Exhibit 99.1
For Release: August 2, 7:30 a.m. EDT
GM Reports Second Quarter Net Income of $1.5 Billion and
EBIT-adjusted of $2.1 Billion
DETROIT - General Motors Co. (NYSE: GM) today announced second quarter net income attributable to common stockholders of $1.5 billion, or $0.90 per fully-diluted share. In the second quarter a year ago, GM's net income attributable to common stockholders was $2.5 billion, or $1.54 per fully-diluted share.
Net revenue in the second quarter of 2012 was $37.6 billion, compared with $39.4 billion in the second quarter of 2011. The decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011. Total restructuring expense included in EBIT-adjusted for the second quarter of 2012 was $0.1 billion.
“Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America,” said GM chairman and CEO Dan Akerson. “Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade.”
GM Results Overview (in billions except for per share amounts)

| Q2 2012 |  | Q2 2011 |
Revenue | $ | 37.6 |  | $ | 39.4 |
Net income attributable to common stockholders | $ | 1.5 |  | $ | 2.5 |
Earnings per share (EPS) fully diluted | $ | 0.90 |  | $ | 1.54 |
Impact of special items on EPS fully diluted | — |  | — |
EBIT-adjusted | $ | 2.1 |  | $ | 3.0 |
Automotive net cash flow from operating activities | $ | 3.8 |  | $ | 5.0 |
Automotive free cash flow | $ | 1.7 |  | $ | 3.8 |

Segment Results

• | GM North America (GMNA) reported EBIT-adjusted of $2.0 billion, compared with $2.2 billion in the second quarter of 2011.

• | GM Europe (GME) reported an EBIT-adjusted loss of $0.4 billion, compared with EBIT-adjusted of $0.1 billion in second quarter of 2011.

• | GM International Operations (GMIO) reported EBIT-adjusted of $0.6 billion, equal to the second quarter of 2011.

• | GM South America (GMSA) reported breakeven results on an EBIT-adjusted basis, compared

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with EBIT-adjusted of $0.1 billion in the second quarter of 2011. The second quarter 2012 results include $0.1 billion in restructuring expenses.

• | GM Financial earnings before tax was $0.2 billion for the quarter, compared with $0.1 billion a year ago.

• | In the Corporate segment, GM reported EBIT-adjusted of $(0.2) billion, of which $(0.1) billion was attributable to a non-cash foreign exchange loss.

Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $3.8 billion and automotive free cash flow was $1.7 billion. GM ended the quarter with very strong total automotive liquidity of $38.5 billion. Automotive cash and marketable securities was $32.6 billion, compared with $31.5 billion at the end of the first quarter of 2012.
At the end of the first quarter, GM indicated that GMNA's results for the second and third quarters of 2012 were expected to be comparable to the first quarter. Second quarter GMNA results were stronger in part due to timing of spending that was deferred to the third quarter. GM continues to expect that the average of its second and third quarter EBIT-adjusted in GMNA will be comparable to first quarter results.
“We're executing an aggressive product plan around the world, and at the same time we are working systematically to simplify the business and truly leverage our scale to grow our margins,” 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, 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
Cell 313-407-2843
james.cain@gm.com
Randy Arickx
Cell 313-268-7070
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; the overall strength and stability of our markets, particularly Europe; 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.
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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 (EBIT-adjusted), 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 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 |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Operating segments |  |  |  |  |  |  |
GMNA(a) | $ | 1,965 |  |  | $ | 2,249 |  |  | $ | 3,656 |  |  | $ | 3,502 |
GME(a) | (361 | ) |  | 102 |  |  | (617 | ) |  | 107 |
GMIO(a) | 557 |  |  | 573 |  |  | 1,086 |  |  | 1,159 |
GMSA(a) | (19 | ) |  | 57 |  |  | 64 |  |  | 147 |
GM Financial(b) | 217 |  |  | 144 |  |  | 398 |  |  | 274 |
Total operating segments(b) | 2,359 |  |  | 3,125 |  |  | 4,587 |  |  | 5,189 |
Corporate and eliminations | (240 | ) |  | (163 | ) |  | (286 | ) |  | (185 | )
EBIT-adjusted(b) | 2,119 |  |  | 2,962 |  |  | 4,301 |  |  | 5,004 |
Special items | — |  |  | — |  |  | (612 | ) |  | 1,483 |
Corporate interest income | 86 |  |  | 124 |  |  | 175 |  |  | 251 |
Automotive interest expense | 118 |  |  | 155 |  |  | 228 |  |  | 304 |
Loss on extinguishment of debt | — |  |  |  |  | 18 |  |  |
Income tax expense (benefit) | 241 |  |  | (61 | ) |  | 457 |  |  | 76 |
Net income attributable to stockholders | $ | 1,846 |  |  | $ | 2,992 |  |  | $ | 3,161 |  |  | $ | 6,358 |

