8-K

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) May 3, 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 File	(I.R.S. Employer
Incorporation or Organization)	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:

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

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

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

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

TABLE OF CONTENTS

News Release

Charts

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On May 3, 2007, a news release was issued on the subject of first quarter 2007 consolidated earnings for General Motors Corporation (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM’s Quarterly Report on Form 10-Q. The news release and financial statements are incorporated as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM’s first quarter 2007 earnings release are attached as Exhibit 99.2.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

EXHIBITS

Exhibits	Description	Method of Filing
Exhibit 99.1	News Release Dated May 3, 2007 and Financial Statements	Attached as Exhibit
Exhibit 99.2	Charts Furnished to Securities Analysts	Attached as Exhibit

* * * * * *

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: May 3, 2007	By:	/s/ NICK S. CYPRUS
		(Nick S. Cyprus, Controller and Chief Accounting Officer)

EX-99.1

EXHIBIT 99.1

News		General Motors Corporation	Financial Communications 300 Renaissance Center
	For Release: 7:00 a.m EDT		Detroit, MI 48265
	May 3, 2007

GM Reports Preliminary First Quarter Financial Results

• Reported net income $62 million

• Record first quarter global sales of 2.26 million units

• Improved automotive operations, reported net income of $272 million

• Adjusted automotive operating cash flow of $300 million

DETROIT — General Motors Corp. (NYSE: GM) today announced its financial results for the first quarter of 2007. The company posted record global sales, and improved automotive profitability and operating cash flow for the quarter.

“The first quarter of 2007 marked another quarter of continued progress in GM’s global automotive operations. We were able to expand vehicle sales and improve automotive profitability based on the progress in our turnaround initiatives in North America and Europe and our expansion strategy for key growth markets like China, Russia and South America,” said GM Chairman and Chief Executive Officer, Rick Wagoner. “We continue to see progress on the automotive bottom line as we implement the strategies laid out two years ago.”

GM reported net income of $62 million, or $0.11 per diluted share, including special items, in the first quarter of 2007, compared with net income of $602 million, or $1.06 per diluted share, in the year-ago quarter.

The decline in reported GM earnings is more than accounted for by losses in the residential mortgage business of GMAC Financial Services (GMAC), driven by continued weakness in the U.S. nonprime mortgage sector (following the 51 percent equity sale of GMAC in late 2006, GM is reporting its 49 percent ownership interest using the equity accounting method). In addition, last year’s results included a one-time after tax gain of $395 million due to the sale of a portion of GM’s equity ownership position in Suzuki Motors.

The reported results for the first quarter of 2007 include unfavorable special items totaling $32 million after tax, or $0.06 per diluted share, related largely to restructuring actions in Europe and Asia Pacific, offset in part by a favorable item related to workforce attrition costs for previously divested components plants. Details on the special items are included in the “Highlights” section of this news release.

(more)

Excluding special items, GM posted adjusted net income of $94 million, or $0.17 per diluted share in the first quarter of 2007, compared to adjusted net income of $350 million, or $0.62 per diluted share in the first quarter of 2006. Total revenue for the first quarter of 2007 was $43.9 billion, down from $52.4 billion, almost entirely due to GMAC revenue no longer being included in GM’s consolidated results. Automotive revenue for the first quarter of 2007 was $42.9 billion, down slightly from $43.6 billion in the first quarter of 2006.

GM Automotive Operations

Net income from GM’s global automotive operations totaled $304 million on an adjusted basis, in the first quarter of 2007 (reported net income of $272 million), compared to $40 million in the year-ago quarter (reported net income of $295 million).

GM sold an all-time first quarter record 2.26 million cars and trucks in the first quarter of 2007, up 3 percent, or 67,000 units, over the first quarter of 2006. Sales in the GM Asia Pacific (GMAP) region grew more than 20 percent; GM Latin America, Africa and Middle East (GMLAAM) grew 17 percent, and GM Europe (GME) grew 6 percent. GM’s all-time sales record was achieved despite challenging market conditions in the U.S. largely due to volatile fuel prices and contraction in the housing market.

GM North America (GMNA) posted an adjusted loss of $85 million in the first quarter of 2007 (reported net loss of $46 million), an improvement of $166 million compared to an adjusted net loss of $251 million in the year-ago quarter (reported net loss of $292 million).

The GMNA improvement in the first quarter was mostly attributable to large structural cost savings in health care and manufacturing related expenses. GMNA also enjoyed positive product mix related to the strong acceptance of new launch products as well as GM’s continued strategy to reduce its daily-rental fleet business.

GMNA was able to improve its year-over-year net income, despite a significant production reduction of 192,000 units. The volume decline reflected the disciplined implementation of the company’s sales and marketing strategy, including reducing dealer inventories in the U.S. and Canada by 111,000 units as compared to year-ago levels, and reducing deliveries to daily rental companies in the U.S. and Canada by 69,000 units. Retail sales were up slightly in the U.S. for the quarter, despite challenging market conditions.

“This quarter’s results again demonstrate progress in the implementation of our North America turnaround plan. They reflect major cost reductions once again, which more than offset lower volume — a function of the disciplined implementation of our product-based sales and marketing strategy,” Wagoner said. “And, our newest products such as the GMC Acadia and Chevrolet Silverado have been well accepted by consumers, which gives us confidence that the most important element of our North America turnaround — product excellence — is well on track.”

(more)

GME adjusted net earnings for the first quarter of 2007 amounted to $42 million (reported net income of $5 million), compared with $131 million in the first quarter of 2006 (reported net income of $59 million). The decline in net income is attributable to unfavorable product mix, material cost and lower gains on commodity hedging, which was partially offset by improved structural cost and favorable pricing.

GME set a first quarter sales record, with almost 554,000 deliveries. This marks the highest quarterly retail sales ever for the region, and the best market share performance in 10 years at 9.8 percent. And in the growing market of Russia, GM sales increased by 128 percent, outpacing the 26 percent growth in that market.

“GM Europe’s record sales for the quarter reflect strong acceptance of our newest Opel/Vauxhall cars, continued progress with our multi-brand strategy — including an all-time Chevrolet Europe sales record — and strength in the key growth markets of Europe, especially Russia,” Wagoner said.

