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GM Reports Net Income of $3.2 Billion

May 5, 2011

DETROIT, May 5, 2011 /PRNewswire/ — General Motors Company (NYSE: GM) today announced first quarter net income attributable to common stockholders of $3.2 billion, or $1.77 per fully-diluted share, marking the company’s fifth consecutive profitable quarter. Revenue increased $4.7 billion to $36.2 billion, compared with the first quarter of 2010.

“We are on plan,” said Dan Akerson, chairman and CEO. “GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth.”

Net income attributable to common stockholders includes gains of $1.6 billion and $0.3 billion respectively related to the sales of the company’s ownership interest in Delphi Automotive LLP and Ally Financial Inc. preferred stock. It also includes a $0.4 billion goodwill impairment charge at GM Europe (GME) resulting from a change in accounting standards and charges totaling $0.1 billion at GM International Operations (GMIO) related to revised tax regulations affecting the company’s India joint venture. Combined, these special items increased net income attributable to common stockholders by $1.5 billion or $0.82 per fully-diluted share.

Earnings before interest and tax (EBIT) were $3.5 billion. EBIT adjusted to exclude special items was $2.0 billion compared with $1.7 billion in the first quarter of 2010.

    GM Results Overview (in billions except for per share amounts)

                                                   Q1 2010    Q1 2011

    Revenue                                          $31.5      $36.2
                                                      $0.9       $3.2
    Net income attributable to common
     stockholders
    Earnings per share (EPS) diluted                 $0.55      $1.77
    EBIT                                              $1.8       $3.5
    Less special items                                $0.1       $1.5
    EBIT - adjusted                                   $1.7       $2.0
    Impact of special items on EPS diluted           $0.08      $0.82
    Automotive net cash flow from operating
     activities                                       $1.9    $(0.6)*
    Automotive free cash flow                         $1.0    $(1.9)*
    * Includes $2.5 billion negative impact related to wholesale advance
    financing agreement termination

GM North America (GMNA) reported EBIT of $2.9 billion compared with $1.2 billion in the first quarter of 2010. On an EBIT-adjusted basis, GMNA increased its earnings by $0.1 billion to $1.3 billion compared with the first quarter of 2010. The company expects GMNA’s quarterly EBIT-adjusted results to improve on average for the remainder of the year compared with the first quarter as better pricing and improved fixed cost should more than offset commodity cost increases and unfavorable mix.

GME reported EBIT of $(0.4) billion. GME’s results improved by $0.6 billion on an EBIT-adjusted basis compared with the first quarter of 2010 and it achieved a significant milestone by delivering breakeven results on that basis. Based on current plans, GME is targeting to achieve breakeven results on an EBIT-adjusted basis before restructuring for the entire year.

GMIO reported EBIT of $0.5 billion compared with $0.9 billion in the first quarter of 2010. On an EBIT-adjusted basis, GMIO earned $0.6 billion in the first quarter, a decline of $0.3 billion compared with the first quarter of 2010.

GM South America (GMSA) reported EBIT of $0.1 billion, down $0.2 billion from the first quarter of 2010. There were no adjustments in either period.

GM expects that full-year 2011 EBIT-adjusted results will show solid improvement over 2010. GM continues to expect no material impact on full-year results from the Japan crisis.

For the quarter, automotive cash flow from operating activities was $(0.6) billion and automotive free cash flow was $(1.9) billion. Both figures include the $2.5 billion cash impact of GM’s decision, announced in October 2010, to end a wholesale advance agreement with Ally Financial.

GM ended the quarter with very strong total liquidity of $36.5 billion. Cash and marketable securities were $30.6 billion compared with $27.6 billion at the end of the fourth quarter of 2010.

“GM has great potential to deliver profitable growth around the world as the recovery continues,” said Dan Ammann, senior vice president and CFO. “While we’re encouraged, we keenly recognize we have more opportunities to leverage our scale, improve spending and investment efficiencies, and optimize our strong balance sheet.”

