SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549-1004





                                    FORM 8-K
                    CURRENT REPORT PURSUANT TO SECTION 13 OF
                            THE SECURITIES EXCHANGE ACT OF 1934



          Date of Report
(Date of earliest event reported) December 12, 2000
                                  ------------------




                           GENERAL MOTORS CORPORATION
                   -----------------------------------------------------
                   (Exact name of registrant as specified in its charter)




      STATE OF DELAWARE                 1-143                 38-0572515
----------------------------   -----------------------    -------------------
(State or other jurisdiction   (Commission File Number)   (I.R.S. Employer
 of incorporation)                                        Identification No.)




300 Renaissance Center, Detroit, Michigan                    48265-3000
--------------------------------------------                 ----------
  (Address of principal executive offices)                   (Zip Code)







Registrant's telephone number, including area code       (313) 556-5000
                                                         --------------


















                                      - 1 -

On December 12, 2000,  General  Motors  Corporation's  (GM) issued the following
press  releases on actions to improve  competitiveness,  profitability;  revises
fourth quarter outlook, special charges;  Oldsmobile Division will be phased out
over the next few years; GM Europe initiates major restructuring plan; Adam Opel
AG to  accelerate  restructuring,  and Vauxhall  announces  major  manufacturing
restructuring. The releases are as follows:

ITEM 5.  OTHER ITEMS

         GM ANNOUNCES ACTIONS TO IMPROVE COMPETITIVENESS, PROFITABILITY;
         ALSO REVISES FOURTH QUARTER OUTLOOK, WILL TAKE SPECIAL CHARGES

DETROIT -- General  Motors  today  announced  a series of  actions  intended  to
strengthen  the  company's   competitiveness  in  a  rapidly  changing  business
landscape and better focus its resources on key growth activities.

In making the  announcement,  GM  President  and Chief  Executive  Officer  Rick
Wagoner said GM will phase out its Oldsmobile  marketing division and brand over
the next  several  years - a measure that will  accelerate  GM's effort to focus
resources on  strengthening  its market position and growth  opportunities.  The
company  also  intends  to phase out  passenger  car  production  at its  Luton,
England,  site as part of plans to restore  profitability at GM Europe (GME). In
addition,  GM will  reduce  salaried  employment  levels by 10  percent in North
America and Europe during the next year.

Phase-out of Oldsmobile

The  phase-out  of the  Oldsmobile  division  further  streamlines  GM's product
portfolio,  focusing  engineering  and marketing  resources  more sharply on the
company's  most  successful  products and brands.  It will also  facilitate  the
development of more innovative products with shorter lifecycles.

"This is a very difficult decision for us," said Wagoner. In recent years, major
investments  have been made in new  Oldsmobile  products  expending  significant
capital  and  engineering  resources  to  reposition  the  brand.  Even with the
introduction of highly regarded new products,  and with the great efforts of the
Oldsmobile  dealer and marketing team, the brand's sales and profit  performance
have remained under pressure.

"Our  teams  worked  hard to find  profitable  ways to  further  strengthen  the
Oldsmobile product line, including  consideration of products developed with our
global alliance  partners," Wagoner added. "But in the current  environment,  we
simply couldn't find an approach that would ensure Oldsmobile's future success."

Oldsmobile's  current  model lineup will  continue to be produced and sold until
the  end  of  their  current  product  lifecycles  or as  long  as  they  remain
economically  viable.  GM will work  proactively  with its  dealers  to ensure a
smooth  and  orderly  transition  of  existing  franchises,  and to ensure  that
Oldsmobile  customers  continue  to receive  quality  service  and  parts.  (See
separate Oldsmobile press release).










                                      - 2 -

GM Europe's capacity reduction and cost improvements

GM Europe's  plan to reduce  production  capacity  and salaried  employment  are
expected to generate  significant cost savings to aid in returning the region to
profitability.  This includes a restructuring of Vauxhall Motors'  manufacturing
operations in the UK. One of Vauxhall's two plants in Luton, England, will cease
passenger  car  production  in 2002,  and the remaining  Luton  facilities  will
concentrate  exclusively on commercial and off-road vehicles.  Combined with the
previously  announced  leanfield  conversion  of Opel's  Russelsheim  plant,  GM
Europe's total installed  capacity will be reduced by more than 400,000 units by
2004. In addition, lean manufacturing  implementation will be accelerated across
all European plants.

Other initiatives include implementing efficiency measures at the national sales
offices  throughout  Europe,  and  accelerating  the  consolidation  of  certain
back-office  and support  functions so that  projected  savings will be achieved
sooner.  Overall, GME will achieve a salaried employment reduction of 10 percent
during 2001. When combined with production  employment  reductions,  GME's total
employment level will be reduced by 5,000 within the next 12-18 months.

Another area of planned savings is further material cost  reductions,  driven in
part by synergies  derived  from GM's recent  alliance  with Fiat.  In addition,
improvements  in  current  product  material  cost  will be  accelerated  by the
establishment of a dedicated joint purchasing/engineering project team that will
work with GM Europe's supplier community.

Finally,  GM Europe plans to maintain the same significant  investment levels of
the past few years in order to support its aggressive future product lineup.

