General Motors 8K Results of Operations and Financial Condition | GM 4 Aug 11

General Motors Company

Q2 2011 Results

August 4, 2011

Exhibit 99.2

Forward Looking Statements

In this presentation and in related comments by our management, our use of

the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,”

“commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,”

“projected,” “positioned” or similar expressions is intended to identify forward

looking statements that represent our current judgment about possible future

events. We believe these judgments are reasonable, but these statements

are not guarantees of any events or financial results, and our actual results

may differ materially due to a variety of important factors. Among other items,

such factors might include: our ability to realize production efficiencies and to

achieve reductions in costs as a result of our restructuring initiatives and

labor modifications; our ability to maintain quality control over our vehicles

and avoid material vehicle recalls; our suppliers’ ability to deliver parts,

systems and components at such times to allow us to meet production

schedules; our ability to maintain adequate liquidity and financing sources

and an appropriate level of debt, including as required to fund our planned

significant investment in new technology; our ability to realize successful

vehicle applications of new technology; and our ability to continue to attract

new customers, particularly for our new products.

GM's most recent annual report on Form 10-K and quarterly report on Form

10-Q provides information about these and other factors, which we may

revise or supplement in future reports to the SEC.

Second Quarter 2011 Highlights

Q2 ‘11

F/(U) vs.

Q2 ‘10

Global Deliveries

2.3M

Net Revenue

$39.4B

EBIT -

Adj.

$3.0B

GMNA

$2.2B

GME

$0.1B

GMIO

$0.6B

GMSA

$0.1B

Auto Free Cash Flow

$3.8B

2010

2011

GAAP

Net Revenue ($B)

33.2

39.4

Operating Income ($B)

1.9

2.5

Net Income to Common Stockholders ($B)

1.3

2.5

EPS –

Diluted ($/Share)

0.85

1.54

Non-

GAAP

EBIT-

Adj. ($B)

2.0

3.0

Automotive Free Cash Flow ($B)

2.8

3.8

Summary of Q2 2011 Results

Note: Starting Q4 2010 EBIT-Adj. includes GM Financial on an Earnings Before Tax (EBT) basis

Net Income Impact of Special Items

2010

2011

Net Income to Common Stockholders ($B)

1.3

2.5

EPS –

Diluted ($/Share)

0.85

1.54

Special Items Included ($B):

None

Total Impact of Special Items:

Net Income to Common Stockholders ($B)

EPS –

Diluted ($/Share)

Info Item: Fully Diluted EPS Calculation

2010

2011

Net income to stockholders ($B)

Cumulative dividend on Series A

Cumulative dividend on Series B

Undistributed earnings allocated to Series B

Net income to common ($B)

1.5

(0.2)

n/a

1.3

3.4

(0.2)

(0.1)

0.0

3.2

3.0

(0.2)

(0.1)

(0.3)

2.5

Add back Series B Preferred dividend

n/a

0.1

0.0

Net income to common –

diluted EPS calc. ($B)

1.3

3.2

2.5

Fully diluted share count (M)

Memo: Series B equivalents included

1,567

n/a

1,817

148

1,654

EPS –

Diluted ($/share)

0.85

1.77

1.54

Memo:

Average

stock

price

$33.00

$39.60

range

EPS calculation method

n/a

If Converted

Two-Class

Note: Results may not foot due to rounding

Q2 Operating Income Walk to EBIT-

Adj.

($B)

2010

2011

Operating Income

1.9

2.5

Equity Income

0.4

Non-Controlling Interests

(0.1)

0.0

Non-Operating Income

(0.2)

0.2

Earnings Before Interest & Taxes (EBIT)

2.0

3.0

Less Special Items

0.0

EBIT-

Adj.

2.0

3.0

Note: Results may not foot due to rounding

Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis

Q2 EBIT & EBIT-

Adj.

($B)

* GMF at an Earnings Before Tax basis (EBT)

GMNA

GME

GMIO

GMSA

GMF*

Corp./

Elims

EBIT-Adj.

