New Chevrolet IRL Engine Submitted

    DETROIT, July 16, 2003 - GM Racing, the technical arm of GM's
motorsports program, has submitted a request to the Indy Racing League for
a change in the Chevrolet racing engine that competes in the IRL IndyCar
Series. The new engine is designated the Gen IV Chevy Indy V8.

    "After exploring numerous options, GM Racing has finalized plans
to introduce a new Chevrolet engine in the Indy Racing League IndyCar
Series," said Joe Negri, GM Racing IRL program manager.

    "We have formally requested IRL officials to approve the Gen IV Chevy
Indy V8 for competition in 2003. Pending IRL approval, GM Racing will make
the Gen IV Chevy Indy V8 available to Chevrolet teams in accordance with
IRL regulations."