Exhibit 99.1

For Release: May 3, 7:30 a.m. EDT

GM Reports First Quarter Net Income of $1.0 Billion
and EBIT-adjusted of $2.2 billion

Net income of $0.60 per share after net loss from special items of $0.33 per share


DETROIT - General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $1.0 billion, or $0.60 per fully-diluted share. These results include a net loss from special items related to goodwill impairment that reduced net income by $0.6 billion, or $0.33 per fully-diluted share.

In the first quarter of 2011, GM's net income attributable to common stockholders was $3.2 billion, or $1.77 per fully-diluted share, including a net gain from special items of $1.5 billion or $0.82 per share.

Net revenue in the first quarter of 2012 was $37.8 billion, an increase of $1.6 billion compared with the first quarter of 2011. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, an increase of $0.2 billion compared with the first quarter of 2011.  

“The U.S. economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors,” said Dan Akerson, chairman and CEO. “New products are starting to make a difference in South America but Europe remains a work in progress. We'll continue to work on both revenue and cost opportunities until we have brought GM to competitive levels of profitability.”

GM Results Overview (in billions except for per share amounts)
 
Q1 2012

Q1 2011

Revenue
$
37.8

$
36.2

Net income attributable to common stockholders
$
1.0

$
3.2

Earnings per share (EPS) fully diluted
$
0.60

$
1.77

Impact of special items on EPS fully diluted
$
(0.33
)
$
0.82

 
 
 
EBIT-adjusted
$
2.2

$
2.0

 
 
 
Automotive net cash flow from operating activities
$
2.3

$
(0.6
)
Automotive free cash flow
$
0.3

$
(1.9
)

Segment Results
•
GM North America (GMNA) reported EBIT-adjusted of $1.7 billion, including restructuring costs of $0.1 billion, an improvement of $0.4 billion compared with the first quarter of 2011.
•
GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion compared with break-even results in the first quarter of 2011.

1


•
GM International Operations (GMIO) reported EBIT-adjusted of $0.5 billion, compared with $0.6 billion in the first quarter of 2011.
•
GM South America's (GMSA) EBIT-adjusted of $0.1 billion was flat compared with the first quarter of 2011.
•
GM Financial earnings before tax was $0.2 billion for the quarter, a $0.1 billion increase from the prior year.

Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $2.3 billion and automotive free cash flow was $0.3 billion. GM ended the quarter with very strong total automotive liquidity of $37.3 billion. Automotive cash and marketable securities was $31.5 billion compared with $31.6 billion at the end of the fourth quarter of 2011.

2012 GMNA Outlook
With the strengthening U.S. economy helping release pent-up demand, GM now expects that full-year 2012 U.S. light vehicle sales will be in the 14.0 million - 14.5 million range. Previously, the company expected sales to fall between 13.5 million - 14.0 million units.

Based upon the company's current outlook, GMNA's results for the second and third quarters of 2012 are expected to be comparable to the first quarter of 2012 due to the scheduled downtime at factories that produce full-size trucks.

“We are aggressively eliminating complexity to reduce our costs, and at that same time, we are preparing for more than 20 major vehicle launches around the world in 2012 to drive revenue this year and farther into the future,” said Dan Ammann, senior vice president and CFO.

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM's brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
Contacts:
 
 
Jim Cain
 
Randy Arickx
Cell 313-407-2843
 
Cell 313-268-7070
james.cain@gm.com
 
randy.c.arickx@gm.com
 
 
 

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




1


Exhibit 1

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

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

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

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

The following table summarizes the reconciliation of EBIT-adjusted to its most comparable U.S. GAAP measure (dollars in millions):
 
Three Months Ended March 31,
 
2012
 
2011
Operating segments
 
 
 
GMNA(a)
$
1,691

 
$
1,253

GME(a)
(256
)
 
5

GMIO(a)
529

 
586

GMSA(a)
83

 
90

GM Financial(b)
181

 
130

Total operating segments(b)
2,228

 
2,064

Corporate and eliminations
(46
)
 
(22
)
EBIT-adjusted(b)
2,182

 
2,042

Special items
(612
)
 
1,483

Interest income
89

 
127

Automotive interest expense
110

 
149

Loss on extinguishment of debt
18

 
—

Income tax expense
216

 
137

Net income attributable to stockholders
$
1,315

 
$
3,366

__________
(a)
GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders.
(b)
GM Financial amounts represent income before income taxes.

