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					News                                                    General Motors
                                                        Corporation
                                                                                      GM Communications
                                                                                      Detroit, Mich., USA
   For Release: May 7, 2009                                                           media.gm.com
   7:00 a.m. Eastern Time




  GM Reports First Quarter Financial Results
  First quarter reported net loss of $6.0 billion
  Results reflect continuation of global economic downturn and lower industry-wide sales volume
  Losses partially offset by strong structural cost reduction due to aggressive restructuring efforts

                                                        First Quarter
                                                  2009            2008            O/(U) 2008
  Revenue (bils.):                                $22.4           $42.4            $(20.0)
  Reported automotive EBIT (bils.):               $(5.2)            $0.5           $(5.7)
  Adjusted automotive EBIT (bils.):               $(3.9)            $0.8           $(4.7)
  Reported net income (bils.):                    $(6.0)          $(3.3)           $(2.7)
  Adjusted net income (bils.):                    $(5.9)          $(0.4)           $(5.5)
  Reported earnings per share (dollars):         $(9.78)          $(5.80)          $(3.98)
  Adjusted operating cash flow (bils.):          $(10.2)          $(3.1)           $(7.1)

  DETROIT – General Motors (NYSE: GM) today announced its financial results for the first quarter of
  2009, which predominantly reflect the effects of continued global economic pressures and low auto
  industry volumes worldwide. Industry sales volume was down 21 percent globally in the first
  quarter versus the year-ago period, leading to significantly reduced volume and revenue for GM.

  “Our first quarter results underscore the importance of executing GM’s revised Viability Plan, which
  goes further and faster to lower our break-even point,” said Fritz Henderson, president and chief
  executive officer. “Our Plan is designed to fix the fundamentals of our business by restructuring and
  deleveraging our balance sheet, enhancing our revenue capability and dramatically reducing costs.
  It’s focused on taking care of customers every single day, winning with four core brands, and
  investing in new products and technology, while at the same time accelerating actions to lower our
  cost structure to return GM to profitability quickly.”

  GM posted a reported net loss of $6.0 billion, including special items, or $9.78 per share in the first
  quarter of 2009. This compares with a reported net loss of $3.3 billion, or $5.80 per share, in the
  year-ago quarter. Excluding special items, the company reported an adjusted net loss of $5.9 billion,
  or $9.66 per share, in the first quarter of 2009 compared to an adjusted net loss of $381 million, or
  $0.67 per share, in the first quarter of 2008.

  The reported results for the first quarter of 2009 include special items and charges netting to a loss of
  $73 million. The special items include GM’s $906 million gain on debt extinguishment and $385
  million related to GM’s portion of GMAC Financial Services’ (GMAC) gain associated with the
  accounting on its debt extinguishment. These items were offset by charges of $116 million for
  restructuring, a charge of $822 million related to Saab filing for reorganization, and a charge of $291
  million in GM North America (GMNA) related to asset impairments. Charges of $135 million were
  recorded for advances made under the Delphi Advance Agreement. A reserve was recorded to write-
  off the receivable as it is deemed uncollectable.
GM’s revenue for the first quarter of 2009 was $22.4 billion, down 47 percent from $42.4 billion in
the year-ago quarter. The drop in revenue was primarily due to GM’s production volume decline of
903,000 units, or approximately 40 percent, on a global basis year-over-year.

Beginning in the first quarter of 2009 and reflected in this release, GM will report its automotive
operations and regional results on an earnings-before-interest-and-taxes (EBIT) basis, with
interest expense and income tax reported in the corporate sector.

GM Automotive Operations

GM recorded an adjusted automotive EBIT loss of $3.9 billion ($5.2 billion reported EBIT loss) in
the first quarter 2009. The loss compares with adjusted automotive EBIT income of $808 million in
the first quarter of 2008 (reported EBIT income of $484 million).

GM’s automotive results in the first quarter of 2009 were driven by a revenue decline in all regions,
due in part to a depressed global industry. In addition, GM’s results were impacted by unfavorable
foreign currency exchange and mark-to-market commodity hedging versus the year-ago quarter.
However, these losses were partially offset by a significant structural cost improvement of $3.1
billion when compared to the first quarter of 2008.

