GM Reports Preliminary Fourth Quarter and Calendar Year 2008 Financial Results



    Results reflect global economic crisis and industry-wide collapse in
vehicle demand
    

    
    Fourth quarter adjusted net loss of $5.9 billion, reported net loss of
$9.6 billion
    

    2008 adjusted net loss of $16.8 billion, reported net loss of $30.9
billion

    Structural cost improvement in North America of $3.0 billion in 2008

    DETROIT, Feb. 26 /PRNewswire/ --

    

    
                                                 Calendar Year
                                             2008        2007(*)   '08 O/(U) '07
                                             ----        ----    -------------
    Revenue (bils.):                         $149        $180        $(31)
    Adjusted automotive earnings
     before tax (bils.):                   $(10.4)       $0.6      $(11.0)
    Reported automotive earnings
     before tax (bils.):                   $(16.3)      $(1.9)      $(14.4)
    Adjusted net income (bils.):           $(16.8)      $(0.3)      $(16.5)
    Reported net income (bils.):           $(30.9)     $(43.3)        $12.4
    Reported earnings per share
     (diluted):                           $(53.32)    $(76.52)       $23.20
    Adjusted operating cash flow (bils):   $(19.2)      $(2.4)      $(16.8)
    

    
    (*) 2007 figures reflect continuing operations
    
    General Motors Corp. (NYSE:   GM) today announced its fourth quarter and
calendar year 2008 financial results, which were affected by the dramatic
deterioration in global economic and market conditions during the year,
declining consumer confidence and a 50-year low in per-capita auto sales in
the United States.
    

    
    For the 2008 calendar year, GM reported an adjusted net loss, excluding
special items, of $16.8 billion, or $29.00 per diluted share.  This compares
to an adjusted net loss of $279 million, or $0.49 per diluted share in 2007. 
The 2008 results were driven by the impact of the U.S. recession and
subsequent global contagion.  Including special items, the company reported a
loss of $30.9 billion, or $53.32 per diluted share, compared to a reported
loss of $43.3 billion, or $76.52 per diluted share in 2007, which included a
non-cash special charge of $38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.
    

    
    "2008 was an extremely difficult year for the U.S. and global auto
markets, especially the second half," Chairman and CEO Rick Wagoner said. 
"These conditions created a very challenging environment for GM and other
automakers, and led us to take further aggressive and difficult measures to
restructure our business.
    

    
    "We expect these challenging conditions will continue through 2009, and
so we are accelerating our restructuring actions.  At the same time, we are
continuing our commitment to exciting, fuel-efficient cars and trucks, and the
leadership in advanced propulsion technology."
    

    
    GM total revenue in 2008 was $149 billion, compared with $180 billion in
2007. GM's core automotive business generated revenue of $148 billion in 2008,
down from $178 billion in 2007.  The revenue decline was predominantly due to
the precipitous drop in sales amid record low consumer confidence in the U.S.
and sharply lower sales across all of GM's operating regions due to economic
turmoil in the global markets.  Global industry sales in 2008 were down 5
percent, or 3.6 million vehicles, versus 2007 levels, and U.S. industry sales
fell by 18 percent, or nearly 3 million units.
    

    

    
                                                Fourth Quarter
                                             2008       2007(*)    '08 O/(U) '07
                                             ----       -----    -------------
    Revenue (bils.):                        $30.8       $46.8       $(16.0)
    Adjusted automotive earnings
     before tax (bils.):                    $(4.0)      $(0.8)       $(3.2)
    Reported automotive earnings
     before tax (bils.):                    $(6.4)      $(1.2)       $(5.2)
    Adjusted net income (bils.):            $(5.9)      $0.05        $(5.9)
    Reported net income (bils.):            $(9.6)      $(1.5)       $(8.1)
    Reported earnings per share
     (diluted):                           $(15.71)     $(2.70)     $(13.01)
    Adjusted operating cash flow
     (bils):                                $(5.2)      $(1.3)       $(3.9)
    

    
    (*) 2007 figures reflect continuing operations
    
    In the fourth quarter 2008, GM posted an adjusted net loss of $5.9
billion or $9.65 per diluted share, compared to adjusted net income of $46
million, or $0.08 per diluted share in the year-ago period.  Including special
items, the company reported a net loss of $9.6 billion, or $15.71 per diluted
share in the fourth quarter 2008, compared to a net loss of $1.5 billion, or
$2.70 per diluted share in the year-ago period.
    

    
    The fourth quarter 2008 results reflect special items totaling $3.7
billion. Special charges include:
    

    --  $1.1 billion impairment charge primarily relating to actions being
        taken regarding the Hummer and Saab brands
    --  $1.0 billion charge relating to adjustments to the value of deferred
        tax assets in various countries outside of the U.S.
    --  $900 million of restructuring and capacity-related costs
    --  $660 million increase to the Delphi reserve relating to the valuation
        of future pension obligations
    --  $610 million of gross goodwill impairments in Europe and North America
    --  $533 million net gain relating to GM's portion of the GMAC bond
        exchange gain, net of an impairment taken on GM's holdings in GMAC

    
    Details on all special items are included in the "Highlights" section of
this news release.
    

    
    Effective Oct. 1, 2008, GM discontinued the use of hedge accounting
treatment, on a prospective basis, to comply with SFAS 133. This resulted in a
positive net effect on fourth quarter earnings of $436 million.
    

    
    In accordance with SFAS 157, GM incorporates its credit risk when
measuring the fair value of its derivative liabilities.  As a result of GM's
increasing credit risk, the fair value of its derivative liabilities declined
in the fourth quarter, resulting in a net gain of $1.4 billion.
    

    
    GM reported revenue of $30.8 billion in the fourth quarter 2008, down
from $46.8 billion in the fourth quarter 2007.  Revenue from automotive
operations totaled $30.6 billion in the quarter, compared to $46.5 billion
from the prior year, largely driven by the sharp decline in global industry
volume.
    

    
    GM reports 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 an adjusted loss before tax of
$10.4 billion in 2008 (reported loss of $16.3 billion), compared to adjusted
income before tax of $553 million in 2007 (reported loss of $1.9 billion).  In
the fourth quarter 2008, GM's automotive operations had an adjusted loss
before tax of $4.0 billion (reported loss of $6.4 billion), compared to an
adjusted loss before tax of $803 million in the year-ago quarter (reported
loss of $1.2 billion).
    

    
    GM 2008 worldwide sales were 8.35 million vehicles, down 11 percent, or
1.01 million vehicles, driven by the industry-wide contraction in global
vehicle sales.  In 2008, 5.38 million vehicles, or 64 percent of GM's global
sales, were outside of the U.S., up from 59 percent a year ago. GM's Asia
Pacific (GMAP) and Latin America, Africa and Middle East (GMLAAM) regions each
grew sales volume by nearly 3 percent, and more than 2 million vehicles were
sold in Europe for the third consecutive year.  Despite softer industry sales,
GM continues to lead in emerging markets, posting market share growth in 14 of
26 of the emerging markets.
    

    GMNA

    

    
                                                Fourth Quarter
                                          2008        2007     '08 O/(U) '07
                                          ----        ----      ------------
    Revenue (bils.)                      $19.3       $28.1         $(8.8)
    Adjusted earnings before tax (bils.) $(2.1)      $(1.1)        $(1.0)
    Reported earnings before tax (bils.) $(3.5)      $(1.3)        $(2.2)
    GM market share                       21.0%       22.7%     (1.7)p.p.