Financial outlook and special charges

General  Motors is  revising  its outlook  for  financial  results in the fourth
quarter. GM North America and GMAC remain on track. However, lower than expected
sales volume coupled with increasing price pressure in key European markets such
as Germany,  will result in GM Europe experiencing  significantly greater losses
than in the third quarter of this year.  Additionally,  GM Asia Pacific  results
will be affected by losses at Isuzu and other factors.

GM now  expects  to post  fourth  quarter  consolidated  net  income of  between
$550-$600 million, or $1.10 - $1.20 per share of GM $1-2/3 common stock. For the
calendar year 2000, GM expects to post  consolidated net income of approximately
$4.9 - $5.0 billion,  or between $8.47 - $8.57 per share. GM also noted that its
overall  tax  rate for the  calendar  year  will be  approximately  31  percent,
slightly lower than previously expected due to a shift in regional earnings.

These  foregoing  estimates  exclude the effect of special items,  which include
charges  totaling  $1.5 - $2.5 billion  before tax ($900 million to $1.5 billion
after tax, or about $1.60- $2.75 per share of GM $1-2/3 common stock) to account
for the following:









                                      - 3 -

   - Costs associated with the phase-out of the Oldsmobile division and brand;
   - Employment costs and the write-down of production equipment associated with
     the reductions in production capacity in North America and Europe. These
     actions affect approximately 4,000 U.S. employees at four plants in the
     U.S. as detailed below. The actions primarily at the Luton assembly plant
     in England will affect approximately 2,000 employees.
   - Reserves   for   certain   legal   matters   related  to  prior   business
     restructurings.

Also, in the fourth quarter GM will report a $1.2 billion  after-tax gain ($0.65
per share of GM  $1-2/3  common  and  $0.90 per share of GMH) on the  previously
announced  sale of its Hughes  satellite  manufacturing  business  to the Boeing
Company.

Employment and production reductions in GM North America

In North  America,  GM continues to implement  previously  announced  actions to
convert  and  reduce  production.  GMNA will also  reduce  salaried  employment,
including  contract  staff,  by 10  percent  over the  next  year.  The  ongoing
convergence  of GMNA car and  truck  groups  into  streamlined  engineering  and
manufacturing  organizations,  which will be completed as of year-end  2000, has
provided  opportunities  to  allocate  engineering  and  design  resources  more
efficiently,  and  reduce  redundant  staff  and  support  operations.   Further
employment reductions will be achieved by accelerating attrition in GMNA through
a voluntary separation and early retirement program.

The  previously  announced  production  plant actions  in  the United States are
necessary  as GM prepares  to align  production  with market  demand and convert
capacity to produce more trucks.  The assembly  operation in Oklahoma City, Ok.,
will be converted for truck  production,  and production of its current product,
the Chevrolet  Malibu,  will transfer to the Lansing,  Mich.,  assembly plant in
June 2001. The Delta Engine plant in Lansing,  Mich., will be idled in September
2001.  At the assembly  plants in  Wilmington,  Del.,  and Spring  Hill,  Tenn.,
production volume will continue at reduced levels.

GM  anticipates  that many of the  affected  U.S.  hourly  workers  will have an
opportunity  to move into other  openings at GM facilities or take  advantage of
retirement  provisions  in the UAW-GM  national  agreement.  Those who remain on
layoff will receive comprehensive wage and benefit protection under the contract
or, in Spring Hill's case, under the Memorandum of Agreement.

In this press release and related comments by General Motors management, our use
of the words "expect," "anticipate," "estimate," forecast," "objective," "plan,"
"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-20) 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, 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.

                                      # # #

                                      - 4 -

                General Motors Announces Phase-Out of Oldsmobile

Detroit, Mich. - GM announced today that the Oldsmobile Division will be phased
out over the next few years.

In making the  announcement,  GM  President  and Chief  Executive  Officer  Rick
Wagoner and Executive  Vice  President and President  North America Ron Zarrella
said that despite  major  investments  over the past few years that  resulted in
critically   acclaimed  new   Oldsmobile   products,   the  division  was  still
unprofitable and its sales volume continued to erode.

"We  stretched to find  profitable  ways to further  strengthen  the  Oldsmobile
product line,  including  developing products with our global alliance partners,
but in the current environment, there was no workable solution," said Wagoner.

Wagoner added this has been a very difficult and painful decision because of the
history  of the  Oldsmobile  division.  "It is the  oldest  automotive  brand in
America  with a  history  that is rich  with  innovation  and  success  stories,
including  dozens of legendary cars, and over the years it was one of the jewels
in the General Motors' crown," he said.

"In recent years, we have made major  investments in new products for Oldsmobile
- significant  capital and  engineering  resources - in an effort to re-position
Oldsmobile in the market," Zarrella said. "Even with the introduction of several
great new  products,  the  brand's  sales and profit  performance  remain  under
pressure."

A dramatically  changing North  American  automotive  landscape is driving GM to
focus its resources even more sharply on growth  opportunities and on making the
entire brand portfolio more effective in the marketplace. That means a portfolio
dominated by innovative products with shorter lifecycles.

"I want to assure you that we are very  sensitive  to the  concerns and needs of
the  Oldsmobile  customer,"  Zarrella  said.  "We will  work  together  with our
Oldsmobile dealers to provide for a smooth and orderly business transition."

