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GM Reports First Quarter Financial Results; -- Net income of $1.5 billion, or $2.71 per share -- Adjusted net income of $1 billion, or $1.84 per share, excluding Hughes and the sale of GM Defense -- Total automotive cash exceeds $20 billion.



DETROIT Detroit, city, United States
Detroit (dĭtroit`), city (1990 pop. 1,027,974), seat of Wayne co., SE Mich., on the Detroit River and between lakes St. Clair and Erie; inc. as a city 1815.
 -- DETROIT, April 15 /PRNewswire/ -- General Motors Corp. today reported net income of $1.5 billion, or $2.71 per diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share of GM's $1-2/3 par value common stock, in the first quarter of 2003, up from $228 million, or $0.57 per share, in the first quarter of 2002.

GM's adjusted income, which excludes a gain from the sale of GM Defense and results from Hughes Electronics, totaled $1 billion, or $1.84 per share, in the first quarter of 2003. GM's adjusted net income in the first quarter of 2002 was $791 million, or $1.39 per share. Automotive and financing revenue rose about 5 percent.

GM's performance in the first quarter of 2003 reflected profitable automotive operations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , significantly improved results in Europe Europe (yr`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000).  and Asia, record earnings at General Motors Acceptance Corp., and continued strong automotive cash flow.

The first-quarter 2003 results include a gain of $505 million after tax, or $0.90 per share, from the previously announced sale of GM Defense. The first-quarter 2002 results included unfavorable special items totaling $417 million, or $0.72 per share.

"The first quarter financial results reflect solid contributions from both our automotive operations and our finance unit," said GM Chairman Jack Smith. "As I prepare to retire retire v. 1) to stop working at one's occupation. 2) to pay off a promissory note, and thus "retire" the loan. 3) for a jury to go into the jury room to decide on a verdict after all evidence, argument and jury instructions have been completed.  from General Motors, I'm confident that GM has the right products and the right management team to continue to leverage our strengths as the world's largest automaker to grow the business around the world."

"GM turned in a strong performance overall during the first quarter," GM President and Chief Executive Officer Rick Wagoner George Richard "Rick" Wagoner, Jr. (b. February 9 1953, Wilmington, Delaware) is Chairman and Chief Executive Officer of General Motors.

Wagoner grew up in Richmond, Virginia and graduated from John Randolph Tucker High School there.
 said. "I'm particularly pleased with the record-breaking performance at GMAC GMAC General Motors Acceptance Corporation
GMAC Graduate Management Admission Council
GMAC Give Me A Call
GMAC Genetic Manipulation Advisory Committee
GMAC Genetic Modification Advisory Committee (Singapore)
GMAC Give Me A Chance
, the continued strength of our Asia-Pacific operations, and the growing momentum behind GM Europe's turnaround. While market conditions were admittedly challenging, market share performance in North America did not meet our expectations. We are launching new products in key, high-volume segments of the market to improve our competitiveness, and we expect to remain aggressive in the marketplace. At the same time, we must continue to build on our tremendous progress in improving quality and reducing costs around the globe."

Wagoner said GM's passenger car offensive is already underway with the launch of the Pontiac Grand Prix The Pontiac Grand Prix is an automobile produced by the Pontiac division of General Motors. First introduced as part of Pontiac's full-size model offering for the 1962 model year, the Grand Prix name has also been applied to cars in the personal luxury car market segment and the , followed by the Chevrolet Malibu The Chevrolet Malibu (named after Malibu, California) is a mid-size car produced in the United States by General Motors. It is marketed in the United States, Canada, Mexico, and Israel.  and Malibu Maxx, and the Pontiac GTO The Pontiac GTO was an automobile built by Pontiac from 1964 to 1974, and by General Motors Holden in Australia from 2004 to 2006. It is often considered the first true muscle car.  later this year. In addition, Cadillac's renaissance Renaissance (rĕnəsäns`, –zäns`) [Fr.,=rebirth], term used to describe the development of Western civilization that marked the transition from medieval to modern times.  continues with the upcoming introduction of the Cadillac XLR The XLR is a luxury roadster sold by the Cadillac division of General Motors and is assembled in Bowling Green, Kentucky. It is based on the same Y-body platform as the Chevrolet Corvette.  roadster and SRX (Speed and Range EXpansion) A proprietary MIMO-based wireless LAN technology from Linksys, a division of Cisco Systems (www.linksys.com). It was introduced in 2004 prior to standardization of 802.11n. See MIMO and 802.11n.  crossover Crossover

The point on a stock chart when a security and an indicator intersect. Crossovers are used by technical analysts to aid in forecasting the future movements in the price of a stock. In most technical analysis models, a crossover is a signal to either buy or sell.
 vehicle. GM is also expanding its truck line-up in 2003 with the Cadillac Escalade The Cadillac Escalade is a full-size luxury sport utility vehicle sold by the General Motors luxury brand, Cadillac. It was the division's first major entry into the popular SUV market.  ESV ESV end-systolic volume. , the Buick Rainier The Buick Rainier was a mid-size SUV sold by the Buick division of General Motors. Introduced for 2004 to replace the Oldsmobile Bravada, the Rainier was the first truck sold under the Buick marque (the unibody Rendezvous might also qualify, as it is classified by the EPA as a , the GMC Envoy The GMC Envoy is an SUV from the GMC marque of General Motors. It was introduced as a luxury version of the Jimmy for the 1998 model year, the same year the Jimmy was restyled.  XUV XUV Extreme Ultraviolet
XUV Experimental Unmanned Vehicle
XUV X-Ray Ultraviolet
XUV Crossover Utility Vehicle (automotive industry)
XUV Expendable Unmanned Vehicle
XUV Extreme Utility Vehicle
 and the all-new Chevrolet Colorado The Chevrolet Colorado and its counterpart, the GMC Canyon, are General Motors' mid-size pickup trucks introduced in 2004 to replace the Chevrolet S10 and GMC Sonoma. Isuzu, which helped design the truck, began selling a version of the truck in late 2005 named the "i-Series".  and the GMC GMC

See: Guaranteed Mortgage Certificate
 Canyon canyon

Very narrow, deep valley cut by a river through resistant rock and having steep, almost vertical sides. Canyons occur most often in arid or semiarid regions. Some canyons (e.g., the Grand Canyon) are spectacular natural features. See also submarine canyon.
.

In Europe, GM is introducing five new models this year, including the Opel Meriva The Opel Meriva is a mini MPV based on the platform of the third generation Opel Corsa and sold under that name on all of the European markets with the exception of the UK, where it is called the Vauxhall Meriva. , Signum, Vectra An HP brand name for a line of PCs. Back in the mid-1980s, all PCs from HP were Vectras. Later, the name was used for machines aimed at business, while the Pavilion name was chosen for its consumer line.  wagon wagon: see carriage.
wagon

Four-wheeled vehicle designed to be drawn by draft animals. Wagons have been used from the 1st century BC; early examples used spoked wheels with metal rims, pivoted front axles, and linchpins to secure the wheels.
 and Speedster speed·ster  
n.
1. One who drives very fast.