    
    GM North America (GMNA) posted an adjusted loss before tax of $2.1
billion in the fourth quarter 2008 (reported loss of $3.5 billion), compared
to an adjusted loss before tax of $1.1 billion in the fourth quarter 2007
(reported loss of $1.3 billion).  These results were impacted by significant
declines in U.S. industry volume, leased vehicle residual adjustments,
increased incentives and unfavorable product mix, partially offset by
favorable cost performance, SFAS 157 adjustments and foreign exchange.  For
2008, GMNA posted an adjusted loss before tax of $9.4 billion (reported loss
of $14.1 billion), compared to an adjusted loss before tax of $1.5 billion in
the year-ago period, excluding special items (reported loss of $3.3 billion).
    

    
    As a result of GM's ongoing restructuring initiatives to adapt to current
economic conditions, significant actions have been taken to reduce its
structural cost.  In North America, GM reduced structural cost from $33.8
billion to $30.8 billion, or $3.0 billion, during 2008.
    


    GME

    

    
                                                    Fourth Quarter
                                            2008        2007   '08 O/(U) '07
                                            ----        ----   -------------
    Revenue (bils.)                         $6.4       $10.7       $(4.3)
    Adjusted earnings before tax (mils.)   $(956)      $(215)      $(741)
    Reported earnings before tax (mils.) $(1,890)      $(445)    $(1,445)
    GM market share                          9.1%        9.2%   (0.1)p.p.


    
    For the fourth quarter 2008, GM Europe (GME) posted an adjusted loss
before tax of $956 million (reported loss of $1.9 billion) versus an adjusted
loss before tax of $215 million in the year-ago period (reported loss of $445
million).  The decline in fourth quarter earnings was largely attributable to
the lower industry volume across the region, unfavorable model mix and
unfavorable foreign exchange and commodity hedging, partially offset by strong
cost performance.  For 2008, GME posted an adjusted loss before tax of $1.6
billion (reported loss of $2.8 billion), compared to adjusted income before
tax of $55 million in the year-ago period, excluding special items (reported
loss of $524 million).
    

    GMLAAM
    

    
                                               Fourth Quarter
                                          2008       2007     '08 O/(U) '07
                                          ----       ----     -------------
    Revenue (bils.)                       $4.7       $6.0         $(1.3)
    Adjusted earnings before tax (mils.) $(154)      $424         $(578)
    Reported earnings before tax (mils.) $(181)      $424         $(605)
    GM market share                       16.2%      17.3%     (1.1)p.p.


    
    In the fourth quarter, GMLAAM posted an adjusted loss before tax of $154
million (reported loss of $181 million), down from adjusted income of $424
million in the fourth quarter of 2007 (reported income of $424 million). 
Fourth quarter results were impacted by lower industry volume in Brazil,
Venezuela and other key markets, and unfavorable foreign exchange, offset by
favorable model mix and pricing.  For the year, GMLAAM posted adjusted
earnings before tax of $1.3 billion (reported income of $1.3 billion), which
was comparable to 2007 adjusted earnings of $1.3 billion (reported income of
$1.3 billion).  Despite a slowdown in the fourth quarter, GMLAAM achieved
record revenue of $20.3 billion and sales volume of almost 1.3 million
vehicles for the calendar year.
    

    GMAP
    

    
                                                Fourth Quarter
                                          2008       2007     '08 O/(U) '07
                                          ----       ----     -------------
    Revenue (bils.)                       $2.6       $5.3         $(2.7)
    Adjusted earnings before tax (mils.) $(879)       $72         $(951)
    Reported earnings before tax (mils.) $(917)       $72         $(989)
    GM market share                        7.2%       7.3%    (0.1) p.p.

    
    GMAP posted an adjusted loss before tax of $879 million for the fourth
quarter (reported loss of $917 million), compared to adjusted income of $72
million in the year-ago period (reported income of $72 million).  GMAP fourth
quarter earnings were impacted by lower industry volume, unfavorable pricing,
unfavorable foreign exchange and commodity hedging, partially offset by
favorable model and mix and continued favorable cost performance.  For the
year, GMAP posted an adjusted loss before tax of $664 million (reported loss
of $800 million) compared to adjusted income of $744 million (reported income
of $681 million) for 2007.
    

    GMAC
    
    In the fourth quarter, GMAC Financial Services (GMAC) reported net income
of $7.5 billion, driven largely by the company's December bond exchange,
compared to a net loss of $724 million in the fourth quarter of 2007. 
Excluding the $11.4 billion gain on its bond exchange, GMAC's results in the
fourth quarter reflected a net loss of $4.0 billion, driven primarily by
losses in North America automotive finance and continued losses at Residential
Capital, LLC (ResCap).  GMAC reported net income of $1.9 billion in 2008,
compared with a net loss of $2.3 billion in 2007.
    

    
    GM realized an adjusted loss of $4.7 billion attributable to GMAC, as a
result of its 49 percent equity interest for the year, and an adjusted loss of
$1.9 billion for the fourth quarter.  This excludes a fourth quarter net gain
of $533 million related to  GM's portion of GMAC's bond exchange gain that was
largely offset by an impairment of GM's investment in GMAC.
    

    Cash and Liquidity
    
    Cash, marketable securities and readily available assets of the Voluntary
Employees Beneficiary Association (VEBA) trust totaled $14.0 billion as of
Dec. 31, 2008, down from $27.3 billion on Dec. 31, 2007.  GM had adjusted
automotive operating cash flow of negative $5.2 billion in the fourth quarter,
and ended the 2008 calendar year with adjusted automotive operating cash flow
of negative $19.2 billion, largely due to lower volume across GM's global
operations and negative working capital.
    

    
    On Dec. 31, 2008, GM entered into a loan agreement with the U.S.
Department of Treasury (UST) for funding of $13.4 billion, payable in three
tranches.  The initial installment of $4.0 billion was provided to GM on Dec.
31, 2008, followed by subsequent installments of $5.4 billion and $4.0 billion
on Jan. 21, 2009 and Feb. 17, 2009, respectively.
    

    
    In accordance with the terms of the loan, GM submitted to the UST on Feb.
17, 2009 a comprehensive global restructuring plan that demonstrates GM's
long-term viability.  GM is working with its key stakeholders as the company
implements the actions outlined in the plan, to create a revitalized, more
cost competitive company, dedicated to developing world-class vehicles and
leading advanced propulsion technologies.
    

    
    As a result of year-end measurements of GM's net pension obligations, it
was determined that the U.S. hourly and salaried qualified pension plans are
currently underfunded, on a combined basis, by approximately $12.4 billion. 
Several factors contributed to the underfunded status, including service and
interest costs; lower asset returns; lower discount rates; changes in
actuarial assumptions; various hourly initiatives including the UAW special
attrition program, VEBA agreement, Delphi pension transfer and IUE contract;
and salaried initiatives including the pension benefit changes relating to the
elimination of post-65 retiree healthcare and the salaried retirement program.
 While no additional pension contributions are anticipated over the next three
years, the funded status of the pension plan is subject to a number of
variables.  GM will continue to analyze its pension funding strategies going
forward.
    

    
    GM intends to take advantage of the extension of the time required to
file its 2008 10-K, which the SEC rules allow by filing Form 12b-25.  This
provides GM with up to 15 additional days in which to file its 2008 10-K,
without being considered "late" by the SEC.  The company believes this is a
prudent step to take at this critical time as it allows more time for thorough
review of the extensive financial and other disclosures regarding the events
that occurred at year-end 2008 and during early 2009.  Additionally, as a
result of the bond exchange, GM's 2008 10-K will contain information regarding
executive compensation, which would not normally be disclosed until the proxy
statement is issued for GM's annual stockholder meeting.
    

    
    Finally, GM anticipates receiving a "going concern" opinion from its
auditors in the 2008 10-K.  GM and its auditors must determine whether there
is substantial doubt about GM's ability to continue as a going concern.  GM's
Viability Plan filed with the UST on Feb. 17, 2009, included a request for
additional funding from the UST, as well as support from other governments
outside of the U.S.  GM requires this funding in 2009 to continue operations
until global automotive sales recover and its restructuring actions generate
benefits, resulting in the company being able to fund its own operating
requirements.
    