A call center has been  established in Detroit to address  dealer  questions and
capture dealer concerns for resolution.  In addition,  a transition team will be
located in each of the  company's  five regions to address  dealer  concerns and
inquiries.  A dedicated  team will work on an individual  basis with all dealers
involved to facilitate a smooth and orderly transition.

The company will also work with Oldsmobile  dealers so those customers  continue
to  receive  quality  service  and parts.  If there is any change in  Oldsmobile
representation  in a customer's  area,  service and parts will be made available
through another GM dealer.

There will be several customer care  initiatives  beginning with a special 1-800
number for  Oldsmobile  owners.  As valued members of the General Motors family,
they  will  have the  benefit  of the  largest  and one of the  most  responsive
customer care networks in the industry to address their concerns.

In addition,  recent  Oldsmobile  customers will be provided a certificate of at
least  $1,000  toward  the  purchase  or lease of a new  Oldsmobile  or other GM
vehicles.

Regarding Oldsmobile  employees,  Zarrella said that the dedication exhibited by
the  Oldsmobile  has been  exemplary.  "This is why we will work hard to provide
opportunities  for  these  valued  employees  to  stay in the GM  family,"  said
Zarrella.
                                      - 5 -

"While this is a difficult decision,  we believe that in the long run, it is the
right thing to do to increase GM's  competitiveness,  profitability  and growth,
Zarrella said."


                                      # # #



                  GM Europe Initiates Major Restructuring Plan

Zurich - General  Motors Europe today  announced a major  restructuring  plan to
improve  its market  position  and return its  business to  profitability.  This
year's  downturn of the Western  European  vehicle  market and GM's market share
performance  in  many  of  the  individual  countries,  combined  with  shifting
consumers' preference to smaller vehicles,  and intensified downward pressure on
vehicle  prices,  led to a 3rd  quarter  loss of  $181  million.  With  industry
conditions continuing to deteriorate, a much larger loss is expected for the 4th
quarter.

This  restructuring  plan,  combined with continued  investment in an aggressive
future  product  program has the objective of generating  savings  sufficient to
return GM Europe to profitability.

In the manufacturing  area,  Vauxhall intends to undertake a major restructuring
of its manufacturing operations. It is proposed that in Luton, production of the
Vectra would move to one shift early in 2001,  and would cease at the end of the
life of the current Vectra model,  which will be by the end of the first quarter
of  2002.  From  this  point  forward,  the  remaining  Luton  facilities  would
concentrate on commercial and offroad  vehicles,  while passenger car production
would be  concentrated  at Ellesmere  Port.  This means that the new medium-duty
van, the Vivaro,  and the Frontera  would be produced at Luton.  Ellesmere  Port
will  continue  to  produce  the  Astra  and a study is being  made to  possibly
incorporate  the  next-generation  Vectra and turn the facility into a two-model
flex plant.

In total,  these  specific  actions in the UK, and those  previously  announced,
including the "leanfield"  conversion of Opel's Russelsheim  manufacturing site,
will reduce GM Europe's  installed  capacity by more than 400,000  units between
now  and  2004.  Going  forward,   capacity  utilization  across  GM's  European
operations  will  continue to be  evaluated.  In  addition,  lean  manufacturing
implementation  will be accelerated  across all European  plants,  to obtain the
productivity   levels  currently   demonstrated  at  Opel's  benchmark  Eisenach
facility.

In the sales,  marketing and  administration  areas,  GM Europe intends to drive
efficiency  measures and to achieve  significant  savings at the national  sales
offices in the various European countries and regions.  The migration of certain
financial  and  administrative  functions to the  company's  European  Financial
Shared  Services  Center  in  Spain  announced  in  May of  this  year  will  be
accelerated, so that projected savings will be achieved earlier.

Taken together, these various restructuring  activities,  as well as a number of
other  actions,  are expected to reduce overall  employment  levels in Europe by
more than 5,000 people within the next 18 months,  consistent with the objective
of reducing salaried headcount by 10 percent by the end of 2001.





                                      - 6 -

Another  portion of the planned  savings  will come from further  material  cost
reductions,  driven in part by synergies  derived from GM's recent alliance with
Fiat.  In  addition,  improvements  in  current  product  material  cost will be
accelerated by the  establishment  of a dedicated  joint  purchasing/engineering
project team that will work with GM Europe's supplier communities.

With regard to product development,  it is planned to maintain investment levels
that  have  increased  in the past few years to  support  an  aggressive  future
product line-up for GM Europe's brands. Opel/Vauxhall are currently reevaluating
their future vehicle portfolio, in order to focus on delivering more innovative,
segment-defining  product entries.  As an initial  consequence,  Opel decided to
discontinue  plans for the  introduction of an Omega V8 version.  Saab, over the
next five years,  will  considerably  enlarge its product offer in line with its
growth strategy for Europe and the U.S.

Michael J. Burns,  President of General Motors Europe,  said: "The restructuring
plan  announced  today is  far-reaching,  but essential for bringing the company
back to profitable growth.  The reduced cost base,  combined with our aggressive
new vehicle portfolio focus, will ultimately  provide the best guarantee for our
future success."


                                      # # #


                    Adam Opel AG to Accelerate Restructuring

Acceleration of cost cutting plans,  combined with aggressive investment program
is to return company to profitability.

