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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
GM Reports Third Quarter Financial Results

    DETROIT, Nov. 7 /PRNewswire/  --

    -- Unprecedented economic and credit market turmoil dramatically impacts
       auto industry and GM results
    -- Market volatility results in $1.5 billion in non-cash charges for
       commodity and currency hedging
    -- Company anticipates soft U.S. market for remainder of 2008 and into
       2009
    -- Emerging markets beginning to show impact of credit crisis


                                              Third Quarter
                                       2008           2007*     O/(U) 2007

    Revenue (bils.):                  $37.9           $43.7        $(5.8)
    Adjusted automotive
     earnings before
     tax (bils.):                     $(2.8)           $0.1        $(2.9)
    Reported automotive
     earnings before tax (bils.):     $(.95)          $(1.6)        $.65
    Adjusted net income (bils.):      $(4.2)          $(1.6)       $(2.6)
    Reported net income (bils.):      $(2.5)         $(42.5)       $40.0
    Reported earnings per share:     $(4.45)        $(75.12)      $70.67
    Adjusted operating cash
     flow (bils):                     $(6.9)          $(2.5)       $(4.4)
    * 2007 figures reflect continuing operations

General Motors (NYSE: GM) today announced its financial results for the third quarter of 2008, reflecting rapidly deteriorating market conditions in the U.S., slowdowns in other mature markets around the world, and continued losses at GMAC Financial Services (GMAC).

During the third quarter the turmoil in the global credit markets resulted in the worst financial crisis in more than 70 years. The upheaval has had a dramatic impact on the auto business in particular, especially in the U.S. and Western Europe.

Tight credit, rising unemployment, declining income, falling stock markets, and continuing deterioration in the housing market in the U.S., resulted in an abrupt halt in consumer spending, with most consumers exiting the vehicle market. Many of those still intending to purchase vehicles were denied financing, or found the cost of financing prohibitive.

"The third quarter was especially challenging for the auto industry. Consumer spending, which represents close to 70 percent of the U.S. economy, fell dramatically, and the abrupt closure of credit markets created a downward spiral in vehicle sales," said Rick Wagoner, Chairman and Chief Executive Officer. "The U.S. government's actions to help stabilize the credit markets and eventually ease the credit crunch are an essential first step to the economy's and the auto industry's recovery, but further strong action is required."

GM reported a net loss of $2.5 billion or $4.45 per share for the third quarter, including special items. That compares with a net loss from continuing operations of $42.5 billion or $75.12 per share in the third quarter of 2007, which included a non-cash charge of $38.3 billion to establish a valuation allowance against some of the company's net deferred tax assets.

On an adjusted basis, GM posted a net loss of $4.2 billion or $7.35 per share, compared with a net loss from continuing operations of $1.6 billion or $2.86 per share in the same period last year.

Revenue for the third quarter was $37.9 billion, down from $43.7 billion in the year-ago quarter, reflecting dramatic sales declines across the industry driven by unstable market conditions, instability in the credit markets and dramatic retraction in consumer demand, especially in North America and Europe.

GM recorded net favorable charges of $1.7 billion for special items in the third quarter. Included in the charges was a curtailment gain of $4.9 billion resulting from the UAW Settlement Agreement becoming effective. The curtailment represents the accelerated recognition of net prior service credits, largely relating to the 2005 GM UAW healthcare agreement, scheduled for amortization after January 1, 2010.

The curtailment was recorded because GM's UAW retiree health plan will not exist after January 1, 2010, and therefore no further basis for deferring unamortized prior service credits exists beyond that date. The $4.9 billion curtailment gain was partially offset by a non-cash $1.7 billion settlement charge related to the elimination of post-65 salaried retiree healthcare coverage, including the cost of increased pension benefits that were announced in July as part of GM's operating actions to improve liquidity as well as the recognition of accumulated deferred losses related to the healthcare plan.

In addition, GM reported charges of $652 million relating to its commitments as part of Delphi's bankruptcy proceedings, $251 million for impairment of investments in GMAC, and $641 million in restructuring-related and other charges. Details on these and all other special items are in the financial highlights section of this release.

GM Automotive Operations

GM reports its automotive operations and regional results on an earnings- before-tax basis, with taxes reported on a total corporate basis.

GM recorded an adjusted automotive loss of $2.8 billion ($947 million reported loss) in the third quarter 2008. The loss compares with adjusted automotive earnings from continuing operations of $98 million in the third quarter of 2007 (reported net loss of $1.6 billion).

The results reflect losses in GM North America (GMNA) driven largely by the U.S. industry volume decline of nearly 20 percent, and shifts in product mix. In addition, Europe saw rapid auto market contraction, leading to sharply lower GM Europe (GME) sales volume in the third quarter. GM Asia Pacific (GMAP) results were down due to commodity hedging charges and moderating demand in key markets including China, Australia and India. These losses were partially offset by very strong results in the GM Latin America, Africa and Middle East (GMLAAM) region. GM's automotive results in the third quarter include $1.5 billion of expenses related to mark-to-market changes in the value of GM's commodity and foreign exchange hedging contracts, due almost entirely to falling commodity prices.

GM sold 2.1 million vehicles worldwide in the third quarter, down 11 percent year over year. Sales in GMNA were down 19 percent compared to third quarter 2007. GM global market share was 13 percent, down 0.7 percentage points compared with the third quarter of 2007, due largely to weakness in North America and Western Europe.

                                   GMNA
                                                 Third Quarter
                                    2008             2007     '08 O/(U) '07

    Revenue (bils.)                   $22.5           $26.6        $(4.1)
    Adjusted Earnings Before
     Tax                        $(2.3) bil.     $(298) mil.   $(2.0) bil.
    Reported Earnings Before
     Tax                        $(395) mil.     $(1.8) bil.     $1.4 bil.
    GM Market Share                   23.4%           24.4%    (1.0) p.p.

GMNA revenue and earnings in the third quarter reflect dramatic industry deterioration and a sharp fall in consumer spending driven by the weak U.S. economy and a very harsh credit environment. Earnings were impacted by lower volumes, rapid shifts among U.S. consumers away from trucks and SUVs toward smaller cars, and unfavorable mark-to-market adjustments on commodity hedging.

                                 GME
                                                   Third Quarter
                                       2008           2007   '08 O/(U) '07

    Revenue (bils.)                    $7.5            $8.8        $(1.3)
    Adjusted Earnings Before
     Tax (mils.)                      $(974)          $(136)       $(838)
    Reported Earnings Before
     Tax                         $(1.0) bil.     $(398) mil.  $(602) mil.
    GM Market Share                    8.9%            9.5%    (0.6) p.p.

GME revenue was down 15 percent in the third quarter amid industry-wide volume declines ranging from 10 to 35 percent in certain major markets including the U.K., Spain and Italy. Overall GME sales volume was down 12.3 percent year over year, while up 10 percent in Eastern Europe. Earnings were largely impacted by the lower volumes, and unfavorable mix and negative pricing. In addition, unfavorable foreign exchange relating to the weakening of the British pound and the mark-to-market of commodity hedges negatively impacted earnings. Results were partially offset by favorable structural cost performance.

                                    GMAP
                                               Third Quarter
                                      2008             2007   '08 O/(U) '07

    Revenue (bils.)                   $4.8             $5.3         $(.5)
    Adjusted Earnings Before
     Tax (mils.)                       $(6)            $186        $(192)
    Reported Earnings Before
     Tax (mils.)                       $(6)            $186        $(192)
    GM Market Share                    6.9%            6.5%      0.4 p.p.

