GM Reports Preliminary Q1 Financial Results

* Reported Net Loss $323 Million, About $1 Billion Improvement From 2005 
* Record Quarterly Revenue of $52.2 Billion 
* $567 Million GMNA Improvement Despite $484 Million Health-Care Charge 
* Automotive Liquidity Stronger at $21.6 Billion 
DETROIT, April 20 /PRNewswire/ -- General Motors Corp. (NYSE: GM) today
reported significantly improved financial results for the first quarter of
2006, with operations from every automotive region in the world contributing
to the turnaround efforts. 
"The first quarter represented an important milestone in GM and GM North
America's turnaround," said GM Chairman and Chief Executive Officer Rick
Wagoner.  "Not only did we see significant improvement in the financial
results of all our automotive units, we also announced numerous additional
actions to improve our North American competitiveness and liquidity.  And, we
made significant progress in implementing those and previously announced
initiatives, such as the UAW health-care agreement and the North American
capacity plan. 
"We're pleased to see the significant progress in our first-quarter
results and in the implementation of all four elements of our North American
turnaround plan," Wagoner continued.  "And we remain focused on accelerating
our return to profitability and cash generation." 
GM reported a preliminary net loss of $323 million, or $0.57 per share, in
the first quarter of 2006, including special items.  This was more than
accounted for by the inclusion of a $681 million after-tax charge, or $1.20
per share, related to the recently approved health-care settlement agreement
for U.S. hourly retirees.  These first-quarter results represent a significant
improvement from the year-ago loss of $1.3 billion, or $2.22 per share.
Reported revenue rose 14.1 percent to a record $52.2 billion in the first
quarter of 2006. 
Excluding special items but including the effect of the $681 million
health-care charge ($1 billion pretax), GM reported a preliminary adjusted
loss of $529 million, or $0.94 per share in the first quarter of 2006.  In the
year-ago quarter, GM reported an adjusted loss before special items of $988
million, or $1.75 per share. 
The reported results for the first quarter of 2006 include special items
totaling a favorable $206 million after tax, or $0.37 per diluted share.
These results include a gain of $317 million, or $0.56 per share, from the
sale of most of GM's stake in Suzuki, partially offset by restructuring
charges totaling $111 million, or $0.19 per share, at GM North America (GMNA),
GM Europe (GME) and GM Latin America/Africa/Middle East (GMLAAM).  Additional
details on the special items are included in the "Highlights" section of this
press release. 
GM's results for the first quarter of 2006 are preliminary and may be
revised prior to the filing of GM's first quarter report on Form 10-Q in early
May, depending on factors such as the final determination of the accounting
treatment for the retiree health-care settlement agreement. 
Health Care Agreement to Reduce Liability by $15 billion 
The unprecedented health-care settlement between GM and its largest labor
union, the United Auto Workers, was approved by the U.S. District Court on
March 31, 2006. 
"The health-care agreement is expected to result in an immediate
25-percent reduction in GM's hourly retiree health-care liability, or about
$15 billion," Wagoner said.  "The court approval is an important milestone,
enabling us to implement this on the schedule we had anticipated." 
As part of the agreement, GM will make contributions to a new independent
Defined Contribution Voluntary Employees' Beneficiary Association (DC VEBA) of
$1 billion in each of 2006, 2007, and 2011.  GM will also make supplemental
contributions to the DC VEBA related to events like profit-sharing payments
and increases in the value of GM stock. 
Because the settlement received final court approval on March 31, the
first $1 billion DC VEBA contribution is being recorded in the first quarter
of 2006 even though the cost savings will not be realized until the second
half of the year.  Beginning July 1, the pretax savings associated with the
health-care agreement will be approximately $750 million per quarter through
2011. 
According to the accounting treatment that GM believes is appropriate
under U.S. Generally Accepted Accounting Principles, the obligation to make
the contributions would be recognized in each of the three periods in which
they become due and payable.  Other possible accounting treatments include
recognizing the present value of all three payments as expense on March 31,
2006, which would significantly increase the amount of the first-quarter
charge and eliminate any future charges.  GM is currently in discussions with
the U.S. Securities and Exchange Commission to determine the final accounting
treatment and expects the issue to be resolved before it files its Form 10-Q. 
GM financial results described throughout the remainder of this release
exclude special items unless otherwise noted (see "Highlights"). 
GM Automotive Operations 
GM's automotive operations reported an adjusted loss of $721 million in
2006, including the health-care charge, halving the year-ago adjusted loss of
$1.5 billion.  All of the company's automotive units reported progress in the
quarter, with three out of the four units posting profitable results. 
Global automotive sales rose 4.4 percent to 2.2 million units as strong
sales in GM's Asia Pacific and Latin American regions were partially offset by
declines in the United States and Canada.  Global market share was down
slightly to 13.2 percent from 13.3 percent a year ago. 
GM North America Shows Improvement 
GM North America reported an adjusted loss of $946 million in the first
quarter of 2006, including $484 million of the retiree health-care settlement
charge.  This compares to an adjusted loss of $1.5 billion a year ago.  Higher
production volumes, improved mix and better net pricing contributed $1.1
billion of improvement to GMNA operating earnings, offset in part by the
health-care charge.  Revenue per unit sold in GMNA was significantly higher in
the quarter versus a year ago, mostly attributable to better pricing and
richer mix.  U.S. dealer inventories ended the quarter at 1,169,000 vehicles,
down 74,000 units from the year-ago period, and well positioned for the spring
selling season. 
GM recently increased its structural cost reduction target in North
America by more than $1 billion, to $7.5 billion on a running rate basis by
the end of 2006, excluding the cost of the three $1 billion DC VEBA
contributions in 2006, 2007 and 2011.  Approximately $4 billion of this
reduction will be cash savings.  GM also continues to focus on achieving the
previously reported $1 billion target of material cost savings in 2006, which
is under pressure due to high raw material and commodity prices. 
GM remains committed to revitalizing its product portfolio through an
aggressive product spending program.  In 2006, GM expects capital spending to
total approximately $8.7 billion.  This represents an increase of
approximately $800 million over 2005 levels. 
