Motors Liquidation 8K GM Reports First Quarter Financial Results | MTLQU 12 May 09

Preliminary 2009 First Quarter Results

May 7, 2009

Exhibit 99.2

Exchange Offers Information &

Forward Looking Statements

Exchange Offers Information:

connection

with

the

public

exchange

offers

General

Motors

has

filed

documents

with

the

Securities

and

Exchange

Commission, including a Registration Statement on Form S-4 and a Schedule TO containing a prospectus, consent

solicitation and tender offer statement regarding the transaction. Investors and security holders of GM are urged to

carefully read the documents because they contain important information about the transaction. Investors and

security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC’s

web site at www.sec.gov

or by contacting Nick S. Cyprus at (313)556-5000.

GM and its directors and executive officers may be deemed participants in the solicitation of proxies with respect to

the transaction. Information regarding the interests of these directors and executive officers in the transaction will be

included in the documents described above. Additional information, including information regarding the directors and

executive officers, is available in our Annual Report on Form 10-K, which was filed with the SEC on March 5, 2009.

Forward Looking Statements:

this

press

release

and

comments

our

management,

our

use

the

words

“plan,”

“expect,”

“anticipate,”

“ensure,”

“promote,”

“believe,”

“improve,”

“intend,”

“enable,”

“continue,”

“will,”

“may,”

“would,”

“could,”

“should,”

“project,”

“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 comply with the requirements of our

credit agreement with the U.S. Treasury; our ability to execute the restructuring plans that we have disclosed, our

ability

maintain

adequate

liquidity

and

financing

sources

and

appropriate

level

debt;

the

ability

our

foreign

subsidiaries to restructure and receive financial support from their local governments or other sources; our ability to

restore consumers’

confidence in our viability and to continue to attract customers, particularly for our new products;

our ability to sell, spin-off or phase out some of our brands, to manage the distribution channels for our products, and

to complete other planned asset sales; and the overall strength and stability of general economic conditions and of

the

automotive

industry,

both

the

U.S.

and

globally.

Our

most

recent

reports

SEC

Forms

10-K,

10-Q

and

8-K

provide information about these and other factors, which may be revised or supplemented in future reports to the

SEC on those forms.

First Quarter Results Overview

•

GAAP net loss of $(6.0)B, $(9.78) EPS incl. special items of $(73)M

–

Change in segment presentation, FIO included as part of Corp Sector in

GAAP financial statements

•

Adjusted net loss of $(5.9)B, $(9.66) EPS, excl. special items

•

Adjusted automotive earnings before interest and tax (EBIT) of

$(3.9)B, down $4.7B vs. Q1 2008

–

Change in automotive managerial presentation from EBT to EBIT,

moving interest expense/income to Corp Sector, allowing focus at

region and business unit level to be on controllable operational

results

•

Adjusted GMAC results recognized by GM of $(0.9)B

•

Adjusted automotive operating cash flow (OCF) of $(10.2)B

First Quarter Adjusted Results

($ Millions)

1Q08

1Q09

Fav/(Unfav)

vs 1Q08

GMNA

(248)

(2,764)

(2,516)

GME

241

(1,238)

(1,479)

GMLAAM

500

(458)

GMAP

310

(21)

(331)

Auto Eliminations

Total Automotive EBIT

808

(3,927)

(4,735)

GMAC

(302)

(885)

(583)

Corp. Other (Incl. Net Interest)

(628)

(1,204)

(576)

Total Earnings Before Taxes

(122)

(6,016)

(5,894)

Taxes

(259)

114

373

Total GM Net Income/(Loss)

(381)

(5,902)

(5,521)

Total EPS (Basic & Diluted)

(0.67)

(9.66)

(8.99)

$ ��

Worldwide Production (000)

2,233

1,330

(903)

Global Market Share

12.4%

11.2%

(1.2) p.p.