__________

(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:
There were no special items in the three months ended June 30, 2012 and 2011.
In the six months ended June 30, 2012 special items included Goodwill impairment charges of $590 million in GME and $22 million in GMIO.
In the six months ended June 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 operating activities (dollars in millions):

| Three Months Ended |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Automotive free cash flow | $ | 1,698 |  |  | $ | 3,789 |  |  | $ | 1,980 |  |  | $ | 1,871 |
Capital expenditures | 2,062 |  |  | 1,172 |  |  | 4,052 |  |  | 2,494 |
Automotive net cash provided by operating activities | $ | 3,760 |  |  | $ | 4,961 |  |  | $ | 6,032 |  |  | $ | 4,365 |

2

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

| GMNA |  | GME |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Three Months Ended June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net sales and revenue | $ | 22,900 |  |  | $ | 5,894 |  |  | $ | 6,945 |  |  | $ | 4,179 |  |  | $ | 10 |  |  | $ | (2,802 | ) |  | $ | 37,126 |  |  | $ | 487 |  |  | $ | 1 |  |  | $ | 37,614 |
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 894 |  |  | $ | 295 |  |  | $ | 149 |  |  | $ | 117 |  |  | $ | 14 |  |  | $ | (1 | ) |  | $ | 1,468 |  |  | $ | 54 |  |  | $ | (2 | ) |  | $ | 1,520 |
Equity income, net of tax and gain on disposal of investments | $ | 2 |  |  | $ | — |  |  | $ | 298 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |
| GMNA |  | GME |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Three Months Ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net sales and revenue(a) | $ | 23,128 |  |  | $ | 7,459 |  |  | $ | 6,402 |  |  | $ | 4,363 |  |  | $ | 14 |  |  | $ | (2,323 | ) |  | $ | 39,043 |  |  | $ | 330 |  |  | $ | — |  |  | $ | 39,373 |
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 990 |  |  | $ | 374 |  |  | $ | 123 |  |  | $ | 115 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 1,615 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 1,634 |
Equity income, net of tax and gain on disposal of investments | $ | 3 |  |  | $ | — |  |  | $ | 379 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 382 |  |  | $ | — |  |  | $ | — |  |  | $ | 382 |
| GMNA |  | GME |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Six Months Ended June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net sales and revenue | $ | 47,076 |  |  | $ | 11,407 |  |  | $ | 13,005 |  |  | $ | 8,118 |  |  | $ | 25 |  |  | $ | (5,177 | ) |  | $ | 74,454 |  |  | $ | 918 |  |  | $ | 1 |  |  | $ | 75,373 |
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,782 |  |  | $ | 575 |  |  | $ | 278 |  |  | $ | 235 |  |  | $ | 26 |  |  | $ | (1 | ) |  | $ | 2,895 |  |  | $ | 97 |  |  | $ | (4 | ) |  | $ | 2,988 |
Equity income, net of tax and gain on disposal of investments | $ | 4 |  |  | $ | — |  |  | $ | 719 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 723 |  |  | $ | — |  |  | $ | — |  |  | $ | 723 |
| GMNA |  | GME |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Six Months Ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total net sales and revenue(a) | $ | 45,238 |  |  | $ | 14,329 |  |  | $ | 11,610 |  |  | $ | 8,259 |  |  | $ | 30 |  |  | $ | (4,524 | ) |  | $ | 74,942 |  |  | $ | 625 |  |  | $ | — |  |  | $ | 75,567 |
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,967 |  |  | $ | 714 |  |  | $ | 239 |  |  | $ | 231 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 3,177 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 3,210 |
Equity income, net of tax and gain on disposal of investments | $ | 1,732 |  |  | $ | — |  |  | $ | 794 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,526 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,526 |