"We are very pleased with the market's reaction to our launch products,"
Wagoner said.  "In the first three months of the year, our new products
accounted for about 30 percent of our total sales -- more than double where we
were a couple of years ago.  We're especially encouraged by the early sales of
the Chevrolet Tahoe, GMC Yukon, and Cadillac Escalade.  And we're pleased with
the reaction last week to the new Saturn Sky and Aura at the New York Auto
Show." 
GM is revitalizing its sales and marketing strategy by focusing on the
strength of its products, emphasizing their great value and features in
relation to the competition.  GM is focused on improving the mix and quality
of its share by reducing incentives and the volume of sales to daily rental
car companies.  While this may result in short-term declines in sales and
market share, it also is expected to result in improved retail sales and
financial performance over time. 
"Despite even higher incentives by many of our competitors, we think our
new product-focused marketing strategy is the right one, and early results are
in line with our expectations," Wagoner said. 
GM Europe Posts Profitable Quarter 
GM Europe reported adjusted earnings of $88 million in the first quarter
of 2006, a significant improvement from the year-ago loss of $92 million,
reflecting improved pricing, continued progress in reducing structural and
material costs, better mix and lower warranty and policy costs.  In addition,
Saab showed significant financial improvement and sold more than 34,000
vehicles worldwide, an all-time first-quarter record. 
"Our European turnaround plan moved into high gear in the first quarter,"
Wagoner said.  "Looking forward, we'll continue to focus on that, as well as
growing our multi-brand strategy in Europe and on important vehicle launches.
The Cadillac BLS is arriving in dealerships now, followed by the Chevrolet
Epica in June and the Opel Corsa and Chevrolet Captiva in the third quarter." 
GM Asia Pacific Reports Improved Results 
GM Asia Pacific (GMAP) reported adjusted earnings of $81 million in the
first quarter of 2006, up from $70 million a year ago, reflecting improved
sales volumes in China and higher sales volumes from GM Daewoo. 
"Asia Pacific continues to be a very positive story for GM," Wagoner said.
"GM vehicle sales in China were up 76 percent during the quarter, and our
steady commitment to expanding our product line-up continues to pay dividends.
Likewise, our investment in GM Daewoo continues to pay returns, with domestic
sales and export shipments rising 60 percent in the first quarter." 
GM Latin America/Africa/Middle East 
GM Latin America/Africa/Middle East reported adjusted earnings of $56
million in the first quarter of 2006, up from $31 million in the same period
last year.  This reflects a significant improvement in Brazil. 
"GM continues to set sales and market share records in the Latin
America/Africa/Middle East region," Wagoner said.  "In the first quarter, LAAM
achieved an all-time first quarter sales record of 230,100 units, up 26
percent from the year-ago period.  Of the 11 major markets in the region, four
set all-time quarterly GM sales records and another four set first-quarter
sales records." 
GMAC 
General Motors Acceptance Corporation (GMAC) earned $605 million in the
first quarter of 2006, compared to $728 million in the year-ago period,
reflecting improved earnings from financing operations and insurance, offset
by lower mortgage earnings. 
"GMAC continued to post strong earnings despite lower credit ratings and
higher borrowing costs," Wagoner said.  "The agreement that we announced
earlier this month to sell a 51-percent controlling interest in GMAC to a
consortium of investors led by Cerberus Capital Management is expected to
close later this year.  Once implemented, the new ownership structure should
strengthen GMAC's ability to support GM's automotive operations, improve
GMAC's access to cost-effective funding and provide $14 billion in liquidity
to GM over the next three years." 
GMAC had cash reserve balances at March 31, 2006 of approximately $22.1
billion, including $17.3 billion in cash and cash equivalents and $4.8 billion
in marketable securities.  This compares with cash balances of approximately
$20 billion at Dec. 31, 2005. 
GMAC's financing operations reported earnings of $270 million in the first
quarter of 2006, compared to $216 million a year ago.  The increase is largely
due to the effect of lower consumer credit provisions, primarily as a result
of automotive whole loan activity and favorable international credit
performance. 
ResCap earnings were $197 million in the first quarter 2006, down from the
$351 million earned in the year-ago period.  While revenues were strong from
higher asset levels, results were negatively affected by lower net margins
resulting from both pricing pressures and higher funding costs.  In addition,
gains on sales of loans were down due to a significant gain in the year-ago
quarter from the sale of a portfolio of distressed mortgage loans.  Mortgage
originations were $41.6 billion for the latest quarter, representing an
increase from the $36.4 billion in the year-ago period. 
GMAC completed the sale of approximately 78 percent of its equity in GMAC
Commercial Mortgage on March 23, 2006, for approximately $1.5 billion in cash.
At the closing, GMAC Commercial Mortgage, now named CapMark Financial Group
Inc., also repaid to GMAC approximately $7.3 billion in intercompany loans,
bringing the total cash proceeds from the transaction to $8.8 billion.  GMAC
earnings related to Commercial Mortgage were $9 million, representing
operating income of $50 million and a loss on sale of $41 million, after
closing costs. 
GMAC's insurance operations generated net income of $129 million in the
first quarter of 2006, up from $94 million in the same period a year ago
primarily reflecting the impact of strong underwriting results.  In addition,
first quarter results also benefited from the strategic acquisition of MEEMIC
Insurance Co., a personal lines business that offers automobile and homeowners
insurance in the Midwest. 
Cash and Liquidity 
Cash, marketable securities, and readily-available assets of the Voluntary
Employees' Beneficiary Association (VEBA) trust totaled $21.6 billion at
March 31, 2006, up from $20.4 billion on Dec. 31, 2005 and $19.8 billion on
March 31, 2005.  GM withdrew approximately $2 billion from the VEBA trust in
the first quarter of 2006, including $1 billion from the short-term VEBA. 