GMAP posted adjusted net income of $150 million in the first quarter of 2007 (reported net income of $116 million), up from $97 million a year ago (reported net income of $492 million). Despite the loss of income from the equity sale of Suzuki, the improvement reflects an approximate 20 percent sales volume increase led by China, India and South Korea, record exports of GM-DAT products and improved performance at Holden.

GMAP revenue was up almost 35 percent, at $4.6 billion, compared with the year-ago quarter. GMAP also set all-time records in sales and market share growth, outpacing overall industry growth. Building on the strength of the well-established Buick brand, new products such as the Cadillac SLS and Chevrolet Epica are also being well received in key markets like China.

“Our strongest growth is in the Asia Pacific market, which is critically important as this will be the fastest growing region in the world over the next decade,” Wagoner said. “We continue to build on our already strong footprint in China, take advantage of GM-DAT’s great capabilities, and move aggressively in other important markets, like India.”

Net income for GMLAAM tripled to set a new first quarter earnings record of $201 million in the first quarter of 2007, up from $67 million in the year ago period (reported net income of $40 million). The improvement in profitability was driven by very strong volume, as well as better pricing and product mix.

The sales growth in the LAAM region is consistent across all major markets, with significant gains in key Latin American countries as well as strong performance in the Middle East and South Africa. Revenue was up 13 percent over the same quarter last year, setting a new first quarter record for GMLAAM.

“GMLAAM had an extremely strong quarter, setting records in both sales and profitability, on the strength of our traditionally strong representation in this growing region. The outlook is bright for continued strong results at GMLAAM for the rest of the year, and beyond,” Wagoner said.

(more)

GMAC

GMAC posted a net loss of $305 million in the first quarter of 2007, compared to net income of $495 million in the year-ago period. For the first quarter, GM recognized a net loss of $115 million associated with its 49 percent ownership of GMAC, including the accrual of dividends on GMAC preferred membership interests and certain tax benefits realized.

GMAC results were significantly impacted by a net loss of $910 million at Residential Capital, LLC (ResCap) due to continued pressures in the U.S. mortgage market. GMAC’s first quarter net income generated by auto finance, insurance and other operations was $605 million, more than double the earnings generated by these same operations in the first quarter of 2006.

GMAC indicated its long-term prospects continue to look favorable based on strong business fundamentals across its automotive finance and insurance operations. In addition, GMAC indicated it anticipates a considerable improvement in ResCap’s earnings performance in the second quarter this year, with losses in the U.S. residential mortgage sector expected to be at a much reduced level.

Cash and Liquidity

GM generated adjusted automotive operating cash flow of $300 million for the first quarter of 2007, an improvement of $1.5 billion year-on-year, with all four regions reporting improvement.

Cash, marketable securities, and readily-available assets of the Voluntary Employees’ Beneficiary Association (VEBA) trust totaled $24.7 billion at March 31, 2007, up from $21.6 billion on March 31, 2006, but down from the year-end 2006 total of $26.4 billion.

Results for the first quarter of 2007 are preliminary and may be revised prior to the filing of GM’s first quarter report on Form 10-Q in early May.

General Motors Corp. (NYSE: GM), the world’s largest automaker, has been the annual global industry sales leader for 76 years. Founded in 1908, GM today employs about 280,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.

# # #

Contacts:

Reneé Rashid-Merem
Phone: 313-665-3128
Email: renee.rashid-merem@gm.com

Randy Arickx
Phone: 313-667-0006
Email: randy.c.arickx@gm.com

Forward-looking Statements

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

6

General Motors Corporation
Use of Non-GAAP Financial Measures

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

Adjusted Net Income

     Adjusted net income excludes charges for the special attrition program, restructuring and impairments charges, and gains on the sale of business interests. Each of the adjustments is described in more detail below. This press release also contains a reconciliation of each of these non-GAAP measures to its most comparable GAAP financial measure.

     Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our operating results because they exclude amounts that GM management does not consider part of operating results when assessing the performance of the organization and measuring the results of GM’s performance. In addition, GM has historically reported similar non-GAAP financial measures. GM believes that inclusion of these non-GAAP financial measures provides consistency and comparability with past earnings releases. GM management uses these non-GAAP financial measures to evaluate GM’s performance and believes these measures allow GM management to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether the GM North American structural cost turnaround plan is on target. Also, GM management uses adjusted net income for forecasting purposes, and in determining its future capital investment allocations. Also, adjusted net income is a key variable in determining management incentive compensation. Accordingly, GM believes these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making.

     While GM believes that these non-GAAP financial measures provide useful supplemental information, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Items such as special attrition program agreement and restructuring charges that are excluded from GM’s non-GAAP financial measures can have a material impact on net earnings. As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, net earnings, cash flow from operations or other measures of performance prepared in accordance with GAAP. GM compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measure. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are included elsewhere in this press release.

7

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

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

• Special attrition program charges. Our non-GAAP financial measures exclude the estimated charge associated with the special attrition program agreement among the UAW, GM and Delphi. Management believes it is useful in evaluating the performance of GM and its management teams and business units during a particular time period to exclude charges associated with the special attrition program, because the charge occurs irregularly and is generally associated with one-time structural changes to GM’s North America business. Accordingly, management does not consider these costs as part of its core earnings for purposes of evaluating the performance of the business, and excludes such costs when evaluating the performance of the Corporation, its business units and its management teams and when making decisions to allocate resources among GM’s business units.

• Restructuring and impairment charges. Our non-GAAP financial measures exclude exit costs and related charges, primarily consisting of severance costs and lease abandonment costs, and any subsequent changes in estimates related to exit activities as they relate to GM’s significant restructurings, which involved significant layoffs. Management believes the exclusion of restructuring and impairment charges from adjusted net income is useful because management does not consider these costs part of GM’s core earnings in evaluating GM’s operational managers and the exclusion permits investors to evaluate the performance of our management the same way management does. Additionally, management excludes restructuring and impairment charges in its determinations regarding the allocation of resources, such as capital investment, among the Corporation’s business units and as part of its forecasting and budgeting.

