --      --      (10)      (8)
      GMLAAM                     (8)      (9)    --      --       (8)      (9)
      GMAP                      (31)     (52)    --      --      (31)     (52)
      Auto Elimination
      (a)                        --       --     --      --       --       --
                           --------   ------  -----  ------  -------  -------
      Total GMA                 (52)     (86)    --      --      (52)     (86)
      Corporate & Other          11       --     --      --       11       --
                           --------   ------  -----  ------  -------  -------
      Total Auto & Other        (41)     (86)    --      --      (41)     (86)
                           --------   ------  -----  ------  -------  -------
      GMAC                       --       --     --      --       --       --
      Other Financing            (4)      --     --      --       (4)      --
                           --------   ------  -----  ------  -------  -------
      Total Financing            (4)      --     --      --       (4)      --
                           --------   ------  -----  ------  -------  -------
    

    
     Total                     $(45)    $(86)   $--     $--     $(45)    $(86)
                           ========   ======  =====  ======  =======  =======
    


    See footnotes.



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    
                              (Dollars in millions)
                                   (Unaudited)
    

    
                                 Fourth Quarter
                                  2007 and 2006
    

    
                              Reported       Special Items       Adjusted
                              --------       -------------       --------
                              2007   2006     2007    2006    2007     2006
                           --------------------------------------------------
     Pre-tax earnings
      (loss):  (*)
     GMNA                   $(1,252)   $(30)   $192    $(99) $(1,060)   $(129)
     GME                       (445)   (154)    230     142     (215)     (12)
     GMLAAM                     424      76      --      --      424       76
     GMAP                        72      29      --      76       72      105
     Auto Elimination (a)       (24)    (32)     --      --      (24)     (32)
                           --------   ------  -----  ------  -------  -------
       Total GMA             (1,225)   (111)    422     119     (803)       8
     Corporate & Other       (1,641)    426   1,168    (631)    (473)    (205)
                           --------   -----   -----  ------  -------  -------
     Total Auto & Other      (2,866)    315   1,590    (512)  (1,276)    (197)
                           --------   -----   -----  ------  -------  -------
     GMAC                      (394)    364      --    (872)    (394)    (508)
     Other Financing (a)         90    (347)     --     406       90       59
                           --------   -----   -----  ------  ------- --------
       Total Financing         (304)     17      --    (466)    (304)    (449)
                           --------   -----   -----  ------  ------- --------
    

    
     Total                  $(3,170)   $332  $1,590   $(978) $(1,580)  $ (646)
                           ========   =====   =====  ======  =======  =======
    

    
     Income tax expense (benefit):
       Corporate & Other    $(1,553)  $(256)    $17    $(36) $(1,536)   $(292)
       Other Financing (a)      (90)   (267)     --    (172)     (90)    (439)
                            --------   -----   -----  ------  -------  -------
     Total                  $(1,643)  $(523)    $17   $(208) $(1,626)   $(731)
                            ========   =====   =====  ======  =======  =======
    


    See footnotes.

    
     (*) Defined here as income (loss) from continuing operations before income
     taxes and after equity income and minority interests.
    



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    
                              (Dollars in millions)
                                   (Unaudited)
    

    
                                   Year Ended
                                  2007 and 2006
    

    
                              Reported       Special Items       Adjusted
                              --------       -------------       --------
                              2007    2006     2007    2006    2007     2006
                          --------------------------------------------------
     Net sales and revenue:
      GMNA               $112,448  $116,653     $--     $-- $112,448 $116,653
      GME                  37,397    33,278      --      --   37,397   33,278
      GMLAAM               18,894    14,627      --      --   18,894   14,627
      GMAP                 21,003    15,532      --      --   21,003   15,532
      Auto Elimination(a) (11,543)   (8,655)     --      --  (11,543)  (8,655)
                         --------  --------  ------  ------ -------- --------
      Total GMA           178,199   171,435      --      --  178,199  171,435
      Corporate & Other(a)     --      (256)     --      --       --     (256)
                         --------  --------  ------  ------ -------- --------
      Total Auto & Other  178,199   171,179      --      --  178,199  171,179
                         --------  --------  ------  ------ -------- --------
      GMAC                     --    33,629      --    (872)      --   32,757
      Other Financing (a)   2,923       793      --      --    2,923      793
                         --------  --------  ------  ------ -------- --------
      Total Financing       2,923    34,422      --    (872)   2,923   33,550
                         --------  --------  ------  ------ -------- --------
    