First Quarter Adjustments to Income

Exclusion of special items useful for:

•

Management to measure operations

•

Comparisons between reporting periods

•

Investors to measure and assess company’s core performance

$ Millions

EPS

Adjusted Net Income / (Loss)

(5,902)

(9.66)

First Quarter Adjustments

Gain on Debt Extinguishment

906

GMAC Related

385

SAAB Related

(822)

Impairments

(291)

Delphi Related

(135)

Restructuring

(116)

Total Adjustments

(73)

GAAP Net Income / (Loss)

(5,975)

(9.78)

Total Auto Adjusted EBIT –

1Q09 vs. 1Q08

Key Drivers

2008 Earnings Before Int. & Tax

$ 0.8

Volume

(5.4)

Mix

(0.5)

Price

0.6

Net Material

0.0

Structural Cost

3.1

Hedging / Exchange / Other

(2.5)

2009 Earnings Before Int. & Tax

$ (3.9)

$ Billions

(3.8) Industry decline

(1.0) Mkt. Share / Segment mix

(0.6) YoY inventory change

(1.3)

Exchange

(1.0)

Commodity/FX hedging

(0.2) Other

1.1 GMNA Manufacturing

1.0 Exchange

0.7 Eng. / Product dev’t

0.3 Advertising / Other

(0.5) Product / Model Option

0.7 Lease reserve adj.

(0.1) Pricing/incentives

GMNA 1Q09 Adjusted Results

($ Millions)

1Q08

1Q09

Fav/(Unfav)

vs 1Q08

Revenue

$24,543

$12,319

($12,224)

Earnings Before Int. & Tax/(Loss)

(248)

(2,764)

(2,516)

Earnings Before Int. & Tax Margin

(1.0)%

(22.4)%

(21.4) p.p.

North America:

- Production Volume (000)

885

371

(514)

- GM Total Deliveries (000)

947

501

(446)

- Market Share

21.7%

17.9%

(3.8) p.p.

United States:

- Industry SAAR (Mil.)

15.6

9.7

(5.9)

- Market Share

22.1%

18.4%

(3.7) p.p.

- Retail/Fleet Mix - % Fleet

26.7%

17.1%

(9.6) p.p.

- Dealer Inventory (000)

875

767

108

GMNA Adjusted EBIT –

1Q09 vs. 1Q08

Key Drivers

2008 Earnings Before Int. & Tax

$ (0.2)

Volume

(3.4)

Mix

(0.6)

Price

0.4

Net Material

0.1

Structural Cost

1.9

Hedging / Exchange / Other

(1.0)

2009 Earnings Before Int. & Tax

$ (2.8)

$ Billions

(2.2) Industry volume

(0.6) YoY inventory change

(0.6) Mkt. Share / Segment mix

(0.8) Commodity/FX hedging

(0.3) Exchange

0.1 Other

1.1 Manufacturing

0.7 Eng. / Product dev’t

0.2 Exchange

(0.1) Other

(0.6) Product / Model Option

0.7 Lease reserve adj.

(0.3) Pricing/incentives

GME 1Q09 Adjusted Results

($ Millions)

1Q08

1Q09

Fav/(Unfav)

vs 1Q08

Revenue

$9,909

$5,318

($4,591)

Earnings Before Int. & Tax/(Loss)

241

(1,238)

(1,479)

Earnings Before Int. & Tax Margin

2.4%

(23.3)%

(25.7) p.p.

Total Europe:

- Production Volume (000)

493

267

(226)

- Industry SAAR (Mil.)

23.9

18.1

(5.8)

- GM Total Deliveries (000)

571

405

(166)

- Market Share

9.6%

8.9%

(0.7) p.p.

Germany:

- Industry SAAR (Mil.)

3.6

4.0

0.4

- Market Share

9.3%

8.6%

(0.7) p.p.

UK:

Industry SAAR (Mil.)

3.1

1.9

(1.2)

- Market Share

14.8%

14.7%

(0.1) p.p.

- Memo: EUR/GBP exchange

0.757

0.909

Russia:

Industry SAAR (Mil.)

3.2

1.9

(1.3)

- Market Share

12.2%

10.6%

(1.6) p.p.

GMLAAM 1Q09 Adjusted Results

($ Millions)

1Q08

1Q09

Fav/(Unfav)

vs 1Q08

Revenue

$4,763

$3,446

$(1,317)

Earnings Before Int. & Tax/(Loss)

500

(458)

Earnings Before Int. & Tax Margin

10.5%

1.2%

(9.3) p.p.