Results in GMAP were impacted primarily by unfavorable mix and negative pricing. In addition, GMAP results were impacted by unfavorable hedging, which was largely offset by the favorable foreign exchange impact of exports.

Industry sales for the region were down by 134,000 units or 2.7 percent in the third quarter. Despite the slowdown, GM reported a 2.6 percent increase in sales volume, and modest gain in market share. Markets in the GMAP region are expected to remain soft through the fourth quarter, with further slow downs anticipated in Australia, China, South Korea and India as the contagion of the faltering U.S. economy and tightening credit conditions expand to other regions around the world.

                                       GMLAAM
                                                  Third Quarter
                                       2008            2007    '08 O/(U) '07

    Revenue (bils.)                    $5.7            $4.9          $0.8
    Adjusted Earnings Before
     Tax (mils.)                       $514            $374          $140
    Reported Earnings Before
     Tax (mils.)                       $514            $374          $140
    GM Market Share                   17.0%            17.4%     (.4) p.p.

GMLAAM saw double-digit revenue growth, up 15 percent, and earnings, up 37 percent, in the third quarter, fueled by strong demand for Chevrolet and Cadillac products. GMLAAM sales volume was up more than 3 percent compared to the same period last year. Sales were especially strong in key South America markets, including Brazil, Chile, Ecuador and Peru, each setting all-time GM quarterly sales records. The region is on track for another year of record sales, although the effects of the global economic slowdown on credit availability and consumer behavior are likely to result in some moderation of demand in the fourth quarter.

GMAC

On a standalone basis, GMAC reported a net loss of $2.5 billion for the third quarter 2008, down $900 million from the year-ago quarter. GM reported an adjusted loss of $1.2 billion for the quarter attributable to GMAC, as a result of its 49 percent equity interest.

GMAC's automotive finance operation experienced pressure from lower used vehicle prices and weaker consumer and dealer credit performance. GMAC's ResCap operations reported further losses as a result of adverse market conditions, which drove high credit-related provisions and weak revenue. GMAC's Insurance business remained profitable.

Cash and Liquidity

Cash, marketable securities, and readily-available assets of the Voluntary Employees' Beneficiary Association (VEBA) trust totaled $16.2 billion on September 30, 2008, down from $21.0 billion on June 30, 2008.

The change in liquidity reflects negative adjusted operating cash flow of $6.9 billion in the third quarter 2008, driven by the industry-wide slowdown in vehicle demand and compounding credit crisis, especially in North America and Europe. During the quarter, GM drew the remaining $3.5 billion of its secured revolving credit facility and made $1.2 billion in payments to Delphi as required by agreements between the companies as part of Delphi's bankruptcy proceedings.

GM expects adjusted operating cash flow in the fourth quarter to be much improved versus the third quarter, and more consistent with the first half of the year. Improvements in fourth quarter cash flow are largely driven by anticipated improvements in working capital in North America relating to sales allowances, and lower fourth quarter finished vehicle inventory in Europe.

Improving its liquidity position remains a top priority for the company. In response to deteriorating market conditions, GM announced today that in addition to the $15 billion in liquidity initiatives it outlined in July 2008, it has identified $5 billion of incremental liquidity actions. Cumulatively, GM has announced actions aimed at improving liquidity by $20 billion through 2009. To date, $10 billion in internal operating actions have either already been completed or are on track for full execution by the end of 2009.

Even if GM implements the planned operating actions that are substantially within its control, GM's estimated liquidity during the remainder of 2008 will approach the minimum amount necessary to operate its business. Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve, it receives substantial proceeds from asset sales, takes more aggressive working capital initiatives, gains access to capital markets and other private sources of funding, receives government funding under one or more current or future programs, or some combination of the foregoing. The success of GM's plans necessarily depends on other factors, including global economic conditions and the level of automotive sales, particularly in the United States and Western Europe.

Further detail on the additional liquidity actions and GM's current liquidity position and outlook will be disclosed in a Form 8-K filing with the Securities and Exchange (SEC) later today.

Forward Looking Statements

In these and following presentations and in related comments by General Motors management, we will use words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal," "project," "outlook," "targets," and similar expressions to identify forward looking statements that represent our current judgments about possible future events. We believe these judgments are reasonable, but actual results may differ materially due to a variety of important factors.

Among other items, such factors include: our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; continued economic instability or poor economic conditions in the U.S. and global markets, including the credit markets, or changes in economic conditions, commodity prices, housing prices, currency exchange rates or political stability in the markets in which we operate; our ability to realize production efficiencies, to reduce costs and implement capital expenditures at levels and times planned by management; market acceptance of our products including cars and crossovers; shortages of and price increases for fuel; the ability of our customers, dealers, distributors and suppliers to obtain adequate financing on acceptable terms to continue their business relationships with us; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition on our markets, including on our pricing policies or use of incentives; 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; the effectiveness of recent or future actions by the U.S. federal government, including the $25 billion loan program for automobile manufacturers and suppliers and recently enacted legislation relating to mortgage assets; costs and risks associated with litigation; the final results of investigations and inquiries by the SEC; changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, including the estimates for the Delphi pension benefit guarantees, which could result in an effect on earnings; negotiations and bankruptcy court actions with respect to obligations owed to us by Delphi Corporation, a key supplier and our obligations to Delphi; negotiations with respect to our obligations under the benefit guarantees to Delphi employees and our ability to recover any indemnity claims against Delphi; labor strikes or work stoppages at our facilities or our key suppliers such as Delphi or financial difficulties at our key suppliers such as Delphi; additional credit rating downgrades and the effects thereof; changes in relations with unions and employees/retirees and the legal interpretations of the agreements with those unions with regard to employees/retirees, including the negotiation of new collective bargaining agreements with unions representing our employees in the United States other than the UAW; possible downgrades for GMAC or ResCap by rating agencies; GMAC's ability to maintain adequate financing sources; developments in the residential mortgage market, especially the nonprime sector; and changes in the competitive markets in which GMAC operates, including increased competition in the automotive financing, mortgage and/or insurance markets or generally in the markets for securitizations or asset sales.

GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provide information about these factors, which we may revise or supplement in future reports to the SEC on Form 10-Q or 8-K.



                          General Motors Corporation

                       Use of Non-GAAP Financial Measures

        This press release, the accompanying tables and the charts for
     securities analysts include the following financial measures, which are
     not prepared in accordance with Accounting Principles Generally Accepted
     in the United States of America (GAAP): (1) adjusted net income; (2)
     adjusted earnings before tax; (3) managerial cash flow; and (4) GM North
     America vehicle revenue per unit. Each of these financial measures is
     therefore considered a non-GAAP financial measure. This press release and
     the charts for securities analysts also contain a reconciliation of each
     non-GAAP financial measure to its most comparable GAAP financial measure.

        Management believes these non-GAAP financial measures provide
     meaningful supplemental information regarding GM's operating results
     because they exclude amounts that GM management does not consider part of
     operating results when assessing and measuring the operational and
     financial performance of the organization. In addition, GM has
     historically reported similar non-GAAP financial measures and believes
     that inclusion of these non-GAAP financial measures provides consistency
     and comparability with past earnings releases. GM management believes
     these measures allow it 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 and adjusted
     earnings before tax for forecasting purposes and in determining future
     capital investment allocations. 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 comparable to similarly
     titled measures of other companies due to potential differences in the
     method of calculation between companies. Costs such as the special
     attrition programs and restructuring charges that are excluded from GM's
     non-GAAP financial measures can have a material effect 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 or
     liquidity 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 providing the reconciliations of the non-
     GAAP financial measures to their most comparable GAAP financial measures.
     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.