Liquidity remains a key focus of the corporation.  GM sold most of its
20-percent stake in Suzuki during the first quarter, generating approximately
$2 billion in cash.  Also, GM recently announced the sale of its stake in
Isuzu which generated approximately $300 million in proceeds in the second
quarter of 2006.  In February, GM reduced its common stock dividend by 50
percent, which is expected to save approximately $565 million annually.
Finally, the planned sale of 51-percent of GMAC is expected to provide GM with
up-front cash proceeds of about $10 billion and significant ongoing cash flow
from retained assets and GMAC distributions over time. 
Outlook 
GM has made significant progress to turn around its North American
operations, including the UAW retiree health-care agreement, the manufacturing
capacity actions, the changes to GM's U.S. salaried retiree health-care
benefits and salaried pension plan benefits and the hourly accelerated
attrition program. 
"While we are encouraged by the speed and scale of the changes we're
implementing, there is clearly more work to be done," Wagoner said.  "Our next
key priority is to reach a consensual agreement with Delphi and its unions
that makes sense for all of the parties.  The agreement we recently reached
with the UAW on the attrition program is a significant step in achieving this
objective, but there is more important work to do." 
Forward-Looking Statements 
In this press release and in related comments by General Motors' and
General Motors Acceptance Corporation's management, the use of the words
"expect," "anticipate," "estimate," "forecast," "initiative," "objective,"
"plan," "goal," "project," "outlook," "priorities," "target," "intend,"
"evaluate," "pursue," "seek," "may," "would," "could," "should," "believe,"
"potential," "continue," "designed," "impact," or the negative of any of those
words or similar expressions is intended to identify forward-looking
statements.  Other than statements of historical fact, all statements in this
press release and in related comments, including without limitation,
statements about future events and financial performance, are forward-looking
statements that involve certain risks and uncertainties.  While these
statements represent our current judgment on possible future events, and we
believe that when we made these judgments they were reasonable, these
statements are not guarantees of any events or financial results, and GM's
actual results may differ materially due to numerous important factors that
may be revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K. 
Such factors include, among others, the following: the ability of GM to
realize production efficiencies, to achieve reductions in costs as a result of
the turnaround restructuring, health care cost reductions and an accelerated
attrition program and to implement capital expenditures at levels and times
planned by management; the pace of product introductions; market acceptance of
the Corporation's new products; significant changes in the competitive
environment and the effect of competition in the Corporation's markets,
including on GM's pricing policies; our ability to maintain adequate liquidity
and financing sources and an appropriate level of debt; restrictions on GMAC's
and ResCap's ability to pay dividends and prepay subordinated debt obligations
to us; changes in the existing, or the adoption of new, laws, regulations,
policies or other activities of governments, agencies and similar
organizations where such actions may affect the production, licensing,
distribution or sale of our products, the cost thereof or applicable tax
rates; costs and risks associated with litigation; the final results of
investigations and inquiries by the SEC; changes in our accounting principles,
or their application or interpretation, and our ability to make estimates and
the assumptions underlying the estimates, including the range of estimates for
the Delphi pension benefit guarantees, which could result in an impact on
earnings; changes in relations with unions and employees/retirees and the
legal interpretations of the agreements with those unions with regard to
employees/retirees; negotiations and bankruptcy court actions with respect to
Delphi's obligations to GM, negotiations with respect to GM's obligations
under the pension benefit guarantees to Delphi employees, and GM's ability to
recover any indemnity claims against Delphi; labor strikes or work stoppages
at GM or its key suppliers such as Delphi or financial difficulties at GM's
key suppliers such as Delphi; additional credit rating downgrades and the
effects thereof; our ability to complete the sale of a 51-percent controlling
interest in GMAC and the effect of that sale on the results of GM's and GMAC's
operations and liquidity; other factors affecting financing and insurance
operating segments' results of operations and financial condition such as
credit ratings, adequate access to the market, changes in the residual value
of off-lease vehicles, changes in U.S. government-sponsored mortgage programs
or disruptions in the markets in which its mortgage subsidiaries operate, and
changes in its contractual servicing rights; shortages of and price increases
for fuel; and changes in economic conditions, commodity prices, currency
exchange rates or political stability in the markets in which we operate. 
In addition, GMAC's actual results may differ materially due to numerous
important factors that are described in GMAC's most recent report on SEC Form
10-K, which may be revised or supplemented in subsequent reports on SEC Forms
10-Q and 8-K.  Such factors include, among others, the following: the ability
of GM to complete the sale of a 51-percent controlling interest in GMAC;
significant changes in the competitive environment and the effect of
competition in GMAC's and GM's markets, including on GMAC's and GM's pricing
policies; GMAC's ability to maintain adequate financing sources and an
appropriate level of debt; the profitability and financial condition of GM,
including changes in production or sales of GM vehicles, risks based on GM's
contingent benefit guarantees and the possibility of labor strikes or work
stoppages at GM or at key suppliers such as Delphi; funding obligations under
GM and its subsidiaries' qualified U.S. defined benefits pension plans;
restrictions on ResCap's ability to pay dividends and prepay subordinated debt
obligations to GMAC; changes in the residual value of off-lease vehicles;
changes in U.S. government-sponsored mortgage programs or disruptions in the
markets in which GMAC's mortgage subsidiaries operate; changes in GMAC's
contractual servicing rights; costs and risks associated with litigation;
changes in GMAC's accounting assumptions that may require or that result from
changes in the accounting rules or their application, which could result in an
impact on earnings; changes in the credit ratings of GMAC or GM; the threat of
natural calamities; changes in economic conditions, currency exchange rates or
political stability in the markets in which we operate; and changes in the
existing, or the adoption of new, laws, regulations, policies or other
activities of governments, agencies and similar organizations. 
Investors are cautioned not to place undue reliance on forward-looking
statements.  GM undertakes no obligation to update publicly or otherwise
revise any forward-looking statements, whether as a result of new information,
future events or other such factors that affect the subject of these
statements, except where expressly required by law. 


