GM REITERATES EARNINGS GUIDANCE

FOR RELEASE: March 18, 2002

GM Reiterates 2002 Earnings Guidance

DETROIT -- General Motors Corporation today reiterated its 2002 first quarter and calendar year earnings guidance. In presentations to institutional investors and automotive securities analysts, beginning today, GM executives reiterated GM's outlook for first-quarter-2000 earnings per share of approximately $1.20, excluding Hughes and any special charge related to GM's restructuring of its European operations under its Project Olympia. Calendar-year-2002 earnings are estimated at $3.50 per share, excluding Hughes and any European restructuring charge.

The presentations are available live through a hot link in GM Media Online (http://media.gm.com), or directly at http://investor.gm.com under Recent Webcasts in the Webcasts and Presentations section. A replay of the webcast will also be available on the site following the event.

Presentation materials are available under Recent Presentations in the Webcasts and Presentations section.

Additionally, news media may listen to the live presentations via telephone. To access the call on a listen-only basis, please call 888-209-4006 (212-346-6434 International) about 10 minutes prior to the start time and ask to be connected to the General Motors conference call.

A replay of the presentations will be available beginning one hour after the conclusion of the event on both days, for 48 hours. The dial-in number for the replay is 800-633-8284 (858-812-6440 for international access). Please enter reservation number 20430390 for the presentation on March 18, 2002, and reservation number 20430391 for the presentations on March 19, 2002.

In this press release and related comments by General Motors management, our use of the words "outlook," "expect," "anticipate," "estimate," "forecast," "project," "likely," "objective," "plan," "designed," "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-10,11) 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 or interruptions in transportation systems, 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.