     Adjusted Net Income and Adjusted Earnings Before Tax

        Adjusted net income excludes charges for certain tax related items,
     gains and losses on the sale of business units and business interests,
     charges associated with accounting changes, restructuring, plant closure
     and impairment charges, charges associated with Delphi Corporation
     (Delphi), special attrition program charges, and other gains and losses
     which management excludes when assessing the internal performance of the
     organization.

        Adjusted earnings before tax begins with adjusted net income and is
     adjusted to remove any remaining tax expense or benefit.



                           General Motors Corporation

                 Use of Non-GAAP Financial Measures (Continued)

     The following is a discussion of each adjustment to net income or loss
     determined in accordance with GAAP to arrive at adjusted net income and
     adjusted earnings before tax, as applicable:

     -  Tax charges. Charges associated with establishing valuation allowances
        on GM's deferred tax assets are excluded from adjusted net income. In
        addition, other tax related items may be periodically excluded from
        adjusted net income. Management believes the exclusion of these tax
        charges from adjusted net income is useful because management does not
        consider these charges part of GM's core earnings in evaluating the
        performance of the business and excludes these costs when evaluating
        the performance of the Corporation, its business units and its
        management team and when making decisions to allocate resources among
        GM's business units.

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

     -  Changes in accounting. Non-GAAP financial measures exclude charges
        associated with changes in accounting. Management believes the
        exclusion of changes in accounting from adjusted net income and
        adjusted earnings before tax is useful because management does not
        consider these non-recurring charges part of GM's core earnings.
        Accordingly, management 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, plant closure charges and impairments. Non-GAAP
        financial measures exclude exit costs and related charges, primarily
        consisting of severance costs, lease abandonment costs, product
        specific asset impairments, any subsequent changes in estimates
        related to exit activities and goodwill and other asset impairment
        charges. Management believes the exclusion of restructuring and
        impairment charges from adjusted net income and adjusted earnings
        before tax is useful because management does not consider these costs
        part of GM's core earnings in evaluating GM's management teams and the
        exclusion permits investors to evaluate the performance of GM's
        management the same way management does. Additionally, management
        excludes restructuring and impairment charges in determining the
        allocation of resources, such as capital investments, among the
        Corporation's business units and as part of its forecasting and
        budgeting.

     -  Delphi charges. Non-GAAP financial measures exclude the estimated
        charges associated with the benefit guarantees and comprehensive
        settlement agreements entered into with Delphi in connection with the
        restructuring of Delphi's operations. 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.

     -  Special attrition program charges. Non-GAAP financial measures exclude
        the estimated charges associated with: (1) the 2008 special attrition
        program agreements between GM and the International Union, United
        Automobile, Aerospace and Agricultural Workers of America (UAW) and GM
        and the International Union of Electronic, Electrical, Salaried,
        Machine and Furniture Workers (IUE-CWA) (collectively, 2008 Special
        Attrition Programs); and (2) the 2006 special attrition program
        agreement among GM, the UAW and Delphi (2006 Special Attrition
        Program). Management believes it is useful in evaluating the
        performance of GM, its management teams and its business units during
        a particular time period to exclude charges associated with special
        attrition programs. Accordingly, management does not consider these
        costs as part of its core earnings, 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.

     -  Salaried post-65 healthcare settlements. Non-GAAP financial measures
        exclude the settlement loss associated with the increased pension
        benefit and elimination of healthcare coverage for U.S. salaried
        retirees over the age of 65 beginning January 1, 2009. Management does
        not consider these costs as part of its core earnings 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.

     -  UAW VEBA curtailments. Non-GAAP financial measures exclude the
        curtailment gain associated with the accelerated recognition of
        unamortized net prior service credits due to the Settlement Agreement
        for the UAW hourly medical plan. Management does not consider this
        gain as part of its core earnings for purposes of evaluating the
        performance of the business, and excludes such gains 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.

     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 GM's 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.

     GM North America Vehicle Revenue per Unit

        GM's charts for securities analysts also include the use of a non-GAAP
     measure 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 provides valuable
     information to investors who are interested in identifying trends and
     comparing different companies. Revenue per vehicle includes certain
     vehicle 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 fees on the GM credit card. Also, while they are not
     treated as sales under GAAP reporting because of GM's repurchase
     obligations, management includes sales to daily car rental companies in
     revenue per vehicle.



                           General Motors Corporation
                              List of Special Items
                                      2008

                 (Dollars in millions except per share amounts)
                                   (Unaudited)


                                      Third Quarter 2008   Year to Date 2008
                                     -------------------   ------------------
                                       Earnings     EPS     Earnings      EPS
     REPORTED
     Net Loss - Basic and Diluted *    $(2,542)  $(4.45)   $(21,264)  $(37.44)

     ADJUSTMENTS
     Pre-Tax Adjustments:
      Restructuring and 2008 Special
        Attrition Programs (A)            $642               $5,517
      Delphi (B)                           652                4,136
      Impairment charges related to
        investment in GMAC LLC (C)         251                3,037
      Canadian Auto Workers labor
       contract (D)                         --                  340
      American Axle (E)                     --                  197
      Gain on sale of investment (F)        --                  (50)
      Salaried post-65 healthcare
       settlement (G)                    1,704                1,704
      UAW VEBA curtailment gain (H)     (4,901)              (4,901)
      Salaried window retirement
       program (I)                          47                   47
      Gain on sale of Oklahoma City
       facility (J)                        (48)                 (48)
                                       -------              -------
                                        (1,653)               9,979
                                       -------              -------
     Tax related:
      Valuation allowance on net
       deferred tax assets (K)              --                  394
                                       -------              -------

     Total Adjustments                 $(1,653)  $(2.90)    $10,373    $18.26
                                       =======   ======     =======    ======

     ADJUSTED
     Adjusted Loss - Basic and
      Diluted *                        $(4,195)  $(7.35)   $(10,891)  $(19.18)
                                       =======   ======    ========   =======


     *  See average shares outstanding.



                           General Motors Corporation
                              List of Special Items
                                      2008

                                   (Unaudited)

     (A) Relates to various restructuring initiatives and the 2008 Special
         Attrition Programs. Charges recorded by region are as follows:

         GMNA: Third quarter charges of $22 million were recorded for the 2008
         Special Attrition Programs. We have recorded year to date charges of
         $3.5 billion for preretirement and retirement pension and benefit
         incentives and cash buyouts for employees leaving under the 2008
         Special Attrition Programs.

         During the third quarter and year to date, we also recorded charges
         of $591 million and $1.7 billion, respectively, for additional wage
         and benefit costs related to the recently announced capacity actions
         and plant idlings in the U.S. and Canada.


         GME: Third quarter charges of $29 million and year to date charges of
         $231 million were recorded for separation programs, primarily in
         Belgium, France, Germany and the United Kingdom.

         GMAP: Year to date charges of $98 million were recorded for the
         closure of the Family II engine plant at GM Holden, Ltd. (GM Holden),
         which was announced in June 2008.

     (B) Third quarter charges of $652 million and year to date charges of
         $4.1 billion were recorded for increased liabilities under the
         Delphi-GM Settlement Agreements, primarily due to expectations of
         increased obligations and lower estimates of the expected amount of
         recoveries associated with the Delphi Benefit Guarantee Agreements,
         updated to reflect certain conditions related to the credit markets
         and challenges in the auto industry.

     (C) Third quarter charges of $251 million and year to date charges of
         $3.0 billion to record impairments of GM's investment in Common and

         Preferred Membership Interests of GMAC LLC.

