8-K

                                                                   Exhibit 99.1


GM Provides Update on Accounting Issues

DETROIT - General Motors Corp. (NYSE: GM) announced today it has substantially
completed its previously announced review of deferred income taxes as well as
the accounting for derivatives under Statement of Financial Accounting Standards
(SFAS) No. 133, Accounting for Derivative Instruments and Hedging Activities. GM
has determined that its previously filed financial statements and financial
information for 2002 through the third quarter of 2006 should no longer be
relied upon, largely due to adjustments in hedge accounting.

GM's accounting adjustments under SFAS No. 133 are substantially complete,
although some work remains. The current estimate of the cumulative impact of
these SFAS No. 133 adjustments to retained earnings, including GMAC, as of
September 30, 2006 is an increase of approximately $200 million.

In addition, GM previously disclosed that retained earnings as of December 31,
2001 and subsequent periods were understated by a range of $450 million to $600
million due to an overstatement of deferred tax liabilities. GM currently
estimates that the deferred tax liability overstatement is approximately
$1 billion. This impact is partially offset by an estimated $500 million
adjustment to stockholders' equity related to taxation of foreign currency
translation, arising primarily prior to 2002, and affects all periods through
the third quarter of 2006. The estimated net effect of such tax adjustments
results in an understatement of stockholders' equity as of December 31, 2001
and subsequent periods of approximately $500 million.

GM is currently working toward filing its Form 10-K with restated financial
information by the due date, March 1, 2007. If necessary, it would expect to
obtain an extension from the SEC and file prior to the extended deadline, March
16, 2007.

GM does not expect these adjustments to have any material impact on cash flow
for any of the restated periods.




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: completion of the restatement
adjustments; 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.

EX-99

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, DC 20549-1004



                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



       Date of Report (Date of earliest event reported) February 15, 2007



                           GENERAL MOTORS CORPORATION
                           --------------------------
             (Exact Name of Registrant as Specified in its Charter)



            STATE OF DELAWARE                  1-143           38-0572515
            -----------------                  -----           ----------
        (State or other jurisdiction of     (Commission     (I.R.S. Employer
        Incorporation or Organization)      File Number)   Identification No.)

      300 Renaissance Center, Detroit, Michigan                 48265-3000
      -----------------------------------------                 ----------
      (Address of Principal Executive Offices)                  (Zip Code)



      Registrant's telephone number, including area code (313) 556-5000
                                                         --------------








================================================================================

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

{ } Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)

{ } Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR
    240.14a-12)

{ } Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

{ } Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))







ITEM 4.02(a) Non-Reliance on Previously Issued Financial Statements or a
             Related Audit Report or Completed Interim Review

In a Form 8-K filed on January 25, 2007, General Motors Corporation (GM)
indicated it expected to restate its financial statements for 2002 through the
third quarter of 2006. The restatement relates to adjustments in accounting for:
derivative transactions at GM and GMAC under Statement of Financial Accounting
Standards (SFAS) No. 133, Accounting for Derivative Instruments and Hedging
Activities, as amended; deferred income taxes under SFAS No. 109, Accounting for
Income Taxes; and other miscellaneous adjustments.

On February 15, 2007, the audit committee of the board of directors of GM
approved management's conclusion that GM's previously filed consolidated
financial statements and other financial information and the related audit
reports of its independent registered public accountants for the years 2002,
2003, 2004 and 2005 and for the first three quarters of 2006 should no longer be
relied upon, largely due to adjustments in accounting under SFAS No. 133.
Management is currently assessing the impact of the restatement on its
previously issued reports on internal controls over financial reporting and
disclosure controls and procedures. GM does not expect the restatement to have a
material impact on cash flow amounts previously reported.

GM's accounting adjustments under SFAS No. 133 are substantially complete,
although some work remains. The current estimate of the cumulative impact of
these SFAS No. 133 adjustments to retained earnings, including GMAC, as of
September 30, 2006 is an increase of approximately $200 million.

In addition, GM previously disclosed that retained earnings as of December 31,
2001 and subsequent periods were understated by a range of $450 million to $600
million due to an overstatement of deferred tax liabilities. GM currently
estimates that the deferred tax liability overstatement is approximately $1.0
billion. This impact is partially offset by an estimated $500 million adjustment
to stockholders' equity related to taxation of foreign currency translation,
arising primarily prior to 2002 and affecting all periods through the third
quarter of 2006. The estimated net effect of such tax adjustments results in an
understatement of stockholders' equity as of December 31, 2001 and subsequent
periods of approximately $500 million.

The audit committee of the board of directors of GM discussed these matters with
GM's independent registered public accounting firm, Deloitte & Touche LLP.


ITEM 8.01  Other Events

On February 16, 2007, GM issued a news release discussing non-reliance on its
previously filed financial statements and other financial information, as well
as estimates of the impact of adjustments under SFAS No. 133 and of various tax
adjustments on GM's financial condition. A copy of the news release is attached
as an exhibit to this Current Report on Form 8-K.


ITEM 9.01  Financial Statements and Exhibits

Exhibit    Description
- -------    -------------------------------------------------------------------

99.1       GM News Release dated February 16, 2007






Forward-Looking Statements

 In this report on Form 8-K and in related comments by GM's management, we use
words like "expect," "anticipate," "estimate," "plan," "intend," "pursue," or
"believe," 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 completion of the
restatement adjustments; 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.


                                      # # #

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                          GENERAL MOTORS CORPORATION
                                          --------------------------
                                          (Registrant)


Date:  February 16, 2007             By:  /s/ NICK S. CYPRUS
                                     ---  ------------------
                                          (Nick S. Cyprus
                                           Controller and
                                           Chief Accounting Officer)