2. A fast car.
 Turbo, and the Saab 9-3 Cabrio. Additionally, GM Daewoo This article is about the auto company GM Daewoo. For the chaebol Daewoo Group, see Daewoo. For Daewoo Automobile Romania see Oltcit, for Daewoo Automobile in Uzbekistan see UzDaewooAvto and for the commercial vehicles producer see Tata Daewoo Commercial Vehicle and Daewoo Bus Corporation.  Auto (AUTOmatic) Refers to a wide variety of devices that perform unattended operations.  & Technology Co. is launching three new 2003 products in Europe: the Matiz, the Kalos and the Nubira.

Cadillac Cadillac

expensive automobile and status symbol. [Trademarks: Crowley Trade, 83]

See : Luxury
, Saab Post Impressive Sales Gains

Within the luxury segment of the market, GM continued to demonstrate strong momentum with Cadillac sales surging surge  
v. surged, surg·ing, surg·es

v.intr.
1. To rise and move in a billowing or swelling manner.

2. To roll or be tossed about on waves, as a boat.

3.
 16 percent in the first quarter of 2003 and Saab Cars USA reporting the best quarterly sales results in its 47-year history.

"Cadillac's resurgence re·sur·gence  
n.
1. A continuing after interruption; a renewal.

2. A restoration to use, acceptance, activity, or vigor; a revival.
 epitomizes GM's strategy to deliver truly exciting and unique products," Wagoner said. "The Escalade es·ca·lade  
n.
The act of scaling a fortified wall or rampart.



[French, from Italian scalata, ultimately from Latin sc
 and the CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS.

(2) (Common Type System) The data typing used in .
 are allowing GM to reach younger, more affluent customers, and we expect that trend to continue with the introduction of the SRX and the XLR XLR X-linked lymphocyte regulated
XLR X-Linked Recessive (genetics)
XLR Accelar (Nortel/Bay network switch)
XLR Ground Left Right (digital audio) 
 later this year. And, the new Saab 9-3 sports sedan A sports sedan is a descriptive term applied to a sedan or saloon automobile that is designed to look and feel "sporty" - offering the driver more connection with the driving experience. Most vehicles in this category overlap with the compact executive car classification.  is off to a very strong start."

GM financial results described throughout the remainder of this release exclude special items unless otherwise noted. See Highlights for reconciliation of adjusted results to results based on Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.

Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting
 (GAAP GAAP

See: Generally Accepted Accounting Principles


GAAP

See generally accepted accounting principles (GAAP).
).

Cash and Liquidity

GM generated approximately ap·prox·i·mate  
adj.
1. Almost exact or correct: the approximate time of the accident.

2.
 $3.3 billion in automotive cash in the first quarter of 2003, including approximately $1.1 billion from the sale of GM Defense. Cash, marketable securities, and assets of the VEBA VEBA Voluntary Employees' Beneficiary Association  trust invested in short-term fixed-income securities Fixed-income securities

Investments that have specific interest rates, such as bonds.
 totaled $20.6 billion at March 31, 2003, excluding financing and insurance operations and Hughes, compared with $17.3 billion on Dec. 31, 2002. The increase in cash improved GM's net liquidity to $5.6 billion at the end of the first quarter of 2003 versus $2.3 billion at the end of 2002.

As previously announced, GM contributed 149.2 million shares of GM Class H stock, valued at $1.24 billion, to its U.S. employee benefit plans in the first quarter of 2003 to further strengthen GM's balance sheet.

GM Automotive Operations

GM's global automotive operations earned $546 million in the first quarter of 2003, compared with $496 million in the prior-year period. Global production rose 7 percent in the first quarter, compared with the same period in 2002.

GM North America (GMNA GMNA General Motors North America ) earned $548 million in the first quarter of 2003, compared with $654 million in the first quarter of 2002. GM continued to show improvement in sales mix sales mix

See product mix.
, material cost, and productivity in North America, but the gains were more than offset by intense pricing pressure, higher pension expense, and currency exchange losses versus the year-ago period. GM's U.S. market share was 26.6 percent in the first quarter of 2003, down from 28.2 percent in the year-earlier period.

GM Europe General Motors Europe is responsible for the operation of GM businesses in Europe. GM Europe operates 11 production and assembly facilities in 8 countries and employs around 64,500 people.  (GME GME

granulomatous meningoencephalitis.

GME Graduate medical education, see there
) reported a loss of $65 million in the first quarter of 2003, a substantial improvement from a year ago when GME posted a loss of $125 million. The improvement reflected increased volume for GME as new Opel Noun 1. Opel - German industrialist who was the first in Germany to use an assembly line in manufacturing automobiles (1871-1948)
Wilhelm von Opel
 and Saab products reached the market. In addition, GME made significant progress in cost reduction at Opel/Vauxhall and Saab.

"We're pleased with the continuing progress of our turnaround effort at Opel/Vauxhall, and we've made good progress at Saab in a relatively short period of time," Wagoner said. "During the first quarter of 2003, GM Europe increased its market share to 9.6 percent, representing six consecutive months of market share gains in Europe. In addition, Saab reported impressive sales in its key markets, so we feel we're on the right track in Europe." GM Asia Pacific earned $75 million in the first quarter of 2003, up from $7 million in the year-ago quarter. Shanghai GM Shanghai General Motors Company Limited (Shanghai GM) is a joint venture between General Motors and Shanghai Automotive Industry Corporation (SAIC). Shanghai GM manufactures and sells automobiles in mainland China.  and GM's Australia-based Holden continued to post strong financial results. Asia-Pacific results also benefited from lower-than-expected start-up costs at GM Daewoo Auto & Technology Co. GM Latin Lat·in  
n.
1.
a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century.

b.
 America/Africa/Mid-East (GMLAAM) lost $12 million in the first quarter of 2003, compared with a loss of $40 million in the year-ago period.

"GM's Asia-Pacific operations are a growing contributor to our overall performance," Wagoner said. "Our joint ventures in China are expanding rapidly, and GM Daewoo is performing better than we had planned. While the Latin American market remains difficult, we are continuing to increase our market share and strengthen our number one position in the region, and reduce costs."

GMAC

General Motors Acceptance Corporation (GMAC) reported record quarterly earnings in the first quarter of 2003, propelled by record performance at its mortgage operations.

"GMAC's mortgage operations achieved truly exceptional results," Wagoner said. "We are also pleased to see higher earnings in its financing business."

GMAC earned $699 million in the first quarter of 2003, up nearly 60 percent from the $439 million a year ago. Earnings at the mortgage group rose to a record $371 million, more than double the $148 million recorded in the first quarter of 2002. The improvement reflects continued strong volumes at both the residential and commercial mortgage sectors.

GMAC's financing operations also posted a strong performance with earnings of $302 million in the quarter, up $47 million from a year ago, reflecting higher asset levels and lower credit loss provisions. First quarter earnings at the insurance group were $26 million, down $10 million from a year ago. These results reflect a decline in the investment portfolio, which more than offset improved underwriting income Underwriting income

For an insurance company, the difference between the premiums earned and the costs of settling claims.
.