    
     Total               $181,122  $205,601     $--   $(872)$181,122 $204,729
                         ========  ========  ======  ====== ======== ========
    

    
     Income (loss) from continuing operations
       before income taxes, other equity income and
       minority interests:
      GMNA                $(3,290)  $(7,575) $1,779  $5,908  $(1,511) $(1,667)
      GME                    (541)     (312)    579     654       38      342
      GMLAAM                1,349       527      --      43    1,349      570
      GMAP                    557     1,059      63    (901)     620      158
      Auto Elimination (a)    (59)      (34)     --      --      (59)     (34)
                         --------  --------  ------  ------ --------  -------
      Total GMA            (1,984)   (6,335)  2,421   5,704      437     (631)
      Corporate & Other    (3,619)   (1,188)  2,344    (126)  (1,275)  (1,314)
                         --------  --------  ------  ------ --------  -------
      Total Auto & Other   (5,603)   (7,523)  4,765   5,578     (838)  (1,945)
                         --------  --------  ------  ------ --------  -------
      GMAC                 (1,147)    2,242      --     (33)  (1,147)   2,209
      Other Financing         497      (377)     --     447      497       70
                         --------  --------  ------  ------ --------  -------
      Total Financing        (650)    1,865      --     414     (650)   2,279
                         --------  --------  ------  ------ --------  -------
    

    
     Total                $(6,253)  $(5,658) $4,765  $5,992 $ (1,488)    $334
                         ========  ========  ======  ====== ======== ========
    


    See footnotes.



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    
                              (Dollars in millions)
                                   (Unaudited)
    

    
                                   Year Ended
                                  2007 and 2006
    

    
                              Reported       Special Items       Adjusted
                              --------       -------------       --------
                              2007    2006     2007    2006    2007     2006
                          --------------------------------------------------
     Equity income (loss), net of tax:
      GMNA                    $22     $104       $--     $--      $22    $104
      GME                      44       36        --      --       44      36
      GMLAAM                   31       16        --      --       31      16
      GMAP                    425      365        --      --      425     365
      Auto Elimination
      (a)                      --       --        --      --       --      --
                          -------   ------    ------  ------ -------- -------
      Total GMA               522      521        --      --      522     521
      Corporate & Other         2        3        --      --        2       3
                          -------   ------    ------  ------ -------- -------
      Total Auto & Other      524      524        --      --      524     524
                          -------   ------    ------  ------ -------- -------
      GMAC                     --      (11)       --      --       --     (11)
      Other Financing          --       --        --      --       --      --
                          -------   ------    ------  ------ -------- -------
      Total Financing          --      (11)       --      --       --     (11)
                          -------   ------    ------  ------ -------- -------
    

    
     Total                   $524     $513       $--     $--     $524    $513
                          =======   ======    ======  ====== ======== ========
     Minority interests, net of tax:
      GMNA                  $ (46)   $ (63)      $--     $--    $ (46)   $(63)
      GME                     (27)     (21)       --      --      (27)    (21)
      GMLAAM                  (32)     (25)       --      --      (32)    (25)
      GMAP                   (301)    (225)       --     105     (301)   (120)
      Auto Elimination
      (a)                      --       --        --      --       --      --
                           -------   ------    ------  ------ -------- -------
      Total GMA              (406)    (334)       --     105     (406)   (229)
      Corporate & Other        12       --        --      --       12      --
                          -------   ------    ------  ------ -------- -------
      Total Auto & Other     (394)    (334)       --     105     (394)   (229)
                          -------   ------    ------  ------ -------- -------
      GMAC                     --       10        --      --       --      10
      Other Financing         (12)      --        --      --      (12)     --
                          -------   ------    ------  ------ -------- -------
      Total Financing         (12)      10        --      --      (12)     10
                          -------   ------    ------  ------ -------- -------
    

    
     Total                 $ (406)  $ (324)      $--    $105    $(406)  $(219)
                          =======   ======    ======  ====== ======== ========
    


    See footnotes.