__________

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

3

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

| June 30, 2012 |  | December 31, 2011
Worldwide Employment (thousands) |  |  |
GMNA | 101 |  |  | 98 |
GME | 38 |  |  | 39 |
GMIO | 35 |  |  | 34 |
GMSA | 32 |  |  | 33 |
GM Financial | 4 |  |  | 3 |
Total Worldwide | 210 |  |  | 207 |
U.S. - Salaried | 29 |  |  | 29 |
U.S. - Hourly | 50 |  |  | 48 |

4

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

| Three Months Ended |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Production Volume (units in thousands)(a) |  |  |  |  |  |  |
GMNA - Cars | 327 |  |  | 308 |  |  | 648 |  |  | 593 |
GMNA - Trucks | 510 |  |  | 516 |  |  | 1,051 |  |  | 1,017 |
Total GMNA | 837 |  |  | 824 |  |  | 1,699 |  |  | 1,610 |
GME | 230 |  |  | 326 |  |  | 522 |  |  | 670 |
GMIO - Consolidated Entities | 309 |  |  | 310 |  |  | 584 |  |  | 567 |
GMIO - Joint Ventures(b) | 786 |  |  | 693 |  |  | 1,578 |  |  | 1,402 |
Total GMIO | 1,095 |  |  | 1,003 |  |  | 2,162 |  |  | 1,969 |
GMSA | 231 |  |  | 247 |  |  | 433 |  |  | 478 |
Total Worldwide | 2,393 |  |  | 2,400 |  |  | 4,816 |  |  | 4,727 |

__________

(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 |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Vehicle Sales (units in thousands)(a)(b)(c) |  |  |  |  |  |  |
United States |  |  |  |  |  |  |
Chevrolet - Cars | 246 |  |  | 249 |  |  | 463 |  |  | 430 |
Chevrolet - Trucks | 171 |  |  | 149 |  |  | 321 |  |  | 293 |
Chevrolet - Crossovers | 97 |  |  | 91 |  |  | 178 |  |  | 181 |
Cadillac | 32 |  |  | 36 |  |  | 63 |  |  | 76 |
Buick | 53 |  |  | 49 |  |  | 90 |  |  | 94 |
GMC | 109 |  |  | 97 |  |  | 201 |  |  | 187 |
Total United States | 707 |  |  | 669 |  |  | 1,316 |  |  | 1,262 |
Canada, Mexico and Other | 113 |  |  | 115 |  |  | 209 |  |  | 207 |
Total GMNA | 820 |  |  | 784 |  |  | 1,524 |  |  | 1,468 |
GME |  |  |  |  |  |  |
Opel/Vauxhall | 298 |  |  | 341 |  |  | 573 |  |  | 662 |
Chevrolet | 155 |  |  | 145 |  |  | 277 |  |  | 257 |
Other | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Total GME | 454 |  |  | 488 |  |  | 852 |  |  | 922 |
GMIO |  |  |  |  |  |  |
Chevrolet | 277 |  |  | 265 |  |  | 567 |  |  | 523 |
Wuling | 332 |  |  | 267 |  |  | 687 |  |  | 604 |
Buick | 162 |  |  | 159 |  |  | 343 |  |  | 325 |
GM Daewoo | — |  |  | 1 |  |  | — |  |  | 15 |
Holden | 29 |  |  | 35 |  |  | 61 |  |  | 66 |
GMC | 12 |  |  | 12 |  |  | 22 |  |  | 19 |
Cadillac | 8 |  |  | 9 |  |  | 17 |  |  | 16 |
Other | 43 |  |  | 27 |  |  | 94 |  |  | 57 |
Total GMIO(d) | 863 |  |  | 775 |  |  | 1,791 |  |  | 1,627 |
GMSA |  |  |  |  |  |  |
Chevrolet | 253 |  |  | 271 |  |  | 501 |  |  | 516 |
Other | 1 |  |  | 3 |  |  | 2 |  |  | 6 |
Total GMSA | 254 |  |  | 274 |  |  | 504 |  |  | 522 |
Total Worldwide | 2,391 |  |  | 2,320 |  |  | 4,671 |  |  | 4,538 |