Hughes

Hughes Electronics reduced its losses substantially during the first quarter of 2003 to $54 million from a loss of $146 million in the prior-year period, led by a strong performance at DirecTV DirecTV (trademarked as "DIRECTV") is a direct broadcast satellite (DBS) service based in El Segundo, California, USA, that transmits digital satellite television and audio to households in the United States, the Caribbean and Latin America except for Mexico. . During the quarter, DirecTV U.S. experienced better-than-expected subscriber subscriber,
n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are
dependents. Also called
certificate holders or
enrollees.
 growth and higher average revenue per subscriber. In addition, operating margins improved sharply, and DirecTV's monthly customer churn rate (1) The percentage of customers who cancel their online, cellphone or other subscription service during a certain time period.

(2) The percentage of employees who leave the company during a certain time period. See churning.
 fell to 1.5 percent during the quarter, representing the lowest level attained at·tain  
v. at·tained, at·tain·ing, at·tains

v.tr.
1. To gain as an objective; achieve: attain a diploma by hard work.

2.
 in a first quarter in four years. DirecTV added 275,000 net subscribers in the first quarter of 2003, bringing the number of total U.S. subscribers to 11.4 million.

As a result of the improved performance at DirecTV, Hughes reported an operating profit Operating profit (or loss)

Revenue from a firm's regular activities less costs and expenses and before income deductions.


operating profit

See operating income.
 of nearly $42 million in the first quarter of 2003, the first time Hughes has generated a quarterly operating profit in over four years.

GM recently announced that it plans to split off Hughes and simultaneously si·mul·ta·ne·ous  
adj.
1. Happening, existing, or done at the same time. See Synonyms at contemporary.

2. Mathematics
 sell its 19.9 percent economic interest in Hughes to News Corp. for $14 per share, or approximately $3.8 billion. GM would receive about $3.1 billion in cash, and the remainder would be paid in cash or News Corp. preferred American Depositary DEPOSITARY, contracts. He with whom a deposit is confided or made.
     2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470.
 Receipts (ADRs). GM would also receive a distribution of $275 million from Hughes in consideration of the value enhancement for Class H stockholders arising from the conversion from a tracking stock to an asset based stock. The transaction is expected to close in late 2003 or early 2004.

Looking Ahead

GM expects moderate economic growth in 2003 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , resulting in total U.S. industry vehicle sales in the low to mid-16 million unit range. In Europe, total industry vehicle sales are expected to be in the high 18-million unit range.

Although there is considerable economic uncertainty and increasing price and volume pressure, GM expects second quarter earnings of at least $1.00 per share, excluding Hughes and any special items. GM expects to be profitable in both the third and fourth quarters of 2003. However, GM is now less certain of its ability to achieve its prior 2003 calendar-year guidance of $5.00 earnings per share, given the uncertain economic conditions around the globe. In light of these circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
     2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or
, GM is not providing any specific update to its calendar-year earnings guidance at this time.

General Motors, the world's largest vehicle manufacturer, designs, builds and markets cars and trucks worldwide, and has been the global automotive sales leader since 1931. More information on GM can be found at http://www.gm.com/ .

In this press release and related comments by General Motors management, our use of the words "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions is intended to identify forward looking statements. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important factors that are described in GM's most recent report on SEC Form 10-K (at page II-18) which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: changes in economic conditions, currency exchange rates or political stability; shortages of fuel, labor strikes or work stoppages; market acceptance of the corporation's new products; significant changes in the competitive environment; changes in laws, regulations and tax rates; and, the ability of the corporation to achieve reductions in cost and employment levels to realize production efficiencies and implement capital expenditures at levels and times planned by management.

In connection with the proposed transactions, General Motors Corporation ("GM"), Hughes Electronics Corporation ("Hughes") and The News Corporation Limited ("News") intend to file relevant materials with the Securities and Exchange Commission ("SEC"), including one or more registration statement(s) that contain a prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security.  and proxy/consent solicitation solicitation

In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual
 statement. Because those documents will contain important information, holders of GM $1-2/3 common stock and GM Class H common stock are urged to read them, if and when they become available. When filed with the SEC, they will be available for free (along with any other documents and reports filed by GM, Hughes or News with the SEC) at the SEC's website, http://www.sec.gov/ , and GM stockholders will receive information at an appropriate time on how to obtain transaction- related documents for free from GM. Such documents are not currently available.

GM and its directors and executive officers and Hughes and certain of its executive officers may be deemed to be participants in the solicitation of proxies or consents from the holders of GM $1-2/3 common stock and GM Class H common stock in connection with the proposed transactions. Information about the directors and executive officers of GM and their ownership of GM stock is set forth in the proxy statement Proxy Statement

A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting.
 for GM's 2002 annual meeting of shareholders filed with the SEC and available free of charge at the SEC's website at http://www.sec.gov/ . Investors may obtain additional information regarding the interests of such participants by reading the prospectus and proxy/consent solicitation statement if and when it becomes available.

Participants in GM's solicitation may also be deemed to include the following persons whose interests in GM are not described in the proxy statement for GM's 2002 annual meeting:
  Jack A. Shaw            Chief Executive Officer, Hughes
  Roxanne S. Austin       Executive VP, Hughes; President and COO,
                          DIRECTV
  Patrick T. Doyle        Corporate VP and Treasurer, Hughes
  Michael J. Gaines       Corporate VP and CFO, Hughes
  Sandra A. Harrison      Senior VP, Hughes
  Eddy W. Hartenstein     Senior Executive VP, Hughes; Chairman,
                          DIRECTV
  Larry D. Hunter         Senior VP and General Counsel


Mr. Shaw beneficially owns 4,084 shares of GM $1-2/3 common stock and 2,244,987 shares of GM Class H common stock. Ms. Austin Austin.

1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum
 beneficially owns 3,293 shares of GM $1-2/3 common stock and 1,632,071 shares of GM Class H common stock. Mr. Doyle Doyle   , Sir Arthur Conan 1859-1930.

British writer known chiefly for a series of stories featuring the brilliant detective Sherlock Holmes, including The Hound of the Baskervilles (1902).
 beneficially owns 746 shares of GM $1-2/3 common stock and 511,149 shares of GM Class H common stock. Mr. Gaines Gaines is the name of two towns in the United States:
  • Gaines, New York
  • Gaines, Michigan, Village of
And two townships:
  • Gaines Township, Genesee County, Michigan, a civil township in which the above village is located
 beneficially owns 482 shares of GM $1-2/3 common stock and 298,745 shares of GM Class H common stock. Ms. Harrison Harrison, town (1990 pop. 13,425), Hudson co., NE N.J., an industrial suburb on the Passaic River opposite Newark; inc. 1869. The town has several foundries. Its manufactures include plastics, paperboard, and metal products.  beneficially owns 1,632 shares of GM $1-2/3 common stock and 916,136 shares of GM Class H common stock. Mr. Hartenstein beneficially owns 3,036 shares of GM $1-2/3 common stock and 1,962,614 shares of GM Class H common stock. Mr. Hunter Hun·ter , John 1728-1793.