     (D) Relates to a change in the estimate of the amortization period for
         pension prior service costs related to the hourly defined benefit
         pension plan in Canada. In conjunction with the 2008 Canadian Auto
         Workers (CAW) labor agreement, we determined that the three year
         contractual life of the labor agreement is a better reflection of the
         period of future economic benefit received from pension plan
         amendments for the collectively bargained hourly pension plans. We
         recorded a year to date charge of $340 million for additional pension
         expense related to the unamortized prior service costs from prior CAW
         labor contracts.

     (E) Relates to GM's agreement to provide upfront support to American Axle
         to end the work stoppage that affected approximately 30 GM plants in
         North America. GM's support partially funds American Axle's costs
         associated with UAW employee buyouts, early retirements and buydowns.

     (F) Relates to a year to date gain of $50 million on the sale of GM's
         common equity interest in Electro-Motive Diesel, Inc.

     (G) Relates to the recognition of a settlement loss associated with the
         elimination of healthcare coverage for U.S. salaried retirees over
         age 65 beginning January 1, 2009. The settlement loss was recorded
         for participants over age 65 at January 1, 2009 and considers the
         cost of the increased pension benefit provided to those affected
         participants to help offset the cost of Medicare and supplemental
         coverage.

     (H) Relates to the recognition of a net curtailment gain specific to the
         accelerated recognition of unamortized net prior service credits due
         to the Settlement Agreement for the UAW hourly medical plan becoming
         effective in the third quarter.

     (I) Third quarter charges of $47 million were recorded related to the 600
         salaried employees who have irrevocably accepted an offer under the
         Salaried Window Retirement Program as of September 30, 2008.

     (J) Relates to a gain on the sale of GM's Oklahoma City facility, which
         was sold in the third quarter 2008.

     (K) Relates to a first quarter net charge for a valuation allowance on
         GM's net deferred tax assets in Spain and the United Kingdom.



                           General Motors Corporation
                              List of Special Items
                                      2007

                 (Dollars in millions except per share amounts)
                                   (Unaudited)


                                      Third Quarter 2007   Year to Date 2007
                                     -------------------   ------------------
                                       Earnings     EPS     Earnings      EPS
     REPORTED
     Income from continuing
      operations                      $(42,512) $(75.12)   $(41,770)  $(73.82)
     Income from discontinued
      operations                            45     0.08         256      0.45
     Gain on sale of discontinued
      operations                         3,504     6.19       3,504      6.19
                                      --------  -------    --------   -------
     Net Income - Basic and Diluted*  $(38,963) $(68.85)   $(38,010)  $(67.18)
                                      ========  =======    ========   =======

     ADJUSTMENTS
     Pre-Tax Adjustments:
      Delphi (A)                          $350                 $925
      Restructuring/Special
        attrition program (B)              420                  628
      Product specific asset
       impairments (C)                      --                  108
      Plant closures (D)                    --                  (47)
      Pension prior service cost (E)     1,561                1,561
      Gain on sale of discontinued
       operations (F)                   (5,331)              (5,331)
                                       -------             --------
                                        (3,000)              (2,156)
                                       -------             --------
     Tax Related Adjustments:
      Valuation allowance on
       deferred tax assets and
       associated tax items (G)         38,300               38,300
      Income tax effect of pre-tax
       adjustments**                     2,089                1,797
                                       -------             --------

     Total Adjustments - Continuing
      Operations                       $37,389   $66.07     $37,941    $67.06
                                       =======   ======    ========   =======

     ADJUSTED
     Income from continuing
      operations                       $(1,619)  $(2.86)      $(325)   $(0.57)
     Income from discontinued
      operations                            45     0.08         256      0.45
                                       -------   ------    --------   -------
     Adjusted Income - Basic and
      Diluted*                         $(1,574)  $(2.78)       $(69)   $(0.12)
                                       =======   ======    ========   =======


     *  See average shares outstanding.

     ** Third quarter and year-to-date amounts have been revised to reflect a
        change in the estimated income tax effect of the pre-tax adjustments
        originally reflected in the fourth quarter 2007.



                           General Motors Corporation
                              List of Special Items
                                      2007

                                   (Unaudited)

     (A) GM, Delphi and the UAW entered into a Memorandum of Understanding
         (MOU) in June 2007. During the third quarter of 2007, GM recorded a
         charge of $350 million and year to date charges of $925 million to
         increase GM's estimated liability under the Delphi Benefit Guarantee
         Agreements and to establish liabilities for certain commitments in
         connection with the Delphi reorganization plan outlined in the MOU.

     (B) Relates to various restructuring initiatives and the 2006 Special
         Attrition Program. Charges recorded by region are as follows:

         GMNA: Third quarter charges of $125 million and year to date net
         adjustments of $219 million were recorded for GM's plant closing
         reserves. Also includes first quarter curtailment gains of $14
         million and third quarter and year to date adjustments of $33 million
         and $24 million, respectively, under the 2006 Special Attrition
         Program.

         GME: Third quarter charges of $262 million and year to date charges
         of $349 million were recorded for separation programs, primarily in
         Germany and Sweden.

         GMAP: Year to date charges of $50 million were recorded for voluntary
         separation programs at one of GM Holden's Australian facilities as a
         result of plans to increase plant efficiency.

     (C) Relates to year to date charges of $108 million for product specific
         asset impairments. Charges recorded by region are as follows:

         GMNA: Charges of $95 million were recognized during the second
         quarter for product specific asset impairments.

         GMAP: Year to date charges of $13 million were recognized for product
         specific asset impairments at GM Holden, which were triggered by
         reductions in the production forecast.

     (D) Relates to a first quarter curtailment gain of $38 million and second
         quarter favorable reserve adjustments of $9 million at GMNA related
         to the closure of two former component plants.

     (E) Relates to a change in the estimate of the amortization period for
         pension prior service cost for certain of GM's employee benefit
         plans. In conjunction with entering into the 2007 GM/UAW labor
         contract, GM determined that the four year term of the labor contract
         better reflects the period of future economic benefit received from
         plan amendments to U.S. hourly pension plans. Concurrently, GM
         evaluated the remaining economic benefit related to the unamortized
         prior service cost remaining from prior labor contracts and
         determined the future economic benefit for those amounts that
         remained at the end of the third quarter did not extend beyond the
         third quarter. Accordingly, during the third quarter 2007, GM
         recorded a charge of $1.3 billion in GMNA and $0.3 billion in
         Corporate and Other to expense the remaining portion of unamortized
         prior service cost from the plan amendments entered into as part of
         the 1999 and 2003 labor contracts.

     (F) Relates to the gain on the sale of the commercial and military
         operations of Allison Transmission business, which was completed and
         recorded as discontinued operations in August 2007.

     (G) Relates to a net charge during the quarter for a valuation allowance
         on certain deferred tax assets and associated tax items in the U.S.,
         Canada and Germany. The net charge for the quarter includes the
         valuation allowance of $39 billion, which includes an adjustment of
         $0.7 billion relating to tax benefits recorded at entities incurring
         losses through the third quarter. Net charges of $36.4 billion,
         $2.5 billion and $0.1 billion were recorded in GMNA, GME and GMAC,
         respectively, and a favorable adjustment of $0.7 billion was recorded
         in Corporate and Other. Additionally, GME's adjustment includes a
         $0.5 billion charge associated with a reduction in the value of
         deferred tax assets due to a reduction in the statutory corporate
         income tax and trade tax rates in Germany.