Demonstrating its commitment to product and technology excellence, GM launched several new
vehicles in the first quarter, including the fuel-efficient Chevrolet Cruze in China. In North America,
GM began production of the reinvented Chevrolet Camaro, which offers 29 miles-per-gallon fuel
economy on the highway. The company also launched the Chevrolet Captiva Sport with its new
2.4L engine in Brazil, and introduced the Cadillac CTS-V to the Middle East. The 2009 European Car
of the Year, the Opel/Vauxhall Insignia, continued to ramp-up production and in its first full quarter
of sales, and surpassed all competitors in the mid-size sedan segment in Europe.

                                                GMNA
                                                                      First Quarter
                                                              2009          2008    ‘09 O/(U) ‘08
   Revenue (bils.)                                            $12.3         $24.5        $(12.2)
   Reported EBIT (bils.)                                     $(3.2)         $(.4)          $(2.8)
   Adjusted EBIT (bils.)                                     $(2.8)         $(.2)          $(2.6)
   GMNA Market Share                                         17.9%        21.7%         (3.8) p.p.

GMNA revenue for the first quarter 2009 was $12.3 billion, down 50 percent compared to $24.5
billion in the year-ago period, mainly attributable to the impact of the U.S. recession on consumer
spending. Earnings were affected by substantially lower production volume, down 58 percent year-
over-year, due to the depressed industry, lower market share and adjustments to U.S. dealer
inventory. GMNA managed its business in-line with lower industry demand by reducing U.S. dealer
inventories by 105,000 units within the first quarter of 2009, from 872,000 units down to 767,000
units. GMNA’s losses were partially offset by a reduction in the accrual for residual support
programs for leased vehicles, primarily due to the improvement in residual values. In addition,
GMNA significantly reduced engineering and manufacturing cost in the first quarter.




                                                                                                      2
                                               GME
                                                                      First Quarter
                                                           2009              2008 ’09 O/(U) ‘08
   Revenue (bils.)                                          $5.3              $9.9       $(4.6)
   Reported EBIT (bils.)                                  $(2.0)              $0.1       $(2.1)
   Adjusted EBIT (bils.)                                  $(1.2)              $0.2       $(1.4)
   GME Market Share                                        8.9%              9.6%      (0.7) p.p

GM Europe (GME) sales volume was up in Germany, as were industry sales, which were aided by
aggressive government stimulus for the automotive sector. However, due to sales declines in other
countries, GME experienced a 46 percent decline in production volume versus the year-ago quarter,
which largely impacted regional earnings. In addition, GME experienced unfavorable foreign
currency exchange, driven mainly by the weakening of the British Pound, and unfavorable mark-to-
market commodity hedging. Results were partially offset by favorable mix and pricing, due in part
to the success of the Opel/Vauxhall Insignia, and improved structural cost performance across the
region.

                                              GMAP
                                                                        First Quarter
                                                              2009          2008 ‘09 O/(U) ‘08
    Revenue (bils.)                                            $2.4          $5.3       $(2.9)
    Reported EBIT (mils.)                                    $(21)          $310       $(331)
    Adjusted EBIT (mils.)                                    $(21)          $310       $(331)
    GMAP Market Share                                        8.0%           6.9%       1.1 p.p.

GM sales in China were up 17 percent, driven by strong SAIC-GM-Wuling performance and
aggressive government stimulus. This helped fuel overall regional sales and market share
increases. However, sales decreased in most countries across the region excluding China, driving
down production volumes, which impacted GMAP revenue. In addition, GM Daewoo revenue
dropped as export volumes declined significantly across its major export markets.

                                            GMLAAM
                                                                       First Quarter
                                                            2009           2008 ‘09 O/(U) ‘08
    Revenue (bils.)                                          $3.4           $4.8        $(1.4)
    Reported EBIT (mils.)                                    $16           $500        $(484)
    Adjusted EBIT (mils.)                                    $42           $500        $(458)
    GMLAAM Market Share                                    16.9%         17.6%       (0.7) p.p.

