<SEC-DOCUMENT>0001193125-20-140504.txt : 20200512
<SEC-HEADER>0001193125-20-140504.hdr.sgml : 20200512
<ACCEPTANCE-DATETIME>20200512163555
ACCESSION NUMBER:		0001193125-20-140504
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200512
DATE AS OF CHANGE:		20200512

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			General Motors Co
		CENTRAL INDEX KEY:			0001467858
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				270756180
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236276
		FILM NUMBER:		20869579

	BUSINESS ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000
		BUSINESS PHONE:		313.667.1500

	MAIL ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			General Motors Co
		CENTRAL INDEX KEY:			0001467858
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				270756180
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000
		BUSINESS PHONE:		313.667.1500

	MAIL ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
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<DESCRIPTION>FWP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433(f) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Dated May 7, 2020 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>(To
Prospectus dated February&nbsp;5, 2020, as </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>supplemented by the Prospectus Supplement dated </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>May&nbsp;7, 2020) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-236276</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General Motors Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Free Writing Prospectus Published or Distributed by Media </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;7, 2020, the Detroit Free Press (the &#147;Publisher&#148;), published an article (the &#147;Article&#148;) on its website that included
information regarding General Motors Company (the &#147;Company&#148;). The full text of the Article is reproduced below. The Company is making this filing pursuant to Rule 433(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Article was not authorized, prepared or reviewed by the Company or any underwriter or other participant in the offering to which this communication
relates prior to publication. The Publisher is unaffiliated with the Company or any underwriter or other offering participant, and no payment was made or consideration given by or on behalf of the Company or any underwriter or other offering
participant for the Article or its dissemination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Company has filed a registration statement (including a prospectus and a prospectus supplement)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and the prospectus supplement in that registration statement and other documents the issuer has filed with the SEC for more complete
information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send
you the prospectus and the prospectus supplement if you request it by calling toll-free <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-503-4611.</FONT></FONT></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>* * * </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GM hopes to stockpile billions
more in cash from a <FONT STYLE="white-space:nowrap">one-day</FONT> bond sale </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jamie L. LaReau, Detroit Free Press Published 9:47 a.m. ET May&nbsp;7,
2020 | Updated 12:15 p.m. ET May&nbsp;7, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">General Motors is selling bonds for the first time since 2018&nbsp;in a
<FONT STYLE="white-space:nowrap">one-day</FONT> offering to&nbsp;stockpile cash amid the uncertain market conditions during&nbsp;the coronavirus pandemic. The automaker said it is&nbsp;offering senior unsecured fixed-rate notes, in other words,
bonds, to investors on Thursday only. It will&nbsp;use the net proceeds from the sale for general corporate purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;This is an additional
step&nbsp;to&nbsp;protect the company because&nbsp;the times we&#146;re in are incredibly uncertain,&#148; said&nbsp;Lauren Langille, GM spokeswoman. &#147;So this is an additional step&nbsp;to make sure we have added liquidity in place and to
ensure&nbsp;we have protection.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GM ended the first-quarter with $33.4&nbsp;billion in cash, but Langille said the company is &#147;burning
through&#148;&nbsp;cash. The&nbsp;pandemic has forced&nbsp;a shutdown of GM&#146;s North American plants and U.S. auto sales have plummeted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Langille
said GM expects the bond sale to raise &#147;in the billions.&#148;&nbsp;GM will disclose the actual amount it raised at the end of the day.&nbsp;Two years ago when GM did a <FONT STYLE="white-space:nowrap">one-day</FONT> bond sale,&nbsp;it raised
$2.1&nbsp;billion.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;It&#146;s a pretty normal course of business to raise cash through bonds,&#148; Langille said. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While GM has good liquidity, analysts say it is wise for the automaker to continue to stockpile cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I don&#146;t think they had to do this but another few billion just gives them more cash should they need it,&#148; said David Whiston, equity