• Gains on the sale of business interests. The gains on the sale of business interests are excluded from adjusted net income. While GM is involved in sales of its business interests from time to time and the Corporation may have significant gains or losses from such sales in the future, such events have historically occurred sporadically. Management excludes the charges associated with these events when it evaluates the Corporation’s operations and for internal reporting, forecasting purposes and allocation of additional resources.

Managerial Cash Flow

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

8

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

GM North America Vehicle Revenue per Unit

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

9

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

	Three Months Ended
	March 31, 2007
	Net
	Income			EPS
REPORTED
Net income	$	62		$	0.11
ADJUSTMENTS
Restructuring (A)		65			0.12
Plant Closure and Benefit Guarantees (B)		(27	)		(0.05	)
Special Attrition Program (C)		(12	)		(0.02	)
Asset Impairment (D)		6			0.01
Subtotal		32			0.06
ADJUSTED
Adjusted Income — Basic EPS	$	94		$	0.17
Adjusted EPS — Fully Diluted				$	0.17

(A) Relates to various restructuring initiatives, as follows (all amounts after-tax):

• Restructuring charges of $37 million recognized at GME for separation programs primarily in Germany and Sweden.

• Restructuring charges of $28 million recognized at GMAP for the voluntary separation program at Holden.

(B) Relates to recognition by GMNA of an after-tax curtailment gain of $25 million with respect to postretirement benefits and a favorable after-tax adjustment of $2 million in connection with the closure of two former component plants.

(C) Relates to a favorable curtailment and true-up adjustment relating to the Special Attrition Program for GMNA.

(D) Relates to impairment of tooling and residual assets at GMAP triggered by a reduction in the production forecast for Holden.

10

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

	Three Months Ended
	March 31, 2006
	(Restated)
	Net
	Income			EPS
REPORTED
Net income	$	602		$	1.06
ADJUSTMENTS
Restructuring (A)		91			0.16
Special Attrition Program (B)		52			0.09
Sale of Suzuki investment (C)		(395	)		(0.69	)*
Subtotal		(252	)		(0.44	)
ADJUSTED
Adjusted Income — Basic EPS	$	350		$	0.62	*
Adjusted EPS — Fully Diluted				$	0.62	*

* Adjusted EPS has been changed from $0.66 per share to $0.62 per share to reflect a revision to the special item related to the gain on sale of our Suzuki investment from $372 million, after-tax to $395 million, after-tax.

(A) Relates to various restructuring initiatives, as follows (all amounts after tax):

• Estimated charges of $65 million related to separations of salaried employees at GMNA.

• Curtailment charges associated with modifications to the U.S. Retirement Program for Salaried Employees announced in the first quarter of 2006. GMNA and Other Operations recognized charges of $12 million and $3 million respectively associated with these modifications.

• A favorable adjustment of $88 million for higher than anticipated headcount reductions associated with previously announced GMNA plant idling activities.

• Other restructuring charges of $72 million and $27 million, recognized at GME and GMLAAM, respectively.

(B)	Relates to an after-tax charge of $52 million associated with the $35,000 lump sum payments for normal or early voluntary retirements, recognized at GMNA.
(C)	Relates to the sale of 92.36 million shares of GM’s investment in Suzuki for approximately $2 billion in cash, reducing GM’s equity stake in Suzuki from 20.4% to approximately 3.7% (16.3 million shares). The after-tax gain of $395 million was recognized at GMAP.

 11 

General Motors Corporation

Summary Corporate Financial Results

(Unaudited)

	First Quarter
				2006
(Dollars in millions except per share amounts)	2007			Restated
Total net sales and revenues	$	43,909		$	52,376
Adjusted	$	43,909		$	52,376
Net income	$	62		$	602
Adjusted	$	94		$	350
Net margin
(Net income / Total net sales and revenues)		0.1	%		1.1	%
Adjusted		0.2	%		0.7	%
Earnings per share — basic	$	0.11		$	1.06
Earnings per share — diluted	$	0.11		$	1.06
Earnings per share — adjusted Diluted	$	0.17		$	0.62
GM $1-2/3 par value average shares outstanding (Mil’s)
Basic shares		566			566
Diluted shares		567			569
Cash dividends per share of common stocks	$	0.25		$	0.25

See reconciliation of adjusted financial results on pages 13-15.

 12 

General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

	First Quarter
				2006
	2007			Restated
Auto & Other total cash & marketable securities at March 31 ($Bil’s)	$	21.1		$	18.8
Readily-available assets in VEBA		3.6			2.8
Total Auto & Other cash & marketable securities plus readily-available assets in VEBA	$	24.7		$	21.6
Auto & Other Operations ($Mil’s)
Depreciation	$	1,257		$	1,114
Amortization of special tools		725			738
Amortization of intangible assets		17			17
Total	$	1,999		$	1,869
GM’s share of nonconsolidated affiliates’ net income (loss) ($Mil’s)
GMAC	$	(183	)		—
Shanghai GM and SAIC-GM-Wuling	$	117		$	71
Other+	$	39		$	55

+ GM sold most of its investment in Suzuki in the first quarter of 2006, and consequently now accounts for its remaining investment as an equity security, and no longer records income on the equity basis.

 13 

General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

	First Quarter
	2007 and 2006
	Reported						Special Items						Adjusted
				2006												2006
(Dollars in millions)	2007			Restated			2007			2006			2007			Restated
Total net sales and revenues
GMNA		$28,506		$	30,857		$	—		$	—		$	28,506		$	30,857
GME		8,485			8,055			—			—			8,485			8,055
GMLAAM		3,573			3,161			—			—			3,573			3,161
GMAP		4,559			3,386			—			—			4,559			3,386
Other Auto (1)		(2,222	)		(1,881	)		—			—			(2,222	)		(1,881	)
Total GMA		42,901			43,578			—			—			42,901			43,578
Other (1)		22			(49	)		—			—			22			(49	)
Total Auto & Other (1)		42,923			43,529			—			—			42,923			43,529
GMAC		50			8,813			—			—			50			8,813
Other Financing(1)		936			34			—			—			936			34
Total FIO		986			8,847			—			—			986			8,847
Total net sales and revenues	$	43,909		$	52,376		$	—		$	—		$	43,909		$	52,376
Income (loss) before income taxes, equity income and minority interests
GMNA	$	(46	)	$	(309	)	$	(61	)	$	64		$	(107	)	$	(245	)
GME		2			92			57			115			59			207
GMLAAM		255			98			—			27			255			125
GMAP		94			681			49			(666	)		143			15
Other Auto		(7	)		(6	)		—			—			(7	)		(6	)
Total GMA		298			556			45			(460	)		343			96
Other		(210	)		(512	)		—			4			(210	)		(508	)
Total Auto & Other		88			44			45			(456	)		133			(412	)
GMAC		(134	)		706			—			—			(134	)		706
Other Financing		54			1			—			—			54			1
Total Financing		(80	)		707			—			—			(80	)		707
Total income (loss) before income taxes, equity income and minority interests	$	8		$	751		$	45		$	(456	)	$	53		$	295