Total LAAM:

- Production Volume (000)

243

185

(58)

- Industry SAAR (Mil.)

7.7

6.8

(0.9)

- GM Total Deliveries (000)

324

274

(50)

- Market Share

17.6%

16.9%

(0.7) p.p.

Brazil:

- Industry SAAR (Mil.)

2.8

2.9

0.1

- Market Share

20.9%

18.5%

(2.4) p.p.

Argentina:

Industry SAAR (Mil.)

0.6

0.5

(0.1)

- Market Share

15.2%

14.9%

(0.3) p.p.

Rest of South America

Industry SAAR (Mil.)

1.1

0.7

(0.4)

- Market Share

29.7%

34.6%

4.9 p.p.

GMAP 1Q09 Adjusted Results

($ Millions)

1Q08

1Q09

Fav/(Unfav)

vs 1Q08

Revenue

$5,296

$2,429

$(2,867)

Pre-Tax Income/(Loss)

226

(87)

(313)

China JVs Equity Income

134

107

(27)

Non-Controlling Interest

(50)

(41)

Earnings Before Int. & Tax/(Loss)

310

(21)

(331)

Earnings Before Int. & Tax Margin

5.9%

(0.9)%

(6.8) p.p.

Total Asia Pacific:

- Industry SAAR (Mil.)

22.7

20.9

(1.8)

- GM Total Deliveries (000)

411

436

- Market Share

6.9%

8.0%

1.1 p.p.

China:

- Industry SAAR (Mil.)

9.9

10.6

0.7

- Market Share

12.5%

13.7%

1.2 p.p.

Australia:

Industry SAAR (Mil.)

1.1

0.9

(0.2)

- Market Share

13.1%

12.8%

(0.3) p.p.

GM-DAT:

- Production (Complete Build Units)

221

118

(103)

GMAC 1Q09 Business Line Results

Note:

Presented as disclosed in GMAC preliminary earnings release on May 5. For full description regarding GMAC and ResCap, please refer to

GMAC’s May 5 earnings release and corresponding press release, available on GMAC’s investor relations website

($ Millions)

1Q08

1Q09

Fav/(Unfav)

1Q08

North America

154

259

105

International

104

(34)

(138)

Global Automotive Finance

258

225

(33)

Insurance

132

(82)

Mortgage Operations

(859)

(125)

734

Corporate and Other

(120)

(825)

(705)

Consolidated Net Income / (Loss)

(589)

(675)

(86)

Corporate and

Other

segment

includes

Commercial

Finance,

equity

investments

and

other

corporate activities.

Delphi Related Items

•

Q1 adjustment of $0.1B to Delphi reserve

–

Primarily related to amounts advanced to Delphi under Advance

Agreement

–

Total of $12.5B in net Delphi-related charges taken to date

•

Delphi expected to fully draw $300M available under Advance

Agreement in Q2

–

Temporary acceleration of $300M in payment terms fully implemented

•

GM continues to work with the U.S. Treasury, Delphi, and Delphi’s

DIP lenders to facilitate a resolution of the Delphi bankruptcy

–

Delphi’s DIP Agreement currently extends through May 9, 2009

–

GM’s acquisition of Delphi’s Steering business to be addressed as part

of overall Delphi resolution

Liquidity Summary

•

Liquidity position of $11.6B at March 31, 2009

–

Decrease of $2.6B from prior quarter driven primarily by negative OCF

of $(10.2)B offset by U.S. TARP funding

•

Net liquidity of $(42.8)B, a decrease of $11.1B from prior quarter

–

Debt balance in Q1 2009 at $54.4B, including U.S. TARP funding

Chart

Note:

Cash

and

Debt balances include

Financing and Insurance

segment (FIO), previously

disclosed separately

24.3

21.4

16.6

14.2

11.6

(19.0)

(21.1)

(27.9)

(31.7)

(42.8)

(45)

(35)

(25)

(15)

(5)

Q1'08

Q2'08

Q3'08

Q4'08

Q1'09

$ Billions

Gross Cash (1)