    
                           General Motors Corporation
                       Summary Corporate Financial Results
    

    
                              (Dollars in millions)
                                   (Unaudited)
    

    
                                   Year Ended
                                  2007 and 2006
    

    
                              Reported        Special Items       Adjusted
                              --------        -------------       --------
                            2007    2006     2007     2006     2007     2006
                         ----------------------------------------------------
     Pre-tax earnings (loss):  (*)
      GMNA              $ (3,314)$ (7,534)  $1,779   $5,908  $(1,535) $(1,626)
      GME                   (524)    (297)     579      654       55      357
      GMLAAM               1,348      518       --       43    1,348      561
      GMAP                   681    1,199       63     (796)     744      403
      Auto Elimination (a)   (59)     (34)      --       --      (59)     (34)
                         -------   ------   ------   ------  -------  -------
      Total GMA           (1,868)  (6,148)   2,421    5,809      553     (339)
      Corporate &
       Other(a)           (3,605)  (1,185)   2,344     (126)  (1,261)  (1,311)
                         -------   ------   ------   ------  -------  -------
      Total Auto &
       Other              (5,473)  (7,333)   4,765    5,683     (708)  (1,650)
                        -------- -------- -------- -------- -------- --------
      GMAC                (1,147)   2,241       --      (33)  (1,147)   2,208
      Other Financing (a)    485     (377)      --      447      485       70
                        -------- -------- -------- -------- -------- --------
      Total Financing       (662)   1,864       --      414     (662)   2,278
                        -------- -------- -------- -------- -------- --------
     Total               $(6,135) $(5,469)  $4,765   $6,097  $(1,370)    $628
                        ======== ======== ======== ======== ======== ========
    

    Income tax expense (benefit):

    
       Corporate & Other $37,129  $(3,881)$(38,130)  $2,298  $(1,001) $(1,583)
       Other Financing(a)     33      835     (123)    (355)     (90)     480
                        -------- -------- -------- -------- -------- --------
     Total               $37,162  $(3,046)$(38,253)  $1,943  $(1,091) $(1,103)
                        ======== ======== ======== ======== ======== ========
    


    
     (*) Defined here as income (loss) from continuing operations before income
     taxes and after equity income and minority interests.
    

    See footnotes.



    
                           General Motors Corporation
                              Operating Statistics
                                   (Unaudited)
    

    
                                           Fourth Quarter        Year Ended
                                       -------------------- ---------------
                                        2007       2006      2007       2006
     Worldwide Production Volume:                (Units in thousands)
                                                 --------------------
       GMNA - Cars                       358       446      1,526      1,821
       GMNA - Trucks                     684       661      2,741      2,828
                                    --------  --------   --------  ---------
        Total GMNA                     1,042     1,107      4,267      4,649
       GME                               457       443      1,828      1,806
       GMLAAM                            253       215        960        830
       GMAP(*)                             627       509      2,231      1,896
                                    --------  --------   --------  ---------
        Total Worldwide  (*)(*)            2,380     2,274      9,286      9,181
                                    ========  ========   ========  =========
    

    
     Vehicle Unit Deliveries:
       Chevrolet - Cars                  162       160        757        798
       Chevrolet - Trucks                355       377      1,509      1,617
       Pontiac                            81        88        358        410
       GMC                               125       118        506        481
       Buick                              42        50        186        241
       Saturn                             52        58        240        226
       Cadillac                           60        57        215        227
       Other                              20        32         96        125
                                    --------  --------   --------  ---------
        Total United States              897       940      3,867      4,125
       Canada, Mexico and Other          157       169        649        682
                                    --------  --------   --------  ---------
        Total GMNA                     1,054     1,109      4,516      4,807
       GME                               529       475      2,182      2,003
       GMLAAM                            341       290      1,236      1,035
       GMAP (*)                            382       327      1,436      1,248
                                    --------  --------   -------- ---------
        Total Worldwide (*)(*)             2,306     2,200      9,370      9,093
                                    ========  ========   ========  =========
    