                           General Motors Corporation
                               Non-GAAP Disclosure
     GM includes the use of non-GAAP adjusted net income (loss) in its
     earnings releases and charts for securities analysts.  GM management
     evaluates its business and makes certain operating decisions (e.g.,
     budgeting, forecasting, employee compensation, asset management
     and resource allocation) using adjusted net income.  Management
     believes that because this measure provides it with useful
     supplemental information for evaluating and operating the business,
     investors would find it beneficial to have the opportunity to view
     the business in the same manner. Adjusted net income is a measure
     that focuses on the Corporation's core business operations and
     facilitates comparison of those businesses from period to
     period on a consistent basis.  Management also believes it is
     appropriate in evaluating the Corporation's operations to exclude
     restructuring charges and any gain or losses from one-time items
     because these costs vary in size and frequency among the four
     geographic regions, since inclusion of these events would make
     results less comparable between periods and between regions.
     GM also includes the use of non-GAAP managerial automotive operating
     cash flow in its earnings releases and charts for securities
     analysts.  Management believes that providing managerial automotive
     operating cash flow furnishes it and investors with useful
     information by representing the cash flow generated or consumed by
     its automotive operations, including cash consumed by automotive
     capital expenditures and equity investments in companies related
     to our core business and cash generated by sales of automotive
     operating assets and equity investments in companies related to
     our core business, before funding non-operating-related obligations
     including debt maturities, dividends and other non-operating items.
     GM's earnings releases and charts for securities analysts also
     include the use of non-GAAP measures of revenue per vehicle and
     the GM North American structural cost reduction target.  Management
     uses revenue per vehicle to track operating efficiency and to
     facilitate comparisons between periods and between manufacturers,
     and believes that it would provide valuable information to investors
     who are interested in identifying trends and comparing different
     companies.  Revenue per vehicle includes certain sales to other GM
     regions that are excluded from GAAP reporting, and excludes
     non-vehicle sales such as service parts and operations and OnStar
     service and other income that GM does not derive from the sale of
     vehicles such as interest or the GM credit card.  Management also
     includes sales to daily car rental companies in revenue per vehicle,
     although they are excluded from GAAP reporting because of GM's
     repurchase obligations.  GM North America's structural cost
     reduction target excludes the cost of the three $1 billion DC VEBA
     contributions in 2006, 2007, and 2011.  Management uses this measure
     to track the structural cost reduction target on a running rate
     basis since a significant portion of the benefit of the health-care
     Settlement Agreement related to hourly employees is anticipated to
     extend well beyond the periods in which the expense related to the
     contributions will be incurred.  Management believes that this
     measure is useful to investors as it allows them to evaluate the
     ongoing effects of GM's structural cost reduction initiatives.
     Non-GAAP measures should not be considered as a substitute for
     measures of financial performance prepared in accordance with GAAP.
     Investors and potential investors are encouraged to review the
     reconciliation of non-GAAP financial measures contained within the
     attached press release with their most directly comparable GAAP
     financial results.
                           General Motors Corporation
                        List of Special Items - After Tax
                 (Dollars in millions except per share amounts)
                                   (Unaudited)
                                             Three Months Ended
                                                March 31, 2006
                                             ------------------
                                                 Net     $1-2/3
                                               Income      EPS
                                               ------    -----
     REPORTED
     --------
     Net (loss)                               $(323)     $(0.57)
     ADJUSTMENTS
     -----------
     Restructuring (A)                          111        0.19
     Sale of Suzuki investment (B)             (317)      (0.56)
                                                ---        ----
     Subtotal                                  (206)      (0.37)
     ADJUSTED
     --------                                   ---        ----
     Adjusted income                          $(529)     $(0.94)
                                                ===        ====
     (A) Relates to various restructuring initiatives, as follows (all
         amounts after tax):
         o  Estimated charges of $65 million related to separations of
            salaried employees at GMNA.
         o  Curtailment charges associated with modifications to the
            U.S. Retirement Program for Salaried Employees announced in
            the first quarter of 2006.  GMNA and Other Operations
            recognized charges of $12 million and $3 million respectively
            associated with these modifications.
         o  A favorable adjustment of $88 million for higher than
            anticipated headcount reductions associated with previously
            announced GMNA plant idling activities,
         o  A charge of $52 million for certain components of the hourly
            attrition program related to retroactive lump-sum payments,
            recognized at GMNA.
         o  Other restructuring charges of $40 million and $27 million,
            recognized at GME and GMLAAM, respectively.
     (B) Relates to the sale of 92.36 million shares of GM's investment
         in Suzuki for approximately $2.0 billion in cash, reducing GM's
         equity stake in Suzuki from 20.4% to approximately 3.7% (16.3
         million shares). The after-tax gain of $317 million was
         recognized at GMAP.
                           General Motors Corporation
                        List of Special Items - After Tax
                 (Dollars in millions except per share amounts)
                                   (Unaudited)
                                             Three Months Ended
                                                March 31, 2005
                                             ------------------
                                                 Net     $1-2/3
                                               Income      EPS
                                               ------    -----
     REPORTED
     --------
     Net (loss)                             $(1,253)     $(2.22)
     ADJUSTMENTS
     -----------
     Salaried Attrition Program (A)             148        0.26
     Plant and Facility Impairments (B)          84        0.15
     GME Restructuring Charge (C)               422        0.75
     Tax Items (D)                             (389)      (0.69)
                                                ---        ----
     Subtotal                                   265        0.47
     ADJUSTED
     --------                                   ---        ----
     Adjusted (loss)                          $(988)     $(1.75)
                                                ===        ====
     (A) Salaried Attrition Program relates to voluntary early retirement
         and other separation programs in the U.S. in the first quarter
         of 2005.
     (B) Plant and Facility Impairments relates to the write-down to
         fair market value of various plant assets in connection with
         the discontinuance of production at the Lansing assembly plant
         during the second quarter of 2005.