British surgeon who founded pathological anatomy in England.



hunter

a horse used for hunting.
 beneficially owns 0 shares of GM $1-2/3 common stock and 485,130 shares of GM Class H common stock. The above ownership information includes shares that are purchasable under options that are exercisable within 60 days of April 9, 2003. In addition, each of Mr. Shaw, Ms. Austin, Mr. Doyle, Mr. Gaines, Ms. Harrison, Mr. Hartenstein and Mr. Hunter holds options to acquire shares of GM Class H common stock that are not exercisable within 60 days of April 9, 2003.

Each of Mr. Shaw, Ms. Austin, Mr. Doyle, Mr. Gaines, Ms. Harrison, Mr. Hartenstein and Mr. Hunter has a severance agreement Noun 1. severance agreement - an agreement on the terms on which an employee will leave
agreement, understanding - the statement (oral or written) of an exchange of promises; "they had an agreement that they would not interfere in each other's business"; "there was
 with Hughes that provides for severance The act of dividing, or the state of being divided.

The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when
 in the event of an involuntary involuntary adj. or adv. without intent, will, or choice. Participation in a crime is involuntary if forced by immediate threat to life or health of oneself or one's loved ones, and will result in dismissal or acquittal.


INVOLUNTARY.
 termination The point where a line, channel or circuit ends. See SCSI termination and hybrid.  after a change in control, and each also has a retention agreement that provides for certain payments in the event of a change in control.

Investors may obtain additional information regarding the interests of the participants by reading the prospectuses and proxy/solicitation statements if and when they become available. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful Contrary to or unauthorized by law; illegal.

When applied to promises, agreements, or contracts, the term denotes that such agreements have no legal effect. The law disapproves of such conduct because it is immoral or contrary to public policy.
 prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended a·mend  
v. a·mend·ed, a·mend·ing, a·mends

v.tr.
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.

2.
.

Materials included in this document contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to be materially different from historical results or from any future results expressed or implied Inferred from circumstances; known indirectly.

In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated.
 by such forward-looking statements. The factors that could cause actual results of GM, Hughes and News to differ materially, many of which are beyond the control of GM, Hughes or News include, but are not limited to, the following: (1) operating costs operating costs nplgastos mpl operacionales , customer loss and business disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. , including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers, may be greater than expected following the transaction; (2) the regulatory reg·u·late  
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.