Net Liquidity

Including readily available VEBA assets

U.S. TARP Balances and Accounting Treatment

•

As of March 31, 2009, GM had received $13.4B of TARP funding under

LSA, plus an additional $0.9B related to GM’s investment in GMAC (related

to GMAC achieving Bank Holding Company status)

–

GM issued an additional note to UST for $0.7B related to stock warrants for no

consideration

which

resulted

accounting

discount

that

will

amortized

through May 31, 2009

TARP Inflows

Through 3/31/09

Additional Warrant

Note

Accounting

Treatment/ Discount

GMAC Note

1Q 2009 Total TARP

Debt -

GAAP Basis

$ Billions

0.7

(0.5)

0.9

13.4

14.5

Refer to Supplemental Charts for reconciliation to GAAP figures

Cash Flow Summary

($ Billions)

1Q 2008

1Q 2009

F/(U)

GAAP Net Income

(3.3)

(6.0)

(2.7)

Adjustment to Exclude Taxes

0.7

(0.1)

(0.8)

Earnings Before Tax

(2.6)

(6.1)

(3.5)

Depreciation & Amortization

2.2

2.5

0.3

Capital Expenditures

(1.9)

(1.6)

0.3

Change in Receivables, Payables & Inventory

(2.2)

(1.9)

0.3

Pension & OPEB Expense (Net of Payments)

(0.7)

(0.5)

0.2

Accrued Expenses & Other

2.1

(2.6)

(4.7)

Adjusted Operating Cash Flow

(3.1)

(10.2)

(7.1)

Cash Restructuring Costs

(0.3)

(0.5)

(0.2)

Delphi - Cash Restructuring Costs

(0.3)

Special Cash Charges

(0.3)

(0.8)

(0.5)

Adjusted Operating Cash Flow after Special Cash Charges

(3.4)

(11.0)

(7.6)

Non-Operating Related

Dividends

(0.1)

0.1

Change in Debt

(0.6)

9.4

10.0

Investment in GMAC

(0.9)

Other

0.6

(0.1)

(0.7)

Total Non-Operating Related

(0.1)

8.4

8.5

Net Change in Cash and Cash-related

(3.5)

(2.6)

0.9

Key Cash Flow Drivers

•

Significant variance in Accrued Expenses and Other driven by Special Charges,

GMAC-related items, Sales Allowances and Policy & Warranty

Accrued Expenses & Other

1Q 2008

1Q 2009

F/(U)

Delphi Reserve

0.7

0.1

(0.6)

Saab Related Charges

0.8

Saab Related Payments

(0.3)

Gain on Debt Extinguishment

(0.9)

Restructuring & Other

0.3

0.1

(0.2)

Subtotal Special Charges & Related Payments

1.0

(0.2)

(1.2)

GMAC Related Special Charges

1.5

(0.4)

(1.9)

GMAC Related EBT Loss

0.3

0.9

0.6

Subtotal GMAC

1.8

0.5

(1.3)

Policy & Warranty

(0.1)

(0.6)

(0.5)

Sales Allowances

(0.4)

(1.5)

(1.1)

Financial Derivatives

(0.6)

(0.7)

(0.1)

Other

0.4

(0.1)

(0.5)

Total Accrued Expenses & Other

2.1

(2.6)

(4.7)

Second Quarter Perspectives

•

Inventory adjustments in GMNA

•

Execution of our Plan

–

Brand resolution

–

Dealer consolidation and reduction

–

Structural cost and capacity action

–

Strengthen balance sheet

•

Managing bankruptcy risks

–

Consumer perception

–

Planning for contingency

•

European ownership and funding

Reinventing GM

•

Focused 4 core brand distribution strategy supported by 3 channels

•

Fewer, stronger, well-supported nameplates

•

Strong dealer footprint of ~3,600 dealers in superior & prime

locations

•

Lean, flexible, well-utilized manufacturing facilities

•

Benchmark structural cost levels enabling lower breakeven

•

Focus on key technologies

Portfolio Renaissance Continuing

Select Current & Upcoming Launches

North America

Europe

Earnings Metrics Change (EBT to EBIT)