See footnotes on page 18.

 14 

General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

	First Quarter
	2007 and 2006
	Reported						Special Items						Adjusted
				2006												2006
(Dollars in millions)	2007			Restated			2007			2006			2007			Restated
Net income (loss)
GMNA	$	(46	)	$	(292	)	$	(39	)	$	41		$	(85	)	$	(251	)
GME		5			59			37			72			42			131
GMLAAM		201			40			—			27			201			67
GMAP		116			492			34			(395	)		150			97
Other Auto		(4	)		(4	)		—			—			(4	)		(4	)
Total GMA		272			295			32			(255	)		304			40
Other		(124	)		(189	)		—			3			(124	)		(186	)
Total Auto & Other		148			106			32			(252	)		180			(146	)
GMAC		(115	)		495			—			—			(115	)		495
Other Financing		29			1			—			—			29			1
Total FIO		(86	)		496			—			—			(86	)		496
Net income (loss)	$	62		$	602		$	32		$	(252	)	$	94		$	350
Income tax expense (benefit)
GMNA	$	3		$	(11	)	$	(22	)	$	23		$	(19	)	$	12
GME		(1	)		35			20			43			19			78
GMLAAM		53			57			—			—			53			57
GMAP		27			252			15			(271	)		42			(19	)
Other Auto		(3	)		(2	)		—			—			(3	)		(2	)
Total GMA		79			331			13			(205	)		92			126
Other		(85	)		(321	)		—			1			(85	)		(320	)
Total Auto & Other		(6	)		10			13			(204	)		7			(194	)
GMAC		(19	)		222			—			—			(19	)		222
Other Financing		25			—			—			—			25			—
Total Financing		6			222			—			—			6			222
Income tax expense (benefit)	$	—		$	232		$	13		$	(204	)	$	13		$	28

 15 

General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

	First Quarter
	2007 and 2006
	Reported						Special Items						Adjusted
				2006												2006
(Dollars in millions)	2007			Restated			2007			2006			2007			Restated
Effective tax rate
Total GM Corp.		—			31	%		29	%		45	%		25	%		9	%
GMNA		(7	)%		4	%		36	%		36	%		18	%		(5	)%
GME		(50	)%		38	%		35	%		37	%		32	%		38	%
GMAC		14	%		31	%		—			—			14	%		31	%
Equity income (loss) and minority interests
GMNA	$	3		$	6		$	—		$	—		$	3		$	6
GME		2			2			—			—			2			2
GMLAAM		(1	)		(1	)		—			—			(1	)		(1	)
GMAP		49			63			—			—			49			63
Other Auto		—			—			—			—			—			—
Total GMA	$	53		$	70		$	—		$	—		$	53		$	70

 16 

General Motors Corporation
Operating Statistics

	First Quarter
	2007			2006
(Units in thousands)
Worldwide Production Volume
GMNA — Cars		399			496
GMNA — Trucks		664			759
Total GMNA		1,063			1,255
GME		511			494
GMLAAM		222			194
GMAP		544			472
Total Worldwide		2,340			2,415
Vehicle Unit Deliveries
Chevrolet — Cars		187			195
Chevrolet — Trucks		362			376
Pontiac		79			99
GMC		111			105
Buick		43			62
Saturn		57			47
Cadillac		47			51
Other		23			28
Total United States		909			963
Canada, Mexico, and Other		146			160
Total GMNA		1,055			1,123
GME		554			523
GMLAAM		269			230
GMAP*		388			324
Total Worldwide		2,266			2,200
Market Share
United States — Cars		19.3	%		20.7	%
United States — Trucks		25.7	%		26.3	%
Total United States		22.8	%		23.8	%
Total North America		22.5	%		23.6	%
Total Europe		9.8	%		9.4	%
Total LAAM		16.3	%		16.1	%
Asia Pacific		7.2	%		6.4	%
Total Worldwide		13.0	%		13.1	%
U.S. Retail/Fleet Mix
% Fleet Sales — Cars		36.8	%		41.6	%
% Fleet Sales — Trucks		18.4	%		22.4	%
Total Vehicles		25.5	%		30.0	%
GMNA Capacity Utilization
(2 shift rated)		88.9	%		100.4	%

* GMAP sales volume includes Wuling sales in China.

 17 

General Motors Corporation
Operating Statistics

	First Quarter
				2006
	2007			Restated
GMAC’s Worldwide Cost of Borrowing (2)		6.16	%		5.50	%
GMAC Period End Debt Spreads Over U.S. Treasuries
2 Year	207 bp			445 bp
5 Year	251 bp			449 bp
10 Year	288 bp			474 bp
GMAC Automotive Finance Operations Consumer Credit (North America)
Net charge-offs as a % of managed receivables		1.29	%		1.21	%
Retail contracts 30 days delinquent — % of average number of contracts outstanding (3)		2.51	%		2.34	%
GMAC’s Share of GM retail sales (U.S. only)
Total consumer volume (retail and lease) as % of retail sales		42	%		45	%
SmartLease as % of retail sales		17	%		22	%
Worldwide Employment at March 31 (in 000’s)
United States Hourly		87			102
United States Salary		33			36
Total United States		120			138
Canada, Mexico, and Other		29			31
GMNA		149			169
GME		59			64
GMLAAM		33			31
GMAP		34			32
GMAC		—			31
Other		2			2
Total		277			329
Worldwide Payrolls ($Bil’s)	$	4.5		$	5.3

     See footnotes on page 18.