Plus

Special Items

EBIT

Q2 2010

Q2 2011

Note: Results may not foot due to rounding

Global Deliveries

(000’s)

Global Share

11.4%

11.5%

11.4%

12.2%

GM deliveries & market share include vehicles sold around the world under GM and JV brands, and through GM-branded

distribution network

2,162

2,068

2,179

2,216

2,320

1,000

1,700

2,400

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

11.6%

Earnings Before Interest & Taxes

($B)

Revenue ($B)

33.2

34.1

36.9

36.2

39.4

Oper Inc % Rev

5.7%

5.4%

0.6%

2.6%

6.2%

EBIT-Adj % Rev.

6.1%

6.7%

2.8%

5.6%

7.5%

Production (000’s)

2,257

2,104

2,269

2,327

2,400

1.0

EBIT-Adj.

2.0

EBIT-Adj.

Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis

2.0

2.3

1.3

3.5

3.0

0.0

1.0

2.0

3.0

4.0

2010

2011

Consolidated EBIT –

Q2 2010 vs. Q2 2011

Q2 2010

EBIT ($B)

Q2 2011

EBIT ($B)

$1.0B Improvement

EBIT

EBIT-Adj.

Less Special

Items

EBIT-Adj.

EBIT

Plus Special

Items

0.6

1.0

(0.4)

(0.2)

Volume /

Mix

Price

Cost

Other

0.0

2.0

3.0

0.0

3.0

GMNA Deliveries

(000’s)

GMNA Share

18.7%

17.7%

18.5%

18.3%

19.1%

U.S. Share

19.4%

18.3%

19.1%

19.0%

20.0%

716

660

685

684

784

450

900

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Key GMNA Performance Indicators

Avg. U.S. Retail Incentive as % of ATP

GM %

9.9

11.2

11.7

12.6

10.7

9.6

9.4

10.4

12.6

13.2

9.8

8.9

9.1

8.9

9.5

GM vs. Ind.

(GM % / Ind. %)

0.95

1.03

1.10

1.12

1.01

0.95

1.02

0.97

1.00

1.26

1.23

0.96

1.00

1.10

1.01

0.98

$/Unit

U.S. Retail Share

U.S. Total Share

Avg. GM U.S. Retail

Incentive

Note: Incentive & ATP Information Based on J.D. Power and Associates Power Information Network data

Jul

2011

est.

GMNA Earnings Before Interest & Taxes

($B)

Revenue ($B)

20.3

21.5

22.0

22.1

23.1

EBIT-Adj % Rev

7.9%

9.9%

3.4%

5.7%

9.7%

Production (000’s)

731

707

703

786

824

U.S. Dealer Inv (000’s)

438

478

511

574

605

1.6

2.1

0.8

2.9

2.2

(1.0)

0.0

1.0

2.0

3.0

2010

2011

1.3

EBIT-Adj.

GMNA EBIT –

Q2 2010 vs. Q2 2011

Q2 2010

EBIT ($B)

Q2 2011

EBIT ($B)

$0.6B Improvement

EBIT

EBIT-Adj.

Less Special

Items

EBIT-Adj.

EBIT

Plus Special

Items

0.3

0.8

(0.2)

(0.3)

Volume /

Mix

Price

Cost

Other

0.0

1.6

2.2

0.0

2.2

Info Item: U.S. Full-size Pickup Dealer Stock

U.S. Dealer Stock

Units (000’s)

Days Supply

December 2010

June 2011

July 2011

December 2011 Objective

159

219

209

~200

122

115

~90

5 Plant

Capacity

1,300

Normal

3 Plant

Capacity

~780

2012

3 Plant

Capacity

~640

U.S. Sales

(000’s)

U.S. Country of

Sale Capacity*

(000’s)

GM U.S. F/S

Pickup Sales

GM U.S. Country Of Sale

F/S Pickup Capacity

* Capacity on three-shift basis

EBIT-Adj.