1


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The following summarizes the special items:

In the three months ended March 31, 2012 special items included the following:

•
Goodwill impairment charges of $590 million in GME and $22 million in GMIO.

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

•
Gain of $1.6 billion in GMNA related to the sale of GM's Class A Membership Interests in Delphi Automotive LLP;
•
Gain of $339 million in Corporate related to the sale of 100% of the Ally Financial, Inc. preferred stock;
•
Goodwill impairment charges of $395 million in GME; and
•
Charges of $106 million in GMIO related to GM's India joint venture.

The following table summarizes the reconciliation of Automotive free cash flow to Automotive net cash provided by (used in) operating activities (dollars in millions):
 
Three Months Ended March 31,
 
2012
 
2011
Automotive free cash flow
$
282

 
$
(1,918
)
Capital expenditures
1,990

 
1,322

Automotive net cash provided by (used in) operating activities
$
2,272

 
$
(596
)


2


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Three Months Ended March 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue
$
24,176

 
$
5,513

 
$
6,060

 
$
3,939

 
$
15

 
$
(2,375
)
 
$
37,328

 
$
431

 
$
—

 
$
37,759

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
$
888

 
$
280

 
$
129

 
$
118

 
$
12

 
$
—

 
$
1,427

 
$
43

 
$
(2
)
 
$
1,468

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income, net of tax
$
2

 
$
—

 
$
421

 
$
—

 
$
—

 
$
—

 
$
423

 
$
—

 
$
—

 
$
423

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Three Months Ended March 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net sales and revenue(a)
$
22,110

 
$
6,870

 
$
5,208

 
$
3,896

 
$
16

 
$
(2,201
)
 
$
35,899

 
$
295

 
$
—

 
$
36,194

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

 
$
340

 
$
116

 
$
116

 
$
13

 
$
—

 
$
1,562

 
$
14

 
$
—

 
$
1,576

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income, net of tax and gain on disposal of investments
$
1,729

 
$
—

 
$
415

 
$
—

 
$
—

 
$
—

 
$
2,144

 
$
—

 
$
—

 
$
2,144

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
__________
(a)
Presentation of intersegment sales has been adjusted to conform to the current presentation.


3



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

 
March 31, 2012
 
December 31, 2011
Worldwide Employment (thousands)
 
 
 
GMNA
100

 
98

GME
39

 
39

GMIO
35

 
34

GMSA
32

 
33

GM Financial
3

 
3

Total Worldwide
209

 
207

 


 
 
U.S. - Salaried
29

 
29

U.S. - Hourly
50

 
48





4



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
 
Three Months Ended March 31,
 
2012
 
2011
Production Volume (units in thousands)(a)
 
 
GMNA - Cars
321

 
284

GMNA - Trucks
541

 
502

Total GMNA
862

 
786

GME
292

 
344

GMIO - Consolidated Entities
275

 
257

GMIO - Joint Ventures(b)
792

 
709

Total GMIO
1,067

 
966

GMSA
203

 
231

Total Worldwide
2,424

 
2,327

__________
(a)
Production volume includes vehicles produced by certain joint ventures.
(b)
The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China.



5


General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
 
Three Months Ended March 31,
 
2012
 
2011
Vehicle Sales (units in thousands)(a)(b)(c)
 
 
 
United States
 
 
 
Chevrolet - Cars
217

 
181

Chevrolet - Trucks
151

 
144

Chevrolet - Crossovers
80

 
91

Cadillac
31

 
41

Buick
37

 
45

GMC
92

 
91

Total United States
608

 
593

Canada, Mexico and Other
95

 
92

Total GMNA
703

 
684

GME
 
 
 
Opel/Vauxhall
275

 
321

Chevrolet
122

 
112

Other
1

 
1

Total GME
398

 
434

GMIO
 
 
 