 18 

General Motors Corporation

Footnotes:

(1)	Other Auto, Other Operations and Other Financing include intercompany eliminations.
(2)	Calculated by dividing total interest expense (excluding mark to market adjustments) by total debt.
(3)	Excludes accounts in bankruptcy.

 19 

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

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

	Three Months Ended
	March 31,
	2007			2006
	(Unaudited)
				(As restated)
Net sales and revenue
Automotive sales	$	42,923		$	43,529
Financial services and insurance revenue		986			8,847
Total net sales and revenue		43,909			52,376
Costs and expenses
Automotive cost of sales		39,047			40,073
Selling, general, and administrative expense		3,375			3,427
Financial services and insurance expense		883			8,285
Total costs and expenses		43,305			51,785
Operating income		604			591
Equity in loss of GMAC LLC		(183	)		—
Automotive and other interest expense		(799	)		(638	)
Automotive interest income and other non-operating income		386			798
Income before income taxes, other equity income and minority interests		8			751
Income tax expense		—			232
Equity income and minority interests, net of tax		54			83
Net income	$	62		$	602
Basic earnings per share:
Earnings per share, basic	$	.11		$	1.06
Weighted average common shares outstanding, basic (millions)		566			566
Diluted earnings per share:
Earnings per share, diluted	$	.11		$	1.06
Weighted average common shares outstanding, diluted (millions)		567			569
Cash dividends per share	$	.25		$	.25

 20 

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)

	March 31,			December 31,			March 31,
	2007			2006			2006
							(Unaudited)
	(Unaudited)						(As restated)
ASSETS
Current Assets
Cash and cash equivalents	$	20,923		$	23,774		$	17,427
Marketable securities		159			138			1,396
Total cash and marketable securities		21,082			23,912			18,823
Accounts and notes receivable, net		9,697			8,216			6,966
Inventories		15,431			13,921			14,867
Equipment on operating leases, net		5,650			6,125			7,217
Deferred income taxes and other current assets		12,143			11,957			10,139
Total current assets		64,003			64,131			58,012
Financing and Insurance Operations Assets
Cash and cash equivalents		301			349			17,441
Investments in securities		187			188			18,443
Finance receivables, net		—			—			180,173
Loans held for sale		—			—			18,171
Equipment on operating leases, net		10,457			11,794			32,570
Investment in GMAC LLC		7,355			7,523			—
Other assets		3,684			2,269			28,996
Total Financing and Insurance Operations assets		21,984			22,123			295,794
Non-Current Assets
Property, net		41,612			41,934			38,551
Deferred income taxes		32,476			32,967			22,387
Prepaid pension		17,639			17,366			37,478
Other assets		7,484			7,671			9,917
Total non-current assets		99,211			99,938			108,333
Total assets	$	185,198		$	186,192		$	462,139
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current Liabilities
Accounts payable (principally trade)	$	30,065		$	26,931		$	26,872
Short-term borrowings and current portion of long-term debt		4,834			5,666			1,294
Accrued expenses		34,518			35,225			43,424
Total current liabilities		69,417			67,822			71,590
Financing and Insurance Operations Liabilities
Accounts payable		133			1,214			3,596
Debt		8,297			9,438			245,260
Other liabilities and deferred income taxes		1,572			925			29,136
Total Financing and Insurance Operations liabilities		10,002			11,577			277,992
Non-Current Liabilities
Long-term debt		33,120			33,067			32,612
Postretirement benefits other than pensions		48,998			50,086			31,431
Pensions		11,293			11,934			11,576
Other liabilities and deferred income taxes		15,570			15,957			20,084
Total non-current liabilities		108,981			111,044			95,703
Total liabilities		188,400			190,443			445,285
Minority interests		1,145			1,190			1,075
Stockholders’ Equity (Deficit)
Preferred stock, no par value, authorized 6,000,000, no shares issued and outstanding		—			—			—
$1 2/3 par value common stock (2,000,000,000 shares authorized, 756,637,541 and 565,738,371 shares issued and outstanding at March 31, 2007, respectively 756,637,541 and 565,670,254 shares issued and outstanding at December 31, 2006, respectively and 756,637,541 and 565,559,329 shares issued and outstanding at March 31, 2006, respectively)		943			943			943
Capital surplus (principally additional paid-in capital)		15,346			15,336			15,296
Retained earnings		39			406			3,408
Accumulated other comprehensive (loss)		(20,675	)		(22,126	)		(3,868	)
Total stockholders’ equity (deficit)		(4,347	)		(5,441	)		15,779
Total liabilities, minority interests, and stockholders’ equity (deficit)	$	185,198		$	186,192		$	462,139

EX-99.2

EXHIBIT 99.2

Preliminary 2007 First Quarter Results

Forward Looking Statements 1 In the presentations and in related comments by General Motors' management, we will use words like "expect," "anticipate," "estimate," "forecast," "initiative," "objective," "plan," "goal," "project," "outlook," "priorities," "target," "intend," "evaluate," "pursue," "seek," "may," "would," "could," "should," "believe," "potential," "continue," "designed," or "impact" to identify forward- looking statements that represent our current judgments about possible future events. We believe these judgments are reasonable, but GM's actual results may differ materially due to a variety of important factors. Among other items, such factors include: the ability of GM to realize production efficiencies, to achieve reductions in costs as a result of the turnaround restructuring and health care cost reductions and to implement capital expenditures at levels and times planned by management; the pace of product introductions; market acceptance of the Corporation's new products; significant changes in the competitive environment and the effect of competition in the Corporation's markets, including on the Corporation's pricing policies; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; costs and risks associated with litigation; the final results of investigations and inquiries by the SEC and other governmental agencies; changes in our accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, including the range of estimates for the Delphi pension benefit guarantees, which could result in an impact on earnings; changes in relations with unions and employees/retirees and the legal interpretations of the agreements with those unions with regard to employees/retirees and the successful completion of a collective bargaining agreement; negotiations and bankruptcy court actions with respect to Delphi's obligations to GM, negotiations with respect to GM's obligations under the pension benefit guarantees to Delphi employees, and GM's ability to recover any indemnity claims against Delphi; labor strikes or work stoppages at GM or its key suppliers such as Delphi or financial difficulties at GM's key suppliers such as Delphi; additional credit rating downgrades and the effects thereof; factors affecting GMAC's results of operations and financial condition such as credit ratings, interest rates, the housing market (including the downturn in residential mortgages, particularly in the nonprime sector) , adequate access to the capital, changes in the residual value of off-lease vehicles, changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which our mortgage subsidiaries operate, and changes in GMAC's contractual servicing rights; shortages of and price increases for fuel; changes in economic conditions, commodity prices, such as steel and other raw materials, currency exchange rates or political stability in the markets in which we operate; the effects of transactions or alliances entered into by one or more of our competitors; currency exchange rates or political instability in the markets in which we operate; and general economic conditions, in particular stability of consumer confidence. The most recent annual reports on Form 10-K and quarterly reports on Form 10-Q filed by GM and GMAC provide information about these factors, which may be revised or supplemented in future reports to the SEC on those forms.