•

Beginning Q1 2009, adjusted results will be discussed on the basis

of earnings before interest and taxes

–

Interest expense/income will be shown in our corporate sector

on a consolidated basis

–

Allows focus at region and business unit level to be on

controllable operational results

A-1

APPENDIX

As previously

presented

($ Millions)

Q108

Q208

Q308

Q408

Total

Earnings Before Taxes (EBT)

GMNA

(611)

(4,435)

(2,295)

(2,101)

(9,442)

GME

198

(974)

(956)

(1,633)

GMLAAM

517

445

514

(154)

1,322

GMAP

286

(65)

(6)

(879)

(664)

Auto Elimination

(14)

(57)

103

Total Automotive EBT

392

(3,970)

(2,818)

(3,987)

(10,383)

Earnings Before Interest & Taxes (EBIT)

GMNA

(248)

(4,018)

(2,015)

(1,824)

(8,105)

GME

241

137

(929)

(921)

(1,472)

GMLAAM

500

347

450

(149)

1,148

GMAP

310

(39)

(866)

(571)

Auto Elimination

(13)

(53)

146

Total Automotive EBIT

808

(3,586)

(2,523)

(3,614)

(8,915)

Supplemental Charts

The

following

supplemental

charts

are

provided

reconcile

adjusted

financial data

comprehended in the primary chart set with GAAP-

based data (per GM’s financial statements) and/or provide

clarification with regard to definition of non-GAAP terminology

S-0

Reconciliation to Adjusted Net Income / EPS 1Q09

S-1

$ Millions, except for EPS

Quarter ended March 31, 2009

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

GMAC

Corp /

Other

Total

Corp /

Other

Total

Total net sales & revenue

12,319

5,318

3,446

2,429

(1,259)

22,253

178

22,431

Earnings before interest and taxes (EBIT)

(3,216)

(1,989)

(21)

(5,156)

(500)

(195)

(695)

(5,851)

Interest income (expense), net

(1,144)

Gain on debt extinguishment

906

Income (loss) before taxes

(3,216)

(1,989)

(21)

(5,156)

(500)

(433)

(933)

(6,089)

Income tax (expense) benefit

114

Net income (loss)

(3,216)

(1,989)

(21)

(5,156)

(500)

(319)

(819)

(5,975)

Earnings (loss) per share, basic and diluted

($9.78)

Pre-tax adjustments:

Delphi related

135

SAAB related

734

822

Restructuring

116

GMAC related

(385)

Gain on debt extinguishment

(906)

Impairments

291

452

751

1,229

(385)

(771)

(1,156)

Tax adjustments:

UK/Spain DTA valuation allowance

Total adjustments

452

751

1,229

(385)

(771)

(1,156)

Total Adjust. - Net Revenue

Adjusted net revenue

12,319

5,318

3,446

2,429

(1,259)

22,253

178

22,431

Adjusted earnings before interest and taxes (EBIT)

(2,764)

(1,238)

(21)

(3,927)

(885)

(60)

(945)

(4,872)

Interest income (expense), net

(1,144)

Gain on debt extinguishment

Adjusted income (loss) before taxes

(2,764)

(1,238)

(21)

(3,927)

(885)

(1,204)

(2,089)

(6,016)

Income tax (expense) benefit

114

Adjusted net income (loss)

(2,764)

(1,238)

(21)

(3,927)

(885)

(1,090)

(1,975)

(5,902)

Adjusted earnings (loss) per share, basic and diluted

($9.66)

Reconciliation to Adjusted Net Income / EPS 1Q08

S-2

$ Millions, except for EPS

Quarter ended March 31, 2008

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

GMAC

Corp /

Other

Total

Corp /

Other

Total

Earnings before interest and taxes (EBIT)

(449)

118

500

310

484

(1,612)

(956)

(2,568)

(2,084)

Interest income (expense), net

(545)

Income (loss) before taxes

(449)

118

500

310

484

(1,612)

(1,501)

(3,113)

(2,629)

Income tax (expense) benefit

(653)

Net income (loss)

(449)

118

500

310

484

(1,612)

(2,154)

(3,766)

(3,282)

Earnings (loss) per share, basic and diluted

($5.80)

Pre-tax adjustments:

Delphi

731

Restructuring

201

123

324

Impairment on investment in GMAC

1,310

142

1,452

201

123

324

1,310

873

2,183

2,507

Tax adjustments:

UK/Spain DTA valuation allowance

394

Total adjustments

201

123

324

1,310

1,267

2,577

2,901

Adjusted earnings before interest and taxes (EBIT)

(248)

241

500

310

808

(302)

(83)

(385)

423

Interest income (expense), net

(545)

Adjusted income (loss) before taxes

(248)

241

500

310

808

(302)

(628)

(930)

(122)

Income tax (expense) benefit

(259)

Adjusted net income (loss)

(248)

241

500

310

808

(302)

(887)

(1,189)

(381)

Adjusted earnings (loss) per share, basic and diluted

($0.67)

Reconciliation to Earnings Before Interest & Taxes (EBIT) –

2Q08

S-3

Reported to Adjusted

$ Millions

Quarter ended June 30, 2008

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

Reported earnings before interest and taxes (EBIT)

(8,929)

347

(137)

(13)

(8,674)

Pre-tax adjustments:

Special attrition program

3,277

Restructuring charges

1,097

CAW contract

340

American Axle

197

Other

177

Total adjustments

4,911

5,088

Adjusted earnings before interest and taxes (EBIT)

(4,018)

137

347

(39)

(13)

(3,586)

Reconciliation to Earnings Before Interest & Taxes

(EBIT) –

3Q08

S-4

Reported to Adjusted

$ Millions

Quarter ended September 30, 2008

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

Reported earnings before interest and taxes (EBIT)

(115)

(958)

450

(53)

(652)

Pre-tax

adjustments:

UAW VEBA Curtailment

(3,684)

Salaried Health Care Plan related

1,172

Restructuring related / other

612

641

Total adjustments

(1,900)

(1,871)

Adjusted earnings before interest and taxes (EBIT)

(2,015)

(929)

450

(53)

(2,523)

Reconciliation to Earnings Before Interest & Taxes

(EBIT) –

4Q08

S-5

Reported to Adjusted

$ Millions

Quarter ended December 31, 2008

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

Reported earnings before interest and taxes (EBIT)

(3,246)

(1,855)

(176)

(904)

146

(6,035)

Pre-tax adjustments:

Impairments

531

497

1,093

Goodwill impairment

134

440

574

Restructuring

757

790

DTA valuation allow. & assoc. items

(36)

Total adjustments

1,422

934

2,421

Adjusted earnings before interest and taxes (EBIT)

(1,824)

(921)

(149)

(866)

146

(3,614)

Reconciliation to Earnings Before Interest & Taxes

(EBIT) –

CY08

S-6

Reported to Adjusted

$ Millions

Year ended December 31, 2008

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

Reported earnings before interest and taxes (EBIT)

(12,739)

(2,637)

1,121

(707)

(14,877)

Pre-tax adjustments:

Restructuring & 2008 SAP

5,945

264

6,307

UAW VEBA curtailment gain

(3,684)

Salaried post-65 healthcare settlement

1,172

Product specific impairments

531

497

1,093

Goodwill impairment

134

440

574

DTA valuation allow. & assoc. items

(36)

All other

536

Total adjustments

4,634

1,165

136

5,962

Adjusted earnings before interest and taxes (EBIT)

(8,105)

(1,472)

1,148

(571)

(8,915)

Reconciliation of Automotive & Corp. Other Cash Flow

(1Q09)

General Motors Corporation

GAAP to Managerial Cash Flow reconciliation

$ Billions

Q1 2008

Q1 2009

Net Cash Provided By Operating Activities (GAAP) *

(1.6)

(9.4)

Reclassifications to/ (from) U.S. GAAP

- Expenditures for PPE & Special Tools

(1.9)

(1.6)

- VEBA Withdrawls

- Cash Restructuring Costs

0.3

0.5

- Delphi - Cash Restructuring Costs

0.3

- Other

0.1

0.0

Total Reconciling Items

(1.5)

(0.8)

Adjusted Operating Cash Flow before Special Items

(3.1)

(10.2)

* Operating Cash Flow from Continuing Operations

S-7

Motors Liquidation (MTLQU) 8-KGM Reports First Quarter Financial Results