    
     Market Share:
       United States - Cars             18.7%     20.2%      19.4%      20.7%
       United States - Trucks           27.0%     26.4%      27.0%      27.1%
        Total United States             23.1%     23.6%      23.5%      24.2%
       Total GMNA                       22.7%     23.2%      23.0%      23.8%
       Total GME                         9.3%      9.1%       9.5%       9.2%
       Total GMLAAM                     17.6%     17.9%      17.2%      17.0%
       Total GMAP                        7.1%      6.6%       6.9%       6.5%
        Total Worldwide                 13.1%     13.3%      13.3%      13.5%
    

    
     U.S. Retail/Fleet Mix:
       % Fleet Sales - Cars             31.2%     38.1%      34.9%      36.5%
       % Fleet Sales - Trucks           19.6%     18.5%      20.5%      20.7%
        Total Vehicles                  23.9%     25.8%      26.1%      26.9%
    

    GMNA Capacity Utilization (*)(*)(*)      86.2%     89.5%      88.3%      93.1%

    
     (*)   GMAP production and sales volume includes SAIC-GM Wuling Automobile
         Co. Ltd. joint venture vehicles.
    

    (*)(*)  Total Worldwide may include rounding differences.

    (*)(*)(*) Two shift rated, annualized.



    
                           General Motors Corporation
                              Operating Statistics
                                   (Unaudited)
    

    
                                           Fourth Quarter        Year Ended
                                       -------------------- ---------------
                                         2007       2006      2007       2006
                                       --------------------------------------
     GMAC Automotive Finance
      Operations Consumer Credit
      (North America)
     Net charge-offs as a % of
      managed receivables               1.30%     1.36%      1.20%      1.20%
     Retail contracts 30 days
      delinquent - % of average
      number of contracts
      outstanding (b)                   2.77%     2.62%      2.58%      2.49%
    

    
     Share of GM retail sales (U.S.
      only)
     Total consumer volume (retail
      and lease) as % of retail           43%       36%        45%        48%
     SmartLease as % of retail            13%       14%        17%        18%
    

    
     Worldwide Employment at
      December 31:                                              (Thousands)
                                                            -----------------
      United States hourly (c)                                 78        89
      United States - Salaried (c)                             32        33
                                                            -----      -----
        Total United States                                   110       122
      Canada, Mexico and Other                                 29        30
                                                            -----      -----
      GMNA                                                    139       152
      GME                                                      57        60
      GMLAAM                                                   34        32
      GMAP                                                     34        34
      Other                                                     2         2
                                                            -----      -----
        Total GM                                              266       280
                                                            =====      =====
    

    
                                                      (Billions)
                                       ---------------------------------------
     Worldwide Payroll                  $4.6      $5.6      $18.0      $22.3
    


    Footnotes:

    
     (a) Auto Eliminations, Corporate & Other and Other Financing include
         inter-company eliminations.
    

    (b) Excludes accounts in bankruptcy.

    
     (c) Approximately 2,400 hourly and 1,250 salary employees are excluded
         from 2007 data due to the sale of Allison Transmission.
    



    GENERAL MOTORS CORPORATION AND SUBSIDIARIES

    
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                 (Dollars in millions, except per share amounts)
    

    (Unaudited)