__________

(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 |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Joint venture sales in China |  |  |  |  |  |  |
SGM | 302 |  |  | 290 |  |  | 640 |  |  | 600 |
SGMW and FAW-GM | 368 |  |  | 296 |  |  | 775 |  |  | 672 |
Joint venture sales in India |  |  |  |  |  |  |
HKJV | 21 |  |  | 27 |  |  | 49 |  |  | 55 |

6

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

| Three Months Ended |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Market Share(a)(b) |  |  |  |  |  |  |
United States - Cars | 15.4% |  | 18.5% |  | 14.8% |  | 17.0%
United States - Trucks | 23.4% |  | 23.8% |  | 23.1% |  | 24.3%
United States - Crossovers | 18.5% |  | 19.2% |  | 17.9% |  | 19.5%
Total United States | 18.2% |  | 20.0% |  | 17.7% |  | 19.6%
Total GMNA | 17.4% |  | 19.1% |  | 17.1% |  | 18.7%
Total GME | 8.8% |  | 9.0% |  | 8.5% |  | 8.7%
Total GMIO(c) | 9.2% |  | 9.8% |  | 9.3% |  | 9.5%
Total GMSA | 18.2% |  | 19.3% |  | 18.2% |  | 19.0%
Total Worldwide | 11.6% |  | 12.3% |  | 11.4% |  | 11.9%
U.S. Retail/Fleet Mix |  |  |  |  |  |  |
% Fleet Sales - Cars | 31.0% |  | 38.6% |  | 32.1% |  | 34.3%
% Fleet Sales - Trucks | 30.6% |  | 29.2% |  | 28.0% |  | 25.2%
% Fleet Sales - Crossovers | 25.7% |  | 17.0% |  | 21.9% |  | 18.4%
Total Vehicles | 29.6% |  | 30.6% |  | 28.2% |  | 27.3%
GMNA Capacity Utilization | 100.8% |  | 102.1% |  | 102.2% |  | 99.7%

__________

(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 |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Joint venture sales in China |  |  |  |  |  |  |
SGM | 302 |  |  | 290 |  |  | 640 |  |  | 600 |
SGMW and FAW-GM | 368 |  |  | 296 |  |  | 775 |  |  | 672 |
Joint venture sales in India |  |  |  |  |  |  |
HKJV | 21 |  |  | 27 |  |  | 49 |  |  | 55 |

7

General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)