    About GM
    
    General Motors Corp. (NYSE:   GM), one of the world's largest automakers,
was founded in 1908, and today manufactures cars and trucks in 34 countries. 
With its global headquarters in Detroit, GM employs 244,500 people in every
major region of the world, and sells and services vehicles in some 140
countries.  In 2008, GM sold 8.35 million cars and trucks globally under the
following brands:  Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer,
Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's largest national
market is the U.S., followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  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," "ensure," "promote," "target," "believe,"
 "improve," "intend," "enable," "continue," "will," "may," "would," "could,"
"should," "project," "projected," "positioned" or similar expressions is
intended to identify forward-looking statements that represent our current
judgment about possible future events. We believe these judgments are
reasonable, but these statements are not guarantees of any events or financial
results, and our actual results may differ materially due to a variety of
important factors. Among other items, such factors might include: our ability
to comply with the requirements of our credit agreement with the U.S.
Treasury; the availability of funding for future loans under that credit
agreement; our ability to execute the restructuring plans that we have
disclosed, our ability to maintain adequate liquidity and financing sources
and an appropriate level of debt; and changes in general economic conditions,
market acceptance of our products; shortages of and price volatility for fuel;
significant changes in the competitive environment and the effect of
competition on our markets, including on our pricing policies, financing
sources and an appropriate level of debt; and changes in general economic
conditions.
    




    General Motors Corporation
    Use of Non-GAAP Financial Measures

    
    This press release, the accompanying tables and the charts for securities
analysts include the following financial measures, which are not prepared in
accordance with Accounting Principles Generally Accepted in the United States
of America (GAAP): (1) adjusted net income; (2) adjusted earnings before tax;
(3) managerial cash flow; and (4) GM North America vehicle revenue per unit.
Each of these financial measures is therefore considered a non-GAAP financial
measure.  This press release and the charts for securities analysts also
contain a reconciliation of each non-GAAP financial measure to its most
comparable GAAP financial measure. Certain prior period amounts have been
reclassified in the consolidated statements of operations and related
summaries to conform to the current period presentation.
    

    
    Management believes these non-GAAP financial measures provide meaningful
supplemental information regarding GM's operating results because they exclude
amounts that GM management does not consider part of operating results when
assessing and measuring the operational and financial performance of the
organization.  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 believes these measures allow it 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 and adjusted
earnings before tax for forecasting purposes and in determining 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 programs and restructuring
charges that are excluded from GM's non-GAAP financial measures can have a
material effect 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 providing 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 and Adjusted Earnings Before Tax

    
    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 accounting changes, restructuring, plant closure and
impairment charges, charges associated with Delphi Corporation (Delphi),
special attrition program charges, and other gains and losses which management
excludes when assessing the internal performance of the organization.
    

    
    Adjusted earnings before tax begins with adjusted net income and is
adjusted to remove any remaining tax expense or benefit.
    


    General Motors Corporation
    Use of Non-GAAP Financial Measures (Continued)

    Managerial Cash Flow

    
    GM 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 GM's 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
    List of Special Items
    2008

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


    

    
                               Fourth Quarter 2008       Year Ended 2008
                               -------------------       ---------------
                               Earnings        EPS     Earnings        EPS
     REPORTED
     --------
     Net Loss - Basic and
      Diluted (*)                  $(9,596)    $(15.71)  $(30,860)     $(53.32)
    

    
     ADJUSTMENTS
     -----------
      Pre-Tax Adjustments:
        Goodwill impairments (A)    $610                   $610
        Asset impairments (B)        974                    974
        Charges (income)
          related to
         investment in GMAC
         LLC (C)                    (533)                 2,504
      Delphi (D)                     660                  4,797
        Restructuring and
         2008 Special
         Attrition Programs
         (E)                         900                  6,463
      UAW VEBA curtailment
       gain (F)                        -                 (4,901)
      Salaried post-65
       healthcare
       settlement (G)                  -                  1,704
      Canadian Auto
       Workers labor
       contract (H)                    -                    340
      American Axle (I)                -                    197
      Gain on sales of
       investments (J)                 -                    (98)
                                       -                   ----
                                   2,611                 12,590
                                   -----                 ------
    

    
      Tax related:
        Valuation allowance
         on net deferred tax
         assets (K)                1,056                  1,450
    

    
      Equity
       Income/Minority
       Interest:
        Equity investment
         impairments (L)              83                     83
        Minority interest
         effects (M)                 (49)                   (49)
                                    ----                   ----
                                      34                     34
                                      --                     --
    

    
      Total Adjustments           $3,701       $6.06    $14,074       $24.32
                                  ======       =====    =======       ======
    

    
      ADJUSTED
      --------
      Adjusted Loss -
       Basic and Diluted (*)       $(5,895)     $(9.65)  $(16,786)     $(29.00)
                             =========== ===========  =========  ===========

    (*)  See average shares outstanding on page 16.



    General Motors Corporation
    List of Special Items
    2008

    (Unaudited)

    
    (A) Fourth quarter and year to date charges of $610 million were recorded
for goodwill impairments as follows:  $154 million related to GMNA and $456
million related to GME.
    

    
    (B) Fourth quarter charges of $974 million were recorded for asset
impairments as follows:  GMNA, $412 million; GME, $497 million; LAAM, $27
million; and GMAP, $38 million.
    

    
    (C ) Fourth quarter income of $5.6 billion representing our proportionate
share of GMAC's bond extinguishment gain recorded related to its debt tender
offer partially offset by impairment charges of $5.1 billion related to our
investment in GMAC Common Membership Interests.  Year to date impairment
charges of $8.1 billion related to GM's investment in GMAC's Common and
Preferred Membership Interests partially offset by the $5.6 billion bond
extinguishment gain.
    

    
    (D) Fourth quarter charges of $660 million and year to date charges of
$4.8 billion were recorded for increased liabilities under the Delphi-GM
Settlement Agreements, primarily due to expectations of increased obligations
and lower estimates of the expected amount of recoveries associated with the
Delphi Benefit Guarantee Agreements.
    

    
    (E) Relates to various restructuring initiatives and the 2008 Special
Attrition Programs.  Charges recorded by region are as follows:
    

    
    GMNA:  Fourth quarter charges of $757 million and year to date charges of
$6.0 billion were recorded in GMNA for additional wage and benefit costs
related to announced capacity actions, plant idlings in the U.S. and Canada,
Salaried Window Program and IUE-CWA pension related items.  Year to date
charges of $3.5 billion were recorded for pre-retirement and retirement
pension and benefit incentives and cash buyouts for employees leaving under
the 2008 Special Attrition Programs.
    

    
    GME:  Fourth quarter charges of $33 million and year to date charges of
$264 million were recorded for separation programs, primarily in Belgium,
France, Germany and the United Kingdom.
    

    
    GMAP: Year to date charges of $98 million were recorded for separation
programs at GM Holden, Ltd.
    

    
    Corporate and Other: Fourth quarter and year to date charges of $110
million were recorded for additional wage and benefit costs related to the
Salaried Window Program and IUE-CWA pension related items.
    

    
    (F) Year to date gain of $4.9 billion for the accelerated recognition of
unamortized net prior service credits due to the Settlement Agreement for the
UAW hourly medical plan becoming effective in 2008.
    

    
    (G) Settlement loss of $1.7 billion associated with the elimination of
healthcare coverage for U.S. salaried retirees over age 65 beginning January
1, 2009.  The settlement loss was recorded for participants over age 65 at
January 1, 2009 and considers the cost of the increased pension benefit
provided to those affected participants to help offset the cost of Medicare
and supplemental coverage.
    