About General Motors – General Motors (NYSE:GM, TSX: GMM), one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 202,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 30 countries, and sell and service these vehicles through the following brands: Baojun, Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, and Wuling. GM’s largest national market is China, followed by the United States, Brazil, the United Kingdom, Germany, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on the new General Motors can be found at www.gm.com.

Forward-Looking Statements

In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM’s most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.


                                      Exhibit 1

                       General Motors Company and Subsidiaries
                                Supplemental Material
                                     (Unaudited)

The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), EBIT adjusted and Automotive free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM’s independent auditors. EBIT, EBIT adjusted and Automotive free cash flow are considered non-GAAP financial measures.

Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM’s operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM’s core operations and they are therefore used by management in its financial and operational decision-making.

While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GM’s calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result, the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.

The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):


                                    Three    Three
                                    Months   Months
                                   Ended    Ended
                                    March    March
                                    31,      31,
                                    2011     2010
                                    ------   ------
    Operating segments
      GMNA(a)                       $2,898   $1,218
      GME(a)(b)                       (390)    (477)
      GMIO(a)(b)                       480      908
      GMSA(a)(b)                        90      265
      GM Financial(c)                  130        -
                                       ---      ---
      Total operating segments       3,208    1,914
      Corporate and eliminations       317      (90)
                                       ---      ---
    EBIT(c)                          3,525    1,824
      Interest income                  127       90
      Automotive interest expense      149      337
      Income tax expense               137      509
                                       ---      ---
    Net income attributable to
     stockholders                    3,366    1,068
      Less: Cumulative dividends
       on preferred stock              215      203
                                       ---      ---
    Net income attributable to
     common stockholders            $3,151     $865
                                    ======     ====

           Interest and income taxes are recorded centrally in Corporate;
           therefore, there are no reconciling items for GM's automotive
           operating segments between EBIT and Net income attributable to
    (a)    stockholders.
           In the year ended December 31, 2010 GM changed its managerial and
           financial reporting structure so that certain entities
           geographically located within Russia and Uzbekistan were
           transferred from GM's GME segment to GM's GMIO segment and certain
           entities geographically located in Brazil, Argentina, Colombia,
           Ecuador, Venezuela, Bolivia, Chile, Paraguay, Peru and Uruguay
           were transferred from GM's GMIO segment to GM's newly created GMSA
           segment. GM has retrospectively revised the segment presentation
    (b)    for all periods presented.
    (c)   GM Financial amounts represent income before income taxes.


        General Motors Company and Subsidiaries
                 Supplemental Material
                      (Unaudited)
    The following table summarizes the
     reconciliation of EBIT adjusted to EBIT
     (dollars in millions):


                          Three Months   Three Months
                              Ended          Ended
                            March 31,
                             2011(a)    March 31, 2010
                           ----------   --------------
    EBIT adjusted               $2,042          $1,701
    Special items                1,483             123
                                 -----             ---
    EBIT                        $3,525          $1,824
                                ======          ======


            GM Financial amounts included in EBIT and EBIT adjusted represent
    (a)     income before income taxes.

Special Items

In the three months ended March 31, 2011 special items included:

  • Gain of $1.6 billion in GMNA related to the sale of GM’s Class A Membership Interests in Delphi Automotive LLP;
  • Gain of $339 million in Corporate related to the sale of 100% of the Ally Financial Preferred Stock;
  • Impairment charge of $395 million in GME related to goodwill; and
  • Charge of $106 million in GMIO related to GM’s India joint venture.

In the three months ended March 31, 2010 special items included a gain of $123 million in GME related to the sale of Saab Automobile AB to Spyker Cars NV.