(prior period)

Volume

Mix

Price

Cost

NML

Other

EBIT-Adj.

(current period)

$1.6B

(Q2 2010)

0.1

0.2

0.6

0.0

(0.4)

0.0

$2.1B

(Q3 2010)

$2.1B

(Q3 2010)

0.4

(0.9)

(0.3)

(0.5)

0.0

$0.8B

(Q4 2010)

$0.8B

(Q4 2010)

0.2

0.1

(0.1)

0.2

0.0

0.1

$1.3B

(Q1 2011)

$1.3B

(Q1 2011)

0.0

0.2

0.6

0.0

0.2

(0.1)

$2.2B

(Q2 2011)

$1.6B

(Q2 2010)

0.6

(0.3)

0.8

(0.2)

(0.1)

$2.2B

(Q2 2011)

Info Item: GMNA EBIT-Adj (Sequential & Y-o-Y)

($B)

Note: Results may not foot due to rounding

GME Deliveries

(000’s)

GME Share

8.8%

8.9%

9.0%

8.5%

9.1%

Germany Share

8.0%

8.5%

9.0%

8.2%

8.9%

U.K. Share

13.8%

12.6%

12.4%

12.6%

13.3%

Chevrolet

GME Excl.

Chevrolet

GME deliveries and market share include unit sales of Chevrolets

produced by GMIO and delivered to customers in GME.

Revenue and associated costs of these unit sales are reported by

GMIO

GME Earnings Before Interest & Taxes

($B)

Revenue ($B)

6.0

5.7

6.9

7.5

EBIT-Adj % Rev

(2.6)%

(9.9)%

(9.2)%

0.1%

1.4%

Production (000’s)

331

286

313

344

326

(0.2)

(0.6)

(0.4)

0.0

EBIT-Adj.

0.1

GME EBIT –

Q2 2010 vs. Q2 2011

Q2 2010

EBIT ($B)

Q2 2011

EBIT ($B)

$0.3B Improvement

EBIT

EBIT-Adj.

Less Special

Items

EBIT-Adj.

EBIT

Plus Special

Items

Volume /

Mix

Price

Cost

Other

0.2

0.0

0.2

(0.1)

0.0

(0.2)

0.1

GMIO Deliveries

(000’s)

GMIO Share

8.9%

8.7%

8.6%

9.2%

9.6%

China Share

13.1%

13.6%

11.6%

13.6%

13.3%

India Share

4.0%

3.0%

3.4%

3.1%

3.4%

China

GMIO Excl.

China

GMIO Earnings Before Interest & Taxes

Revenue ($B)

EBIT margin from

consolidated operations*

Total China JV NI/Rev**

5.3

3.7%

12.6%

5.1

4.5%

11.9%

6.1

2.0%

7.7%

5.4

3.0%

12.0%

6.6

3.4%

11.1%

Consolidated Prod. (000’s)

Joint Venture Prod. (000’s)

Total Production (000’s)

268

697

965

235

631

866

265

747

1,012

257

709

966

310

693

1,003

* Excludes equity income and non-controlling interest adjustment. See supplementary schedule S9 for additional details.

** Revenue not consolidated in GM results, pro-rata share of earnings reported as equity inc.

EBIT

EBIT-Adj.

Less Special

Items

EBIT-Adj.

EBIT

Plus Special

Items

Volume /

Mix

Price

Cost

Other

Q2 2010

EBIT ($B)

Q2 2011

EBIT ($B)

$0.1B Improvement

0.1

(0.2)

0.1

0.0

0.5

0.6

GMIO EBIT –

Q2 2010 vs. Q2 2011

GMSA Deliveries

(000’s)

GMSA Share

19.5%

19.8%

19.6%

18.7%

19.2%

Brazil Share

18.4%

18.3%

18.4%

17.3%

17.6%

Brazil

GMSA Other

GMSA Earnings Before Interest & Taxes

($B)

Revenue ($B)

3.6

4.0

4.5

3.9

4.4

EBIT-Adj % Rev

5.4%

4.1%

4.4%

2.3%

1.3%

Production (000’s)

230

245

241

231

247

0.2

0.1

GMSA EBIT –

Q2 2010 vs. Q2 2011

Q2 2010

EBIT ($B)

Q2 2011

EBIT ($B)

$0.1B Reduction

EBIT

0.0

(0.2)

0.0

0.1

EBIT

EBIT-Adj.