First Quarter Highlights GAAP EPS $0.11, $62 million net income Adjusted EPS $0.17, $94 million net income Adjusted total automotive results improved $0.3B vs. Q1 '06 GMNA adjusted net income improved $0.2B Quarterly record net income at GMLAAM Continued strong results at GMAP Record Q1 revenue for GME and GMLAAM, and all-time quarterly revenue record for GMAP Global share virtually flat as anticipated GMNA reduction offset by gains in all other regions Positive adjusted Automotive Operating Cash Flow 2

Accounting / Reporting Changes 3 GM early adopted new measurement date provisions under SFAS 158 on January 1 Resulted in $0.8B net increase to stockholders equity as of 1/1/07 GM adopted FIN 48, requiring only more-likely-than-not tax positions be recognized, on January 1 Resulted in $137 million increase to retained earnings as of 1/1/07, with corresponding decrease in uncertain tax position reserves GM made two revisions to income statement presentation to improve visibility to core automotive operations Revenues and expenses for Finance & Insurance Operations (FIO) shown as separate line items Other Automotive segment added to capture eliminations related to vehicle sales between automotive regions

First Quarter Adjusted Results

2007

Fav/(Unfav) ($ Millions) 2006 2007 2006

GMNA $(251) $ (85) $ 166

GME 131 42 (89)

GMLAAM 67 201 134

GMAP 97 150 53

Other Auto (4) (4) 0

Total Automotive 40 304 264

GMAC 495 (115) (610)

Corporate Other (185) (95) 90

Total Net Income 350 94 (256)

EPS (excl. special items) $0.62 $ 0.17 $(0.45)

Fully diluted $ 0.17

Worldwide Production (000’s) 2,415 2,340 (75)

Global Market Share 13.1% 13.0% (0.1) p.p. Refer to Supplemental Charts for reconciliation to GAAP figures

First Quarter Adjustments to Income

Memo: 2006

$ Millions            EPS $ Millions Adjusted Net Income 94 $ 0.17 350

Special Items (after-tax) Restructuring related (53) ($ 0.10) (143)

Suzuki Sale — $ 0.00 395

Other 21 $ 0.04 -

Total Special Items (32) ($ 0.06) 252

GAAP Net Income 62 $ 0.11 602 Exclusion of special items useful for:

- Management to measure operations — Comparisons between reporting periods — Investors to measure and assess company performance

5 Exclusion of special items useful for: - Management to measure operations - Comparisons between reporting periods - Investors to measure and assess company performance

GMNA First Quarter Adjusted Results

2007

Fav/(Unfav) ($ Millions) 2006 2007 2006

Revenue $30,857 $28,506 ($ 2,351)

Pre-Tax Income/(Loss) (245) (107) 138

Net Income/(Loss) (251) (85) 166

Net Margin (0.8)% (0.3)% 0.5 p.p. North America:

- Production Volume (000) 1,255 1,063 (192)

- Market Share 23.6% 22.5% (1.1) p.p. United States:

- Industry SAAR (Mil.) 17.4 17.0 (0.4)

- Market Share 23.8% 22.8% (1.0) p.p. - - Retail/Fleet Mix — % Fleet 30.0% 25.5% 4.5 p.p. - - Dealer Inventory (000) 1,169 1,078 91

GMNA Vehicle Revenue Per Unit Calendar Year First Quarter Net Revenue Gross Revenue less Sales Incentives Vehicle Revenue per Unit excl. such items as daily rental accounting impact, Service Parts, OnStar and other outside sales 7 Refer to Supplemental Charts for reconciliation to GAAP figures Memo: Q406 $20,779 GAAP Rev/Unit 21,298 21,720 21,981 22,113 24,033 21,529 21,942 21,791 23,114 25,497

GMNA Adjusted Net Income 2007 vs. 2006 $ Billions 2006 Net Income ($0.3) Volume (1.1) Mix 0.4 Other Contribution Margin (0.1) Pension / OPEB 1.0 Manufacturing / Attrition 0.3 Other Costs (0.3) 2007 Net Income $(0.1) 2007 Improvement vs. 2006 $0.2 8

Overview of Other Regions Market share growth in all regions outside North America GME Q1 adjusted net income down slightly from Q1 2006, due largely to unfavorable commodities hedging and higher sales mix in small cars and Central/Eastern Europe GMLAAM Q1 adjusted net income tripled to set an all-time record for any quarter Q1 revenue up 13% on GM share gains in very strong industry GMAP Q1 adjusted net income up 55% despite loss of Suzuki equity income Q1 revenue up 35% on continued share growth in China, Korea 9

GME First Quarter Adjusted Results

2007

Fav/(Unfav) ($ Millions) 2006 2007 2006

Revenue $8,055 $8,485 $ 430

Pre-Tax Income/(Loss) 207 59 (148)

Net Income/(Loss) 131 42 (89)

Net Margin 1.6% 0.5% (1.1) p.p. Total Europe:

- Production Volume (000) 494 511 17

- Industry SAAR (Mil.) 21.3 21.8 0.5

- Market Share 9.4% 9.8% 0.4 p.p. Germany:

- Industry SAAR (Mil.) 3.6 3.4 (0.2)

- Market Share 10.1% 10.0% (0.1) p.p. UK:

- Industry SAAR (Mil.) 2.6 2.7 0.1

- Market Share 14.5% 14.9% 0.4 p.p. Russia:

- Industry SAAR (Mil.) 1.8 2.3 0.5

- Market Share 5.3% 9.5% 4.2 p.p.