| Three Months Ended |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Net sales and revenue |  |  |  |  |  |  |
Automotive sales and revenue | $ | 37,127 |  |  | $ | 39,043 |  |  | $ | 74,455 |  |  | $ | 74,942 |
GM Financial revenue | 487 |  |  | 330 |  |  | 918 |  |  | 625 |
Total net sales and revenue | 37,614 |  |  | 39,373 |  |  | 75,373 |  |  | 75,567 |
Costs and expenses |  |  |  |  |  |  |
Automotive cost of sales | 32,678 |  |  | 33,793 |  |  | 65,588 |  |  | 65,478 |
GM Financial operating and other expenses | 268 |  |  | 186 |  |  | 516 |  |  | 351 |
Automotive selling, general and administrative expense | 2,842 |  |  | 2,924 |  |  | 5,815 |  |  | 5,918 |
Other automotive expenses, net | 5 |  |  | 19 |  |  | 20 |  |  | 25 |
Goodwill impairment charges | — |  |  | — |  |  | 617 |  |  | 395 |
Total costs and expenses | 35,793 |  |  | 36,922 |  |  | 72,556 |  |  | 72,167 |
Operating income | 1,821 |  |  | 2,451 |  |  | 2,817 |  |  | 3,400 |
Automotive interest expense | 118 |  |  | 155 |  |  | 228 |  |  | 304 |
Interest income and other non-operating income, net | 139 |  |  | 308 |  |  | 414 |  |  | 912 |
Loss on extinguishment of debt | — |  |  | 10 |  |  | 18 |  |  | 10 |
Income before income taxes and equity income | 1,842 |  |  | 2,594 |  |  | 2,985 |  |  | 3,998 |
Income tax expense (benefit) | 241 |  |  | (61 | ) |  | 457 |  |  | 76 |
Equity income, net of tax and gain on disposal of investments | 300 |  |  | 382 |  |  | 723 |  |  | 2,526 |
Net income | 1,901 |  |  | 3,037 |  |  | 3,251 |  |  | 6,448 |
Net income attributable to noncontrolling interests | (55 | ) |  | (45 | ) |  | (90 | ) |  | (90 | )
Net income attributable to stockholders | $ | 1,846 |  |  | $ | 2,992 |  |  | $ | 3,161 |  |  | $ | 6,358 |
Net income attributable to common stockholders | $ | 1,487 |  |  | $ | 2,524 |  |  | $ | 2,491 |  |  | $ | 5,387 |
Earnings per share |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |
Basic earnings per common share | $ | 0.95 |  |  | $ | 1.68 |  |  | $ | 1.59 |  |  | $ | 3.58 |
Weighted-average common shares outstanding | 1,569 |  |  | 1,505 |  |  | 1,571 |  |  | 1,505 |
Diluted |  |  |  |  |  |  |
Diluted earnings per common share | $ | 0.90 |  |  | $ | 1.54 |  |  | $ | 1.49 |  |  | $ | 3.27 |
Weighted-average common shares outstanding | 1,671 |  |  | 1,654 |  |  | 1,681 |  |  | 1,661 |

8

General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months and six months ended June 30, 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 June 30, 2012.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):

| Three Months Ended |  | Six Months Ended
| June 30, 2012 |  | June 30, 2011 |  | June 30, 2012 |  | June 30, 2011
Basic earnings per share |  |  |  |  |  |  |
Net income attributable to stockholders(a) | $ | 1,846 |  |  | $ | 2,992 |  |  | $ | 3,161 |  |  | $ | 6,358 |
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(b) | (359 | ) |  | (468 | ) |  | (670 | ) |  | (971 | )
Net income attributable to common stockholders | $ | 1,487 |  |  | $ | 2,524 |  |  | $ | 2,491 |  |  | $ | 5,387 |
Weighted-average common shares outstanding - basic | 1,569 |  |  | 1,505 |  |  | 1,571 |  |  | 1,505 |
Basic earnings per share | $ | 0.95 |  |  | $ | 1.68 |  |  | $ | 1.59 |  |  | $ | 3.58 |
Diluted earnings per share |  |  |  |  |  |  |
Net income attributable to stockholders(a) | $ | 1,846 |  |  | $ | 2,992 |  |  | $ | 3,161 |  |  | $ | 6,358 |
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(c) | (350 | ) |  | (447 | ) |  | (655 | ) |  | (924 | )
Net income attributable to common stockholders | $ | 1,496 |  |  | $ | 2,545 |  |  | $ | 2,506 |  |  | $ | 5,434 |
Weighted-average shares outstanding - diluted |  |  |  |  |  |  |
Weighted-average common shares outstanding - basic | 1,569 |  |  | 1,505 |  |  | 1,571 |  |  | 1,505 |
Dilutive effect of warrants | 98 |  |  | 147 |  |  | 106 |  |  | 154 |
Dilutive effect of restricted stock units | 4 |  |  | 2 |  |  | 4 |  |  | 2 |
Weighted-average common shares outstanding - diluted | 1,671 |  |  | 1,654 |  |  | 1,681 |  |  | 1,661 |
Diluted earnings per share | $ | 0.90 |  |  | $ | 1.54 |  |  | $ | 1.49 |  |  | $ | 3.27 |

__________

(a) | Includes earned but undistributed dividends of $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three and six months ended June 30, 2012 and 2011.