    
    (H) Year to date loss of $340 million due to a change in the estimate of
the amortization period for pension prior service costs related to the hourly
defined benefit pension plan in Canada. In conjunction with the 2008 Canadian
Auto Workers (CAW) labor agreement, it was determined that the three year
contractual life of the labor agreement is a better reflection of the period
of future economic benefit for the collectively bargained hourly pension
plans.
    

    
    (I) Year to date charge of $197 million due to GM's agreement to provide
upfront support to American Axle to end the work stoppage that affected
approximately 30 GM plants in North America. GM's support partially funds
American Axle's costs associated with UAW employee buyouts, early retirements
and buydowns.
    


    
    (J) First quarter gain of $50 million on the sale of GM's common equity
interest in Electro-Motive Diesel, Inc. and a third quarter gain of $48
million on the sale of GM's Oklahoma City facility.
    

    
    (K) Fourth quarter and year to date charges of $1.1 billion and $1.5
billion, respectively, for valuation allowances on GM's net deferred tax
assets.  Year to date charge primarily related to GMDAT ($283 million), Spain
($261 million), Australia ($178 million), and the United Kingdom ($133
million).
    

    
    (L) Fourth quarter and year to date charges of $83 million primarily
related to impairments on GM's equity investments in New United Motor
Manufacturing, Inc. and CAMI Automotive Inc.
    

    
    (M) Fourth quarter and year to date gain of $49 million resulting from
the minority interest holder's portion of pre-tax adjustments and valuation
allowances.
    




    General Motors Corporation
    List of Special Items
    2007

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


    

    
                               Fourth Quarter 2007        Year Ended 2007
                               -------------------        ---------------
                               Earnings         EPS       Earnings      EPS
     REPORTED
     --------
     Loss from
      continuing
      operations                $(1,527)     $(2.70)      $(43,297) $(76.52)
     Income from
      discontinued
      operations                      -           -            256     0.45
     Gain on sale of
      discontinued
      operations                    805        1.42          4,309     7.62
                                    ---        ----          -----     ----
     Net Loss - Basic
      and Diluted(*)                $(722)     $(1.28)      $(38,732)  $(68.45)
                              ==========  ==========     ========== ========
    

    
    ADJUSTMENTS
     -----------
      Pre-Tax
       Adjustments:
        Delphi (A)               $1,174                    $2,099
        Restructuring/Special
         attrition program (B)      290                       918
      Product specific
       asset
       impairments (C)              169                       277
      Plant closures
       (D)                          (43)                       (90)
      Pension prior
       service cost (E)               -                      1,561
                                  -----                      -----
                                  1,590                      4,765
                                  -----                      -----
      Tax Related Adjustments:
      Valuation allowance on
       deferred tax assets and
       associated tax
       items (F)                      -                    38,300
      Income tax effect
       of pre-tax
       adjustments                  (17)                      (47)
                                    ----                     ----
                                    (17)                   38,253
                                    ----                    ------
    

    
      Total Continuing Operations
       Adjustments                1,573          2.78      43,018      76.03
      Gain on sale of
       discontinued
       operations (G)              (805)        (1.42)     (4,309)     (7.62)
                                   -----        ------     -------     ------
      Total Adjustments            $768         $1.36     $38,709     $68.41
                                   ====         =====     =======     ======
    

    
      ADJUSTED
      --------
      Income from continuing
       operations                   $46         $0.08       $(279)    $(0.49)
      Income from discontinued
       operations                     -             -         256       0.45
                                   ----          ----         ---       ----
      Adjusted Income -
       Basic and Diluted(*)           $46         $0.08        $(23)    $(0.04)
                              =========    ==========   =========   =========


    (*)  See average shares outstanding on page 16.



    General Motors Corporation
    List of Special Items
    2007

    (Unaudited)

    
    (A) GM, Delphi and the UAW entered into a Memorandum of Understanding
(MOU) in June 2007. GM recorded fourth quarter charges of $1.2 billion and
year  to date charges of $2.1 billion to increase GM's estimated liability
under the Delphi Benefit Guarantee Agreements and to establish liabilities for
certain commitments in connection with the Delphi reorganization plan outlined
in the MOU.
    

    
    (B) Relates to various restructuring initiatives and the 2006 Special
Attrition Program.  Charges recorded by region are as follows:
    

    
    GMNA:  Fourth quarter charges of $61 million and year to date charges of
$278 million were recorded for plant closing reserve adjustments. 
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:  Fourth quarter charges of $230 million and year to date charges of
$579 million were recorded 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.
    

    
    (C ) Fourth quarter charges of $169 million and year to date charges of
$277 million related to product specific asset impairments are as follows:
    

    
    GMNA:  Fourth quarter and year to date charges of $169 million and $264
million recorded.
    

    GMAP:  Year to date charges of $13 million recorded.

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

    
    (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 $0.3 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 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 $0.7 billion relating to
tax benefits recorded at loss entities through the third quarter of 2007.  
Additionally, the allowance includes a $0.5 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.
    

    
    (G) 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
    Summary Corporate Financial Results

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

    

    
                                   Fourth Quarter         Year to Date
                                   --------------         ------------
                                   2008        2007      2008        2007
                                   ----        ----      ----        ----
     REPORTED
     --------
     Total net sales and
      revenue                   $30,778     $46,804  $148,979    $179,984
     Income (loss) from
      continuing operations     $(9,596)    $(1,527) $(30,860)   $(43,297)
     Income from discontinued
      operations                     $-          $-        $-        $256
     Net income (loss)          $(9,596)      $(722) $(30,860)   $(38,732)
     Net margin from
      continuing operations (*)    (31.2)%      (3.3)%   (20.7)%     (24.1)%
    

    
      Earnings (loss) per
       share - basic and
       diluted
      Continuing operations     $(15.71)     $(2.70)  $(53.32)    $(76.52)
      Income from discontinued
       operations                     -        1.42         -        8.07
                                      -        ----         -        ----
      Net income (loss)         $(15.71)     $(1.28)  $(53.32)    $(68.45)
                               ========     =======  ========    ========
    

    
     ADJUSTED
     --------
      Total net sales and
       revenue                  $30,778     $46,804  $148,979    $179,984
      Income (loss) from
       continuing operations    $(5,895)        $46  $(16,786)      $(279)
     Income from discontinued
      operations                     $-          $-        $-        $256
      Net income (loss)         $(5,895)        $46  $(16,786)       $(23)
      Net margin from
       continuing operations (*)   (19.2)%        0.1%   (11.3)%      (0.2)%
    

    
      Earnings (loss) per
       share - basic and
       diluted
      Income (loss) from
       continuing operations     $(9.65)      $0.08   $(29.00)     $(0.49)
      Income from discontinued
       operations                     -           -         -        0.45
                                      -           -         -        ----
      Net income (loss)          $(9.65)      $0.08   $(29.00)     $(0.04)
                                =======       =====  ========     =======

    See reconciliation of adjusted financial results on pages 17 - 23.