Ruesselsheim.  Adam Opel AG, together with GM Europe and Vauxhall Motors,  Ltd.,
announced  today an  acceleration  of  restructuring  actions,  which  are being
implemented to return the company to profitability and to promote future growth.
This  restructuring  plan,  combined with continued  investment in an aggressive
future  product  program  and  the  modernization  of its  facilities,  has  the
objective  of   generating   savings   sufficient   to  return  the  company  to
profitability.  Opel Chairman and Managing  Director Robert W. Hendry said : "We
are quite  encouraged  by the  reception of recent new Opel products by industry
experts and by our customers, as witnessed by the success of Zafira, Astra Eco 4
and Coupe,  Speedster and Corsa.  This shows that our renewed  product and brand
focus and quality efforts are starting to have an impact. However, with industry
conditions deteriorating,  we now have to prioritize cost efficiency in order to
become profitable again and grow, supported by Opel's aggressive investment plan
to further improve our competitiveness in the market."

This year's downturn of the German and overall Western European vehicle markets,
combined  with  shifting   consumers'   preference  to  smaller  vehicles,   and
intensified  downward  pressure  on vehicle  prices,  is leading to  significant
losses at Adam Opel AG and GM Europe.

With  industry  conditions  continuing  to  deteriorate,   immediate  action  is
necessary  to adjust  production  capacity  and volumes to the  changing  market
environment and to return GM's European  operations to profitability.  Adam Opel
AG fully supports these initiatives,  by reevaluating  production  schedules for
the Opel  Vectra and Omega in Germany,  for  example.  Adam Opel AG's  efficient
Eisenach  plant  will be used as a  benchmark  in an effort to  accelerate  lean
manufacturing implementation across all of GM's European facilities.


                                      - 7 -

In the U.K., Opel's sister company Vauxhall has announced a major  restructuring
of its manufacturing operations. It is proposed that in Luton, production of the
Vectra would move to one shift early in 2001,  and would cease at the end of the
life of the current Vectra model,  which will be by the end of the first quarter
of  2002.  From  this  point  forward,  the  remaining  Luton  facilities  would
concentrate on commercial and offroad  vehicles,  while passenger car production
would be  concentrated  at Ellesmere  Port.  This means that the new medium-duty
van, the Vivaro,  and the Frontera  would be produced at Luton.  Ellesmere  Port
will  continue  to  produce  the  Astra  and a study is being  made to  possibly
incorporate  the  next-generation  Vectra and turn the facility into a two-model
flex plant.

In total,  these  specific  actions in the UK, and those  previously  announced,
including the "leanfield"  conversion of Opel's Russelsheim  manufacturing site,
will reduce GM Europe's  installed  capacity by more than 400,000  units between
now  and  2004.  Going  forward,   capacity  utilization  across  GM's  European
operations will continue to be evaluated.

Taken together, these various restructuring  activities,  as well as a number of
other actions,  are expected to reduce GM's overall  employment levels in Europe
by more than 5,000  people  within the next 18 months.  Adam Opel AG will make a
significant  contribution  to  this  reduction,  in  part  through  the  already
announced  Ruesselsheim  "leanfield"  conversion,   as  well  as  through  other
initiatives.

Another  portion of the planned  savings  will come from further  material  cost
reductions,  driven in part by synergies  derived from GM's recent alliance with
Fiat.  In  addition,  improvements  in  current  product  material  cost will be
accelerated by the  establishment  of a dedicated  joint  purchasing/engineering
project team at Opel's Technical  Development  Center in Ruesselsheim  that will
work with the company's engineering and supplier communities.

With regard to product development,  it is planned to maintain investment levels
that have  increased in the past few years to support an aggressive  future Opel
product  line-up.  Adam Opel AG,  together  with GM  Europe  and  Vauxhall,  are
currently  reevaluating  their future  vehicle  portfolio,  in order to focus on
delivering more  innovative,  segment-defining  product  entries.  As an initial
consequence,  Opel decided to discontinue plans for the introduction of an Omega
V8  version.  The  decision  taken  will  free up  development  capacity  at the
International    Technical   Development   Center   in   support   of   a   more
innovation-oriented and energy-efficient product focus.


                                      # # #

                   Vauxhall Announces Major Manufacturing Restructuring.

In response to rapidly changing  European market conditions and over capacity in
the car market,  Vauxhall  Motors  today,  Tuesday 12th  December,  announced an
intended restructuring of its manufacturing facilities as part of a major review
of General Motors European operations.

It is proposed that the Luton facilities will concentrate on commercial vehicles
and off-road  vehicles while  passenger car production  will be  concentrated at
Ellesmere  Port.  This means that the new medium duty van,  the Vivaro,  and the
Frontera will be produced at Luton but production of the Vectra will move to one
shift in early  2001;  then cease in Luton at the end of the life of the current
model which will be by the end of the first quarter 2002.

                                      - 8 -

Ellesmere  Port will  continue to produce the Astra and a study is being made to
possibly  incorporate the next  generation  Vectra and turn the plant into a two
model `flex' plant.

"While  Vauxhall  continues its successful  sales and market share growth of the
past 2 years in the domestic market,  these moves on the  manufacturing  side of
our business are necessary to retain competitive  manufacturing  resource in the
UK and allow us to optimize the utilisation of our assets.  We will work closely
with the Unions to  minimise  the impact of these  changes,  and look at ways of
supporting  our employees  directly  affected by this  announcement",  said Nick
Reilly Chairman and Managing Director.