    
                                                       Three Months Ended
                                                          December 31,
                                                       ---------------------
                                                           2007       2006
                                                         -------     -------
     Net sales and revenue
      Automotive sales                                    $46,692    $43,595
      Financial services and insurance revenue                393      7,208
                                                         --------   --------
     Total net sales and revenue                           47,085     50,803
                                                         --------   --------
     Costs and expenses
      Automotive cost of sales                             43,997     39,144
      Selling, general and administrative expense           4,207      3,910
      Financial services and insurance expense                408      6,186
      Other expenses                                        1,174      1,087
                                                         --------   --------
     Total costs and expenses                              49,786     50,327
                                                         --------   --------
      Operating income (loss)                              (2,701)       476
     Equity in loss of GMAC LLC                              (371)        (5)
     Automotive and other interest expense                   (646)      (781)
     Automotive interest income and other
      non-operating income (expense)                          509        646
                                                         --------   --------
     Income (loss) from continuing operations before
      income taxes, other equity income and minority
      interests                                            (3,209)       336
     Income tax benefit                                    (1,643)      (523)
     Equity income, net of tax                                 84         82
     Minority interests, net of tax                           (45)       (86)
                                                         --------   --------
      Income (loss) from continuing operations             (1,527)       855
     Discontinued operations
      Income from discontinued operations, net of tax          --         95
      Gain on sale of discontinued operations, net of
      tax                                                     805         --
                                                         --------   --------
     Income from discontinued operations                      805         95
                                                         --------   --------
      Net income (loss)                                    $ (722)      $950
                                                         ========   ========
     Basic earnings (loss) per share
       Continuing operations                               $(2.70)     $1.51
       Discontinued operations                               1.42        .17
                                                         ---------  --------
     Total                                                 $(1.28)     $1.68
                                                         ========   ========
     Weighted average common shares outstanding,
      basic (millions)                                        566        566
                                                        =========   ========
     Diluted earnings (loss) per share
      Continuing operations                                $(2.70)     $1.51
      Discontinued operations                                1.42        .17
                                                         --------   --------
     Total                                                  (1.28)      1.68
                                                         ========   ========
     Weighted average common shares outstanding,
      diluted (millions)                                      566        567
                                                        =========   ========
     Cash dividends per share                               $0.25      $0.25
                                                        =========   ========
    



    
                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                 (Dollars in millions, except per share amounts)
    

    
                                                 Years Ended December 31,
                                               2007        2006        2005
                                             --------    --------    -------
     Net sales and revenue
      Automotive sales                       $178,199    $171,179   $158,623
      Financial services and
        insurance revenue                       2,923      34,422     34,427
                                              -------    --------    -------
     Total net sales and revenue              181,122     205,601    193,050
                                              -------    --------    -------
     Costs and expenses
      Automotive cost of sales                166,259     163,742    158,254
      Selling, general and
        administrative expense                 14,412      13,650     13,003
      Financial services and
        insurance expense                       2,742      29,794     30,813
      Other expenses                            2,099       4,238      7,024
                                              -------    --------    -------
     Total costs and expenses                 185,512     211,424    209,094
                                              -------    --------    -------
      Operating loss                           (4,390)     (5,823)   (16,044)
     Equity in loss of GMAC LLC                (1,245)         (5)        --
     Automotive and other interest expense     (2,902)     (2,642)    (2,534)
     Automotive interest income and other
        non-operating income                    2,284       2,812      1,349
                                              -------    --------    -------
     Loss from continuing operations
      before income taxes,
      equity income and minority
      interests and cumulative
      effect of a change in
      accounting principle                     (6,253)     (5,658)   (17,229)
     Income tax expense (benefit)              37,162      (3,046)    (6,046)
     Equity income, net of tax                    524         513        610
     Minority interests, net of tax              (406)       (324)       (48)
                                               ------    --------    -------
      Loss from continuing operations
        before cumulative
        effect of a change in
        accounting principle                  (43,297)     (2,423)   (10,621)
     Discontinued operations
      Income from discontinued
        operations, net of tax                    256         445        313
      Gain on sale of discontinued
        operations, net of tax                  4,309          --         --
                                              -------   ---------   --------
     Income from discontinued operations        4,565         445        313
     Cumulative effect of a change
        in accounting principle                    --          --       (109)
                                             --------   ---------   --------
     Net loss                               $(38,732)     $(1,978)  $(10,417)
                                             ========    ========   ========
     Basic earnings (loss) per share
      Continuing operations                   $(76.52)     $(4.29)   $(18.78)
      Discontinued operations                    8.07        0.79       0.55
      Cumulative effect of a change
        in accounting principle                    --          --      (0.19)
                                             --------    --------   --------
     Total                                    $(68.45)     $(3.50)    $(18.42)
                                             ========    ========   ========
     Weighted average common shares
        outstanding, basic (millions)             566         566        565
                                              =======    ========    =======
     Diluted earnings (loss) per share
      Continuing operations                   $(76.52)     $(4.29)   $(18.78)
      Discontinued operations                    8.07        0.79       0.55
      Cumulative effect of a change
        in accounting principle                    --          --      (0.19)
                                             --------    --------   --------
    