The following table summarizes the reconciliation of Automotive free cash flow to Automotive Net cash provided by (used in) operating activities (dollars in millions):


                                         Three Months     Three Months
                                            Ended            Ended
                                       March 31, 2011   March 31, 2010
                                       --------------   --------------
    Automotive
    Free cash flow                             $(1,918)          $1,010
    Capital expenditures                         1,322              840
                                                 -----              ---
    Net cash provided by (used in)
     operating activities                        $(596)          $1,850
                                                 =====           ======

                  General Motors Company and Subsidiaries
                           Supplemental Material
                                (Unaudited)
    The following tables summarize selected data by segment (dollars in
    millions):
                      GMNA     GME    GMIO    GMSA     Corporate
                      ----     ---    ----    ----     ---------
    Three Months
     Ended
    March 31,
     2011
    Total net
     sales and
     revenue         $22,110  $6,870  $5,427  $3,896         $16

     Depreciation,
     amortization
     and
     impairment
     of long-
     lived
     assets and
     finite-
     lived
     intangible
     assets             $977    $340    $116    $116         $13

    Equity
     income, net
     of tax and
     gain on
     disposal of
     investments(a)   $1,729      $-    $415      $-          $-


                    Eliminations    Total        GM    Eliminations  Total
                    ------------  Automotive Financial ------------  -----
                                  ---------- ---------
    Three Months
     Ended
    March 31,
     2011
    Total net
     sales and
     revenue             $(2,420)    $35,899      $295           $- $36,194

     Depreciation,
     amortization
     and
     impairment
     of long-
     lived
     assets and
     finite-
     lived
     intangible
     assets                   $-      $1,562       $14           $-  $1,576

    Equity
     income, net
     of tax and
     gain on
     disposal of
     investments(a)           $-      $2,144        $-           $-  $2,144


        Includes a gain of $1.6 billion recorded on the sale of GM's Class A
    (a) Membership Interests in Delphi Automotive LLP.


                           GMNA     GME    GMIO    GMSA
                           ----     ---    ----    ----
    Three Months Ended
    March 31, 2010
    Total net sales and
     revenue              $19,286  $5,461  $4,985  $3,324

    Depreciation,
     amortization and
     impairment of long-
     lived assets and
     finite-lived
     intangible assets     $1,174    $384     $65    $129

    Equity income, net
     of tax and gain on
     disposal of
     investments              $34      $7    $362      $-


                           Corporate   Eliminations     Total      Total
                           ---------   ------------   Automotive   -----
                                                      ----------
    Three Months Ended
    March 31, 2010
    Total net sales and
     revenue                     $45        $(1,625)     $31,476  $31,476

    Depreciation,
     amortization and
     impairment of long-
     lived assets and
     finite-lived
     intangible assets           $51             $-       $1,803   $1,803

    Equity income, net
     of tax and gain on
     disposal of
     investments                  $-             $-         $403     $403

    The following tables summarize worldwide employment and payroll:
                                                      December 31,
                                     March 31, 2011       2010
                                     --------------  -------------
    Worldwide Employment (thousands)
    GMNA                                          97             96
    GME                                           40             40
    GMIO                                          33             32
    GMSA                                          32             31
    GM Financial                                   3              3
                                                 ---            ---
    Total Worldwide                              205            202
                                                 ===            ===

    U.S. - Salaried                               28             28
    U.S. - Hourly                                 49             49


                                   Three Months    Three Months
                                      Ended           Ended
                                 March 31, 2011  March 31, 2010
                                 --------------  --------------
    Worldwide Payroll (billions)            $3.3            $3.0

                              General Motors Company and Subsidiaries
                                       Supplemental Material
                                            (Unaudited)
                                                Three Months    Three Months
                                                   Ended           Ended
                                              March 31, 2011  March 31, 2010
                                              --------------  --------------
    Production Volume (units in thousands)(a)
    GMNA - Cars                                           284             244
    GMNA - Trucks                                         502             424
                                                          ---             ---
    Total GMNA                                            786             668
    GME                                                   344             305
    GMIO - Consolidated Entities                          257             248
    GMIO - Joint Ventures(b)                              709             654
                                                          ---             ---
    Total GMIO                                            966             902
    GMSA                                                  231             210
                                                          ---             ---
    Total Worldwide                                     2,327           2,085
                                                        =====           =====

            Production volume includes vehicles produced by certain joint
    (a)     ventures.
            The joint venture agreements with SGMW (44%) in the three months
            ended March 31, 2011 and (34%) in the three months ended March
            31, 2010 and FAW-GM (50%) allows for significant rights as a
            member as well as the contractual right to report SGMW and FAW-
    (b)     GM joint venture production in China.