Note to Editors:  A history of Vauxhall in the UK, and recent  manufacturing and
export  data,  can be found on  www.vauxhall.co.uk,  in the  About  Us/News  and
Corporate sections.

                                      # # #



                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                            GENERAL MOTORS CORPORATION
                                            --------------------------
                                                    (Registrant)
Date    December 12, 2000
        ------------------
                                       By
                                            /s/Peter R. Bible
                                            -------------------------------
                                            (Peter R. Bible,
                                             Chief Accounting Officer)


























                                              - 9 -
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SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549-1004

                                    FORM 8-K
                    CURRENT REPORT PURSUANT TO SECTION 13 OF
                            THE SECURITIES EXCHANGE ACT OF 1934

          Date of Report
(Date of earliest event reported) December 12, 2000
                                  ------------------

                           GENERAL MOTORS CORPORATION
                   -----------------------------------------------------
                   (Exact name of registrant as specified in its charter)

      STATE OF DELAWARE                 1-143                 38-0572515
----------------------------   -----------------------    -------------------
(State or other jurisdiction   (Commission File Number)   (I.R.S. Employer
 of incorporation)                                        Identification No.)

300 Renaissance Center, Detroit, Michigan                    48265-3000
--------------------------------------------                 ----------
  (Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code       (313) 556-5000
                                                         --------------

                                      - 1 -

On December 12, 2000,  General  Motors  Corporation's  (GM) issued the following
press  releases on actions to improve  competitiveness,  profitability;  revises
fourth quarter outlook, special charges;  Oldsmobile Division will be phased out
over the next few years; GM Europe initiates major restructuring plan; Adam Opel
AG to  accelerate  restructuring,  and Vauxhall  announces  major  manufacturing
restructuring. The releases are as follows:

ITEM 5.  OTHER ITEMS

         GM ANNOUNCES ACTIONS TO IMPROVE COMPETITIVENESS, PROFITABILITY;
         ALSO REVISES FOURTH QUARTER OUTLOOK, WILL TAKE SPECIAL CHARGES

DETROIT -- General  Motors  today  announced  a series of  actions  intended  to
strengthen  the  company's   competitiveness  in  a  rapidly  changing  business
landscape and better focus its resources on key growth activities.

In making the  announcement,  GM  President  and Chief  Executive  Officer  Rick
Wagoner said GM will phase out its Oldsmobile  marketing division and brand over
the next  several  years - a measure that will  accelerate  GM's effort to focus
resources on  strengthening  its market position and growth  opportunities.  The
company  also  intends  to phase out  passenger  car  production  at its  Luton,
England,  site as part of plans to restore  profitability at GM Europe (GME). In
addition,  GM will  reduce  salaried  employment  levels by 10  percent in North
America and Europe during the next year.

Phase-out of Oldsmobile

The  phase-out  of the  Oldsmobile  division  further  streamlines  GM's product
portfolio,  focusing  engineering  and marketing  resources  more sharply on the
company's  most  successful  products and brands.  It will also  facilitate  the
development of more innovative products with shorter lifecycles.

"This is a very difficult decision for us," said Wagoner. In recent years, major
investments  have been made in new  Oldsmobile  products  expending  significant
capital  and  engineering  resources  to  reposition  the  brand.  Even with the
introduction of highly regarded new products,  and with the great efforts of the
Oldsmobile  dealer and marketing team, the brand's sales and profit  performance
have remained under pressure.

"Our  teams  worked  hard to find  profitable  ways to  further  strengthen  the
Oldsmobile product line, including  consideration of products developed with our
global alliance  partners," Wagoner added. "But in the current  environment,  we
simply couldn't find an approach that would ensure Oldsmobile's future success."

Oldsmobile's  current  model lineup will  continue to be produced and sold until
the  end  of  their  current  product  lifecycles  or as  long  as  they  remain
economically  viable.  GM will work  proactively  with its  dealers  to ensure a
smooth  and  orderly  transition  of  existing  franchises,  and to ensure  that
Oldsmobile  customers  continue  to receive  quality  service  and  parts.  (See
separate Oldsmobile press release).

                                      - 2 -

GM Europe's capacity reduction and cost improvements

GM Europe's  plan to reduce  production  capacity  and salaried  employment  are
expected to generate  significant cost savings to aid in returning the region to
profitability.  This includes a restructuring of Vauxhall Motors'  manufacturing
operations in the UK. One of Vauxhall's two plants in Luton, England, will cease
passenger  car  production  in 2002,  and the remaining  Luton  facilities  will
concentrate  exclusively on commercial and off-road vehicles.  Combined with the
previously  announced  leanfield  conversion  of Opel's  Russelsheim  plant,  GM
Europe's total installed  capacity will be reduced by more than 400,000 units by
2004. In addition, lean manufacturing  implementation will be accelerated across
all European plants.

Other initiatives include implementing efficiency measures at the national sales
offices  throughout  Europe,  and  accelerating  the  consolidation  of  certain
back-office  and support  functions so that  projected  savings will be achieved
sooner.  Overall, GME will achieve a salaried employment reduction of 10 percent
during 2001. When combined with production  employment  reductions,  GME's total
employment level will be reduced by 5,000 within the next 12-18 months.