    
     Total                                    $(68.45)     $(3.50)   $(18.42)
                                             ========    ========   ========
     Weighted average common shares
        outstanding, diluted (millions)           566         566        565
                                             ========    ========   ========
     Cash dividends per share                   $1.00       $1.00      $2.00
                                             ========    ========   ========
    



    
                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                              (Dollars in millions)
                                                              December 31,
                                                            2007      2006
                                     ASSETS
     Current Assets
     Cash and cash equivalents                            $24,549  $23,774
     Marketable securities                                  2,139      138
                                                         -------- --------
      Total cash and marketable securities                 26,688   23,912
     Accounts and notes receivable, net                     9,659    8,216
     Inventories                                           14,939   13,921
     Equipment on operating leases, net                     5,283    6,125
     Deferred income taxes and other current assets         2,594   11,957
                                                         -------- --------
      Total current assets                                 59,163   64,131
     Financing and Insurance Operations Assets
     Cash and cash equivalents                                268      349
     Investments in securities                                215      188
     Equipment on operating leases, net                     6,712   11,794
     Equity in net assets of GMAC LLC                       7,079    7,523
     Other assets                                           2,715    2,269
                                                         -------- --------
      Total Financing and Insurance Operations assets      16,989   22,123
     Non-Current Assets
     Equity in net assets of nonconsolidated affiliates     1,919    1,969
     Property, net                                         43,017   41,934
     Intangible assets, net                                 1,066    1,118
     Deferred income taxes                                  2,116   33,079
     Prepaid pension                                       20,175   17,366
     Other assets                                           4,438    4,584
                                                         -------- --------
      Total non-current assets                             72,731  100,050
                                                         -------- --------
     Total assets                                        $148,883 $186,304
                                                         ======== ========
                      LIABILITIES AND STOCKHOLDERS' DEFICIT
     Current Liabilities
     Accounts payable (principally trade)                 $29,439  $26,931
     Short-term borrowings and current
        portion of long-term debt                           6,047    5,666
     Accrued expenses                                      35,327   35,225
                                                         -------- --------
      Total current liabilities                            70,813   67,822
     Financing and Insurance Operations Liabilities
     Accounts payable                                          30      192
     Debt                                                   4,908    9,438
     Other liabilities and deferred income taxes              875    1,947
                                                         -------- --------
      Total Financing and Insurance Operations
        liabilities                                         5,813   11,577
     Non-Current Liabilities
     Long-term debt                                        33,384   33,067
     Postretirement benefits other than pensions           47,375   50,409
     Pensions                                              11,381   11,934
     Other liabilities and deferred income taxes           15,597   15,957
                                                         -------- --------
      Total non-current liabilities                       107,737  111,367
                                                         -------- --------
        Total liabilities                                 184,363  190,766
     Commitments and contingencies
     Minority interests                                     1,614    1,190
     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 566,059,249 shares
      issued and outstanding at
      December 31, 2007, respectively,
      and 756,637,541 and 565,670,254
      at December 31, 2006, respectively)                     943      943
     Capital surplus (principally
       additional paid-in capital)                         15,319   15,336
     Retained earnings (deficit)                          (39,392)     195
     Accumulated other comprehensive loss                 (13,964) (22,126)
                                                         -------- --------
      Total stockholders' deficit                         (37,094)  (5,652)
                                                         -------- --------
     Total liabilities, minority interests,
        and stockholders' deficit                        $148,883 $186,304
                                                         ======== ========
    




For further information:

For further information: Renee Rashid-Merem, +1-313-665-3128, 
renee.rashid-merem@gm.com, or Randy Arickx, +1-313-667-0006, 
randy.c.arickx@gm.com, both of General Motors Corporation

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