Less Special

Items

EBIT-Adj.

Plus Special

Items

Volume /

Mix

Price

Cost

Other

0.2

0.0

0.1

0.0

0.1

Automotive Free Cash Flow

($B)

Q2 2010

Q2 2011

Net Income to Common Stockholders

1.3

2.5

Add-back Non-Controlling Interests, Preferred Dividends &

undistributed earnings allocated to Series B

0.3

0.5

Deduct Non-Auto (GM Financial)

n/a

(0.2)

Automotive Net Income

1.6

2.9

Depreciation / Amortization

1.7

1.6

Working Capital

0.0

0.1

Pension / OPEB –

Cash in Excess of Expense

(0.2)

(0.4)

Other

0.7

Automotive Net Cash Provided/(Used)

Operating Activities

3.8

5.0

Capital Expenditures

(1.0)

(1.2)

Automotive Free Cash Flow

2.8

3.8

Note: Results may not foot due to rounding

Key Automotive Balance Sheet Items

($B)

Jun. 30

2010

Mar. 31

2011

Jun. 30

2011

Cash & marketable securities*

32.5

30.6

33.8

Available Credit Facilities

1.1

5.9

Available Liquidity*

33.6

36.5

39.7

Key Obligations:

Debt

8.2

5.0

4.7

Series A Preferred Stock

7.0

5.5

U.S. Pension Underfunded Status**

15.8

11.2

10.8

Unfunded OPEB

9.3

10.0

* Includes Canadian HC Trust restricted cash

** Excludes U.S. non-qualified plan PBO of ~$0.9 billion

*** Excludes ~$2B stock contribution completed 1/13/11 that will be counted as a plan asset starting in July 2011

***

GM Financial

2010

2011

Industry Avg. (Excl. GM)

2010

2011

GM Sales Penetrations

U.S. Subprime (<=620)

4.9%

6.8%

4.2%

5.1%

U.S. Lease

6.5%

13.3%

20.9%

21.2%

Canada Lease

2.7%

8.4%

15.8%

19.0%

GM / GMF Linkage

GM as % of GMF Originations

(GM New / GMF Loan & Lease)

14.0%

38.0%

GMF as % of GM U.S. S/P & Lease

11.1%

18.1%

GMF Performance

GMF Credit Losses

(annualized net charge-offs as % avg. receivables)

4.5%

2.4%

EBT ($M)

139*

144

GM Sales Penetrations based on JD Power PIN

* GM acquired GMF in Oct. 2010, prior to this GMF was an independent entity and not consolidated into GM results. Q2 2010 does not

reflect purchase accounting and is not directly comparable to Q2

2011

Second Quarter Summary

•

Solid second quarter results

Continued success in the marketplace

Improved GMNA margins

Continued progress in Europe

•

Good progress, but more to do

Flawless execution of H2 production launches

Focus on cost containment

Leverage global growth

•

Based on current industry outlook, expect H2 2011

EBIT-Adj. to be modestly lower than H1, and full-year

2011 EBIT-Adj. to show solid improvement over 2010

New GM

New

Business

Model

Significantly Lower Risk Profile

Leverage

to Global Growth

Success in Marketplace

Segment

Retail Market

14.6%

+ $3,800

49%

15.5%

+ $7,000

45%

Average

Transaction

Price (ATP)

36 month

Residual

Value

4.7%

31%

Prior

Chevrolet Equinox, Q2 2009

Buick LaCrosse, Q2 2009

5.3%

31%

Current

Chevrolet Equinox, Q2 2011

Buick LaCrosse, Q2 2011

12.5%

+ $4,200

6.2%

Chevrolet Cobalt, Q2 2010

Chevrolet Cruze, Q2 2011

48%

41%

Residual value based on ALG 36 mo. May/June

2005

2006

2007

2008

2009

2010

2011

Success in Marketplace

GM Total U.S.