Another area of planned savings is further material cost  reductions,  driven in
part by synergies  derived  from GM's recent  alliance  with Fiat.  In addition,
improvements  in  current  product  material  cost  will be  accelerated  by the
establishment of a dedicated joint purchasing/engineering project team that will
work with GM Europe's supplier community.

Finally,  GM Europe plans to maintain the same significant  investment levels of
the past few years in order to support its aggressive future product lineup.

Financial outlook and special charges

General  Motors is  revising  its outlook  for  financial  results in the fourth
quarter. GM North America and GMAC remain on track. However, lower than expected
sales volume coupled with increasing price pressure in key European markets such
as Germany,  will result in GM Europe experiencing  significantly greater losses
than in the third quarter of this year.  Additionally,  GM Asia Pacific  results
will be affected by losses at Isuzu and other factors.

GM now  expects  to post  fourth  quarter  consolidated  net  income of  between
$550-$600 million, or $1.10 - $1.20 per share of GM $1-2/3 common stock. For the
calendar year 2000, GM expects to post  consolidated net income of approximately
$4.9 - $5.0 billion,  or between $8.47 - $8.57 per share. GM also noted that its
overall  tax  rate for the  calendar  year  will be  approximately  31  percent,
slightly lower than previously expected due to a shift in regional earnings.

These  foregoing  estimates  exclude the effect of special items,  which include
charges  totaling  $1.5 - $2.5 billion  before tax ($900 million to $1.5 billion
after tax, or about $1.60- $2.75 per share of GM $1-2/3 common stock) to account
for the following:

                                      - 3 -

   - Costs associated with the phase-out of the Oldsmobile division and brand;
   - Employment costs and the write-down of production equipment associated with
     the reductions in production capacity in North America and Europe. These
     actions affect approximately 4,000 U.S. employees at four plants in the
     U.S. as detailed below. The actions primarily at the Luton assembly plant
     in England will affect approximately 2,000 employees.
   - Reserves   for   certain   legal   matters   related  to  prior   business
     restructurings.

Also, in the fourth quarter GM will report a $1.2 billion  after-tax gain ($0.65
per share of GM  $1-2/3  common  and  $0.90 per share of GMH) on the  previously
announced  sale of its Hughes  satellite  manufacturing  business  to the Boeing
Company.

Employment and production reductions in GM North America

In North  America,  GM continues to implement  previously  announced  actions to
convert  and  reduce  production.  GMNA will also  reduce  salaried  employment,
including  contract  staff,  by 10  percent  over the  next  year.  The  ongoing
convergence  of GMNA car and  truck  groups  into  streamlined  engineering  and
manufacturing  organizations,  which will be completed as of year-end  2000, has
provided  opportunities  to  allocate  engineering  and  design  resources  more
efficiently,  and  reduce  redundant  staff  and  support  operations.   Further
employment reductions will be achieved by accelerating attrition in GMNA through
a voluntary separation and early retirement program.

The  previously  announced  production  plant actions  in  the United States are
necessary  as GM prepares  to align  production  with market  demand and convert
capacity to produce more trucks.  The assembly  operation in Oklahoma City, Ok.,
will be converted for truck  production,  and production of its current product,
the Chevrolet  Malibu,  will transfer to the Lansing,  Mich.,  assembly plant in
June 2001. The Delta Engine plant in Lansing,  Mich., will be idled in September
2001.  At the assembly  plants in  Wilmington,  Del.,  and Spring  Hill,  Tenn.,
production volume will continue at reduced levels.

GM  anticipates  that many of the  affected  U.S.  hourly  workers  will have an
opportunity  to move into other  openings at GM facilities or take  advantage of
retirement  provisions  in the UAW-GM  national  agreement.  Those who remain on
layoff will receive comprehensive wage and benefit protection under the contract
or, in Spring Hill's case, under the Memorandum of Agreement.

In this press release and related comments by General Motors management, our use
of the words "expect," "anticipate," "estimate," forecast," "objective," "plan,"
"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-20) 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, 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.

                                      # # #

                                      - 4 -

                General Motors Announces Phase-Out of Oldsmobile

Detroit, Mich. - GM announced today that the Oldsmobile Division will be phased
out over the next few years.

In making the  announcement,  GM  President  and Chief  Executive  Officer  Rick
Wagoner and Executive  Vice  President and President  North America Ron Zarrella
said that despite  major  investments  over the past few years that  resulted in
critically   acclaimed  new   Oldsmobile   products,   the  division  was  still
unprofitable and its sales volume continued to erode.

"We  stretched to find  profitable  ways to further  strengthen  the  Oldsmobile
product line,  including  developing products with our global alliance partners,
but in the current environment, there was no workable solution," said Wagoner.

Wagoner added this has been a very difficult and painful decision because of the
history  of the  Oldsmobile  division.  "It is the  oldest  automotive  brand in
America  with a  history  that is rich  with  innovation  and  success  stories,
including  dozens of legendary cars, and over the years it was one of the jewels
in the General Motors' crown," he said.

"In recent years, we have made major  investments in new products for Oldsmobile
- significant  capital and  engineering  resources - in an effort to re-position
Oldsmobile in the market," Zarrella said. "Even with the introduction of several
great new  products,  the  brand's  sales and profit  performance  remain  under
pressure."