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






    General Motors Corporation
    Summary Corporate Financial Results

    (Unaudited)

    

    
                                     Fourth Quarter           Year to Date
                                     --------------           ------------
                                     2008        2007        2008        2007
                                     ----        ----        ----        ----
     GM common stock average
      shares outstanding:                            (Millions)
                                                     ----------
      Reported (GAAP):
     Basic shares                     611         566         579         566
     Diluted shares                   611         566         579         566
      Adjusted (Non-GAAP):
     Basic shares                     611         566         579         566
     Diluted shares                   611         567         579         566
    

    
     Cash dividends per share
      of common stock                  $-       $0.25       $0.50       $1.00
    


    
       Automotive cash & marketable
        securities and
        readily-available
         assets in VEBA at
         December 31:                                         (Billions)
                                                              ----------
     Automotive cash &
      marketable securities                                 $14.0       $26.7
     Readily-available assets
      in VEBA                                                   -         0.6
                                                             ----         ---
       Total automotive cash &
        marketable securities
        and readily-available
        assets in VEBA                                      $14.0       $27.3
                                                        =========   =========
    


    
     Automotive Operations:                          (Millions)
                                                     ----------
       Depreciation and
        impairment                 $2,109      $1,212      $5,689      $4,937
       Amortization and
        impairment of special
        tools                       1,145         916       3,493       3,243
        Amortization and
         impairment of
         intangible assets            632          23         693          74
                                      ---          --         ---          --
       Total                       $3,886      $2,151      $9,875      $8,254
                                   ======      ======      ======      ======






    General Motors Corporation
    Summary Corporate Financial Results

    (Dollars in millions)
    (Unaudited)

    Fourth Quarter
    2008 and 2007

    

    
                               Reported          Special Items    Adjusted
                               --------          -------------    --------
                              2008     2007     2008    2007    2008    2007
                              ----     ----     ----    ----    ----    ----
     Net sales and revenue:
     GMNA                  $19,280  $28,121     $-      $-   $19,280 $28,121
     GME                     6,418   10,710      -       -     6,418  10,710
     GMLAAM                  4,707    6,040      -       -     4,707   6,040
     GMAP                    2,608    5,342      -       -     2,608   5,342
     Auto Elimination (a)   (2,401)  (3,695)     -       -    (2,401) (3,695)
                           -------  -------      -       -   -------  -------
     Total GMA              30,612   46,518      -       -    30,612  46,518
     Corporate & Other           -        -      -       -         -       -
                                 -        -      -       -      ----    ----
     Total Auto & Other     30,612   46,518      -       -    30,612  46,518
                            ------   ------      -       -    ------  ------
     GMAC                        -        -      -       -         -       -
     Other Financing           166      286      -       -       166     286
                               ---      ---      -       -       ---     ---
     Total Financing           166      286      -       -       166     286
                               ---      ---      -       -       ---     ---
    

    
     Total                 $30,778  $46,804     $-      $-   $30,778 $46,804
                           =======  =======    ====    ====  ======= =======
    

    
       Income (loss) from
        continuing operations
        before income taxes,
        other equity income
        and minority interests:
     GMNA                  $(3,390) $(1,221) $1,323    $192  $(2,067)$(1,029)
     GME                    (1,938)    (449)    986     230     (952)   (219)
     GMLAAM                   (171)     424      27       -     (144)    424
     GMAP                     (921)      13      38       -     (883)     13
     Auto Elimination (a)      103      (24)      -       -      103     (24)
                               ---     ----    ----    ----      ---     ----
     Total GMA              (6,317)  (1,257)  2,374     422   (3,943)   (835)
     Corporate & Other (a)  (1,086)  (1,652)    770   1,168     (316)   (484)
                           -------  -------     ---   -----    -----   -----
     Total Auto & Other     (7,403)  (2,909)  3,144   1,590   (4,259) (1,319)
                           -------  -------   -----   -----   ------- -------
     GMAC                   (1,406)    (394)   (533)      -   (1,939)   (394)
     Other Financing (a)        18       94       -       -       18      94
                                --       --    ----    ----       --      --
     Total Financing        (1,388)    (300)   (533)      -   (1,921)   (300)
                           -------    -----   -----    ----  - ------   -----
    

    
     Total                 $(8,791) $(3,209) $2,611  $1,590  $(6,180)$(1,619)
                           ======== ========  ======  ====== ======= ========

    See footnotes on page 26.


    General Motors Corporation
    Summary Corporate Financial Results

    (Dollars in millions)
    (Unaudited)

    Fourth Quarter
    2008 and 2007

    

    
                           Reported        Special Items      Adjusted
                           --------        -------------      --------
                          2008       2007   2008       2007  2008       2007
                          ----       ----   ----       ----  ----       ----
      Equity income (loss),
       net of tax:
     GMNA                 (153)      $(28)  $119         $-  $(34)      $(28)
     GME                     9         14      -          -     9         14
     GMLAAM                 (1)         8      -          -    (1)         8
     GMAP                   20         90      -          -    20         90
     Auto Elimination        -          -      -          -     -          -
                             -          -      -          -     -          -
     Total GMA            (125)        84    119          -    (6)        84
     Corporate & Other       1          -      -          -     1          -
                             -          -      -          -     -          -
     Total Auto & Other   (124)        84    119          -    (5)        84
                           ---         --    ---          -   ---         --
     GMAC                    -          -      -          -     -          -
     Other Financing         -          -      -          -     -          -
                             -          -      -          -     -          -
     Total Financing         -          -      -          -     -          -
                             -          -      -          -     -          -
    

    
     Total                (124)       $84   $119         $-   $(5)       $84
                           ===        ===   ====  =======    ====        ===
    

    
      Minority interests,
       net of tax:
     GMNA                  $20        $(3)  $(20)        $-    $-        $(3)
     GME                    39        (10)   (52)         -   (13)       (10)
     GMLAAM                 (9)        (8)     -          -    (9)        (8)
     GMAP                  (16)       (31)     -          -   (16)       (31)
     Auto Elimination        -          -      -          -     -          -
                             -          -      -          -     -          -
     Total GMA              34        (52)   (72)         -   (38)       (52)
     Corporate & Other       1         11      -          -     1         11
                             -         --      -          -     -         --
     Total Auto & Other     35        (41)   (72)         -   (37)       (41)
                            --       ----   ----          -  ----       ----
     GMAC                    -          -      -          -     -          -
     Other Financing        21         (4)   (13)         -     8         (4)
                            --        ---   ----          -     -        ---
     Total Financing        21         (4)   (13)         -     8         (4)
                            --        ---   ----          -     -        ---
    

    
     Total                 $56       $(45)  $(85)        $-  $(29)      $(45)
                           ===      -----  =====  =======   =====      -----

    See footnotes on page 26.


    General Motors Corporation
    Summary Corporate Financial Results

    (Dollars in millions)
    (Unaudited)

    Fourth Quarter
    2008 and 2007

    

    
                            Reported         Special Items     Adjusted
                            --------         -------------     --------
                           2008     2007    2008    2007      2008     2007
                           ----     ----    ----    ----      ----     ----
     Pre-tax earnings
      (loss):(*)
     GMNA               $(3,523) $(1,252) $1,422    $192   $(2,101) $(1,060)
     GME                 (1,890)    (445)    934     230      (956)    (215)
     GMLAAM                (181)     424      27       -      (154)     424
     GMAP                  (917)      72      38       -      (879)      72
     Auto Elimination
      (a)                   103      (24)      -       -       103      (24)
                            ---     ----       -       -       ---     ----
     Total GMA           (6,408)  (1,225)  2,421     422    (3,987)    (803)
     Corporate & Other
      (a)                (1,084)  (1,641)    770   1,168      (314)    (473)
                        -------  -------     ---   -----     -----    -----
     Total Auto & Other  (7,492)  (2,866)  3,191   1,590    (4,301)  (1,276)
                        -------  -------   -----   -----   -------  -------
     GMAC                (1,406)    (394)   (533)      -    (1,939)    (394)
     Other Financing
      (a)                    39       90     (13)      -        26       90
                             --       --    ----       -        --       --
       Total Financing   (1,367)    (304)   (546)      -    (1,913)    (304)
                        -------    -----   -----       -   -------    -----
    

    
     Total              $(8,859) $(3,170) $2,645  $1,590   $(6,214) $(1,580)
                        =======  -------  ======  ======  ======== --------
    

    
      Income tax
       (expense)
       benefit:
     Corporate & Other    $(700)  $1,553  $1,037    $(17)     $337   $1,536
     Other Financing (a)    (37)      90      19       -       (18)      90
                           ----       --      --       -      ----       --
     Total                $(737)  $1,643  $1,056    $(17)     $319   $1,626
                          ======   ======  ======   =====      ====   ======

    See footnotes on page 26.