     (C) In the fourth quarter of 2004, GM Europe announced a
         restructuring plan targeting a reduction in annual structural
         costs of an estimated $600 million by 2006.  A total reduction
         of 12,000 employees, including 10,000 in Germany, from
         2005-2007 through separation programs, early retirements, and
         selected outsourcing initiatives is expected.  The after-tax
         separation cost of $422 million in the first quarter of 2005
         covers approximately 5,650 people, of whom 4,900 are in
         Germany.
     (D) Tax Items relate to tax benefits (including the Medicare Part D
         benefit in the U.S.), in excess of GM's previously communicated
         annual effective tax rate of 15%, which do not vary with the
         level of pre-tax income.  Adjusted loss reflects an effective
         tax rate of 15%.
                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (Unaudited)
                                                First Quarter
                                                --------------
                                               2006         2005
                                               ----         ----
     (Dollars in millions except per share amounts)
     Total net sales and
      revenues                              $52,245       $45,773
      Adjusted                              $51,706       $45,773
     Net income (loss)                        $(323)      $(1,253)
      Adjusted                                $(529)        $(988)
     Net margin
      (Net income /Total net sales
        and revenues)                          (0.6)%        (2.7%)
      Adjusted                                 (1.0)%        (2.2%)
     Earnings (losses) per share - basic
      $1-2/3 par value                       $(0.57)       $(2.22)
     Earnings (losses) per share - diluted
      $1-2/3 par value                       $(0.57)       $(2.22)
     Earnings (losses) per share - adjusted
      diluted
      $1-2/3 par value                       $(0.94)       $(1.75)
     GM $1-2/3 par value average
      shares outstanding (Mil's)
      Basic shares                              566           565
      Diluted shares                            566           565
     Cash dividends per share
      of common stocks
      GM $1-2/3 par value                     $0.25         $0.50
     See reconciliation of adjusted financial results.
                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (Unaudited)
                                                First Quarter
                                                --------------
                                               2006         2005
                                               ----         ----
     Book value per share of
      common stocks at March 31
      GM $1-2/3 par value                    $26.02        $44.37
     Auto & Other total cash & marketable
      securities at March 31 ($Bil's)         $18.8         $15.6
      Readily-available assets in VEBA          2.8           4.2
                                               ----          ----
     Total Auto & Other cash &
      marketable securities plus
      readily-available assets in VEBA        $21.6         $19.8
                                               ====          ====
     Auto & Other Operations ($Mil's)
      Depreciation                           $1,114        $1,270
      Amortization of special
        tools                                   733           816
      Amortization of intangible
        assets                                   14            10
                                              -----         -----
        Total                                $1,861        $2,096
                                              =====         =====
     GM's share of nonconsolidated
      affiliates' net income (loss)
      ($Mil's)
      Italy *                                    NA           $21
      Japan                                     $21           $50
      China                                     $70           $33
      South Korea #                              NA           $(8)
     *   During the second quarter of 2005, GM and Fiat S.p.A. completed
         the liquidation and termination of all joint ventures between
         them in existence at that time.  As a result, GM regained
         complete ownership of all assets it originally contributed to
         each joint venture.
     #   Effective for the third quarter 2005, the results of GM Daewoo's
         operations are consolidated by GM.
                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (Unaudited)
                                 First Quarter
                                 2006 and 2005
                                --------------
     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                        2006     2005    2006     2005   2006     2005
                        ----     ----    ----     ----   ----     ----
     Total net sales
      and revenues
     GMNA(1)          $28,531  $25,227    $ -     $ -  $28,531   $25,227
     GME(1)             8,091    8,108      -       -    8,091     8,108
     GMLAAM             3,140    2,299      -       -    3,140     2,299
     GMAP               3,933    1,694   (539)      -    3,394     1,694
                       ------   ------    ---      --   ------    ------
      Total GMA        43,695   37,328   (539)      -   43,156    37,328
     Other(2)            (305)     (25)     -       -     (305)      (25)
                       ------   ------    ---      --   ------    ------
     Total Auto &
      Other            43,390   37,303   (539)      -   42,851    37,303
                       ------   ------    ---      --   ------    ------
     GMAC               8,822    8,221      -       -    8,822     8,221
     Other Financing(2)    33      249      -       -       33       249
                        -----    -----     --      --    -----     -----
      Total FIO         8,855    8,470      -       -    8,855     8,470
                       ------   ------    ---      --   ------    ------
     Total net sales
      and revenues    $52,245  $45,773  $(539)    $ -  $51,706   $45,773
                       ======   ======    ===      ==   ======    ======
     Income (loss)
      before income
      taxes, equity
      income and
      minority interests
     GMNA             $(1,364) $(2,212)   $64    $357  $(1,300)  $(1,855)
     GME                   75     (860)    63     671      138      (189)
     GMLAAM                80       55     27       -      107        55
     GMAP                 579      (23)  (575)      -        4       (23)
                          ---    -----    ---   -----    -----     -----
      Total GMA          (630)  (3,040)  (421)  1,028   (1,051)   (2,012)
     Other               (827)    (412)     4      13     (823)     (399)
                          ---    -----    ---   -----    -----     -----
      Total Auto &
        Other          (1,457)  (3,452)  (417)  1,041   (1,874)   (2,411)
                        -----    -----    ---   -----    -----     -----
     GMAC                 924    1,160      -       -      924     1,160
     Other Financing        2       (2)     -       -        2        (2)
                          ---    -----     --      --      ---     -----
      Total FIO           926    1,158      -       -      926     1,158
                          ---    -----    ---   -----      ---     -----
     Total income (loss)
      before income taxes,
      equity income and
      minority
      interests         $(531) $(2,294) $(417) $1,041    $(948)  $(1,253)
                          ===    =====    ===   =====      ===     =====
     See footnotes.