A dramatically  changing North  American  automotive  landscape is driving GM to
focus its resources even more sharply on growth  opportunities and on making the
entire brand portfolio more effective in the marketplace. That means a portfolio
dominated by innovative products with shorter lifecycles.

"I want to assure you that we are very  sensitive  to the  concerns and needs of
the  Oldsmobile  customer,"  Zarrella  said.  "We will  work  together  with our
Oldsmobile dealers to provide for a smooth and orderly business transition."

A call center has been  established in Detroit to address  dealer  questions and
capture dealer concerns for resolution.  In addition,  a transition team will be
located in each of the  company's  five regions to address  dealer  concerns and
inquiries.  A dedicated  team will work on an individual  basis with all dealers
involved to facilitate a smooth and orderly transition.

The company will also work with Oldsmobile  dealers so those customers  continue
to  receive  quality  service  and parts.  If there is any change in  Oldsmobile
representation  in a customer's  area,  service and parts will be made available
through another GM dealer.

There will be several customer care  initiatives  beginning with a special 1-800
number for  Oldsmobile  owners.  As valued members of the General Motors family,
they  will  have the  benefit  of the  largest  and one of the  most  responsive
customer care networks in the industry to address their concerns.

In addition,  recent  Oldsmobile  customers will be provided a certificate of at
least  $1,000  toward  the  purchase  or lease of a new  Oldsmobile  or other GM
vehicles.

Regarding Oldsmobile  employees,  Zarrella said that the dedication exhibited by
the  Oldsmobile  has been  exemplary.  "This is why we will work hard to provide
opportunities  for  these  valued  employees  to  stay in the GM  family,"  said
Zarrella.
                                      - 5 -

"While this is a difficult decision,  we believe that in the long run, it is the
right thing to do to increase GM's  competitiveness,  profitability  and growth,
Zarrella said."

                                      # # #

                  GM Europe Initiates Major Restructuring Plan

Zurich - General  Motors Europe today  announced a major  restructuring  plan to
improve  its market  position  and return its  business to  profitability.  This
year's  downturn of the Western  European  vehicle  market and GM's market share
performance  in  many  of  the  individual  countries,  combined  with  shifting
consumers' preference to smaller vehicles,  and intensified downward pressure on
vehicle  prices,  led to a 3rd  quarter  loss of  $181  million.  With  industry
conditions continuing to deteriorate, a much larger loss is expected for the 4th
quarter.

This  restructuring  plan,  combined with continued  investment in an aggressive
future  product  program has the objective of generating  savings  sufficient to
return GM Europe to profitability.

In the manufacturing  area,  Vauxhall intends to undertake a major restructuring
of its manufacturing operations. It is proposed that in Luton, production of the
Vectra would move to one shift early in 2001,  and would cease at the end of the
life of the current Vectra model,  which will be by the end of the first quarter
of  2002.  From  this  point  forward,  the  remaining  Luton  facilities  would
concentrate on commercial and offroad  vehicles,  while passenger car production
would be  concentrated  at Ellesmere  Port.  This means that the new medium-duty
van, the Vivaro,  and the Frontera  would be produced at Luton.  Ellesmere  Port
will  continue  to  produce  the  Astra  and a study is being  made to  possibly
incorporate  the  next-generation  Vectra and turn the facility into a two-model
flex plant.

In total,  these  specific  actions in the UK, and those  previously  announced,
including the "leanfield"  conversion of Opel's Russelsheim  manufacturing site,
will reduce GM Europe's  installed  capacity by more than 400,000  units between
now  and  2004.  Going  forward,   capacity  utilization  across  GM's  European
operations  will  continue to be  evaluated.  In  addition,  lean  manufacturing
implementation  will be accelerated  across all European  plants,  to obtain the
productivity   levels  currently   demonstrated  at  Opel's  benchmark  Eisenach
facility.

In the sales,  marketing and  administration  areas,  GM Europe intends to drive
efficiency  measures and to achieve  significant  savings at the national  sales
offices in the various European countries and regions.  The migration of certain
financial  and  administrative  functions to the  company's  European  Financial
Shared  Services  Center  in  Spain  announced  in  May of  this  year  will  be
accelerated, so that projected savings will be achieved earlier.

Taken together, these various restructuring  activities,  as well as a number of
other  actions,  are expected to reduce overall  employment  levels in Europe by
more than 5,000 people within the next 18 months,  consistent with the objective
of reducing salaried headcount by 10 percent by the end of 2001.

                                      - 6 -

Another  portion of the planned  savings  will come from further  material  cost
reductions,  driven in part by synergies  derived from GM's recent alliance with
Fiat.  In  addition,  improvements  in  current  product  material  cost will be
accelerated by the  establishment  of a dedicated  joint  purchasing/engineering
project team that will work with GM Europe's supplier communities.

With regard to product development,  it is planned to maintain investment levels
that  have  increased  in the past few years to  support  an  aggressive  future
product line-up for GM Europe's brands. Opel/Vauxhall are currently reevaluating
their future vehicle portfolio, in order to focus on delivering more innovative,
segment-defining  product entries.  As an initial  consequence,  Opel decided to
discontinue  plans for the  introduction of an Omega V8 version.  Saab, over the
next five years,  will  considerably  enlarge its product offer in line with its
growth strategy for Europe and the U.S.