    
    (*)  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 to Date
    2008 and 2007

    

    
                             Reported        Special Items        Adjusted
                             --------        -------------       --------
                            2008       2007   2008    2007      2008     2007
                            ----       ----   ----    ----      ----     ----
     Net sales and
      revenue:
     GMNA                $86,187   $112,448    $-      $-   $86,187 $112,448
     GME                  34,388     37,478     -       -    34,388   37,478
     GMLAAM               20,260     18,894    -       -    20,260   18,894
     GMAP                 17,828     20,317     -       -    17,828   20,317
     Auto Elimination
      (a)                (10,931)   (11,543)    -       -   (10,931) (11,543)
                        --------   --------     -       -  -------- --------
     Total GMA           147,732    177,594     -       -   147,732  177,594
     Corporate & Other         -          -     -       -         -        -
                               -          -     -       -         -        -
     Total Auto & Other  147,732    177,594     -       -   147,732  177,594
                         -------    -------     -       -   -------  -------
     GMAC                      -          -     -       -         -        -
     Other Financing       1,247      2,390     -       -     1,247    2,390
                           -----      -----     -       -     -----    -----
     Total Financing       1,247      2,390     -       -     1,247    2,390
                           -----      -----     -       -     -----    -----
    

    
     Total              $148,979   $179,984    $-      $-  $148,979 $179,984
                        ========   ========   ====    ==== ======== ========
    

    
       Income (loss)
        from continuing
        operations
        before income
        taxes,
        other equity
        income
        and minority
        interests:
     GMNA               $(13,903)   $(3,290) $4,535 $1,779  $(9,368) $(1,511)
     GME                  (2,876)      (541)  1,217    579   (1,659)      38
     GMLAAM                1,306      1,349      27      -    1,333    1,349
     GMAP                 (1,193)       557     136     63   (1,057)     620
     Auto Elimination
      (a)                     34        (59)      -      -       34      (59)
                              --       ----       -      -       --     ----
     Total GMA           (16,632)    (1,984)  5,915  2,421  (10,717)     437
     Corporate & Other
      (a)                 (5,745)    (3,619)  4,171  2,344   (1,574)  (1,275)
                         -------    -------   -----  -----  -------  -------
     Total Auto & Other  (22,377)    (5,603) 10,086  4,765  (12,291)    (838)
                        --------    -------  ------  ----- --------    -----
     GMAC                 (7,161)    (1,147)  2,504      -   (4,657)  (1,147)
     Other Financing (a)     150        497       -      -      150      497
                             ---        ---       -      -      ---      ---
     Total Financing      (7,011)      (650)  2,504      -   (4,507)    (650)
                         -------      -----   -----   ----  -------    -----
    

    
     Total              $(29,388)   $(6,253)$12,590 $4,765 $(16,798) $(1,488)
                       =========   -------- ======= ====== ========= --------

    See footnotes on page 26.


    General Motors Corporation
    Summary Corporate Financial Results

    (Dollars in millions)
    (Unaudited)

    Year to Date
    2008 and 2007

    

    
                              Reported       Special Items     Adjusted
                              --------       -------------     --------
                           2008       2007   2008    2007   2008       2007
                           ----       ----   ----    ----   ----       ----
      Equity income
      (loss), net of tax:
     GMNA                 $(201)       $22   $119      $-   $(82)       $22
     GME                     56         44      -       -     56         44
     GMLAAM                  21         31      -       -     21         31
     GMAP                   308        425      -       -    308        425
     Auto Elimination         -          -      -       -      -          -
                              -          -      -       -      -          -
     Total GMA              184        522    119       -    303        522
     Corporate & Other        2          2      -       -      2          2
                              -          -      -       -    -          -
     Total Auto & Other     186        524    119       -    305        524
                            ---        ---    ---       -    ---        ---
     GMAC                     -          -      -       -      -          -
     Other Financing          -          -      -       -      -          -
                              -          -      -       -      -          -
     Total Financing          -          -      -       -      -          -
                              -          -      -       -      -          -
    

    
     Total                 $186       $524   $119      $-   $305       $524
                           ====       ====   ====  =======  ====       ====
    

    
      Minority interests,
      net of tax:
     GMNA                   $28       $(46)  $(20)     $-     $8       $(46)
     GME                     22        (27)   (52)      -    (30)       (27)
     GMLAAM                 (32)       (32)     -       -    (32)       (32)
     GMAP                    85       (301)     -       -     85       (301)
     Auto Elimination         -          -      -       -      -          -
                              -          -      -       -      -          -
     Total GMA              103       (406)   (72)      -     31       (406)
     Corporate & Other        1         12      -       -      1         12
                              -         --      -       -      -         --
     Total Auto & Other     104       (394)   (72)      -     32       (394)
                            ---      -----   ----       -     --      -----
     GMAC                     -          -      -       -      -          -
     Other Financing          4        (12)   (13)      -     (9)       (12)
                              -       ----   ----       -    ---       ----
     Total Financing          4        (12)   (13)      -     (9)       (12)
                              -       ----   ----       -    ---       ----
    

    
     Total                 $108      $(406)  $(85)     $-    $23      $(406)
                           ====     ------  =====  =======   ===     ------

    See footnotes on page 26.


    General Motors Corporation
    Summary Corporate Financial Results

    (Dollars in millions)
    (Unaudited)

    Year to Date
    2008 and 2007

    

    
                            Reported          Special Items          Adjusted
                            --------          -------------          --------
                           2008     2007     2008    2007      2008       2007
                           ----     ----     ----    ----      ----     ----
     Pre-tax earnings
      (loss): (*)
     GMNA              $(14,076) $(3,314)  $4,634  $1,779   $(9,442) $(1,535)
     GME                 (2,798)    (524)   1,165     579    (1,633)      55
     GMLAAM               1,295    1,348       27       -     1,322    1,348
     GMAP                  (800)     681      136      63      (664)     744
     Auto Elimination
      (a)                    34      (59)       -       -        34      (59)
                             --     ----        -       -        --     ----
     Total GMA          (16,345)  (1,868)   5,962   2,421   (10,383)     553
     Corporate & Other
      (a)                (5,742)  (3,605)   4,171   2,344    (1,571)  (1,261)
                        -------  -------    -----   -----   -------  -------
     Total Auto & Other (22,087)  (5,473)  10,133   4,765   (11,954)    (708)
                       --------  -------   ------   -----  --------    -----
     GMAC                (7,161)  (1,147)   2,504       -    (4,657)  (1,147)
     Other Financing
     (a)                    154      485      (13)      -       141      485
                            ---      ---     ----       -       ---      ---
       Total Financing   (7,007)    (662)   2,491       -    (4,516)    (662)
                        -------    -----    -----       -   -------    -----
    

    
     Total             $(29,094) $(6,135) $12,624  $4,765  $(16,470) $(1,370)
                       ======== --------  -------  ====== =========  -------
    

    
      Income tax
      (expense)
       benefit:
     Corporate & Other  $(2,458)$(37,129)  $1,431 $38,130   $(1,027)  $1,001
     Other Financing
     (a)                    692      (33)      19     123       711       90
                            ---     ----       --     ---       ---       --
     Total              $(1,766)$(37,162)  $1,450 $38,253     $(316)  $1,091
                        ======= ========   ====== =======    ======   ======

    See footnotes on page 26.