                              General Motors Company and Subsidiaries
                                       Supplemental Material
                                            (Unaudited)
                                                  Three Months  Three Months
                                                     Ended         Ended
                                                                  March 31,
                                                March 31, 2011   2010(a)(b)
                                                --------------   ----------
    Vehicle Sales (units in thousands)(c)(d)(e)
    United States
      Chevrolet - Cars                                      181           156
      Chevrolet - Trucks                                    235           182
      Cadillac                                               41            29
      Buick                                                  45            32
      GMC                                                    91            69
      Other                                                   0             8
                                                            ---           ---
      Total United States                                   593           477
      Canada, Mexico and Other                               92            86
                                                            ---           ---
      Total GMNA                                            684           564
                                                            ---           ---
    GME
      Opel/Vauxhall                                         320           295
      Chevrolet                                             112           105
      Other                                                   1             4
                                                            ---           ---
      Total GME                                             433           404
                                                            ---           ---
    GMIO
      Chevrolet                                             256           220
      Wuling                                                337           334
      Buick                                                 166           122
      GM Daewoo                                              16            28
      Holden                                                 32            36
      FAW-GM                                                 17            28
      GMC                                                     7             8
      Cadillac                                                8             4
      Other                                                  17            11
                                                            ---           ---
      Total GMIO(f)(g)                                      855           790
                                                            ---           ---
    GMSA
      Chevrolet                                             247           237
      Other                                                   3             4
                                                            ---           ---
      Total GMSA                                            250           241
                                                            ---           ---
    Total Worldwide                                       2,221         1,999
                                                          =====         =====

    (a)  Includes HUMMER, Saturn and Pontiac vehicle sales data.
          Includes GM Saab Automobile AB (Saab) vehicle sales data through
    (b)   February 2010.
    (c)  Vehicle sales data may include rounding differences.
          Certain fleet sales that are accounted for as operating leases are
          included in vehicle sales at the time of delivery to the daily
    (d)   rental car companies.
          GMNA vehicle sales primarily represent sales to the ultimate
          customer. GME, GMIO and GMSA vehicle sales primarily represent
          estimated sales to the ultimate customer. In countries where end
          customer data is not readily available other data sources, such as
    (e)   wholesale volumes, are used to estimate vehicle sales.
    (f)  Includes the following joint venture vehicle sales:

                             Three Months       Three Months
                                 Ended             Ended
                            March 31, 2011     March 31, 2010
                            --------------     --------------
     Joint venture sales in
      China
       SGM                                 310                235
       SGMW and FAW-GM                     376                388
     Joint venture sales in
      India
       HKJV                                 29                 22
    (g)  The joint venture agreements with SGMW (44%) in the three months
         ended March 31, 2011 and (34%) in the three months ended March 31,
         2010 and FAW-GM (50%) allow for significant rights as a member as
         well as the contractual right to report SGMW and FAW-GM joint
         venture vehicle sales in China as part of GM's global market share.

                              General Motors Company and Subsidiaries
                                       Supplemental Material
                                            (Unaudited)
                                  Three Months    Three Months
                                      Ended           Ended
                                                    March 31,
                                 March 31, 2011     2010(a)(b)
                                 --------------    ----------
    Market Share(c)(d)(e)
      United States - Cars                  15.4%           14.8%
      United States - Trucks                22.4%           22.0%
      Total United States                   19.0%           18.4%
      Total GMNA                            18.3%           17.8%
      Total GME                              8.6%            8.5%
      Total GMIO(f)(g)                       9.2%            8.8%
      Total GMSA                            18.8%           20.7%
      Total Worldwide                       11.5%           11.1%

    U.S. Retail/Fleet Mix
      % Fleet Sales - Cars                  28.6%           40.6%
      % Fleet Sales - Trucks                20.5%           24.5%
      Total Vehicles                        23.6%           30.9%