2.
 approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule; (3) the effects of legislative and regulatory changes; (4) an inability to retain necessary authorizations from the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. ; (5) an increase in competition from cable as a result of digital cable or otherwise, direct broadcast satellite, other satellite system operators, and other providers of subscription television services; (6) the introduction of new technologies and competitors into the subscription television business; (7) changes in labor, programming, equipment and capital costs; (8) future acquisitions, strategic partnerships and divestitures; (9) general business and economic conditions; and (10) other risks described from time to time in periodic reports filed by GM, Hughes or News with the SEC. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. This cautionary statement applies to all forward-looking statements included in this document.
                         General Motors Corporation
                      List of Special Items - After Tax
               (dollars in millions except per share amounts)
   Management believes that the adjusted information set forth
   herein is useful to investors as it represents how Management
   views the results of operations and cash of the Corporation and,
   therefore, is the basis on which internal evaluation metrics are
   determined.  The internal evaluation metrics are those used by the
   Corporation's Board of Directors to evaluate Management.
                                               Three Months Ended
                                                 March 31, 2003
                                             ---------------------
                                                        GM $1-2/3
                                                        Par Value
                                                       Common Stock
                                                           EPS
                                                         ---------
   Net Income                                 $1,483       $2.71
   Gain on Sale of GM Defense (A)               (505)      (0.90)
                                                 ---        ----
   Adjusted Income                              $978       $1.81
                                                 ===        ====
                                               Three Months Ended
                                                 March 31, 2002
                                             ---------------------
                                                        GM $1-2/3
                                                        Par Value
                                                       Common Stock
                                                           EPS
                                                         ---------
   Net Income                                   $228       $0.57
   GME Restructuring Charge (B)                  407        0.72
   Hughes Space Shuttle Settlement (C)           (59)      (0.04)
   Hughes GECC Contractual Dispute (D)            51        0.03
   Hughes Loan Guarantee Charge (E)               18        0.01
                                                 ---        ----
   Adjusted Income                              $645       $1.29
                                                 ===        ====
   (A) The Gain on Sale of GM Defense relates to the sale of
       GM's light armored vehicle business to General Dynamics
       Corporation for net proceeds of approximately $1.1 billion.
   (B) The GME Restructuring Charge relates to the initiative
       implemented in the first quarter of 2002 to improve the
       competitiveness of GM's automotive operations in Europe.
   (C) The Space Shuttle Settlement relates to the favorable
       resolution of a lawsuit that was filed against the U.S.
       government by Hughes on March 22, 1991, based upon the
       National Aeronautics and Space Administration's (NASA)
       breach of contract to launch ten satellites on
       the Space Shuttle.
   (D) The GECC Contractual Dispute relates to an expected loss
       associated with a contractual dispute with General Electric
       Capital Corporation.
   (E) The Loan Guarantee Charge relates to a loan guarantee for
       a Hughes Network Systems affiliate in India.
                         General Motors Corporation
                     Summary Corporate Financial Results
                                             First Quarter
                                             -------------
                                          2003           2002
                                          ----           ----
   Total net sales and
    revenues ($Mil's)                  $49,365        $46,214
    Adjusted                           $48,551        $46,243
    Adjusted excluding Hughes
     (Automotive and Financing)        $46,324        $44,202
   Net income ($Mil's)                  $1,483           $228
    Adjusted                              $978           $645
    Adjusted excluding Hughes           $1,032           $791
   Net margin
    (net income / total net sales
    and revenues)                          3.0%           0.5%
    Adjusted                               2.0%           1.4%
    Adjusted excluding Hughes              2.2%           1.8%
   Earnings per share
    Basic- $1-2/3                        $2.71          $0.58
    Diluted- $1-2/3                      $2.71          $0.57
    Basic- Class H                      ($0.04)        ($0.14)
    Diluted- Class H                    ($0.04)        ($0.14)
   Adjusted earnings per share
    Basic - $1-2/3                       $1.81          $1.32
    Diluted - $1-2/3                     $1.81          $1.29
    Diluted - $1-2/3 excluding Hughes    $1.84          $1.39
    Basic- Class H                      ($0.04)        ($0.13)
    Diluted- Class H                    ($0.04)        ($0.13)
   GM $1-2/3 par value average shares
    outstanding (Mil's)
    Basic shares                           561            559
    Diluted shares                         561            570
   Cash dividends per share of
    common stocks
    GM $1-2/3 par value                  $0.50          $0.50
    GM Class H                               -              -
   Book value per share of common
    stocks at March 31
    GM $1-2/3 par value                 $11.98         $24.58
    GM Class H                           $2.40          $4.92
   ACO total cash & marketable securities
    at March 31 ($Bil's)                 $20.2          $15.4
    Cash in short-term VEBA               $3.4           $3.0
                                          ----           ----
   ACO total cash & marketable
    securities plus short-term VEBA      $23.6          $18.4
   less: Hughes cash & marketable
      securities                          $3.0           $1.1
                                          ----           ----
   Total Automotive cash & marketable
    securities plus short-term VEBA      $20.6          $17.3
                                          ====           ====
   See reconciliation of adjusted financial results and
   footnotes.
                         General Motors Corporation
                     Summary Corporate Financial Results
                                              First Quarter
                                                  2003
                                              --------------
   (Dollars in millions)
   Total net sales and          Reported      Special Items        Adjusted
   revenues                     --------       ------------        --------
   GMNA                          $29,963                -           $29,963
   GME                             6,622                -             6,622
   GMLAAM                          1,045                -             1,045
   GMAP                            1,147                -             1,147
                                  ------            -----            ------
     Total GMA                    38,777                -            38,777
   Hughes                          2,227                -             2,227
   Other                           1,038             (814)              224
                                  ------            -----            ------
     Total ACO                    42,042             (814)           41,228
                                  ------            -----            ------
   GMAC                            7,330                -             7,330
   Other Financing                    (7)               -                (7)
                                  ------            -----            ------
     Total FIO                     7,323                -             7,323
                                  ------            -----            ------
   Total net sales and
   revenues                      $49,365             (814)          $48,551
                                  ======            =====            ======
   Income / (expense)
   before income taxes and
   minority interest
   GMNA                             $739                -              $739
   GME                              (114)               -              (114)
   GMLAAM                            (17)               -               (17)
   GMAP                               19                -                19
                                   -----            -----             -----
     Total GMA                       627                -               627
   Hughes                            (50)               -               (50)
   Other                             449             (814)             (365)
                                   -----            -----             -----
     Total ACO                     1,026             (814)              212
                                   -----            -----             -----
   GMAC                            1,147                -             1,147
   Other Financing                   (25)               -               (25)
                                   -----            -----             -----
     Total FIO                     1,122                -             1,122
   Total income /                  -----            -----             -----
   (expense) before
   income taxes and
   minority interests             $2,148             (814)           $1,334
                                   =====            =====             =====
                         General Motors Corporation
                     Summary Corporate Financial Results
                                               First Quarter
                                                   2003
                                              ---------------
   (Dollars in millions)         Reported      Special Items       Adjusted
                                 --------      ------------        --------
   Net income
   GMNA                             $548                -              $548
   GME                               (65)               -               (65)
   GMLAAM                            (12)               -               (12)
   GMAP                               75                -                75
                                   -----              ---               ---
     Total GMA                       546                -               546
   Hughes                            (54)               -               (54)
   Other                             309             (505)             (196)
                                   -----              ---               ---
     Total ACO                       801             (505)              296
   GMAC                              699                -               699
   Other Financing                   (17)               -               (17)
                                   -----              ---               ---
     Total FIO                       682                -               682
                                   -----              ---               ---
   Net income (loss)              $1,483            $(505)             $978
                                   =====              ===               ===
   Income tax expense
    (benefit)
   GMNA                             $191                -              $191
   GME                               (43)               -               (43)
   GMLAAM                             (7)               -                (7)
   GMAP                               11                -                11
                                     ---              ---               ---
     Total GMA                       152                -               152
   Hughes                            (26)               -               (26)
   Other                             100             (309)             (209)
                                     ---              ---               ---
     Total ACO                       226             (309)              (83)
                                     ---              ---               ---
   GMAC                              438                -               438
   Other Financing                    (8)               -                (8)
                                     ---              ---               ---
     Total FIO                       430                -               430
                                     ---              ---               ---
   Income tax expense
    (benefit)                       $656             (309)             $347
                                     ===              ===               ===
   Effective tax rate
   GMNA                             25.8%               -              25.8%
   GME                              37.7%               -              37.7%
   GMLAAM                           41.2%               -              41.2%
   GMAP                             57.9%               -              57.9%
   Hughes                           52.0%               -              52.0%
   GMAC                             38.2%               -              38.2%
   Total GM Corp.                   30.5%            38.0%             26.0%
   Equity income (loss)
    and minority interests