GM Global Share

New GM

10%

15%

20%

25%

30%

Old GM

Leverage Global Growth

Industry

Volume

2010*

(Millions)

5 YR Industry

Growth

2010-2015E*

2011 H1 GM

Performance

(Millions)

% Global

Growth

Market

Position**

Market

Share**

BRIC

China

+ 12

+ 8

50%

33%

12%

>13%

North America

+ 6

25%

19%

Western Europe

+ 2

All Other

+ 4

17%

+ 24

100%

* 2010 industry volume & 5 YR projected growth based on IHS Automotive car and light truck sales forecast July 2011

** GM market position and share based on GM internal data and includes sales by joint ventures on a total vehicle basis

Significantly Lower Risk Profile

•

Profitable in all regions, Q2 2011

•

H1 GMNA EBIT-Adj. $3.5B, US

SAAR 12.8M

•

H1 GME EBIT-Adj. $0.1B, +$0.9B

vs. 2010

•

$39.7B Automotive Liquidity

•

$4.7B Automotive Debt

•

$10.8B underfunded status of U.S.

qualified pension plans

Break-

Even at

Bottom of

Cycle

Fortress

Balance Sheet

New GM

New

Business

Model

Significantly Lower Risk Profile

Leverage

to Global Growth

General Motors Company

Select Supplemental Financial Information

EBIT Walk to Net Income to Common Stockholders

($B)

2010

2011

GMNA

1.6

2.2

GME

(0.2)

0.1

GMIO

0.5

0.6

GMSA

0.2

0.1

Corp & Elims

(0.1)

(0.2)

GMF

n/a

0.1

Total EBIT

2.0

3.0

Interest Expense / (Income)

0.1

0.0

Income Tax Expense / (Benefit)

0.4

(0.1)

Net Income to Stockholders

1.5

3.0

Undistributed earnings allocated to Series B (Basic)

n/a

0.3

Dividends on Preferred Stock

0.2

Net Income to Common Stockholders

1.3

2.5

Note: Starting Q4 2010 EBIT includes GM Financial on an Earnings

Before Tax (EBT) basis

Note: Results may not foot due to rounding

Reconciliation of Q2 2011 EBIT-Adj.

($B)

2010

2011

Net Income to Common Stockholders

1.3

2.5

Add Back:

Undistributed earnings allocated to Series B (Basic)

n/a

0.3

Dividends on Preferred Stock

0.2

Interest Expense / (Income)

0.1

0.0

Income Tax Expense / (Benefit)

0.4

(0.1)

Earnings Before Interest & Taxes (EBIT)

2.0

3.0

Less Special Items:

None

0.0

Total Special Items

0.0

EBIT –

Adj.

2.0

3.0

Note: Results may not foot due to rounding

Note: Starting Q4 2010 EBIT includes GM Financial on an Earnings

Before Tax (EBT) basis

Q2 2011 Special Items

($B)

2010

2011

Total GMNA

0.0

Total GME

0.0

Total GMIO

0.0

Total GMSA

0.0

Total Corp.