                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (Unaudited)
                                  First Quarter
                                  2006 and 2005
                                  -------------
     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                        2006     2005    2006     2005   2006     2005
                        ----     ----    ----     ----   ----     ----
     Net income (loss)
     GMNA(1)            $(987) $(1,737)   $41    $224    $(946)  $(1,513)
     GME(1)                48     (514)    40     422       88       (92)
     GMLAAM                29       31     27       -       56        31
     GMAP                 398       70   (317)      -       81        70
                          ---    -----    ---     ---      ---     -----
      Total GMA          (512)  (2,150)  (209)    646     (721)   (1,504)
     Other               (417)     168      3    (381)    (414)     (213)
                          ---    -----    ---     ---    -----     -----
      Total Auto &
        Other            (929)  (1,982)  (206)    265   (1,135)   (1,717)
                          ---    -----    ---     ---    -----     -----
     GMAC                 605      728      -       -      605       728
     Other Financing        1        1      -       -        1         1
                          ---      ---     --      --      ---       ---
      Total FIO           606      729      -       -      606       729
                          ---    -----    ---     ---      ---       ---
     Net income (loss)  $(323) $(1,253) $(206)   $265    $(529)    $(988)
                          ===    =====    ===     ===      ===       ===
     Income tax expense
      (benefit)
     GMNA               $(379)   $(506)   $23    $133    $(356)    $(373)
     GME                   29     (333)    23     249       52       (84)
     GMLAAM                50       25      -       -       50        25
     GMAP                 237      (10)  (258)      -      (21)      (10)
                          ---      ---    ---     ---      ---       ---
      Total GMA           (63)    (824)  (212)    382     (275)     (442)
     Other               (409)    (574)     1     394     (408)     (180)
                          ---    -----    ---     ---      ---       ---
      Total Auto &
        Other            (472)  (1,398)  (211)    776     (683)     (622)
                          ---    -----    ---     ---      ---       ---
     GMAC                 330      429      -       -      330       429
     Other Financing        1       (3)     -       -        1        (3)
                          ---      ---     --      --      ---       ---
      Total FIO           331      426      -       -      331       426
                          ---      ---    ---     ---      ---       ---
     Income tax expense
      (benefit)         $(141)   $(972) $(211)   $776    $(352)    $(196)
                          ===      ===    ===     ===      ===       ===
     See footnotes.
                           General Motors Corporation
                       Summary Corporate Financial Results
                                   (Unaudited)
                                  First Quarter
                                  2006 and 2005
                                  --------------
     (Dollars in millions) Reported      Special Items      Adjusted
                           --------      -------------      --------
                        2006     2005    2006     2005   2006     2005
                        ----     ----    ----     ----   ----     ----
     Effective tax rate
     Total GM Corp.        27%      42%    51%     75%      37%       16%
     GMNA                  28%      23%    36%     37%      27%       20%
     GME                   39%      39%    37%     37%      38%       44%
     GMAC                  36%      37%     -       -       36%       37%
     Equity income (loss)
      and minority interests
     GMNA                 $(2)    $(31)   $ -     $ -      $(2)     $(31)
     GME                    2       13      -       -        2        13
     GMLAAM                (1)       1      -       -       (1)        1
     GMAP                  56       83      -       -       56        83
                           --       --     --      --       --        --
     Total GMA            $55      $66    $ -     $ -      $55       $66
                           ==       ==     ==      ==       ==        ==
                           General Motors Corporation
                              Operating Statistics
                                                First Quarter
                                               ----------------
                                               2006        2005
                                               ----        ----
     (Units in thousands)
     Worldwide Production Volume
      GMNA - Cars                               496         470
      GMNA - Trucks                             759         712
                                              -----       -----
      Total GMNA                              1,255       1,182
      GME                                       494         502
      GMLAAM                                    194         185
      GMAP                                      468         335
                                              -----       -----
        Total Worldwide                       2,411       2,204
                                              =====       =====
     Vehicle Unit Deliveries
      Chevrolet - Cars                          195         218
      Chevrolet - Trucks                        376         397
      Pontiac                                    99         100
      GMC                                       105         123
      Buick                                      62          61
      Oldsmobile                                  -           1
      Saturn                                     47          48
      Cadillac                                   51          50
      Other                                      28          17
                                              -----       -----
        Total United States                     963       1,015
      Canada, Mexico, and Other                 163         167
                                              -----       -----
        Total GMNA                            1,126       1,182
      GME                                       522         514
      GMLAAM                                    230         183
      GMAP                                      323         231
                                              -----       -----
        Total Worldwide                       2,201       2,110
                                              =====       =====
     Market Share
      United States - Cars                     20.7%       23.3%
      United States - Trucks                   26.4%       27.1%
        Total United States                    23.8%       25.4%
      Total North America                      23.7%       25.2%
      Total Europe                              9.5%        9.7%
      Total LAAM                               16.9%       15.4%
      Asia Pacific                              6.4%        5.0%
        Total Worldwide                        13.2%       13.3%
     U.S. Retail/Fleet Mix
      % Fleet Sales - Cars                     41.6%       39.5%
      % Fleet Sales - Trucks                   22.4%       18.1%
        Total Vehicles                         30.0%       26.9%
     GMNA Capacity Utilization
      (2 shift rated)                          98.8%       87.6%
                           General Motors Corporation
                              Operating Statistics
                                                First Quarter
                                               ----------------
                                               2006        2005
                                               ----        ----
     GMAC's Worldwide Cost of
      Borrowing (3)                            5.41%       4.30%
     GMAC Period End Debt Spreads Over
      U.S. Treasuries
       2 Year                                   445 bp      350 bp
       5 Year                                   449 bp      465 bp
      10 Year                                   474 bp      460 bp
     GMAC Cash Reserve Balance ($Bil's)(4)    $22.1       $18.5
     GMAC Automotive Finance Operations
      Consumer Credit (North America)
      Net charge-offs as a % of
        managed receivables                    1.14%       0.96%
      Retail contracts 30 days
        delinquent - % of average number
        of contracts outstanding (5)           2.34%       2.09%
      Share of GM retail sales (U.S. only)
      Total consumer volume (retail
        and lease) as % of retail sales          45%         54%
      SmartLease as % of retail sales            22%         17%
      Off-lease vehicle
        remarketing (U.S. only)
      Sales proceeds on scheduled lease
        terminations (36-month) per vehicle $13,579     $13,724
      Off-lease vehicles
        terminated (units in 000s)               69          72
     ResCap
      Originations ($ Bil's)                  $41.6       $36.4
      Mortgage servicing rights, net ($Bil's)  $4.5        $3.7
     GMAC Insurance Operations ($Mil's)
      Combined ratio (6)                       91.3%       93.8%
      Premiums/revenue written               $1,101      $1,118
      Investment portfolio market value      $7,900      $7,322
      After-tax net unrealized capital gains   $622        $463
     Worldwide Employment
      at March 31 (in 000's)
      United States Hourly                      102         109
      United States Salary                       36          39
                                                ---         ---
        Total United States                     138         148
      Canada, Mexico, and Other                  31          31
                                                ---         ---
      GMNA                                      169         179
      GME (7)                                    64          58
      GMLAAM                                     31          30
      GMAP (8)                                   32          15
      GMAC                                       31          34
      Other                                       2           5
                                                ---         ---
        Total                                   329         321
                                                ===         ===
     Worldwide Payrolls ($Bil's)               $5.3        $5.3
     See footnotes.