   GMNA                              $ -                 -              $ -
   GME                                 6                 -                6
   GMLAAM                             (2)                -               (2)
   GMAP                               67                 -               67
                                      --                --               --
   Total GMA                         $71                 -              $71
                                      ==                ==               ==
                         General Motors Corporation
                     Summary Corporate Financial Results
                                              First Quarter
                                                  2002
                                              -------------
   (Dollars in millions)
   Total net sales and           Reported      Special Items       Adjusted
   revenues                      --------      ------------        --------
   GMNA                          $29,339                -           $29,339
   GME                             5,584                -             5,584
   GMLAAM                          1,301                -             1,301
   GMAP                            1,057                -             1,057
                                  ------               --            ------
     Total GMA                    37,281                -            37,281
   Hughes                          2,012               29             2,041
   Other                             480                -               480
                                  ------               --            ------
     Total ACO                    39,773               29            39,802
                                  ------               --            ------
   GMAC                            6,353                -             6,353
   Other Financing                    88                -                88
                                  ------               --            ------
     Total FIO                     6,441                -             6,441
                                  ------               --            ------
   Total net sales and
   revenues                      $46,214               29           $46,243
                                  ======               ==            ======
   Income / (expense) before
   income taxes and minority
   interest
   GMNA                             $938                -              $938
   GME                              (798)             641              (157)
   GMLAAM                            (41)               -               (41)
   GMAP                              (13)               -               (13)
                                     ---              ---             -----
     Total GMA                        86              641               727
   Hughes                           (231)              17              (214)
   Other                            (235)               -              (235)
                                     ---              ---             -----
     Total ACO                      (380)             658               278
                                     ---              ---             -----
   GMAC                              736                -               736
   Other Financing                    (2)               -                (2)
                                     ---              ---             -----
     Total FIO                       734                -               734
                                     ---              ---             -----
   Total income / (expense)
   before income taxes and
   minority interests               $354              658            $1,012
                                     ===              ===             =====
                         General Motors Corporation
                     Summary Corporate Financial Results
                                               First Quarter
                                                   2002
                                               -------------
   (Dollars in millions)         Reported      Special Items      Adjusted
                                 --------      ------------       --------
   Net income
   GMNA                             $654                -              $654
   GME                              (532)             407              (125)
   GMLAAM                            (40)               -               (40)
   GMAP                                7                -                 7
                                     ---              ---               ---
     Total GMA                        89              407               496
   Hughes (1)                       (156)              10              (146)
   Other                            (142)               -              (142)
                                     ---              ---               ---
     Total ACO                      (209)             417               208
                                     ---              ---               ---
   GMAC                              439                -               439
   Other Financing                    (2)               -                (2)
                                     ---              ---               ---
     Total FIO                       437                -               437
                                     ---              ---               ---
   Net income (loss)                $228              417              $645
                                     ===              ===               ===
   Income tax expense
    (benefit)
   GMNA                             $272                -              $272
   GME                              (260)             234               (26)
   GMLAAM                             (1)               -                (1)
   GMAP                                -                -                 -
                                     ---              ---               ---
     Total GMA                       $11              234              $245
   Hughes                            (92)               7               (85)
   Other                             (79)               -               (79)
                                     ---              ---               ---
     Total ACO                      (160)             241                81
                                     ---              ---               ---
   GMAC                              285                -               285
   Other Financing                     -                -                 -
                                     ---              ---               ---
     Total FIO                       285                -               285
                                     ---              ---               ---
   Income tax expense
    (benefit)                       $125              241              $366
                                     ===              ===               ===
   Effective tax rate
   GMNA                             29.0%               -              29.0%
   GME                              32.6%            36.5%             16.6%
   GMLAAM                            2.4%               -               2.4%
   GMAP                              -                  -                 -
   Hughes                           39.8%            41.2%             39.7%
   GMAC                             38.7%               -              38.7%
   Total GM Corp.                   35.3%            36.6%             36.2%
   Equity income (loss)
    and minority interests
   GMNA                             $(12)               -              $(12)
   GME                                 6                -                 6
   GMLAAM                              -                -                 -
   GMAP                               20                -                20
                                      --               --                --
   Total GMA                         $14                -               $14
                                      ==               ==                ==
   See footnotes.
                         General Motors Corporation
                            Operating Statistics
                                             First Quarter
                                             -------------
                                          2003           2002
                                          ----           ----
    (units in thousands)
    Worldwide Wholesale Sales
      United States - Cars                 500            499
      United States - Trucks               756            667
                                         -----          -----
         Total United States             1,256          1,166
      Canada, Mexico, and Other            182            196
                                         -----          -----
         Total GMNA                      1,438          1,362
      GME                                  427            424
      GMLAAM                               121            155
      GMAP                                 142            108
                                         -----          -----
         Total Worldwide                 2,128          2,049
                                         =====          =====
    Vehicle Unit Deliveries
      Chevrolet - Cars                     171            185
      Chevrolet - Trucks                   373            465
      Pontiac                              107            118
      GMC                                  108            127
      Buick                                 83             83
      Oldsmobile                            33             43
      Saturn                                75             57
      Cadillac                              46             40
      Other                                 22             12
                                         -----          -----
         Total United States             1,018          1,130
      Canada, Mexico, and Other            151            178
                                         -----          -----
         Total GMNA                      1,169          1,308
      GME                                  473            465
      GMLAAM                               128            139
      GMAP                                 166            159
                                         -----          -----
         Total Worldwide                 1,936          2,071
                                         =====          =====
    Market Share
      United States - Cars                24.9%          24.7%
      United States - Trucks              28.2%          31.4%
         Total United States              26.6%          28.2%
      Total North America                 26.1%          28.0%
      Total Europe                         9.6%           9.2%
      Total LAAM                          15.8%          15.3%
      Asia and Pacific                     4.1%           4.4%
         Total Worldwide                  13.6%          14.5%
    U.S. Fleet Deliveries %
      % Fleet Sales - Cars                30.3%          24.9%
      % Fleet Sales - Trucks              14.7%          10.3%
       Total Vehicles                     21.6%          16.4%
    Retail Lease as % of Retail Sales
      Total Smartlease and Smartbuy       13.9%           9.7%
    Days Supply of Inventory at March 31
      United States - Cars                  88             73
      United States - Trucks               109             75
    GMNA Capacity Utilization
     (2 shift rated)                      91.1%          83.2%
    GMNA Net Price                        (3.2%)         (1.0%)
                         General Motors Corporation
                            Operating Statistics
                                             First Quarter
                                             -------------
                                          2003           2002
                                          ----           ----
    GMAC's U.S. Cost of Borrowing         3.53%          4.32%
    Current Debt Spreads Over U.S.
      Treasuries
      2 Year                               290 bp         170 bp
      5 Year                               310 bp         180 bp
      10 Year                              350 bp         205 bp
    Worldwide Employment at
      March 31, Excluding Contract (in 000's)
      United States Hourly                 121            124
      United States Salary                  41             42
                                           ---            ---
         Total United States               162            166
      Canada, Mexico, and Other             32             33
                                           ---            ---
      GMNA                                 194            199
      GME                                   66             71
      GMLAAM                                23             23
      GMAP                                  12             11
      Hughes                                 9             13
      GMAC                                  31             30
      Other                                  7             12
                                           ---            ---
       Total                               342            359
                                           ===            ===
    Worldwide Payrolls ($Mil's)         $5,388         $5,040
    Footnotes:
    ---------
   (1) Excludes Hughes Series A Preferred Stock dividends paid
       to General Motors and Hughes write off of goodwill for
       DirecTV Latin America and DirecTV Broadband recorded as
       a cumulative effect of accounting change in the first
       quarter of 2002 in Hughes' stand alone financial
       statements.  In accordance with SFAS 142, GM evaluated
       the carrying value of goodwill associated with its
       Direct-to-Home Broadcast reporting unit in the aggregate
       and determined that the goodwill was not impaired.
               GENERAL MOTORS CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                        --------------------
                                                           2003      2002