Chevrolet
288

 
259

Wuling
355

 
337

Buick
181

 
166

GM Daewoo
—

 
15

Holden
31

 
32

GMC
11

 
7

Cadillac
9

 
8

Other
53

 
29

Total GMIO(d)
928

 
852

GMSA
 
 
 
Chevrolet
248

 
245

Other
1

 
3

Total GMSA
249

 
248

Total Worldwide
2,278

 
2,218

__________
(a)
GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales.
(b)
Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies.
(c)
Vehicle sales data may include rounding differences.
(d)
Includes the following joint venture sales:
 
Three Months Ended March 31,
 
2012
 
2011
Joint venture sales in China
 
 
 
SGM
337

 
310

SGMW and FAW-GM
407

 
376

Joint venture sales in India
 
 
 
HKJV
28

 
29


6



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
 
Three Months Ended March 31,
 
2012
 
2011
Market Share(a)(b)
 
 
 
United States - Cars
14.3%
 
15.5%
United States - Trucks
22.8%
 
24.8%
United States - Crossovers
17.3%
 
19.8%
Total United States
17.2%
 
19.0%
Total GMNA
16.7%
 
18.3%
Total GME
8.2%
 
8.4%
Total GMIO(c)
9.4%
 
9.3%
Total GMSA
18.4%
 
18.8%
Total Worldwide
11.3%
 
11.4%
 
 
 
 
U.S. Retail/Fleet Mix
 
 
 
% Fleet Sales - Cars
33.4%
 
28.6%
% Fleet Sales - Trucks
25.0%
 
21.1%
% Fleet Sales - Crossovers
17.2%
 
19.7%
Total Vehicles
26.7%
 
23.6%
 
 
 
 
GMNA Capacity Utilization(d)
103.0%
 
97.3%
__________
(a)
Market share information is based on vehicle sales volume.
(b)
GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales.
(c)
Includes the following joint venture sales:
 
Three Months Ended March 31,
 
2012
 
2011
Joint venture sales in China
 
 
 
SGM
337

 
310

SGMW and FAW-GM
407

 
376

Joint venture sales in India
 
 
 
HKJV
28

 
29

(d)
Two shift rated, annualized.

7



General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
 
Three Months Ended March 31,
 
2012
 
2011
Net sales and revenue
 
 
 
Automotive sales and revenue
$
37,328

 
$
35,899

GM Financial revenue
431

 
295

Total net sales and revenue
37,759

 
36,194

Costs and expenses
 
 
 
Automotive cost of sales
32,910

 
31,685

GM Financial operating and other expenses
248

 
165

Automotive selling, general and administrative expense
2,973

 
2,994

Other automotive expenses, net
15

 
6

Goodwill impairment charges
617

 
395

Total costs and expenses
36,763

 
35,245

Operating income
996

 
949

Automotive interest expense
110

 
149

Interest income and other non-operating income, net
275

 
604

Loss on extinguishment of debt
18

 
—

Income before income taxes and equity income
1,143

 
1,404

Income tax expense
216

 
137

Equity income, net of tax and gain on disposal of investments
423

 
2,144

Net income
1,350

 
3,411

Net income attributable to noncontrolling interests
(35
)
 
(45
)
Net income attributable to stockholders
$
1,315

 
$
3,366

Net income attributable to common stockholders
$
1,004

 
$
3,151

 
 
 
 
Earnings per share
 
 
 
Basic
 
 
 
Basic earnings per common share
$
0.64

 
$
2.09

Weighted-average common shares outstanding
1,572

 
1,504

Diluted
 
 
 
Diluted earnings per common share
$
0.60

 
$
1.77

Weighted-average common shares outstanding
1,692

 
1,817





8



General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)

In the three months ended March 31, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share in the period ended March 31, 2012.