    GMNA Capacity Utilization(h)            99.1%           85.1%

    (a)  Includes HUMMER, Saturn and Pontiac vehicle sales data.
    (b)  Includes GM Saab vehicle sales data through February 2010.
    (c)  Market share information is based on vehicle sales volume.
          Certain fleet sales that are accounted for as operating
          leases are included in vehicle sales at the time of delivery
    (d)   to the daily rental car companies.
          GMNA vehicle sales primarily represent sales to the ultimate
          customer. GME, GMIO and GMSA vehicle sales primarily
          represent estimated sales to the ultimate customer. In
          countries where end customer data is not readily available
          other data sources, such as wholesale volumes, are used to
    (e)   estimate vehicle sales.
          Includes the following joint venture vehicle sales: (units in
    (f)   thousands)

                                   Three Months     Three Months
                                      Ended             Ended
                                  March 31, 2011   March 31, 2010
                                  --------------   --------------
     Joint venture sales in China
       SGM                                     310                235
       SGMW and FAW-GM                         376                388
     Joint venture sales in India
       HKJV                                     29                 22
    (g)  The joint venture agreements with SGMW (44%) in the three months
         ended March 31, 2011 and (34%) in the three months ended March 31,
         2010 and FAW-GM (50%) allow for significant rights as a member as
         well as the contractual right to report SGMW and FAW-GM joint
         venture vehicle sales in China as part of GM's global market share.
    (h)  Two shift rated, annualized.

                              General Motors Company and Subsidiaries
                             Condensed Consolidated Income Statements
                              (In millions, except per share amounts)
                                            (Unaudited)
                                             Three Months    Three Months
                                                Ended            Ended
                                           March 31, 2011   March 31, 2010
                                           --------------   --------------
    Net sales and revenue
      Automotive sales                             $35,879         $31,422
      GM Financial revenue                             295               -
      Other automotive revenue                          20              54
                                                       ---             ---
      Total net sales and revenue                   36,194          31,476
                                                    ------          ------
    Costs and expenses
      Automotive cost of sales                      31,685          27,553
      GM Financial operating and other
       expenses                                        165               -
      Automotive selling, general and
       administrative expense                        2,994           2,684
      Other automotive expenses, net                     6              46
                                                       ---             ---
      Total costs and expenses                      34,850          30,283
      Goodwill impairment charges                      395               -
                                                       ---             ---
        Operating income                               949           1,193
    Automotive interest expense                        149             337
    Interest income and other non-
     operating income, net                             604             447
    Loss on extinguishment of debt                       -              (1)
                                                       ---             ---
    Income before income taxes and
     equity income                                   1,404           1,302
    Income tax expense                                 137             509
    Equity income, net of tax and gain
     on disposal of investments                      2,144             403
                                                     -----             ---
    Net income                                       3,411           1,196
    Net income attributable to
     noncontrolling interests                          (45)           (128)
                                                       ---            ----
    Net income attributable to
     stockholders                                    3,366           1,068
    Less: Cumulative dividends on
     preferred stock                                   215             203
                                                       ---             ---
    Net income attributable to common
     stockholders                                   $3,151            $865
                                                    ======            ====

    Earnings per share
    Basic and Diluted
      Net income attributable to common
       stockholders - basic                         $3,151            $865
      Addition of preferred dividends to
       holders of Series B Preferred Stock              59               -
                                                       ---             ---
      Net income attributable to common
       stockholders - diluted                       $3,210            $865
                                                    ======            ====
    Basic and Diluted
      Weighted-average common shares
       outstanding - basic                           1,504           1,500
      Dilutive effect of warrants                      162              67
      Dilutive effect of conversion of
       Series B Preferred Stock                        148               -
      Dilutive effect of restricted stock
       units                                             3               -
                                                       ---             ---
      Weighted-average common shares
       outstanding - diluted                         1,817           1,567
                                                     =====           =====

      Basic earnings per share                       $2.09           $0.58
      Diluted earnings per share                     $1.77           $0.55