                                                           ----      ----
                                                        (dollars in millions
                                                          except per share
                                                              amounts)
   Total net sales and revenues                          $49,365    $46,214
                                                          ------     ------
   Cost of sales and other expenses                       39,383     38,401
   Selling, general, and administrative expenses           5,706      5,601
   Interest expense                                        2,128      1,858
                                                         -------    -------
    Total costs and expenses                              47,217     45,860
   Income before income taxes and minority interests       2,148        354
   Income tax expense                                        656        125
   Equity income (loss) and minority interests               (9)         (1)
                                                           -----      -----
    Net income                                             1,483        228
   Dividends on preference stocks                             -         (24)
                                                           -----        ---
    Earnings attributable to common stocks                $1,483       $204
                                                           =====        ===
   Basic earnings (losses) per share attributable to
   common stocks
   Earnings per share attributable to $1-2/3 par value     $2.71      $0.58
                                                            ====       ====
   Earnings per share attributable to Class H             $(0.04)    $(0.14)
                                                            ====       ====
   Earnings (losses) per share attributable to common
   stocks assuming dilution
   Earnings per share attributable to $1-2/3 par value     $2.71      $0.57
                                                            ====       ====
   Earnings per share attributable to Class H             $(0.04)    $(0.14)
                                                            ====       ====
                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES
      SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)
                                                         Three Months Ended
                                                               March 31,
                                                        --------------------
                                                           2003      2002
                                                           ----      ----
                                                            (dollars in
                                                             millions)
   AUTOMOTIVE, COMMUNICATIONS SERVICES, AND OTHER
   OPERATIONS
   Total net sales and revenues                          $42,042    $39,773
                                                         -------     ------
   Cost of sales and other expenses                       37,313     36,211
   Selling, general, and administrative expenses           3,341      3,690
                                                         -------    -------
    Total costs and expenses                              40,654     39,901
                                                          ------     ------
   Interest expense                                          321        162
   Net expense from transactions with
    Financing and Insurance Operations                        41         90
                                                          ------       ----
   Income (loss) before income taxes and minority
   interests                                               1,026       (380)
   Income tax expense (benefit)                              226       (160)
   Equity income (loss) and minority interests                 1         11
                                                           -----       ----
    Net income (loss) - Automotive, Communications
      Services, and Other Operations                        $801      $(209)
                                                             ===        ===
   FINANCING AND INSURANCE OPERATIONS
   Total revenues                                         $7,323     $6,441
                                                           -----      -----
   Interest expense                                        1,807      1,696
   Depreciation and amortization expense                   1,506      1,361
   Operating and other expenses                            2,177      1,905
   Provisions for financing and insurance losses             752        835
                                                          ------     ------
    Total costs and expenses                               6,242      5,797
                                                           -----      -----
   Net income from transactions with Automotive,
    Communications Services, and Other Operations            (41)       (90)
                                                        ---------       ----
   Income before income taxes and minority interests       1,122        734
   Income tax expense                                        430        285
   Equity income/(loss) and minority interests               (10)       (12)
                                                            ----        ---
    Net income - Financing and Insurance Operations         $682       $437
                                                             ===        ===
   The above supplemental Information is intended to facilitate
   analysis of General Motors Corporation's businesses: (1)
   Automotive, Communications Services, and Other Operations;
   and (2) Financing and Insurance Operations.
               GENERAL MOTORS CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                                              Mar. 31,   Dec. 31,   Mar. 31,
                                                2003       2002       2002
                                            (Unaudited)          (Unaudited)
                                             ---------   -------  ---------
                   ASSETS                         (dollars in millions)
    Cash and cash equivalents                 $26,982    $21,449    $19,049
    Marketable securities                      16,841     16,825     13,282
                                               ------     ------     ------
     Total cash and marketable securities      43,823     38,274     32,331
    Finance receivables - net                 141,273    134,647    112,686
    Accounts and notes receivable (less
    allowances)                                16,209     15,715     11,091
    Inventories (less allowances)              10,769      9,967      9,802
    Deferred income taxes                      39,000     39,865     28,677
    Equipment on operating leases - (less
    accumulated depreciation)                  36,997     32,988     32,378
    Equity in net assets of nonconsolidated
    associates                                  4,976      5,044      4,871
    Property - net                             37,681     37,514     35,512
    Intangible assets - net                    17,975     17,954     16,972
    Other assets                               33,733     37,028     40,360
                                               ------    -------    -------
     Total assets                            $382,436   $368,996   $324,680
                                              =======    =======    =======
       LIABILITIES AND STOCKHOLDERS' EQUITY
    Accounts payable (principally trade)      $28,738    $27,452    $27,465
    Notes and loans payable                   211,726    201,940    166,470
    Postretirement benefits other than
    pensions                                   38,239     38,187     38,586
    Pensions                                   22,536     22,762     11,113
    Deferred income taxes                       7,342      7,178      6,318
    Accrued expenses and other liabilities     63,654     63,829     54,386
                                             --------    -------     ------
     Total liabilities                        372,235    361,348    304,338
    Minority interests                            835        834        766
    Stockholders' equity
    $1-2/3 par value common stock
    (outstanding, 560,616,422;
     560,447,797; and 560,021,275 shares)         934        936        934
    Class H common stock (outstanding,
    1,107,517,793; 958,284,272;
     and 877,777,148 shares)                      111         96         88
    Capital surplus (principally additional
    paid-in capital)                           22,808     21,583     21,589
    Retained earnings                          11,234     10,031      9,387
                                               ------     ------      -----
       Subtotal                                35,087     32,646     31,998
    Accumulated foreign currency translation
    adjustments                                (2,665)    (2,784)    (3,014)
    Net unrealized loss on derivatives           (196)      (205)      (256)
    Net unrealized gains on securities            344        372        428
    Minimum pension liability adjustment      (23,204)   (23,215)    (9,580)
                                               ------     ------    -------
       Accumulated other comprehensive loss   (25,721)   (25,832)   (12,422)
                                               ------     ------     ------
        Total stockholders' equity              9,366      6,814     19,576
                                              -------    -------    -------
    Total liabilities and stockholders'
     equity                                  $382,436   $368,996   $324,680
                                              =======    =======    =======
                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES
         SUPPLEMENTAL INFORMATION TO THE CONSOLIDATED BALANCE SHEETS
                                             Mar. 31,    Dec. 31,  Mar. 31,
                                               2003        2002      2002
                                            (Unaudited)          (Unaudited)
                                             ---------    ------  ---------
                  ASSETS                         (dollars in millions)
   Automotive, Communications Services, and
   Other Operations
   Cash and cash equivalents                 $16,977    $13,291     $14,656
   Marketable securities                       3,239      2,174         781
                                             -------    -------    --------
    Total cash and marketable securities      20,216     15,465      15,437
   Accounts and notes receivable (less
   allowances)                                 6,085      5,861       5,957
   Inventories (less allowances)              10,769      9,967       9,802
   Equipment on operating leases - (less
   accumulated depreciation)                   5,661      5,305       3,675
   Deferred income taxes and other current
   assets                                     10,957     10,816       7,974
                                              ------     ------     -------
    Total current assets                      53,688     47,414      42,845
   Equity in net assets of nonconsolidated
   associates                                  4,976      5,044       4,871
   Property - net                             35,856     35,693      33,888
   Intangible assets - net                    14,637     14,611      13,745
   Deferred income taxes                      30,473     31,431      22,826
   Other assets                                7,753      7,781      17,494
                                             -------    -------    --------
    Total Automotive, Communications
    Services, and  Other Operations assets   147,383    141,974     135,669
   Financing and Insurance Operations
   Cash and cash equivalents                  10,005      8,158       4,393
   Investments in securities                  13,602     14,651      12,501
   Finance receivables - net                 141,273    134,647     112,686
   Investment in leases and other
     receivables                              39,476     35,517      31,794
   Other assets                               30,697     34,049      27,637
   Net receivable from Automotive,
   Communications Services, and
    Other Operations                             486      1,089         477
                                             -------    -------      ------
    Total Financing and Insurance Operations
      assets                                 235,539    228,111     189,488
                                             -------    -------     -------
   Total assets                             $382,922    $370,085   $325,157
                                             =======     =======    =======
      LIABILITIES AND STOCKHOLDERS' EQUITY
   Automotive, Communications Services, and
   Other Operations
   Accounts payable (principally trade)       21,659    $20,169     $19,367
   Loans payable                                 815      1,516       1,591
   Accrued expenses                           41,718     40,518      34,352
   Net payable to Financing and Insurance
   Operations                                    486      1,089         477
                                            --------    -------    --------
    Total current liabilities                 64,678     63,292      55,787
   Long-term debt                             19,228     16,651      16,797
   Postretirement benefits other than
   pensions                                   34,291     34,275      34,719
   Pensions                                   22,481     22,709      11,072
   Other liabilities and deferred income
   taxes                                      15,307     15,461      13,741
                                            --------    --------   --------
    Total Automotive, Communications
    Services, and Other Operations
    liabilities                              155,985    152,388     132,116
   Financing and Insurance Operations