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


    23

    General Motors Corporation
    Summary Corporate Financial Results

    (Dollars in billions)
    (Unaudited)

    

    
                              Fourth Quarter             Year to Date
                              --------------             ------------
                               2008         2007         2008         2007
                               ----         ----         ----         ----
     Automotive &
      Other Adjusted
      Operating Cash
      Flow:
       Total Auto &
        Other pre-tax earnings
        (loss)(*)               $(7.5)       $(2.9)      $(22.1)       $(5.5)
       Depreciation,
        amortization
        and impairments         3.9          2.2          9.9          8.3
       Capital
        expenditures           (2.0)        (2.6)        (7.5)        (7.5)
       Change in
        receivables,
        payables and
        inventory               0.6          0.4         (3.5)        (0.5)
       OPEB expense
        (net of
        payments)              (1.1)        (0.3)        (5.9)        (1.4)
       Pension expense
        (net of
        payments)               0.8            -          3.8          0.9
       VEBA                       -            -            -         (1.0)
       Accrued expenses
        and other               0.1          1.9          6.1          4.3
                                ---          ---          ---          ---
       Total Auto &
        Other Adjusted
        Operating Cash
        Flow                  $(5.2)       $(1.3)      $(19.2)       $(2.4)
                        ===========  ===========  ===========  ===========
    


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

    
                              Fourth Quarter             Year to Date
                              --------------             ------------
                               2008         2007         2008         2007
                               ----         ----         ----         ----
     GAAP to Auto &
      Other Adjusted
      Operating Cash
      Flow:
       Net cash
        provided by
        operating
        activities
        (GAAP)(*)(*)              $(2.8)        $3.4       $(13.3)        $5.4
       Capital
        expenditures           (2.0)        (2.6)        (7.5)        (7.5)
       VEBA withdrawals        (0.8)        (2.7)        (1.4)        (2.7)
       Restructuring
        costs                   0.2          0.4          1.2          1.4
       Delphi
        restructuring
        costs                   0.2            -          1.4          0.3
       Other                      -          0.2          0.4          0.7
                                  -          ---          ---          ---
       Total Auto &
        Other Adjusted
        Operating Cash
        Flow                  $(5.2)       $(1.3)      $(19.2)       $(2.4)
                        ===========  ===========  ===========  ===========





    (*)(*)  Operating cash flow from continuing operations.


    General Motors Corporation
    Operating Statistics
    (Unaudited)

    

    
                                   Fourth Quarter           Year to Date
                                   --------------           ------------
                                   2008        2007        2008        2007
                                   ----        ----        ----        ----
     Worldwide Production Volume:          (Units in thousands)
                                           --------------------
      GMNA - Cars                   365         358       1,543       1,526
      GMNA - Trucks                 450         684       1,906       2,741
                                    ---         ---       -----       -----
        Total GMNA                  815       1,042       3,449       4,267
      GME                           214         457       1,550       1,828
      GMLAAM                        166         253         961         960
      GMAP (*)                        453         627       2,184       2,231
                                    ---         ---       -----       -----
      Total Worldwide  (*)(*)         1,648       2,380       8,144       9,286
                                  =====       =====       =====       =====
    

    
     Vehicle Unit Deliveries:
      Chevrolet - Cars              132         162         715         757
      Chevrolet - Trucks            209         355       1,086       1,509
      Pontiac                        42          81         267         358
      GMC                            71         125         377         506
      Buick                          24          42         137         186
      Saturn                         29          52         188         240
      Cadillac                       32          60         161         215
      Other                           9          20          49          96
                                      -          --          --          --
        Total United States         547         897       2,981       3,867
      Canada, Mexico and Other      127         157         583         649
                                    ---         ---         ---         ---
        Total GMNA                  675       1,054       3,564       4,516
      GME                           420         529       2,041       2,182
      GMLAAM                        266         341       1,276       1,236
      GMAP (*)                        341         382       1,475       1,436
                                    ---         ---       -----       -----
      Total Worldwide (*)(*)          1,703       2,306       8,356       9,370
                                  =====       =====       =====       =====

    
    (*)Under a contractual agreement with SGMW we also report Wuling China
vehicle sales as part of our global market share. Wuling China vehicle fourth
quarter sales included in our global vehicle sales and market share data was
Worldwide Production Volume of 152,000 vehicles and 163,000 vehicles and
Vehicle Unit Deliveries of 149,020 vehicles and 132,047 vehicles in 2008 and
2007, respectively. Year to date Wuling China sales included in our global
vehicle sales and market share data was Worldwide Production Volume of 646,000
vehicles and 555,000 vehicles and Vehicle Unit Deliveries of 606,000 vehicles
and 516,000 vehicles in 2008 and 2007, respectively. Consistent with industry
practice, vehicle sales information includes estimates of industry sales in
certain countries where public reporting is not legally required or otherwise
available on a consistent basis.
    

    (*)(*)Totals may include rounding differences.



    General Motors Corporation
    Operating Statistics
    (Unaudited)

    

    
                                    Fourth Quarter           Year to Date
                                    --------------           ------------
                                    2008        2007        2008        2007
                                    ----        ----        ----        ----
     Market Share:                          (Units in thousands)
                                            --------------------
      United States - Cars          18.2%       19.0%       18.6%       19.7%
      United States - Trucks        24.6%       26.6%       25.6%       26.7%
        Total United States         21.6%       23.2%       22.1%       23.5%
      Total GMNA                    21.0%       22.7%       21.5%       23.1%
      Total GME                      9.1%        9.2%        9.3%        9.4%
      Total GMLAAM                  16.2%       17.3%       17.1%       17.0%
      Total GMAP (*)                   7.2%        7.3%        7.0%        6.9%
      Total Worldwide               12.0%       13.1%       12.4%       13.3%
    

    
     U.S. Retail/Fleet Mix (selling
      day adjusted):
      % Fleet Sales - Cars          45.6%       31.2%       34.8%       34.9%
      % Fleet Sales - Trucks        23.2%       19.6%       22.4%       20.5%
      Total Vehicles                32.2%       23.9%       27.6%       26.1%
    

    
     GMNA Capacity Utilization (*)(*)(*)  72.1%       86.2%       74.7%       88.5%

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


    General Motors Corporation
    Operating Statistics

    (Unaudited)

    

    
                               Fourth Quarter           Year to Date
                               --------------           ------------
                               2008        2007        2008        2007
                               ----        ----        ----        ----
    

    
      GMAC's share of GM
       retail sales
       (U.S. only)
     Total consumer volume
      (retail and lease)
      as % of retail              5%         43%         33%         45%
     SmartLease/SmartBuy
      as % of retail              0%         13%         11%         17%
    

    
     Worldwide Employment                               (Thousands)
      at December 31:
                                                            -----------
       United States -
        Hourly                                           62          78
       United States -
        Salaried                                         29          32
                                                         --          --
          Total United States                            91         110
       Canada, Mexico and
        Other                                            25          29
                                                         --          --
       GMNA                                             116         139
       GME                                               55          57
       GMLAAM                                            35          34
       GMAP                                              35          34
       Other                                              2           2
                                                          -           -
        Total GM                                        243         266
                                                        ===         ===
    

    
                                              (Billions)
                                              ----------
     Worldwide Payroll         $3.8        $4.6       $16.8       $18.0


    Footnotes:

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


    GENERAL MOTORS CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

    