                              General Motors Company and Subsidiaries
                               Condensed Consolidated Balance Sheets
                                (In millions, except share amounts)
                                            (Unaudited)
                                                                December 31,
                                ASSETS         March 31, 2011       2010
                                               --------------  -------------
    Automotive Current Assets
      Cash and cash equivalents                        $20,975        $21,061
      Marketable securities                              8,618          5,555
                                                         -----          -----
      Total cash, cash equivalents and
       marketable securities                            29,593         26,616
      Accounts and notes receivable (net of
       allowance of $336 and $252)                      12,990          8,699
      Inventories                                       13,991         12,125
      Equipment on operating leases, net                 3,099          2,568
      Other current assets and deferred
       income taxes                                      3,276          3,045
                                                         -----          -----
      Total current assets                              62,949         53,053
    Automotive Non-current Assets
      Equity in net assets of
       nonconsolidated affiliates                        6,937          8,529
      Property, net                                     19,944         19,235
      Goodwill                                          28,752         30,513
      Intangible assets, net                            11,488         11,882
      Other assets and deferred income
       taxes                                             4,249          4,754
                                                         -----          -----
      Total non-current assets                          71,370         74,913
                                                        ------         ------
      Total Automotive Assets                          134,319        127,966
    GM Financial Assets
      Finance receivables, net (including
       finance receivables transferred to
       special purpose entities of $8,603
       and $7,156)                                       8,276          8,197
      Restricted cash                                    1,201          1,090
      Goodwill                                           1,265          1,265
      Other assets (including leased assets
       transferred to special purpose
       entities of $188 at March 31, 2011)                 785            380
                                                           ---            ---
      Total GM Financial Assets                         11,527         10,932
                                                        ------         ------
    Total Assets                                      $145,846       $138,898
                                                      ========       ========
                        LIABILITIES AND EQUITY
    Automotive Current Liabilities
      Accounts payable (principally trade)             $24,739        $21,497
      Short-term debt and current portion
       of long-term debt (including debt
       at GM Korea of $117 and $70)                      1,743          1,616
      Accrued liabilities (including
       derivative liabilities at GM Korea
       of $49 and $111)                                 25,200         24,044
                                                        ------         ------
      Total current liabilities                         51,682         47,157
    Automotive Non-current Liabilities
      Long-term debt (including debt at GM
       Korea of $8 and $835)                             3,268          3,014
      Postretirement benefits other than
       pensions                                          9,396          9,294
      Pensions                                          21,660         21,894
      Other liabilities and deferred income
       taxes                                            12,851         13,021
                                                        ------         ------
      Total non-current liabilities                     47,175         47,223
                                                        ------         ------
      Total Automotive Liabilities                      98,857         94,380
    GM Financial Liabilities
      Securitization notes payable                       6,061          6,128
      Credit facilities                                  1,412            832
      Other liabilities                                    430            399
                                                           ---            ---
      Total GM Financial Liabilities                     7,903          7,359
                                                         -----          -----
    Total Liabilities                                  106,760        101,739
    Commitments and contingencies
    Equity
    Preferred stock, $0.01 par value,
     2,000,000,000 shares authorized:
      Series A (276,101,695 shares issued
       and outstanding (each with a $25.00
       liquidation preference) at March 31,
       2011 and December 31, 2010)                       5,536          5,536
      Series B (100,000,000 shares issued
       and outstanding (each with a $50.00
       liquidation preference) at March 31,
       2011 and December 31, 2010)                       4,855          4,855
    Common stock, $0.01 par value
     (5,000,000,000 shares authorized,
     1,560,755,989 and 1,500,149,928
     shares issued and outstanding at
     March 31, 2011 and 1,500,136,998
     shares issued and outstanding at
     December 31, 2010)                                     15             15
    Capital surplus (principally
     additional paid-in capital)                        24,347         24,257
    Retained earnings                                    1,951            266
    Accumulated other comprehensive
     income                                              1,494          1,251
                                                         -----          -----
    Total stockholders' equity                          38,198         36,180
    Noncontrolling interests                               888            979
                                                           ---            ---
    Total Equity                                        39,086         37,159
                                                        ------         ------
    Total Liabilities and Equity                      $145,846       $138,898
                                                      ========       ========

SOURCE General Motors


Source: newswire



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