Exhibit 99.1

GM to Restate Prior Financial Results, Sees Improved Fourth Quarter Automotive
Performance

General Motors announced today that it will be delaying the announcement of its
2006 year-end and fourth quarter financial results but expects to report
improved performance in its automotive business, including record fourth quarter
revenue in 2006. The company also said that it will restate its financial
statements, primarily due to pre-2002 tax accounting adjustments.

GM indicated that its deferred tax liabilities, as previously disclosed in its
results for the third quarter of 2006 and prior periods, were overstated due to
errors that originally occurred primarily before 2002. While these errors do not
impact cash flow or previously reported cash balances, retained earnings as of
Dec. 31, 2001 and subsequent periods were understated by a range of $450 million
to $600 million as a result.

In light of recent focus on accounting under Statement of Financial Accounting
Standard (SFAS) 133, Accounting for Derivative Instruments and Hedging
Activities, GM is reviewing its accounting in this area. While this review is
still ongoing, GM currently anticipates that it will make accounting
restatements in this area, and the completed review may result in additional
restatements that could be material. GM also is assessing various other
miscellaneous adjustments for 2002 through 2006, and believes these adjustments,
individually and collectively, will not be material on a consolidated basis.

As a result of these anticipated adjustments related to the deferred tax
liabilities, hedging activities and other miscellaneous items, GM will be
restating its financial statements for 2002 through the third quarter of 2006.
GM does not expect any material impact on cash flow.

In addition, GMAC has informed GM that it continues to finalize its financial
statements for 2006 and its balance sheet as of Nov. 30, the date of the sale of
51% of the equity of GMAC. As a result, GMAC advised GM that it is not yet able
to provide the financial information needed to complete GM's fourth quarter
financial results.

Based on these factors, GM will delay the announcement of its 2006 year-end and
fourth quarter financial results, previously planned for Jan. 30, 2007, pending
resolution of outstanding accounting issues and final GMAC financial results.

GM intends to provide further information on the progress of its financial
reporting during the week of Feb. 5. The Corporation currently anticipates that
it will file its annual report on Form 10-K by its due date of March 1.



Separately, in terms of operations, GM continued to demonstrate improved
performance in its automotive business, with record fourth quarter revenue in
2006. The company expects to be profitable on a reported consolidated basis in
the 2006 fourth quarter, and net income is expected to improve significantly
over the fourth quarter of 2005. GM also further improved its liquidity
position, ending the year with approximately $26.4 billion in cash and
equivalents (including $2.5 billion of readily available VEBA assets), an
increase of about $5.9 billion over year-end 2005.

As previously reported, GM implemented Statement of Financial Accounting
Standards (SFAS) 158, a new accounting standard for pension and other
post-retirement benefits effective Dec. 31, 2006. Adoption of this standard will
result in negative stockholders' equity on a book value basis. For the third
straight year, the company's U.S. pension funds performed strongly, with asset
returns of 15% for 2006. As a result, including the impact of significant
employee attrition in 2006, GM's U.S. hourly and salary plans (as measured by
Statement of Financial Accounting Standards (SFAS) 87) ended the 2006 calendar
year over-funded by $17 billion.



Forward-Looking Statements
In this press release and in related comments by General Motors' management, we
will use words like "expect," "anticipate," "estimate," "forecast,"
"initiative," "objective," "plan," "goal," "project," "outlook," "priorities,"
"target," "intend," "evaluate," "pursue," "seek," "may," "would," "could,"
"should," "believe," "potential," "continue," "designed," or "impact" to
identify forward-looking statements that represent our current judgments about
possible future events. We believe these judgments are reasonable, but GM's
actual results may differ materially due to a variety of important factors.
Among other items, such factors include: changes in our accounting principles,
or their application or interpretation, and our ability to make estimates and
the assumptions underlying the estimates, factors affecting GMAC's results of
operations and financial condition such as credit ratings, interest rates, the
housing market, changes in U.S. government-sponsored mortgage programs or
disruptions in the markets in which our mortgage subsidiaries operate, and
changes in its contractual servicing rights; and changes in economic conditions,
currency exchange rates and valuations associated with derivative instruments.

The most recent annual reports on Form 10-K and quarterly reports on Form 10-Q
filed by GM and GMAC provide information about these factors, which may be
revised or supplemented in future reports to the SEC on those forms.