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Delphi Automotive Systems Corporation Files Registration Statement

17 November 1998

Delphi Automotive Systems Corporation Files Registration Statement For Initial Public Offering of Common Stock

    TROY, Mich., Nov. 16 -- Delphi Automotive Systems Corporation
announced today that it filed a registration statement with the Securities and
Exchange Commission relating to an initial public offering of its common
stock.  The offering is expected to occur in the first quarter of 1999,
subject to market conditions and other factors.  The number of shares to be
offered will be determined at the time of the offering and is expected to be
about 15-19 percent of Delphi's outstanding common stock.
    Delphi Automotive supplies components, integrated systems and modules to
the automotive industry.  Delphi is currently wholly owned by General Motors
Corporation , which is Delphi's largest customer.
    All of the shares to be included in the initial public offering will be
sold by Delphi.  General Motors has announced that it currently intends to
divest its ownership of Delphi later in 1999 by distributing all of its shares
of Delphi common stock to holders of GM $12/3  par value common stock, either
in a split-off exchange transaction, a pro rata spin-off distribution, or some
combination of both.  Any such divestiture would be subject to a number of
conditions and there can be no assurance as to whether or when it will occur.
    The managing underwriters for the offering will be Morgan Stanley Dean
Witter; Goldman, Sachs & Co.; Merrill Lynch & Co.; Donaldson, Lufkin &
Jenrette; and Schroder & Co. Inc.  Copies of the preliminary prospectus
relating to the offering, when available, may be obtained from Morgan Stanley
Dean Witter, 1585 Broadway, New York, NY 10036 (telephone 212-761-4000).
    A registration statement relating to Delphi common stock has been filed
with the Securities and Exchange Commission but has not yet become effective.
Delphi common stock may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective.  This news release
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.