GM Statement on Auto Industry Restructuring

DETROIT, March 30 /PRNewswire/ -- Today's announcement by President Obama
begins a new era for the U.S. auto industry. It also marks a defining moment
in the history of General Motors.

The U.S. Treasury will provide working capital financing for GM for 60 days
while GM completes a more accelerated and aggressive restructuring to put the
company on sound long-term financial footing. We understand the historic
opportunity this presents, and we are fully committed to successfully
completing the reinvention of GM.

As President Obama said today, the success of this reinvention is vital for
GM, for the U.S. and global economies, and for the millions of employees,
suppliers, dealers, retirees and others who depend on the company.

During the next 60 days, GM will address the tough issues to improve the
long-term viability of the company, including the restructuring of the
financial obligations to the bond holders, unions and other stakeholders. Our
strong preference is to complete this restructuring out of court. However, GM
will take whatever steps are necessary to successfully restructure the
company, which could include a court-supervised process.

The men and women of GM, including our dealers, suppliers and other key
partners, know what we must do to accomplish this task. We are fully committed
to making this successful. We owe that to the GM community, to our customers,
and to the U.S. taxpayers, who are providing support during this exceptionally
challenging time.

Quotes attributable to Fritz Henderson, GM CEO

"The U.S. Treasury has said that it strongly believes that a substantial
restructuring will lead to a viable GM. Over the next 60 days, we will work
around the clock, with all parties, to meet the aggressive requirements that
have been set by the Task Force, and to make the fundamental and lasting
changes necessary to reinvent GM for the long-term."

"We have significant challenges ahead of us, and a very tight timeline. I am
confident that the GM team will succeed, and that a stronger, healthier GM
will play an important role in revitalizing America's economy and
re-establishing its technology leadership and energy independence."

"The administration has made it clear that it expects GM to expand and
accelerate its restructuring efforts. I want the American people to know that
we understand and accept this guidance. The road is tough, but the ultimate
goal - a leaner, stronger, viable GM - is one we share."

General Motors Corp. (NYSE: GM), one of the world's largest automakers, was
founded in 1908, and today manufactures cars and trucks in 34 countries. With
its global headquarters in Detroit, GM employs 243,000 people in every major
region of the world, and sells and services vehicles in some 140 countries.
In 2008, GM sold 8.35 million cars and trucks globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is
the United States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle
safety, security and information services. More information on GM can be
found at www.gm.com.

GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South
Korea, and has product, powertrain and purchasing collaborations with Suzuki
Motor Corp. and Isuzu Motors Ltd. of Japan. GM also has advanced technology
collaborations with Chrysler LLC, Daimler AG, BMW AG and Toyota Motor Corp.
and vehicle manufacturing ventures with several automakers around the world,
including Toyota, Suzuki, Shanghai Automotive Industry Corp. of China, AVTOVAZ
of Russia and Renault SA of France.

Genuine GM Parts and accessories are sold under the GM, GM Performance Parts,
GM Goodwrench and ACDelco brands through GM Service and Parts Operations,
which supplies GM dealerships and distributors worldwide. GM engines and
transmissions are marketed through GM Powertrain.

NOTE TO EDITORS: For additional media information visit http://media.gm.com .

CONTACT(S):
Renee Rashid-Merem
313-665-3128 (o)
313-701-8560 (c)
renee.rashid-merem@gm.com

Tom Wilkinson
313-667-0366(o)
313-378-6233 (c)
tom.wilkinson@gm.com

Greg Martin
202-775-5008 (o)
202-744-6285 (c)
greg.a.martin@gm.com

SOURCE General Motors Corporation