0.0

Total Special Items

0.0

Restructuring (not included in special items)

($B)

2010

2011

GMNA –

Dealer Related

0.0

GMNA –

Non-Dealer

0.1

0.0

0.1

0.2

0.0

Total GMNA

0.1

0.0

0.1

0.2

0.0

Total GME

(0.3)

(0.2)

(0.1)

0.0

(0.1)

Total GMIO

0.0

Total GMSA

0.0

Total

(0.2)

(0.1)

0.1

(0.1)

Note: Results may not foot due to rounding

Operating Income Walk to EBIT-

Adj

($B)

2010

2011

Operating Income

1.9

1.8

0.2

0.9

2.5

Equity Income

0.4

0.3

2.1

0.4

Non-Controlling Interests

(0.1)

0.0

Non-Operating Income/(Expense)

(0.2)

0.1

0.9

0.5

0.2

Earnings Before Interest & Taxes

(EBIT)

2.0

2.3

1.3

3.5

3.0

Less Special Items

0.0

0.3

1.5

0.0

EBIT-

Adj.

2.0

2.3

1.0

2.0

3.0

Note: Starting Q4 2010 EBIT & EBIT-Adj. include GM Financial on an Earnings Before Tax (EBT) basis

Note: Results may not foot due to rounding

Reconciliation of Automotive Free Cash Flow

($B)

2010

2011

Net cash provided by operating activities

3.8

5.1

Less net cash provided by operating activities-GM Financial

n/a

0.1

Automotive Net Cash Provided/(Used)

Operating Activities

3.8

5.0

Capital expenditures

(1.0)

(1.2)

Automotive Free Cash Flow

2.8

3.8

Note: Results may not foot due to rounding

GM Financial –

Key Metrics

($M)

Q2 2011

Memo:

Q2 2010**

Earnings Before Tax

144

139

Total Originations

1,522

906

GM new vehicles as % of total

38.0%

14.0%

Finance Receivables

9,110

8,734

Delinquencies (>30 days)*

6.1%

8.9%

Annualized net charge-offs as % of

avg. receivables

2.4%

4.5%

* Excludes finance receivables in repossession

** GM acquired GMF in Oct. 2010, prior to this GMF was an independent entity and not consolidated into GM results. Q2 2010 does not

reflect purchase accounting and is not directly comparable to Q2 2011

Info Item: GMNA –

C$ Net Monetary Liability

GMNA CAD NML Translational Impact

2010

2011

Non-Cash EBIT Impact ($B)

$(0.2)

$0.2

$(0.2)

$(0.4)

$(0.2)

$0.0

Period

End

(CAD

per

USD)

Inc/(Dec) vs. Prior Period

1.0164

(0.0323)

1.0491

0.0327

1.0269

(0.0222)

0.9980

(0.0289)

0.9980

(0. 0507)

0.9713

(0.0267)

0.9730

0.0017

•

GM Canada balance sheet includes ~CAD $7B Net Monetary Liability

(NML) position, primarily pension, OPEB and accrued liabilities

•

USD value of NML will vary due to difference in period end to period end FX

•

Since GM Canada is USD functional, translation exchange realized

as non-

cash charge recorded to GMNA P&L

Calculation of EBIT-Adj. as a Percent of Revenue

($B)

2010

2011

Consolidated

Revenue

33.2

34.1

36.9

36.2

39.4

Operating Income

1.9

5.7%

1.8

5.4%

0.2

0.6%

0.9

2.6%

2.5

6.2%

EBIT-Adj.

2.0

6.1%

2.3

6.7%

1.0

2.8%

2.0

5.6%

3.0

7.5%

GMIO

Revenue

5.3

5.1

6.1

5.4

6.6

Operating Income

0.3

5.2%

0.1

2.5%

0.1

1.1%

0.1

1.8%

0.2

2.3%

Non-Operating Income (Expense)

(0.1)

0.1

0.0

0.1

Plus Special Items *

0.0

0.1

0.0

EBIT from consolidated operations

0.2

3.7%

0.2

4.5%

0.1

2.0%

0.2

3.0%

0.2

3.4%

Note: EBIT-Adj. includes GMF on an Earnings Before Tax (EBT) basis; Results

may not foot due to rounding

* Q1 2011 includes $67 million charge recorded as a special item

General Motors (GM) 8-KResults of Operations and Financial Condition