                           General Motors Corporation
                       Summary Corporate Financial Results

                 (Dollars in millions except per share amounts)
                                   (Unaudited)

                                        Third Quarter        Year to Date
                                     -------------------    -----------------
                                        2008      2007        2008      2007
                                     --------- ---------    --------- --------
     REPORTED
     Total net sales and revenue     $37,941   $43,702    $118,586  $133,606
     Income (loss) from continuing
      operations                     $(2,542) $(42,512)   $(21,264) $(41,770)
     Income from discontinued
      operations                         $--    $3,549         $--    $3,760
     Net income (loss)               $(2,542) $(38,963)   $(21,264) $(38,010)
     Net margin from continuing
      operations *                     (6.7)%   (97.3)%      (17.9)%   (31.3)%

     Earnings (loss) per share -
      basic and diluted
       Continuing operations          $(4.45)  $(75.12)    $(37.44)  $(73.82)
       Income from discontinued
        operations                        --      6.27          --      6.64
                                     -------  --------    --------  --------
       Net income (loss)              $(4.45)  $(68.85)    $(37.44)  $(67.18)
                                     =======  ========    ========  ========

     ADJUSTED
     Total net sales and revenue     $37,941   $43,702    $118,586  $133,606
     Income (loss) from continuing
      operations                     $(4,195)  $(1,619)   $(10,891)    $(325)
     Income from discontinued
      operations                         $--       $45         $--      $256
     Net income (loss)               $(4,195)  $(1,574)   $(10,891)     $(69)
     Net margin from continuing
      operations *                     (11.1)%    (3.7)%     (9.2)%     (0.2)%

     Earnings (loss) per share -
      basic and diluted
       Income (loss) from continuing
        operations                    $(7.35)   $ 2.86     $(19.18)   $(0.57)
       Income from discontinued
        operations                        --      0.08          --      0.45
                                     -------  --------    --------  --------
       Net income (loss)              $(7.35)   $ 2.78     $(19.18)   $(0.12)
                                     =======  ========    ========  ========

                See reconciliation of adjusted financial results.

      * Calculated as Income (loss) from continuing operations / Total net
        sales and revenue.



                           General Motors Corporation
                       Summary Corporate Financial Results

                                   (Unaudited)

                                         Third Quarter        Year to Date
                                     -------------------    -----------------
                                         2008      2007        2008      2007
                                     --------- ---------    --------- --------
     GM common stock average shares
      outstanding:                                     (Millions)
                                     -----------------------------------------
     Reported (GAAP):
      Basic shares                        571       566         568       566
      Diluted shares                      571       566         568       566
     Adjusted (Non-GAAP):
      Basic shares                        571       566         568       566
      Diluted shares                      571       566         568       566

     Cash dividends per share of
      common stock                        $--     $0.25       $0.50     $0.75


     Automotive cash & marketable
      securities and readily-available
      assets in VEBA at September 30:                            (Billions)
                                                           -------------------
      Automotive cash & marketable
      securities                                              $15.9     $26.4
      Readily-available assets in
      VEBA                                                      0.3       3.6
                                                            -------   -------
     Total automotive cash & marketable securities and
      readily-available assets in VEBA                        $16.2     $30.0
                                                            =======   =======


     Automotive Operations:                         (Millions)
                                     -----------------------------------------
      Depreciation and impairment      $1,175    $1,237      $3,580    $3,725
      Amortization and impairment of
        special tools                     749       744       2,348     2,327
      Amortization of intangible
        assets                             21        16          61        51
                                      -------    ------      ------   -------
      Total                            $1,945    $1,997      $5,989    $6,103
                                      =======    ======      ======   =======



                           General Motors Corporation
                       Summary Corporate Financial Results

                              (Dollars in millions)
                                   (Unaudited)

                                  Third Quarter
                                  2008 and 2007

                               Reported       Special Items      Adjusted
                           ----------------  ---------------   --------------
                              2008   2007      2008    2007      2008   2007
                           -------- -------  ------- -------  -------- ------
     Net sales and
      revenue:
      GMNA                $22,544  $26,607      $--     $--  $22,544  $26,607
      GME                   7,482    8,785       --      --    7,482    8,785
      GMLAAM                5,681    4,944       --      --    5,681    4,944
      GMAP                  4,766    5,280       --      --    4,766    5,280
      Auto Elimination(a)  (2,970)  (2,614)      --      --   (2,970)  (2,614)
                          ------- --------  -------  ------  -------  --------
      Total GMA            37,503   43,002       --      --   37,503   43,002
      Corporate & Other        --       --       --      --       --       --
                          ------- --------- -------  ------  -------  -------
      Total Auto & Other   37,503   43,002       --      --   37,503   43,002
                          ------- --------  -------  ------  -------  -------
      GMAC                     --       --       --      --       --       --
      Other Financing         438      700       --      --      438      700
                          ------- --------  -------  ------  -------  -------
      Total Financing         438      700       --      --      438      700
                          ------- --------  -------  ------  -------  -------
     Total                $37,941  $43,702      $--     $--  $37,941  $43,702
                          ======= ========  =======  ======  =======  =======

     Income (loss) from continuing
      operations before income taxes,
      other equity income and minority
      interests:
      GMNA                  $(384) $(1,760) $(1,900) $1,468  $(2,284)   $(292)
      GME                  (1,019)    (406)      29     262     (990)    (144)
      GMLAAM                  517      375       --      --      517      375
      GMAP                   (115)     168       --      --     (115)     168
      Auto Elimination(a)     (57)     (27)      --      --      (57)     (27)
                          -------  -------  -------  ------  -------  -------
      Total GMA            (1,058)  (1,650)  (1,871)  1,730   (2,929)      80
      Corporate & Other (a)  (131)  (1,033)     (33)    601     (164)    (432)
                          -------  -------  -------  ------  -------  -------
      Total Auto & Other   (1,189)  (2,683)  (1,904)  2,331   (3,093)    (352)
                          -------  -------  -------  ------  -------  -------
      GMAC                 (1,476)    (773)     251      --   (1,225)    (773)
      Other Financing (a)      83      118       --      --       83      118
                          -------  -------  -------  ------  -------  -------
      Total Financing      (1,393)    (655)     251      --   (1,142)    (655)
                          -------  -------  -------  ------  -------  -------
     Total                $(2,582) $(3,338) $(1,653) $2,331  $(4,235) $(1,007)
                          =======  =======  =======  ======  =======  =======


                                 See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results

                              (Dollars in millions)
                                   (Unaudited)

                                  Third Quarter
                                  2008 and 2007

                               Reported       Special Items      Adjusted
                           ----------------  ---------------  ---------------
                              2008   2007      2008    2007      2008   2007
                           -------- -------  ------- -------  -------- ------
     Equity income (loss),
       net of tax:
      GMNA                   $(22)     $10      $--     $--     $(22)     $10
      GME                      13       10       --      --       13       10
      GMLAAM                    8        9       --      --        8        9
      GMAP                     50       86       --      --       50       86
      Auto Elimination         --       (1)      --      --       --       (1)
                          -------  -------  ------- -------  -------  -------
      Total GMA                49      114       --      --       49      114
      Corporate & Other         1       --       --      --        1       --
                          -------  -------  ------- -------  -------  -------
      Total Auto & Other       50      114       --      --       50      114
                          -------  -------  ------- -------  -------  -------
      GMAC                     --       --       --      --       --       --
      Other Financing          --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------
      Total Financing          --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------
     Total                    $50     $114      $--     $--      $50     $114
                          =======  =======  ======= =======  =======  =======