The following table summarizes basic and diluted earnings per share for three months ended March 31, 2012 and 2011 (in millions, except per share amounts):
 
Three Months Ended March 31,
 
2012
 
2011
Basic earnings per share
 
 
 
Net income attributable to stockholders(a)
$
1,315

 
$
3,366

Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(b)
(311
)
 
(215
)
Net income attributable to common stockholders
$
1,004

 
$
3,151

Weighted-average common shares outstanding - basic
1,572

 
1,504

Basic earnings per share
$
0.64

 
$
2.09

Diluted earnings per share
 
 
 
Net income attributable to stockholders(a)
$
1,315

 
$
3,366

Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(c)
(305
)
 
(215
)
Add: preferred dividends to holders of Series B Preferred Stock
—

 
59

Net income attributable to common stockholders
$
1,010

 
$
3,210

Weighted-average shares outstanding - diluted
 
 
 
Weighted-average common shares outstanding - basic
1,572

 
1,504

Dilutive effect of warrants
116

 
162

Dilutive effect of conversion of Series B Preferred Stock
—

 
148

Dilutive effect of restricted stock units
4

 
3

Weighted-average common shares outstanding - diluted
1,692

 
1,817

Diluted earnings per share
$
0.60

 
$
1.77

__________
(a)
Includes earned but undeclared dividends of $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three months ended March 31, 2012 and 2011.
(b)
Includes cumulative dividends on preferred stock of $215 million and earnings of $96 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012 and cumulative dividends on preferred stock of $215 million in the three months ended March 31, 2011.
(c)
Includes cumulative dividends on preferred stock of $215 million and earnings of $90 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012 and cumulative dividends on preferred stock of $215 million in the three months ended March 31, 2011.


9



General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
 
March 31, 2012
 
December 31, 2011
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
17,378

 
$
16,071

Marketable securities
14,686

 
16,148

Restricted cash and marketable securities
924

 
1,005

Accounts and notes receivable (net of allowance of $390 and $331)
12,485

 
9,964

GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $3,357 and $3,295)
3,314

 
3,251

Inventories
15,844

 
14,324

Equipment on operating leases, net
2,600

 
2,464

Other current assets and deferred income taxes
1,985

 
1,696

Total current assets
69,216

 
64,923

Non-current Assets
 
 
 
Restricted cash and marketable securities
1,151

 
1,228

GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $5,742 and $5,773)
6,162

 
5,911

Equity in net assets of nonconsolidated affiliates
6,793

 
6,790

Property, net
24,275

 
23,005

Goodwill
28,433

 
29,019

Intangible assets, net
9,687

 
10,014

GM Financial equipment on operating leases, net (including assets transferred to SPEs of $373 and $274)
1,066

 
785

Other assets and deferred income taxes
3,411

 
2,928

Total non-current assets
80,978

 
79,680

Total Assets
$
150,194

 
$
144,603

LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Accounts payable (principally trade)
$
27,576

 
$
24,551

Short-term debt and current portion of long-term debt


 


Automotive (including certain debt at GM Korea of $116 and $171)
1,557

 
1,682

GM Financial
3,793

 
4,118

Accrued liabilities (including derivative liabilities at GM Korea of $26 and $44)
23,651

 
22,875

Total current liabilities
56,577

 
53,226

Non-current Liabilities
 
 
 
Long-term debt


 


Automotive
3,828

 
3,613

GM Financial
5,046

 
4,420

Postretirement benefits other than pensions
6,832

 
6,836

Pensions
25,017

 
25,075

Other liabilities and deferred income taxes
12,754

 
12,442

Total non-current liabilities
53,477

 
52,386

Total Liabilities
110,054

 
105,612

Commitments and contingencies


 


Equity
 
 
 
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized:
 
 
 
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at March 31, 2012 and December 31, 2011)
5,536

 
5,536

Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at March 31, 2012 and December 31, 2011)
4,855

 
4,855

Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,842,758 shares and 1,564,727,289 shares issued and outstanding at March 31, 2012 and December 31, 2011)
16

 
16

Capital surplus (principally additional paid-in capital)
26,334

 
26,391

Retained earnings
8,283

 
7,183

Accumulated other comprehensive loss
(5,768
)
 
(5,861
)
Total stockholders’ equity
39,256

 
38,120

Noncontrolling interests
884

 
871

Total Equity
40,140

 
38,991

Total Liabilities and Equity
$
150,194

 
$
144,603



10