strategist for U.S. Autos at&nbsp;Morningstar Research Services. &#147;With plants reopening in 11 days I think the worst is over but if not, it doesn&#146;t hurt to access the markets while you still can.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whiston said if things get worse and the capital markets close,&nbsp;then &#147;it&#146;s a race against time to see if things improve before they run out of
cash. That&#146;s not a race you want to have.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Likewise, with demand for new vehicles down&nbsp;and costs to operate still in the mix, GM is wise
to shore up&nbsp;cash, some say. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Where we are today, with zero production, they&#146;re on a constant cash burn rate,&#148; said David
Kudla, chief investment strategist for Mainstay Capital Investment. &#147;It makes good financial sense. It&#146;s very prudent that they&#146;d want to look to ways to have ample liquidity on the balance sheet during this uncertain time amid <FONT
STYLE="white-space:nowrap">COVID-19.&#148;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mainstay Capital Investment manages $2.5&nbsp;billion for individuals, many of whom are employees and
retirees of GM. Kudla said he will consider the offering. He declined to speculate on how much GM might raise, but he said, &#147;companies go to the debt market all the time and offer debt to raise cash for the balance sheet.&#148;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GM&nbsp;is offering junk-like yields on a three-part sale, Bloomberg reports, to try to&nbsp;maintain investment-grade ratings. The report does not identify
sourcing, but said the longest portion, a seven-year security, may yield about 7 percentage points above Treasuries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GM is struggling to
maintain&nbsp;its investment-grade ratings as the broad industry&nbsp;shutdown slams the car business. Fitch Ratings on Thursday downgraded GM to one notch to <FONT STYLE="white-space:nowrap">BBB-</FONT> with a stable outlook. It said
GM&#146;s&nbsp;credit profile will remain weak in the shutdown, but it should&nbsp;avoid junk status when the worst of the pandemic passes. Moody&#146;s Investors Service rates GM one step above speculative grade. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On Wednesday, GM reported it made $294&nbsp;million in the first-quarter, an&nbsp;87% decline from the <FONT STYLE="white-space:nowrap">year-ago</FONT>
period.&nbsp;GM reported its U.S. new vehicle sales in the quarter dropped 7% from the prior&nbsp;year period to 618,335 deliveries.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But GM
will&nbsp;start ramping up next week for a targeted restart of its factories in North America beginning May&nbsp;18, as first reported by the Free Press on Tuesday. GM idled the factories in March as the pandemic hit.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To make it through the&nbsp;difficult period, GM has taken previous steps to hoard cash and cut costs. It withdrew its&nbsp;2020 guidance&nbsp;and suspended
stock buybacks and quarterly dividends in the&nbsp;quarter, a $2&nbsp;billion savings. GM has also said there will be employee pay deferrals and cuts and&nbsp;it would draw down $16&nbsp;billion from its credit line to boost the cash in its war
chest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In an analyst call Wednesday, GM CEO Mary&nbsp;Barra acknowledged the seriousness of the actions GM has taken to get through the pandemic.
She&nbsp;said GM&nbsp;leadership is focused on a successful restart to business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I want to assure&nbsp;you that the entire management team is
working to protect the business so that when the restart happens we can operate with strength and viability,&#148; Barra said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">People interested in
buying bonds should inquire with Deutsche Bank Securities or read the prospectus GM filed with the Securities and Exchange Commission about the offering, Langille said.&nbsp;The documents are free on EDGAR on the SEC website at <U>sec.gov</U>. Or an
investor can contact&nbsp;the book-running manager at: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deutsche Bank Securities Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Prospectus Group </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">60 Wall Street, New York, NY 10005
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-503-4611</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>prospectus.CPDG@db.com </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contact Jamie L. LaReau at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">313-222-2149</FONT></FONT> or <U>jlareau@freepress.com</U>. Follow her on Twitter @jlareauan. Read more on General Motors and sign up for our autos newsletter. </P>
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