                           General Motors Corporation
     Footnotes:
     ---------
     (1) Effective January 1, 2006, four powertrain entities were
         transferred from GMNA to GME for management reporting.
         Accordingly, first quarter 2005 amounts have been revised for
         comparability by reclassifying $151 million of revenue and
         $33 million of net income from GMNA to GME.
     (2) Other Operations and Other Financing include intercompany
         eliminations.
     (3) Calculated by dividing total interest expense (excluding mark
         to market adjustments) by total debt.
     (4) Balance at March 31, 2006 comprises $17.3 billion of cash and
         cash equivalents and $4.8 billion in marketable securities
         with maturities greater than 90 days.  Balance at March 31, 2005
         comprises $16.1 billion of cash and cash equivalents and
         $2.4 billion in marketable securities with maturities greater than
         90 days.
     (5) Excludes accounts in bankruptcy.
     (6) Calculated as the sum of all reported losses and expenses
         (excluding interest and income tax expense) divided by the
         total of premiums and service revenues earned and other income.
     (7) Approximately 7,000 employees were added in the fourth quarter
         of 2005 from a former powertrain joint venture with Fiat.
     (8) Approximately 13,000 employees were added as a result of the
         GM Daewoo consolidation in the third quarter of 2005.
                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                         ------------------
                                                           2006        2005
                                                         --------    --------
                                                       (dollars in millions
                                                     except per share amounts)
      Total net sales and revenues                       $52,245     $45,773
                                                          ------     -------
      Cost of sales and other expenses                    43,013      39,499
      Selling, general, and administrative expenses        5,534       4,889
      Interest expense                                     4,229       3,679
                                                          ------      ------
        Total costs and expenses                          52,776      48,067
                                                          ------      ------
      Income (loss) before income taxes, equity
        income and minority interests                       (531)     (2,294)
      Income tax expense (benefit)                          (141)       (972)
      Equity income (loss) and minority interests             67          69
                                                          ------      ------
      Net income (loss)                                   $ (323)    $(1,253)
                                                          ======      ======
      Basic earnings (loss) per share attributable to
        common stock                                     $ (0.57)    $ (2.22)
                                                          ======      ======
      Earnings (loss) per share attributable to
        common stock assuming dilution                   $ (0.57)    $ (2.22)
                                                          ======      ======
                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES
             SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATED
                              STATEMENTS OF INCOME
                                   (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                         ------------------
                                                           2006        2005
                                                         --------    --------
                                                        (dollars in millions)
      AUTOMOTIVE AND OTHER OPERATIONS
      Total net sales and revenues                        $43,390     $37,303
                                                          -------     -------
      Cost of sales and other expenses                     40,615      37,146
      Selling, general, and administrative expenses         3,402       2,837
                                                          -------     -------
        Total costs and expenses                           44,017      39,983
      Interest expense                                        684         685
      Net expense from transactions with Financing
        and Insurance Operations                              146          87
                                                          -------     -------
      Income (loss) before income taxes, equity
        income, and minority interests                     (1,457)     (3,452)
      Income tax (benefit)                                   (472)     (1,398)
      Equity income (loss) and minority interests              56          72
                                                          -------     -------
      Net income (loss) -- Automotive and Other
        Operations                                        $  (929)    $(1,982)
                                                          =======     =======
      FINANCING AND INSURANCE OPERATIONS
      Total revenues                                      $ 8,855     $ 8,470
                                                          -------     -------
      Interest expense                                      3,545       2,994
      Depreciation and amortization expense                 1,511       1,398
      Operating and other expenses                          2,287       2,089
      Provisions for financing and insurance losses           732         918
                                                          -------     -------
        Total costs and expenses                            8,075       7,399
      Net income from transactions with Automotive
        and Other Operations                                 (146)        (87)
                                                          -------     -------
      Income before income taxes, equity income, and
        minority interests                                    926       1,158
      Income tax expense                                      331         426
      Equity income (loss) and minority interests              11          (3)
                                                          -------     -------
        Net income -- Financing and Insurance
          Operations                                       $  606      $  729
                                                           ======      ======
                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                              Mar. 31,   Dec. 31,    Mar. 31,
                                               2006       2005         2005
                                             --------   --------     --------
                                                   (dollars in millions)
                     ASSETS
      Cash and cash equivalents               $34,868   $ 30,726      $26,389
      Marketable securities                    19,839     19,726       26,256
                                              -------   --------      -------
        Total cash and marketable
          securities                           54,707     50,452       52,645
      Finance receivables -- net              180,161    180,793      190,646
      Loans held for sale                      18,171     21,865       22,569
      Accounts and notes receivable (less
        allowances)                            16,801     15,578       18,001
      Inventories (less allowances)            15,519     14,354       13,189
      Assets held for sale                          -     19,030            -
      Deferred income taxes                    29,495     29,889       26,967
      Net equipment on operating leases --
        (less accumulated depreciation)        39,787     38,187       34,371
      Equity in net assets of
        nonconsolidated affiliates              1,830      3,291        6,500
      Property -- net                          40,235     40,214       38,106
      Intangible assets -- net                  4,458      4,339        4,864
      Other assets                             62,835     58,086       60,239
                                              -------    -------      -------