(b) | Includes cumulative dividends on preferred stock of $214 million and earnings of $145 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2012 and cumulative dividends on preferred stock of $214 million and earnings of $254 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2011. Includes cumulative dividends on preferred stock of $429 million and earnings of $241 million that have been allocated to the Series B Preferred Stock holders in the six months ended June 30, 2012 and cumulative dividends on preferred stock of $429 million and earnings of $542 million allocated to the Series B Preferred Stock holders in the six months ended June 30, 2011.

(c) | Includes cumulative dividends on preferred stock of $214 million and earnings of $136 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2012 and cumulative dividends on preferred stock of $214 million and earnings of $233 million that have been allocated to the Series B Preferred Stock holders in the three months ended June 30, 2011. Includes cumulative dividends on preferred stock of $429 million and earnings of $226 million that have been allocated to the Series B Preferred Stock holders in the six months ended June 30, 2012 and cumulative dividends on preferred stock of $429 million and earnings of $495 million that have been allocated to the Series B Preferred Stock holders in the six months ended June 30, 2011.

9

General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)

| June 30, 2012 |  | December 31, 2011
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 22,184 |  |  | $ | 16,071 |
Marketable securities | 11,381 |  |  | 16,148 |
Restricted cash and marketable securities | 734 |  |  | 1,005 |
Accounts and notes receivable (net of allowance of $324 and $331) | 11,117 |  |  | 9,964 |
GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $3,359 and $3,295) | 3,478 |  |  | 3,251 |
Inventories | 15,433 |  |  | 14,324 |
Equipment on operating leases, net | 3,819 |  |  | 2,464 |
Other current assets and deferred income taxes | 2,087 |  |  | 1,696 |
Total current assets | 70,233 |  |  | 64,923 |
Non-current Assets |  |  |
Restricted cash and marketable securities | 1,046 |  |  | 1,228 |
GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $6,427 and $5,773) | 6,552 |  |  | 5,911 |
Equity in net assets of nonconsolidated affiliates | 7,058 |  |  | 6,790 |
Property, net | 25,026 |  |  | 23,005 |
Goodwill | 28,405 |  |  | 29,019 |
Intangible assets, net | 9,192 |  |  | 10,014 |
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $478 and $274) | 1,324 |  |  | 785 |
Other assets and deferred income taxes | 3,151 |  |  | 2,928 |
Total non-current assets | 81,754 |  |  | 79,680 |
Total Assets | $ | 151,987 |  |  | $ | 144,603 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable (principally trade) | $ | 26,425 |  |  | $ | 24,551 |
Short-term debt and current portion of long-term debt |  |  |
Automotive (including certain debt at GM Korea of $116 and $171) | 1,360 |  |  | 1,682 |
GM Financial | 3,732 |  |  | 4,118 |
Accrued liabilities (including derivative liabilities at GM Korea of $31 and $44) | 25,134 |  |  | 22,875 |
Total current liabilities | 56,651 |  |  | 53,226 |
Non-current Liabilities |  |  |
Long-term debt |  |  |
Automotive | 3,783 |  |  | 3,613 |
GM Financial | 5,918 |  |  | 4,420 |
Postretirement benefits other than pensions | 6,732 |  |  | 6,836 |
Pensions | 24,558 |  |  | 25,075 |
Other liabilities and deferred income taxes | 12,735 |  |  | 12,442 |
Total non-current liabilities | 53,726 |  |  | 52,386 |
Total Liabilities | 110,377 |  |  | 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 June 30, 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 June 30, 2012 and December 31, 2011) | 4,855 |  |  | 4,855 |
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,941,048 shares and 1,564,727,289 shares issued and outstanding at June 30, 2012 and December 31, 2011) | 16 |  |  | 16 |
Capital surplus (principally additional paid-in capital) | 26,399 |  |  | 26,391 |
Retained earnings | 9,889 |  |  | 7,183 |
Accumulated other comprehensive loss | (5,995 | ) |  | (5,861 | )
Total stockholders’ equity | 40,700 |  |  | 38,120 |
Noncontrolling interests | 910 |  |  | 871 |
Total Equity | 41,610 |  |  | 38,991 |
Total Liabilities and Equity | $ | 151,987 |  |  | $ | 144,603 |

10