    
                                                   Three Months Ended
                                                      December 31,
                                            -------------------------------
                                                    2008          2007
                                                    ----          ----
     Net sales and revenue
      Automotive sales                           $30,612       $46,518
      Financial services and insurance
       revenue                                       166           286
                                                     ---           ---
      Total net sales and revenue                 30,778        46,804
                                                  ------        ------
     Costs and expenses
      Automotive cost of sales                    33,092        43,805
      Selling, general and administrative
       expense                                     3,549         4,207
      Financial services and insurance
       expense                                       202           301
      Other expenses                               1,271         1,174
                                                   -----         -----
      Total costs and expenses                    38,114        49,487
                                                  ------        ------
      Operating loss                              (7,336)       (2,683)
     Equity in loss of GMAC LLC (Note 9)          (1,406)         (371)
     Automotive and other interest expense          (308)         (664)
     Automotive interest income and other
      non-operating income, net                      259           509
                                                     ---           ---
      Loss from continuing operations
       before income taxes, equity income
       and  minority interests                    (8,791)       (3,209)
     Income tax expense (benefit)                    737        (1,643)
     Equity income (loss), net of tax               (124)           84
     Minority interests, net of tax                   56           (45)
                                                      --          ----
     Loss from continuing operations              (9,596)       (1,527)
     Discontinued operations (Note 4)
      Income from discontinued operations,
       net of tax                                      -             -
      Gain on sale of discontinued
       operations, net of tax                          -           805
                                                       -           ---
      Income from discontinued operations              -           805
                                                       -           ---
     Net loss                                    $(9,596)        $(722)
                                                ========        ======
    

    
     Earnings (loss) per share, basic and
      diluted
      Continuing operations                      $(15.71)       $(2.70)
      Discontinued operations                          -          1.42
                                                       -          ----
      Net loss per share basic and diluted       $(15.71)       $(1.28)
                                                ========       =======
    

    
     Weighted-average common shares
      outstanding, basic and diluted
      (millions)                                     611           566
                                                     ===           ===
    

    
     Cash dividends per share                         $-         $0.25
                                              ==========         =====
    28

    GENERAL MOTORS CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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


    

    
                                                  Years Ended December 31,
                                                  ------------------------
                                                2008       2007       2006
                                                ----       ----       ----
     Net sales and revenue
      Automotive sales                      $147,732   $177,594   $170,651
      Financial services and insurance
       revenue                                 1,247      2,390     33,816
                                               -----      -----     ------
      Total net sales and revenue            148,979    179,984    204,467
                                             -------    -------    -------
     Costs and expenses
      Automotive cost of sales               149,311    165,573    163,214
      Selling, general and administrative
       expense                                14,253     14,412     13,650
      Financial services and insurance
       expense                                 1,292      2,209     29,188
      Other expenses                           5,407      2,099      4,238
                                               -----      -----      -----
      Total costs and expenses               170,263    184,293    210,290
                                             -------    -------    -------
      Operating loss                         (21,284)    (4,309)    (5,823)
     Equity in loss of GMAC LLC (Note 9)      (6,183)    (1,245)        (5)
     Automotive and other interest
      expense                                 (2,345)    (2,983)    (2,642)
     Automotive interest income and other
      non-operating income, net                  424      2,284      2,812
                                                 ---      -----      -----
      Loss from continuing operations
       before income taxes, equity income
       and  minority interests               (29,388)    (6,253)    (5,658)
     Income tax expense (benefit)              1,766     37,162     (3,046)
     Equity income, net of tax                   186        524        513
     Minority interests, net of tax              108       (406)      (324)
                                                 ---      -----      -----
     Loss from continuing operations         (30,860)   (43,297)    (2,423)
     Discontinued operations (Note 4)
      Income from discontinued operations,
       net of tax                                  -        256        445
      Gain on sale of discontinued
       operations, net of tax                      -      4,309          -
                                                   -      -----          -
      Income from discontinued operations          -      4,565        445
                                                   -      -----        ---
     Net loss                               $(30,860)  $(38,732)   $(1,978)
                                           =========  =========   ========
    

    
     Earnings (loss) per share, basic and
      diluted
      Continuing operations                  $(53.32)   $(76.52)    $(4.29)
      Discontinued operations                      -       8.07       0.79
                                                   -       ----       ----
      Net loss per share basic and diluted   $(53.32)   $(68.45)    $(3.50)
                                            ========   ========    =======
    

    
     Weighted-average common shares
      outstanding, basic and diluted
      (millions)                                 579        566        566
                                                 ===        ===        ===
    

    
     Cash dividends per share                  $0.50      $1.00      $1.00
                                               =====      =====      =====
    29

    GENERAL MOTORS CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Dollars in millions)
    (Unaudited)


    

    
                                                            December 31,
                                                            ------------
                                                            2008        2007
                                                            ----        ----
     ASSETS
     Current Assets
      Cash and cash equivalents                          $13,953     $24,549
      Marketable securities                                   13       2,139
                                                              --       -----
      Total cash and marketable securities                13,966      26,688
      Accounts and notes receivable, net                   7,711       9,659
      Inventories                                         13,042      14,939
      Equipment on operating leases, net                   3,363       5,283
      Other current assets and deferred income taxes       3,142       3,566
                                                           -----       -----
      Total current assets                                41,224      60,135
     Financing and Insurance Operations Assets
      Cash and cash equivalents                              100         268
      Investments in securities                              128         215
      Equipment on operating leases, net                   2,221       6,712
      Equity in net assets of GMAC LLC                       491       7,079
      Other assets                                         1,567       2,715
                                                           -----       -----
      Total Financing and Insurance Operations assets      4,507      16,989
     Non-Current Assets
      Equity in net assets of nonconsolidated affiliates   1,655       1,919
      Property, net                                       39,656      43,017
      Goodwill and intangible assets, net                    265       1,066
      Deferred income taxes                                   98       2,116
      Prepaid pension                                        109      20,175
      Other assets                                         3,533       3,466
                                                           -----       -----
      Total non-current assets                            45,316      71,759
                                                          ------      ------
     Total assets                                        $91,047    $148,883
                                                         =======    ========
    


    
     Current Liabilities
      Accounts payable (principally trade)               $22,236     $29,439
      Short-term borrowings and current portion
       of long-                                           15,754       6,047
      Accrued expenses                                    35,921      34,024
                                                          ------      ------
      Total current liabilities                           73,911      69,510
     Financing and Insurance Operations Liabilities           23          30
      Accounts payable
      Debt                                                 1,192       4,908
      Other liabilities and deferred income taxes            607         875
                                                             ---         ---
      Total Financing and Insurance Operations
       liabilities                                         1,822       5,813
     Non-Current Liabilities
      Long-term debt                                      29,594      33,384
      Postretirement benefits other than pensions         28,919      47,375
      Pensions                                            25,178      11,381
      Other liabilities and deferred income taxes         16,963      16,900
                                                          ------      ------
      Total non-current liabilities                      100,654     109,040
                                                         -------     -------
     Total liabilities                                   176,387     184,363
     Commitments and contingencies (Note 18)                 814       1,614
     Minority interests
     Stockholders' Deficit
      Preferred stock, no par value, authorized
       6,000,000, no shares issued and outstanding             -           -
      Preference stock, $0.10 par value, authorized
       100,000,000 shares, no shares issued
       and outstanding                                         -           -
       $1 2/3 par value common stock
       (2,000,000,000 shares authorized, 800,937,541
        and 610,483,231 shares issued and outstanding
        at December 31, 2008, respectively, and
        756,637,541 and 566,059,249 shares issued
        and outstanding at December 31, 2007,
        respectively)                                      1,017         943
      Capital surplus (principally additional
       paid-in capital)                                   15,755      15,319
      Accumulated deficit                                (70,610)    (39,392)
      Accumulated other comprehensive loss               (32,316)    (13,964)
                                                         --------    --------
      Total stockholders' deficit                        (86,154)    (37,094)
                                                         --------    --------
     Total liabilities, minority interests, and
       stockholders' deficit                              $91,047    $148,883
                                                       ==========  ==========





    




For further information:

For further information: Renee Rashid-Merem, +1-313-665-3128, Cell:
+1-313-701-8560, renee.rashid-merem@gm.com, Randy Arickx , +1-313-667-0006,
+1-313-268-7070, randy.c.arickx@gm.com, both of GM Web Site:
http://www.gm.com

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