        Total assets                         $463,999   $476,078     $468,097
                                              =======    =======      =======
      LIABILITIES AND STOCKHOLDERS' EQUITY
      Accounts payable (principally trade)    $30,210   $ 29,913      $28,519
      Notes and loans payable                 277,007    285,750      291,831
      Liabilities related to assets held
        for sale                                    -     10,941            -
      Postretirement benefits other than
        pensions                               36,445     33,997       28,462
      Pensions                                 11,723     11,304        9,295
      Deferred income taxes                     5,275      4,477        6,709
      Accrued expenses and other
        liabilities                            87,544     84,060       77,774
                                              -------   --------      -------
        Total liabilities                     448,204    460,442      442,590
      Minority interests                        1,075      1,039          416
      Stockholders' equity
      $1-2/3 par value common stock
        (outstanding, 565,559,329;
        565,518,106; and 565,470,511 shares)      943        943          942
      Capital surplus (principally
        additional paid-in capital)            15,296     15,285       15,234
      Retained earnings                         1,884      2,361       12,526
                                              -------   --------      -------
      Subtotal                                 18,123     18,589       28,702
      Accumulated foreign currency
        translation adjustments                (1,639)    (1,722)      (1,784)
      Net unrealized gains (losses) on
        derivatives                             1,109        733          612
      Net unrealized gains on securities          956        786          535
      Minimum pension liability adjustment     (3,829)    (3,789)      (2,974)
                                              -------   --------      -------
        Accumulated other comprehensive
          loss                                 (3,403)    (3,992)      (3,611)
                                              -------   --------      -------
          Total stockholders' equity           14,720     14,597       25,091
                                              -------   --------      -------
      Total liabilities and stockholders'
        equity                               $463,999   $476,078     $468,097
                                              =======    =======      =======
                   GENERAL MOTORS CORPORATION AND SUBSIDIARIES
             SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATED
                                 BALANCE SHEETS
                                   (Unaudited)
                                              Mar. 31,   Dec. 31,    Mar. 31,
                                               2006       2005         2005
                                             --------   --------     --------
                                                   (dollars in millions)
                     ASSETS
      Automotive and Other Operations
      Cash and cash equivalents               $17,427    $15,187      $10,205
      Marketable securities                     1,396      1,416        5,447
                                              -------    -------      -------
        Total cash and marketable
          securities                           18,823     16,603       15,652
      Accounts and notes receivable (less
        allowances)                             9,440      7,758        6,493
      Inventories (less allowances)            14,862     13,851       12,736
      Net equipment on operating leases --
        (less accumulated depreciation)         7,217      6,993        6,329
      Deferred income taxes and other
        current assets                         10,032      8,877       10,975
                                              -------    -------      -------
      Total current assets                     60,374     54,082       52,185
      Equity in net assets of
        nonconsolidated affiliates              1,830      3,291        6,500
      Property -- net                          38,457     38,466       36,265
      Intangible assets -- net                  1,851      1,862        1,550
      Deferred income taxes                    21,401     22,849       18,093
      Other assets                             41,724     41,103       40,405
                                              -------    -------      -------
        Total Automotive and Other
          Operations assets                   165,637    161,653      154,998
      Financing and Insurance Operations
      Cash and cash equivalents                17,441     15,539       16,184
      Investments in securities                18,443     18,310       20,809
      Finance receivables -- net              180,161    180,793      190,646
      Loans held for sale                      18,171     21,865       22,569
      Assets held for sale                          -     19,030            -
      Net equipment on operating leases
        (less accumulated depreciation)        32,570     31,194       28,042
      Other assets                             31,576     27,694       34,849
      Net receivable from Automotive and
        Other Operations                        4,609      4,452        2,300
                                              -------    -------      -------
        Total Financing and Insurance
          Operations assets                   302,971    318,877      315,399
                                              -------    -------      -------
      Total assets                           $468,608   $480,530     $470,397
                                              =======    =======      =======
      LIABILITIES AND STOCKHOLDERS' EQUITY
      Automotive and Other Operations
      Accounts payable (principally trade)    $26,614    $26,182      $24,168
      Loans payable                             1,207      1,519        2,446
      Accrued expenses                         44,350     42,665       44,544
      Net payable to Financing and
        Insurance Operations                    4,609      4,452        2,300
                                              -------    -------      -------
        Total current liabilities              76,780     74,818       73,458
      Long-term debt                           31,021     31,014       29,879
      Postretirement benefits other than
        pensions                               31,431     28,990       23,754
      Pensions                                 11,568     11,214        9,204
      Other liabilities and deferred
        income taxes                           21,714     22,023       15,924
                                              -------    -------      -------
        Total Automotive and Other
          Operations liabilities              172,514    168,059      152,219
      Financing and Insurance Operations
      Accounts payable                          3,596      3,731        4,351
      Liabilities related to assets held
        for sale                                    -     10,941            -
      Debt                                    244,779    253,217      259,506
      Other liabilities and deferred
        income taxes                           31,924     28,946       28,814
                                              -------    -------      -------
        Total Financing and Insurance
          Operations liabilities              280,299    296,835      292,671
                                              -------    -------      -------
         Total liabilities                    452,813    464,894      444,890
      Minority interests                        1,075      1,039          416
         Total stockholders' equity            14,720     14,597       25,091
                                              -------    -------      -------
      Total liabilities and stockholders'
        equity                               $468,608   $480,530     $470,397
                                              =======    =======      =======





SOURCE  General Motors Corporation 
CONTACT:
Toni Simonetti, +1-212-418-6380, Mobile: +1-917-822-3392, or Jerry Dubrowski, 
+1-212-418-6261, Mobile: +1-917-544-4885, both of General Motors Corporation
-0- Apr/20/2006 11:30 GMT
 
 
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