   Accounts payable                            7,079      7,283       8,098
   Debt                                      191,683    183,773     148,082
   Other liabilities and deferred income
   taxes                                      17,974     18,993      16,519
                                            --------    -------    --------
    Total Financing and Insurance Operations
    liabilities                              216,736    210,049     172,699
                                             -------    -------     -------
      Total liabilities                      372,721    362,437     304,815
   Minority interests                            835        834         766
   Stockholders' equity
   $1-2/3 par value common stock
   (outstanding, 560,616,422;
    560,447,797; and 560,021,275 shares)         934        936         934
   Class H common stock (outstanding,
   1,107,517,793; 958,284,272;
    and 877,777,148 shares)                      111         96          88
   Capital surplus (principally additional
   paid-in capital)                           22,808     21,583      21,589
   Retained earnings                          11,234     10,031       9,387
                                              ------     ------    --------
      Subtotal                                35,087     32,646      31,998
   Accumulated foreign currency translation
   adjustments                                (2,665)    (2,784)     (3,014)
   Net unrealized loss on derivatives           (196)      (205)       (256)
   Net unrealized gains on securities            344        372         428
   Minimum pension liability adjustment      (23,204)   (23,215)     (9,580)
                                              ------     ------      ------
      Accumulated other comprehensive loss   (25,721)   (25,832)    (12,422)
                                              ------     ------      ------
       Total stockholders' equity              9,366      6,814      19,576
                                             -------    -------     -------
   Total liabilities and stockholders'
    equity                                  $382,922    $370,085   $325,157
                                             =======     =======    =======
   The above supplemental Information is intended to facilitate
   analysis of General Motors Corporation's businesses: (1)
   Automotive, Communications Services, and Other Operations;
   and (2) Financing and Insurance Operations.
                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                                  Three Months Ended
                                                       March 31,
                                                ------------------------
                                                   2003        2002
                                                   ----        ----
                                                 (dollars in millions)
   Net cash provided by (used in) operating
   activities                                   $10,055      $7,707
   Cash flows from investing activities
   Expenditures for property                     (1,686)     (1,904)
   Investments in marketable securities -
   acquisitions                                  (2,830)    (12,883)
   Investments in marketable securities -
   liquidations                                   2,906      12,182
   Net change in mortgage servicing rights         (461)       (551)
   Increase in finance receivables              (33,775)    (32,185)
   Proceeds from sales of finance receivables    23,446      28,196
   Operating leases - acquisitions               (3,661)     (2,991)
   Operating leases - liquidations                2,510       2,307
   Investments in companies, net of cash
   acquired                                         (32)       (161)
   Proceeds from sale of business units           1,076           -
   Other                                           (504)        318
                                                 ------       -----
   Net cash (used in) provided by investing
   activities                                   (13,011)     (7,672)
                                                 ------       -----
   Cash flows from financing activities
   Net decrease in loans payable                   (585)     (6,391)
   Long-term debt - borrowings                   19,391      13,667
   Long-term debt - repayments                  (10,066)     (6,543)
   Proceeds from issuing common stocks                -          50
   Proceeds from sales of treasury stocks             -          19
   Cash dividends paid to stockholders             (280)       (304)
                                                  -----       -----
   Net cash provided by (used in) financing
   activities                                     8,460         498
                                                  -----         ---
   Effect of exchange rate changes on cash and
    cash equivalents                                 29         (39)
                                                     --        ----
   Net increase (decrease) in cash and cash
   equivalents                                    5,533         494
   Cash and cash equivalents at beginning of
   the period                                    21,449      18,555
                                                 ------      ------
   Cash and cash equivalents at end of the
   period                                       $26,982     $19,049
                                                 ======      ======
                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES
  SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATED STATEMENTS OF
                                 CASH FLOWS
                                 (Unaudited)
                                          Automotive, Comm.    Financing and
                                           Serv. and Other       Insurance
                                         -----------------    --------------
                                              Three Months Ended March 31,
                                        ------------------------------------
                                            2003     2002      2003     2002
                                            ----     ----      ----     ----
                                                 (dollars in millions)
   Net cash provided by (used in)
   operating activities                  $4,681    $3,762   $5,374   $3,945
   Cash flows from investing activities
   Expenditures for property             (1,582)   (1,888)    (104)     (16)
   Investments in marketable securities
   - acquisitions                        (1,155)     (399)  (1,675) (12,484)
   Investments in marketable securities
   - liquidations                            90       408    2,816   11,774
   Net change in mortgage servicing
   rights                                     -         -     (461)    (551)
   Increase in finance receivables            -         -  (33,775) (32,185)
   Proceeds from sales of finance
   receivables                                -         -   23,446   28,196
   Operating leases - acquisitions            -         -   (3,661)  (2,991)
   Operating leases - liquidations            -         -    2,510    2,307
   Investments in companies, net of cash
   acquired                                 (32)      (39)       -     (122)
   Proceeds from sale of business units   1,076         -        -        -
   Other                                   (306)      524     (198)    (206)
                                          -----       ---   ------    -----
   Net cash (used in) provided by
   investing activities                  (1,909)   (1,394) (11,102)  (6,278)
                                         ------     -----  -------    -----
   Cash flows from financing activities
   Net increase (decrease) in loans
   payable                                 (733)     (811)     148   (5,580)
   Long-term debt - borrowings            2,566     6,414   16,825    7,253
   Long-term debt - repayments              (36)     (392) (10,030)  (6,151)
   Proceeds from issuing common stocks        -        50        -        -
   Proceeds from sales of treasury stocks     -        19        -        -
   Cash dividends paid to stockholders     (280)     (304)       -        -
                                          -----     -----    -----   ------
   Net cash provided by (used in)
   financing activities                   1,517     4,976    6,943   (4,478)
                                          -----     -----    -----   ------
   Effect of exchange rate changes on
   cash and cash equivalents                  1       (40)      28        1
   Net transactions with
   Automotive/Financing Operations         (604)   (1,080)     604    1,080
                                          -----     -----      ---    -----
   Net increase (decrease) in cash and
   cash equivalents                       3,686     6,224    1,847   (5,730)
   Cash and cash equivalents at
   beginning of the period               13,291     8,432    8,158   10,123
                                         ------   -------    -----   ------
   Cash and cash equivalents at end of
   the period                           $16,977   $14,656  $10,005   $4,393
                                         ======    ======   ======    =====
   The above supplemental Information is intended to facilitate
   analysis of General Motors Corporation's businesses: (1)
   Automotive, Communications Services, and Other Operations;
   and (2) Financing and Insurance Operations.


CONTACT: Toni Simonetti, +1-212-418-6380, or Jerry Jer·ry  
n. pl. Jer·ries Chiefly British Slang
A German, especially a German soldier.



[Alteration of German.
 Dubrowski, +1-212-418-6261, both of General Motors Corporation

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