     Minority interests,
      net of tax:
      GMNA                    $11     $(16)     $--     $--      $11     $(16)
      GME                       3       (2)      --      --        3       (2)
      GMLAAM                  (11)     (10)      --      --      (11)     (10)
      GMAP                     59      (68)      --      --       59      (68)
      Auto Elimination         --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------
      Total GMA                62      (96)      --      --       62      (96)
      Corporate & Other         1        2       --      --        1        2
                          -------  -------  ------- -------  -------  -------
      Total Auto & Other       63      (94)      --      --       63      (94)
                          -------  -------  ------- -------  -------  -------
      GMAC                     --       --       --      --       --       --
      Other Financing          (5)      (8)      --      --       (5)      (8)
                          -------  -------  ------- -------  -------  -------
      Total Financing          (5)      (8)      --      --       (5)      (8)
                          -------  -------  ------- -------  -------  -------

     Total                    $58    $(102)     $--     $--      $58    $(102)
                          =======  =======  ======= =======  =======  =======


                                 See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results

                              (Dollars in millions)
                                   (Unaudited)

                                  Third Quarter
                                  2008 and 2007

                               Reported       Special Items      Adjusted
                           ----------------  ---------------  ---------------
                              2008    2007      2008   2007      2008   2007
                           -------- -------  ------- -------  -------- ------
     Pre-tax earnings
      (loss): *
      GMNA                  $(395) $(1,766) $(1,900) $1,468  $(2,295)   $(298)
      GME                  (1,003)    (398)      29     262     (974)    (136)
      GMLAAM                  514      374       --      --      514      374
      GMAP                     (6)     186       --      --       (6)     186
      Auto Elimination(a)     (57)     (28)      --      --      (57)     (28)
                           ------  -------  -------  ------  -------  -------
      Total GMA              (947)  (1,632)  (1,871)  1,730   (2,818)      98
      Corporate & Other(a)   (129)  (1,031)     (33)    601     (162)    (430)
                           ------  -------  -------  ------  -------  -------
      Total Auto & Other   (1,076)  (2,663)  (1,904)  2,331   (2,980)    (332)
                           ------  -------  -------  ------  -------  -------
      GMAC                 (1,476)    (773)     251      --   (1,225)    (773)
      Other Financing (a)      78      110       --      --       78      110
                           ------  -------  -------  ------  -------  -------
       Total Financing     (1,398)    (663)     251      --   (1,147)    (663)
                           ------  -------  -------  ------  -------  -------
     Total                $(2,474) $(3,326) $(1,653) $2,331  $(4,127)    $995
                           ======  =======  =======  ======  =======  =======

     Income tax (expense) benefit:
       Corporate & Other     $(68)$(39,113)     $-- $38,439     $(68)   $(674)
       Other Financing  (a)    --      (73)      --     123       --       50
                           ------  -------  -------  ------  -------  -------
        Total                $(68)$(39,186)     $-- $38,562     $(68)   $(624)
                           ======  =======  =======  ======  ======= ========


                                 See footnotes.

     * Defined here as Income (loss) from continuing operations before income
       taxes and after equity income and minority interests.



                           General Motors Corporation
                       Summary Corporate Financial Results

                              (Dollars in millions)
                                   (Unaudited)

                                  Year to Date
                                  2008 and 2007

                               Reported       Special Items      Adjusted
                           ----------------  ---------------  ---------------
                              2008    2007      2008   2007      2008   2007
                           -------- -------  ------- -------  -------- ------
     Net sales and
      revenue:
      GMNA                $66,907  $84,327      $--     $--  $66,907  $84,327
      GME                  27,970   26,768       --      --   27,970   26,768
      GMLAAM               15,553   12,854       --      --   15,553   12,854
      GMAP                 15,220   14,975       --      --   15,220   14,975
      Auto Elimination(a)  (8,530)  (7,848)      --      --   (8,530)  (7,848)
                          -------  -------  ------- -------  -------  -------
      Total GMA           117,120  131,076       --      --  117,120  131,076
      Corporate & Other        --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------
      Total Auto & Other  117,120  131,076       --      --  117,120  131,076
                          -------  -------  ------- -------  -------  -------
      GMAC                     --       --       --      --      --       --
      Other Financing       1,466    2,530       --      --    1,466    2,530
                          -------  -------  ------- -------  -------  -------
      Total Financing       1,466    2,530       --      --    1,466    2,530
                          -------  -------  ------- -------  -------  -------

     Total               $118,586 $133,606      $--     $-- $118,586 $133,606
                          =======  =======  ======= =======  =======  =======

     Income (loss) from continuing
      operations before income taxes,
      other equity income and minority
      interests:
      GMNA               $(10,513) $(2,069)  $3,212  $1,587  $(7,301)   $(482)
      GME                    (938)     (92)     231     349     (707)     257
      GMLAAM                1,477      925       --      --    1,477      925
      GMAP                   (272)     544       98      63     (174)     607
      Auto Elimination (a)    (69)     (35)      --      --      (69)     (35)
                          -------  -------  ------- -------  -------  -------
      Total GMA           (10,315)    (727)   3,541   1,999   (6,774)   1,272
      Corporate & Other (a)(4,659)  (1,967)   3,401   1,176   (1,258)    (791)
                          -------  -------  ------- -------  -------  -------
      Total Auto & Other  (14,974)  (2,694)   6,942   3,175   (8,032)     481
                          -------  -------  ------- -------  -------  -------
      GMAC                 (5,755)    (753)   3,037      --   (2,718)    (753)
      Other Financing (a)     132      403       --      --      132      403
                          -------  -------  ------- -------  -------  -------
      Total Financing      (5,623)    (350)   3,037      --   (2,586)    (350)
                          -------  -------  ------- -------  -------  -------

     Total               $(20,597) $(3,044)  $9,979  $3,175 $(10,618)    $131
                          =======  =======  ======= =======  =======  =======


                                 See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results

                              (Dollars in millions)
                                   (Unaudited)

                                  Year to Date
                                  2008 and 2007

                               Reported       Special Items      Adjusted
                           ----------------  ---------------  ---------------
                              2008    2007      2008   2007      2008   2007
                           -------- -------  ------- -------  -------- ------
      Equity income (loss),
       net of tax:
      GMNA                   $(48)     $50      $--     $--     $(48)     $50
      GME                      47       30       --      --       47       30
      GMLAAM                   22       23       --      --       22       23
      GMAP                    288      335       --      --      288      335
      Auto Elimination         --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------
      Total GMA               309      438       --      --      309      438
      Corporate & Other         1        2       --      --        1        2
                          -------  -------  ------- -------  -------  -------
      Total Auto & Other      310      440       --      --      310      440
                          -------  -------  ------- -------  -------  -------
      GMAC                     --       --       --      --       --       --
      Other Financing          --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------
      Total Financing          --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------

     Total                   $310     $440      $--     $--     $310     $440
                          =======  =======  ======= =======  =======  =======

     Minority interests,
       net of tax:
      GMNA                     $8     $(43)     $--     $--       $8     $(43)
      GME                     (17)     (17)      --      --      (17)     (17)
      GMLAAM                  (23)     (24)      --      --      (23)     (24)
      GMAP                    101     (270)      --      --      101     (270)
      Auto Elimination         --       --       --      --       --       --
                          -------  -------  ------- -------  -------  -------
      Total GMA                69     (354)      --      --       69     (354)
      Corporate & Other        --        1       --      --       --        1
                          -------  -------  ------- -------  -------  -------
      Total Auto & Other       69     (353)      --      --       69     (353)
                          -------  -------  ------- -------  -------  -------
      GMAC                     --       --       --      --       --      --
      Other Financing         (17)      (8)      --      --      (17)      (8)
                          -------  -------  ------- -------  -------  -------
      Total Financing         (17)      (8)      --      --      (17)      (8)
                          -------  -------  ------- -------  -------  -------

     Total                    $52    $(361)     $--     $--      $52    $(361)
                          =======  =======  ======= =======  =======  =======


                                 See footnotes.