GM Latin America, Africa and Middle East (GMLAAM) experienced sales increases in Ecuador and
Peru in the first quarter, where it set new sales records. At the same time, GMLAAM saw market
share increases in Colombia, Ecuador, Chile, Peru, Venezuela, Egypt, Kenya and North Africa.
However, consistent with the industry’s downward trend in the region, GMLAAM production
volume dropped 24 percent versus the year-ago quarter, which impacted revenue. The region also
experienced unfavorable foreign currency exchange primarily related to the depreciation of the
Brazilian Real. In addition, special charges related to restructuring were incurred in several
countries.




                                                                                                   3
GMAC

On a standalone basis, GMAC reported a net loss of $675 million for the first quarter 2009, down
$86 million from the year-ago quarter. GM realized a reported loss of $500 million for the quarter
as a result of its equity interest in GMAC. Excluding the impact of the $385 million gain related to
GM's portion of GMAC's gain associated with the accounting on its debt extinguishment, GM
realized an adjusted net loss of $885 million.

GMAC’s results were primarily attributable to continued pressure in mortgage operations, weaker
credit performance on both auto and mortgage assets, mark-to-market adjustments, and an original
issue discount related to its fourth quarter debt exchange. The losses were partially offset by
profitable performance in its insurance business and gains on debt extinguishment transactions.

Cash and Liquidity

Cash and marketable securities totaled $11.6 billion on March 31, 2009, down from $14.2 billion on
December 31, 2008.

The change in liquidity reflects negative adjusted operating cash flow of $10.2 billion in the first
quarter of 2009, which was partially offset by U.S. TARP funding. Further detail on GM's current
liquidity position and outlook will be disclosed in a Form 10-Q filing with the Securities and
Exchange in the coming days.

Reinventing GM

On April 27, 2009, GM announced its revised Viability Plan, which is expected to result in
sustainable cash flow and profitability, as well as a stronger balance sheet. The Plan includes faster
and deeper acceleration of operational actions, encompassing further rationalization of its U.S.
brands and nameplates, dealer consolidation, manufacturing capacity, and hourly employee and
labor-cost reductions. GM also expects to implement additional salaried employee and executive
reductions. These actions are designed to enable the company to dramatically reduce its U.S.
breakeven volume, enabling GM to be profitable at below-trend industry sales volumes.

In addition, GM announced a number of initiatives to restructure and deleverage its balance sheet
as an important part of the revised Viability Plan, including an exchange offer to its bondholders
aimed at reducing its unsecured debt by at least $24 billion, conditioned upon exchanging at least
half of its VEBA obligations (about $10 billion) to GM common stock and the conversion of at least
half of GM’s U.S. government debt to GM common stock. GM has not reached agreement with the
UAW on the VEBA trust or with the U.S. Treasury on these conditions yet.

“This is a defining moment in the history of General Motors, and we are committed to our Plan,
which we believe will lead to a stable and sustainable operating structure with a strong balance
sheet,” said Henderson. “Our goal is to fix this business once and for all to position ourselves to win
in the long-term. That will be achieved by putting the customer first in all we do, focusing on fewer,
stronger brands and developing great products that lead in design, technology, quality and fuel
efficiency.”


                                                 ###
Contacts:
Reneé Rashid-Merem
313-665-3128 (office)

                                                                                                       4
313-701-8560 (cell)
renee.rashid-merem@gm.com

Randy Arickx
313-667-0006 (office)
313-268-7070 (cell)
randy.c.arickx@gm.com

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 235,000 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

This document contains "forward-looking statements." Such statements are based on the current
expectations and assumptions of GM management, and as such involve a number of risks,
uncertainties and other factors that could cause actual results to differ materially from those now
anticipated - both in connection with the proposed exchange offers and consent solicitations, and
GM's business and financial prospects -- including (without limitation) those set forth in the
Prospectus Documents filed with the SEC as part of GM's Registration Statement on Form S-4 (as
amended and supplemented). To better understand these risks and uncertainties, holders of notes
and other readers are encouraged to read carefully the Prospectus Documents (as amended or
supplemented), GM's Annual Report on Form 10-K for the fiscal year ended December 31, 2008
which was filed March 5, 2009, and other SEC filings, all of which can be accessed free of charge at
the websites of the SEC (www.sec.gov) and GM (at
http://www.gm.com/corporate/investor_information).




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