10

GMLAAM First Quarter Adjusted Results

2007

Fav/(Unfav) ($ Millions) 2006 2007 2006

Revenue $3,161 $3,573 $ 412

Pre-Tax Income/(Loss) 125 255 130

Net Income/(Loss) 67 201 134

Net Margin 2.1% 5.6% 3.5 p.p. Total LAAM:

- Production Volume (000) 194 222 28

- Industry SAAR (Mil.) 6.2 6.8 0.6

- Market Share 16.1% 16.3% 0.2 p.p. Brazil:

- Industry SAAR (Mil.) 2.0 2.1 0.1

- Market Share 21.4% 20.2% (1.2) p.p.

11

GMAP First Quarter Adjusted Results

2007

Fav/(Unfav) ($ Millions) 2006 2007 2006

Revenue $3,386 $4,559 $1,173

Pre-Tax Income/(Loss) 15 143 128

China JVs Equity Income 79 127 48

Other Equity Income/Minority Interest (16) (78) (62)

Net Income/(Loss) 97 150 53

Net Margin 2.9% 3.3% 0.4 p.p. Total Asia Pacific:

- Industry SAAR (Mil.) 19.3 20.5 1.2

- Market Share 6.4% 7.2% 0.8 p.p. China:

- Industry SAAR (Mil.) 7.0 8.4 1.4

- Market Share 13.4% 13.9% 0.5 p.p. GM-DAT:

- Production (Complete Build Units) 177 217 40

Australia:

- Industry SAAR (Mil.) 1.0 1.1 0.1

- Market Share 16.5% 15.0% (1.5) p.p.

12

GMAC First Quarter Results 13 GMAC reported $(305) million net loss on continued weakness in the mortgage business Deterioration of $(800) million vs. Q1 '06 more than explained by $(1.1)B variance at ResCap Year-to-year improvement in all other segments, particularly Auto Finance (up $0.2B) Results as realized by GM are a net loss of $(115) million Deterioration of $(610) million vs. Q1 '06 when GMAC net income of $495 million was fully consolidated Includes GM's portion of preferred dividends ($34 million) as well as tax benefits recognized for losses at LLC units

GM Liquidity Position Gross liquidity position remains strong at $24.7B1 Additional $14.6B of VEBA assets available to fund healthcare costs Near-term financial obligations are limited $1.1B of convertible bonds put to GM on March 6 No additional U.S. term debt maturities in 2007 Made $1.0B Mitigation VEBA contribution on April 30 Represents second installment payment associated with GM-UAW 2005 retiree health care agreement 1 Includes $3.6B in readily-available VEBA assets (i.e., short-term VEBA) 14

Q4'00 YE '01 YE '02 YE '03 YE '04 YE '05 YE '06 Q1 '07 Net Liquidity 5.2 4.8 4.8 3.5 -0.7 -0.3 -7.1 -10.9 -13.8 -12.3 -13.3 Gross Cash (incl. ST VEBA) 13.2 13 13.3 11.8 11.5 17.3 26.9 23.3 20.4 26.4 24.7 17.3 17.3 23 $ Billions Automotive Gross / Net Liquidity 15 1 Year-end 2002 - 2005 Net Liquidity figures restated to include capital leases and industrial revenue bond obligations previously classified as Other Liabilities 2 Year-end 2006 and Q1 2007 net liquidity balances include GMAC-related debt 1,2

First Quarter Key Cash Flow Drivers 16 Adjusted automotive OCF of $0.3B; improved year-on-year by $1.5B Achieved OCF improvement in all four regions Improvement in OCF driven primarily by neutral working capital performance in Q1 2007 vs. unfavorable performance in Q1 2006 Accrued Expenses & Other not a key driver in Q1 2007, whereas negative Q1 2006 reflects non-cash adjustment to sales allowances when GM implemented value pricing strategy Q1 net cash flows of $(1.7)B Driven by restructuring & Delphi related costs of $(0.9)B, settlement of convertible bonds put in March for ($1.1)B, and refund of prior GMAC distributions of $(1.0)B Partially offset by $1.1B increase in readily-available VEBA assets

Automotive Cash Flow Summary Refer to Supplemental Charts for reconciliation to GAAP figures 17

Pension/OPEB Expense (Net of Payments) 18 Negative pension/OPEB expense (net of payments) adjustment of $(0.5)B in Q1 2007 vs. positive adjustment of $0.6B in Q1 2006 U.S. pension income in Q1 2007 vs. expense in Q1 2006 Q1 2007 U.S. OPEB expense favorably impacted primarily by amortization of gain from GM-UAW 2005 healthcare agreement Q1 2007 U.S. OPEB payments lower than in prior year 1 U.S. FAS87 Expense, excludes U.S. subsidiaries

Delphi Status 19 Plan Framework Support Agreement between GM, Delphi and an investor group approved by bankruptcy court in January Delphi announced it anticipates negotiating changes to agreements with plan investors and to the framework support agreement GM remains committed to consensual resolution and will work with the involved parties on any changes to the Framework Support Agreement Restructuring provides opportunity to address purchase price premium of about $2B annually Contingent exposure estimate remains $6 - $7.5B pre-tax, pending any changes to the agreement which might impact this amount Estimate of ongoing period costs (including reimbursement for certain labor and operating expenses) has increased based on ongoing negotiations Labor expenses in the range of $500 million in 2007 and ongoing expenses of limited duration of between $100 - $200 million annually thereafter Wind-down and transition costs in the range of $100 million in 2008