                           General Motors Corporation
                       Summary Corporate Financial Results

                              (Dollars in millions)
                                   (Unaudited)

                                   Year to Date
                                  2008 and 2007

                               Reported       Special Items      Adjusted
                           ----------------  ---------------  ---------------
                              2008     2007      2008   2007      2008   2007
                           -------- -------  ------- -------  -------- ------
     Pre-tax earnings
      (loss): *
      GMNA               $(10,553)  $(2,062) $3,212  $1,587  $(7,341)   $(475)
      GME                    (908)      (79)    231     349     (677)     270
      GMLAAM                1,476       924      --      --    1,476      924
      GMAP                    117       609      98      63      215      672
      Auto Elimination (a)    (69)      (35)     --      --      (69)     (35)
                          -------  --------  ------  ------  -------   ------
      Total GMA            (9,937)     (643)  3,541   1,999   (6,396)   1,356
      Corporate & Other(a) (4,658)   (1,964)  3,401   1,176   (1,257)   (788)
                          -------  --------  ------  ------  -------   ------
      Total Auto & Other  (14,595)   (2,607)  6,942   3,175   (7,653)     568
                          -------  --------  ------  ------  -------   ------
      GMAC                 (5,755)     (753)  3,037      --   (2,718)    (753)
      Other Financing (a)     115       395      --      --      115      395
                          -------  --------  ------  ------  -------   ------
       Total Financing     (5,640)     (358)  3,037      --   (2,603)    (358)
                          -------  --------  ------  ------  -------   ------

     Total               $(20,235) $(2,965)  $9,979  $3,175 $(10,256)    $210
                          =======  ========  ======  ======  =======   ======

     Income tax (expense) benefit:
       Corporate & Other  $(1,758) $(38,682)   $394 $38,147  $(1,364)   $(535)
       Other Financing(a)     729      (123)     --     123      729       --
                          -------  --------  ------  ------  -------   ------
     Total                $(1,029) $(38,805)   $394 $38,270    $(635)   $(535)
                          =======  ========  ======  ======  =======   ======


                                 See footnotes.

     * Defined here as Income (loss) from continuing operations before income
       taxes and after equity income and minority interests.



                             General Motors Corporation
                         Summary Corporate Financial Results

                                (Dollars in billions)
                                     (Unaudited)

                                         Third Quarter         Year to Date
                                      -------------------   -----------------
                                         2008      2007        2008     2007
                                      --------- ---------   --------- -------
     Automotive & Other Adjusted
      Operating Cash Flow:
      Total Auto & Other pre-tax
        earnings (loss)*                $(1.1)    $(2.7)     $(14.6)    $(2.6)
      Depreciation and amortization       1.9       2.0         6.0       6.1
      Capital expenditures               (1.4)     (2.1)       (5.5)     (4.9)
      Change in receivables,
        payables and inventory           (2.6)     (1.1)       (4.0)     (0.9)
      Pension/OPEB expense (net of
        payments)                        (3.9)      0.8        (1.9)     (0.2)
      VEBA                                 --        --          --      (1.0)
      Accrued expenses and other          0.2       0.6         5.9       2.4
                                      -------   -------     -------   -------
      Total Auto & Other Adjusted
        Operating Cash Flow             $(6.9)    $(2.5)     $(14.1)    $(1.1)
                                      =======   =======     =======   =======

     * Defined here as Income (loss) from continuing operations before income
       taxes and after equity income and minority interests.



                           General Motors Corporation
                              Operating Statistics
                                   (Unaudited)

                                         Third Quarter         Year to Date
                                      -------------------   -----------------
                                         2008      2007        2008     2007
                                      --------- ---------   --------- --------
     Worldwide Production Volume:                (Units in thousands)
                                                 --------------------
       GMNA - Cars                       436       367       1,178      1,168
       GMNA - Trucks                     479       653       1,456      2,057
                                     -------   -------     -------    -------
        Total GMNA                       915     1,020       2,634      3,225
       GME                               348       396       1,336      1,371
       GMLAAM                            276       251         795        706
       GMAP *                            500       489       1,731      1,604
                                     -------   -------     -------    -------
       Total Worldwide  **             2,039     2,156       6,496      6,906
                                     =======   =======     =======    =======

     Vehicle Unit Deliveries:
       Chevrolet - Cars                  196       190         583        595
       Chevrolet - Trucks                300       416         877      1,153
       Pontiac                            73       101         226        277
       GMC                               109       140         306        381
       Buick                              42        54         113        144
       Saturn                             57        62         159        188
       Cadillac                           41        57         130        155
       Other                              10        27          40         77
                                     -------   -------     -------    -------
        Total United States              828     1,047       2,433      2,970
       Canada, Mexico and Other          150       159         456        492
                                     -------   -------     -------    -------
        Total GMNA                       978     1,206       2,889      3,462
       GME                               459       523       1,621      1,653
       GMLAAM                            342       330       1,012        895
       GMAP *                            336       327       1,134      1,054
                                     -------   -------     -------    -------
       Total Worldwide **              2,115     2,388       6,656      7,064
                                     =======   =======     =======    =======

     Market Share:
       United States - Cars             20.3%     20.8%       18.7%      19.9%
       United States - Trucks           28.4%     28.8%       25.8%      26.7%
        Total United States             24.3%     25.1%       22.2%      23.6%
       Total GMNA                       23.4%     24.4%       21.7%      23.2%
       Total GME                         8.9%      9.5%        9.3%       9.5%
       Total GMLAAM                     17.0%     17.4%       17.3%      16.9%
       Total GMAP *                      6.9%      6.5%        6.9%       6.8%
       Total Worldwide                  13.0%     13.7%       12.6%      13.3%

     U.S. Retail/Fleet Mix
      (selling day adjusted):
       % Fleet Sales - Cars             40.3%     38.1%       32.5%      36.0%
       % Fleet Sales - Trucks           21.7%     21.6%       22.2%      20.8%
       Total Vehicles                   29.5%     27.8%       26.6%      26.7%

     GMNA Capacity Utilization ***      78.8%     84.5%       75.4%      89.2%

      *  GMAP production and sales volume includes SAIC-GM Wuling Automobile
         Co. Ltd. (SGMW) joint venture vehicles. We own 34% of SGMW and under
         the joint venture agreement have significant rights as a member as
         well as the contractual right to report SGMW sales in China as part
         of GM's global market share.
     **  Total Worldwide may include rounding differences.
     *** Two shift rated, annualized.



                           General Motors Corporation
                              Operating Statistics

                                   (Unaudited)

                                         Third Quarter         Year to Date
                                      -------------------   -----------------
                                         2008      2007        2008     2007
                                      --------- ---------   --------- -------

     GMAC's share of GM retail sales
      (U.S. only)
     Total consumer volume (retail
      and lease) as % of retail            36%       38%         39%      39%
     SmartLease/SmartBuy as % of retail     6%       15%         13%      15%

     Worldwide Employment at
      September 30:                                            (Thousands)
                                                            -----------------
      United States - Hourly (b)                                 64       78
      United States - Salaried (b)                               32       32
                                                            -------   ------
        Total United States                                      96      110
      Canada, Mexico and Other                                   27       29
                                                            -------   ------
      GMNA                                                      123      139
      GME                                                        56       58
      GMLAAM                                                     36       34
      GMAP                                                       35       34
      Other                                                       2        2
                                                            -------   ------
       Total GM                                                 252      267
                                                            =======   ======

                                                       (Billions)
                                         -------------------------------------
     Worldwide Payroll                   $4.3      $4.5       $12.7    $13.4


     Footnotes:

     (a) Auto Eliminations, Corporate & Other and Other Financing include
         inter-company eliminations.



                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                 (Dollars in millions, except per share amounts)
                                   (Unaudited)


                                       Three Months Ended    Nine Months Ended
                                           September 30,        September 30,
                                      -------------------- -------------------
                                          2008      2007      2008       2007
                                      ---------  --------  --------   --------
      Net sales and revenue
       Automotive sales                $37,503   $43,002  $117,120   $131,076
       Financial services and
        insurance revenue                  438       700     1,466      2,530
                                       -------   -------   -------   --------
      Total net sales and
       revenue                          37,941    43,702   118,586    133,606
                                       -------   -------   -------   --------
      Costs and expenses
       Automotive cost of
        sales                           34,521    41,373   116,219    121,768
       Selling, general and
        administrative expense           3,251     3,601    10,704     10,205
       Financial services and
        insurance expense                  400       640     1,475      2,334
       Other expenses                      652       350     4,136        925
                                       -------   -------   -------   --------
      Total costs and expenses          38,824    45,964   132,534    135,232
                                       -------   -------   -------   --------
       Operating loss                     (883)   (2,262)  (13,948)    (1,626)
      Equity in loss of GMAC LLC        (1,235)     (809)   (4,777)      (874)
      Automotive and other
       interest expense                   (542)     (839)   (2,037)    (2,319)
      Automotive interest
       income and other
       non-operating income, net            78       572       165      1,775
                                       -------   -------   -------   --------
      Loss from continuing
       operations before income
       taxes, equity income and
       minority interests               (2,582)   (3,338)  (20,597)    (3,044)
      Income tax expense                    68    39,186     1,029     38,805
      Equity income, net of
       tax                                  50       114       310        440
      Minority interests, net
       of tax                               58      (102)       52       (361)
                                       -------   -------   -------   --------
      Loss from continuing
       operations                       (2,542)  (42,512)  (21,264)   (41,770)
      Discontinued operations
      Income from discontinued
       operations, net of tax               --        45        --        256
      Gain on sale of
       discontinued
       operations, net of tax               --     3,504        --      3,504
                                       -------   -------   -------   --------
      Income from discontinued
       operations                           --     3,549        --      3,760
                                       -------   -------   -------   --------
      Net loss                         $(2,542) $(38,963) $(21,264)  $(38,010)
                                       =======   =======   =======   ========

      Earnings (loss) per
       share, basic and diluted:
       Continuing operations            $(4.45)  $(75.12)  $(37.44)   $(73.82)
       Discontinued operations              --      6.27        --       6.64
                                       -------   -------   -------   --------
      Total                             $(4.45)  $(68.85)  $(37.44)   $(67.18)
                                       =======   =======   =======   ========

      Weighted average common
       shares outstanding,
       basic and diluted
       (millions)                          571       566       568        566
                                       =======   =======   =======   ========

      Cash dividends per share             $--     $0.25     $0.50      $0.75
                                       =======   =======   =======   ========



                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                              (Dollars in millions)
                                   (Unaudited)

                                     September 30, December 31,  September 30,
                                          2008         2007          2007
                                     ------------- ------------  ------------
                            ASSETS
      Current Assets
      Cash and cash equivalents           $15,831      $24,549      $24,402
      Marketable securities                    67        2,139        1,978
                                         --------    ---------     --------
       Total cash and marketable
         securities                        15,898       26,688       26,380
      Accounts and notes receivable, net    9,461        9,659       10,728
      Inventories                          16,914       14,939       15,530
      Equipment on operating leases, net    4,312        5,283        5,572
      Other current assets and deferred
         income taxes                       3,511        3,566        3,170
                                         --------    ---------     --------
       Total current assets                50,096       60,135       61,380
      Financing and Insurance
      Operations Assets
      Cash and cash equivalents               176          268          328
      Investments in securities               273          215          209
      Equipment on operating leases, net    2,892        6,712        7,856
      Equity in net assets of GMAC LLC      1,949        7,079        6,852
      Other assets                          2,034        2,715        3,910
                                         --------    ---------     --------
       Total Financing and Insurance
      Operations assets                     7,324       16,989       19,155
      Non-Current Assets
      Equity in net assets of
         nonconsolidated affiliates         2,351        1,919        2,031
      Property, net                        42,156       43,017       42,264
      Goodwill and intangible assets,
         net                                  949        1,066        1,084
      Deferred income taxes                   907        2,116          975
      Prepaid pension                       3,602       20,175       18,920
      Other assets                          3,040        3,466        3,691
                                         --------    ---------     --------
       Total non-current assets            53,005       71,759       68,965
                                         --------    ---------     --------
      Total Assets                       $110,425     $148,883     $149,500
                                         ========    =========     ========

                     LIABILITIES AND STOCKHOLDERS' DEFICIT
      Current Liabilities
      Accounts payable (principally
         trade                            $27,839      $29,439      $30,514
      Short-term borrowings and current
         portion of long-term debt          7,208        6,047        5,263
      Accrued expenses                     33,959       34,822       33,927
                                         --------    ---------     --------
       Total current liabilities           69,006       70,308       69,704
      Financing and Insurance
      Operations Liabilities
      Debt                                  1,890        4,908        5,962
      Other liabilities and deferred
         income taxes                         768          905        1,666
                                         --------    ---------     --------
       Total Financing and Insurance
      Operations liabilities                2,658        5,813        7,628
      Non-Current Liabilities
      Long-term debt                       36,057       33,384       34,670
      Postretirement benefits other
         than pensions                     33,714       47,375       48,336
      Pensions                             11,500       11,381       12,214
      Other liabilities and deferred
         income taxes                      16,484       16,102       17,019
                                         --------    ---------     --------
       Total non-current liabilities       97,755      108,242      112,239
                                         --------    ---------     --------
      Total liabilities                   169,419      184,363      189,571
      Commitments and contingencies
      Minority interests                      945        1,614        1,700
      Stockholders' Deficit
      Preferred stock, no par value,
        6,000,000 shares authorized, no
        shares issued and outstanding          --           --           --
      Common stock, $1 2/3 par value
        (2,000,000,000 shares authorized,
        800,937,541 and 610,462,606
        shares issued and
        outstanding as of September 30,
        2008, respectively,
        756,637,541 and 566,059,249
        shares issued and
        outstanding as of December 31,
        2007, respectively, and
        756,637,541 and 565,877,391
        shares issued and
        outstanding as of September 30,
        2007, respectively)                 1,017          943          943
      Capital surplus (principally
         additional paid-in capital)       15,732       15,319       15,264
      Accumulated deficit                 (61,014)     (39,392)     (38,528)
      Accumulated other comprehensive
         loss                             (15,674)     (13,964)     (19,450)
                                         --------    ---------     --------
       Total stockholders' deficit        (59,939)     (37,094)     (41,771)
                                         --------    ---------     --------
      Total Liabilities, Minority
      Interests and Stockholders'
         Deficit                         $110,425     $148,883     $149,500
                                         ========    =========     ========

SOURCE General Motors Corporation

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