2007 Outlook Second Quarter Lower North America production, offset in part by higher production in GMAP and GMLAAM Year-to-year savings related to attrition, hourly retiree health care Continued launch product ramp-up in North America All pickup body styles launched, HD pickups, Buick Enclave crossover Continued strength in high-growth emerging markets Concerns regarding volatile fuel prices Calendar Year Improved automotive earnings Improved but negative cash flow Capital spending increased to $8.5B - $9B 20

Summary Continued strong revenue growth outside North America Automotive operations improved $0.3B vs. Q1 '06 on an adjusted basis, on continued strength in emerging markets Weakness at GMAC due to continued challenges in mortgage business Positive adjusted Automotive Operating Cash Flow in Q1 Automotive liquidity remains strong at $24.7B Delphi resolution remains key near-term priority 21

Supplemental Charts The following supplemental charts are provided to reconcile adjusted financial data comprehended in the primary chart set with GAAP-based data (per GM's financial statements) and/or provide clarification with regard to definition of non-GAAP terminology Note: As previously disclosed, GM restated its financial statements for the first three quarters of 2006 for various accounting issues associated with derivatives contracts, deferred income tax and other adjustments. The results reported for the first quarter of 2006 contained in this presentation reflect the adjustments.

Reconciliation to Adjusted Net Income / EPS Q1 - 2006 & 2007

Other            Total Auto            Total Q1 2007 GMNA            GME            GMLAAM            GMAP            Auto            Operations            GMAC            Other            Operations

Total Net Sales & Revenue 28,506 8,485 3,573 4,559 (2,222) 42,901 50 958 43,909

Net Income (46) 5 201 116 (4) 272 (115) (95) 62

EPS — Basic $ 0.11

Adjustments (after-tax):

Asset Impairments — — — (6) — (6) — — (6)

Special Attrition 12 — — — — 12 — — 12

Restructuring Charge — (37) — (28) — (65) — — (65)

Other 27 — — — — 27 — — 27

Total Adjust. — Net Income 39 (37) — (34) — (32) — — (32)

Total Adjust. — Net Revenue — — — — — — — — -

Adjusted Net Revenue 28,506 8,485 3,573 4,559 (2,222) 42,901 50 958 43,909

Adjusted Net Income (85) 42 201 150 (4) 304 (115) (95) 94

Adjusted EPS — Diluted $ 0.17

Q1 2006

Total Net Sales & Revenue 30,857 8,055 3,161 3,386 (1,881) 43,578 8,813 (15) 52,376

Net Income (292) 59 40 492 (4) 295 495 (188) 602

EPS — Basic $ 1.06

Adjustments (after-tax):

Salary Severance (65) — — — — (65) — — (65)

Salary Pension Change (12) — — — — (12) — (3) (15)

Suzuki Sale — — — 395 — 395 — — 395

Restructuring Charge 36 (72) (27) — — (63) — — (63)

Total Adjust. — Net Income (41) (72) (27) 395 — 255 — (3) 252

Total Adjust. — Net Revenue — — — — — — — — -

Adjusted Net Revenue 30,857 8,055 3,161 3,386 (1,881) 43,578 8,813 (15) 52,376

Adjusted Net Income (251) 131 67 97 (4) 40 495 (185) 350

Adjusted EPS — Basic $ 0.62

S1

Reconciliation of GMNA Revenue Per Unit Calendar Year

CY ‘02 CY ‘03 CY ‘04 Revenue            Revenue             Revenue             Revenue             Revenue            Revenue $ (Millions) per unit $ (Millions) per unit $ (Millions) per unit

GAAP 121,377 $21,298 121,591 $21,720 120,410 $21,981

add/(less): Allied Sales (998) a (976) a 18 a less: Non Vehicle Sales (11,143) b (11,382) b (11,457) b less: Other Income Items (1,640) c (1,973) c (2,607) c Managerial 107,596 $18,880 107,260 $19,160 106,364 $19,417

CY ‘05 CY ‘06 Revenue            Revenue             Revenue            Revenue $(Millions) per unit $(Millions) per unit GAAP 112,776 $22,113 118,434 $24,033

add: Allied Sales (477) a (1,038) a less: Non Vehicle Sales (10,996) b (15,872) b less: Other Income Items (2,236) c (2,035) c Managerial 99,067 $19,425 99,489 $20,189

S2 a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysis b). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysis c). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis

Reconciliation of GMNA Revenue Per Unit First Quarter

Q1 2003 Q1 2004 Q1 2005 Revenue            Revenue            Revenue            Revenue            Revenue            Revenue $ (Millions) per unit $(Millions) per unit $(Millions) per unit

GAAP 31,604 $21,529 30,894 $21,942 27,065 $ 21,791

add/(less): Allied Sales (7) a 57 a (413) a less: Non Vehicle Sales (2,869) b (2,931) b (2,642) b less: Other Income Items (501) c (571) c (489) c Managerial 28,227 $19,228 27,449 $19,495 23,521 $ 18,938

Q1 2006 Q1 2007 Revenue            Revenue            Revenue            Revenue $ (Millions) per unit $(Millions) per unit GAAP 30,857 $23,114 28,506 $25,497

add/(less): Allied Sales 268 a (675) a less: Non Vehicle Sales (3,862) b (3,788) b less: Other Income Items (552) c (484) c Managerial 26,711 $20,008 23,559 $21,072

a). For GAAP reporting

purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysis b). Includes SPO parts, outside sales- excluded from

Powertrain engines, managerial vehicle MSP, and Onstar            analysis service c). Includes Interest            excluded from

Income, Daily            managerial vehicle Rental Income, and            analysis GM Credit Card Income-

S2 a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysis b). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysis c). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis

Reconciliation of Automotive Cash Flow Q1 - 2006 & 2007

Automotive & Other $ Billions Q1 2007 Q1 2006

Net Cash Provided By Operating Activities (GAAP) 1.0 3.0

Reclassifications to/ (from) U.S. GAAP - - Expenditures for PPE & Special Tools (1.2) (1.3)

- VEBA Withdrawls — (2.0)

- Cash Restructuring Costs 0.6 0.2

- Delphi — Cash Restructuring Costs 0.3

- Other (0.4) (1.1)

Total Reconciling Items (0.7) (4.2)

Total Operating before Special Items 0.3 (1.2)

S3