Michael J. Burns,  President of General Motors Europe,  said: "The restructuring
plan  announced  today is  far-reaching,  but essential for bringing the company
back to profitable growth.  The reduced cost base,  combined with our aggressive
new vehicle portfolio focus, will ultimately  provide the best guarantee for our
future success."

                                      # # #

                    Adam Opel AG to Accelerate Restructuring

Acceleration of cost cutting plans,  combined with aggressive investment program
is to return company to profitability.

Ruesselsheim.  Adam Opel AG, together with GM Europe and Vauxhall Motors,  Ltd.,
announced  today an  acceleration  of  restructuring  actions,  which  are being
implemented to return the company to profitability and to promote future growth.
This  restructuring  plan,  combined with continued  investment in an aggressive
future  product  program  and  the  modernization  of its  facilities,  has  the
objective  of   generating   savings   sufficient   to  return  the  company  to
profitability.  Opel Chairman and Managing  Director Robert W. Hendry said : "We
are quite  encouraged  by the  reception of recent new Opel products by industry
experts and by our customers, as witnessed by the success of Zafira, Astra Eco 4
and Coupe,  Speedster and Corsa.  This shows that our renewed  product and brand
focus and quality efforts are starting to have an impact. However, with industry
conditions deteriorating,  we now have to prioritize cost efficiency in order to
become profitable again and grow, supported by Opel's aggressive investment plan
to further improve our competitiveness in the market."

This year's downturn of the German and overall Western European vehicle markets,
combined  with  shifting   consumers'   preference  to  smaller  vehicles,   and
intensified  downward  pressure  on vehicle  prices,  is leading to  significant
losses at Adam Opel AG and GM Europe.

With  industry  conditions  continuing  to  deteriorate,   immediate  action  is
necessary  to adjust  production  capacity  and volumes to the  changing  market
environment and to return GM's European  operations to profitability.  Adam Opel
AG fully supports these initiatives,  by reevaluating  production  schedules for
the Opel  Vectra and Omega in Germany,  for  example.  Adam Opel AG's  efficient
Eisenach  plant  will be used as a  benchmark  in an effort to  accelerate  lean
manufacturing implementation across all of GM's European facilities.

                                      - 7 -

In the U.K., Opel's sister company Vauxhall has announced a major  restructuring
of its manufacturing operations. It is proposed that in Luton, production of the
Vectra would move to one shift early in 2001,  and would cease at the end of the
life of the current Vectra model,  which will be by the end of the first quarter
of  2002.  From  this  point  forward,  the  remaining  Luton  facilities  would
concentrate on commercial and offroad  vehicles,  while passenger car production
would be  concentrated  at Ellesmere  Port.  This means that the new medium-duty
van, the Vivaro,  and the Frontera  would be produced at Luton.  Ellesmere  Port
will  continue  to  produce  the  Astra  and a study is being  made to  possibly
incorporate  the  next-generation  Vectra and turn the facility into a two-model
flex plant.

In total,  these  specific  actions in the UK, and those  previously  announced,
including the "leanfield"  conversion of Opel's Russelsheim  manufacturing site,
will reduce GM Europe's  installed  capacity by more than 400,000  units between
now  and  2004.  Going  forward,   capacity  utilization  across  GM's  European
operations will continue to be evaluated.

Taken together, these various restructuring  activities,  as well as a number of
other actions,  are expected to reduce GM's overall  employment levels in Europe
by more than 5,000  people  within the next 18 months.  Adam Opel AG will make a
significant  contribution  to  this  reduction,  in  part  through  the  already
announced  Ruesselsheim  "leanfield"  conversion,   as  well  as  through  other
initiatives.

Another  portion of the planned  savings  will come from further  material  cost
reductions,  driven in part by synergies  derived from GM's recent alliance with
Fiat.  In  addition,  improvements  in  current  product  material  cost will be
accelerated by the  establishment  of a dedicated  joint  purchasing/engineering
project team at Opel's Technical  Development  Center in Ruesselsheim  that will
work with the company's engineering and supplier communities.

With regard to product development,  it is planned to maintain investment levels
that have  increased in the past few years to support an aggressive  future Opel
product  line-up.  Adam Opel AG,  together  with GM  Europe  and  Vauxhall,  are
currently  reevaluating  their future  vehicle  portfolio,  in order to focus on
delivering more  innovative,  segment-defining  product  entries.  As an initial
consequence,  Opel decided to discontinue plans for the introduction of an Omega
V8  version.  The  decision  taken  will  free up  development  capacity  at the
International    Technical   Development   Center   in   support   of   a   more
innovation-oriented and energy-efficient product focus.

                                      # # #

                   Vauxhall Announces Major Manufacturing Restructuring.

In response to rapidly changing  European market conditions and over capacity in
the car market,  Vauxhall  Motors  today,  Tuesday 12th  December,  announced an
intended restructuring of its manufacturing facilities as part of a major review
of General Motors European operations.

It is proposed that the Luton facilities will concentrate on commercial vehicles
and off-road  vehicles while  passenger car production  will be  concentrated at
Ellesmere  Port.  This means that the new medium duty van,  the Vivaro,  and the
Frontera will be produced at Luton but production of the Vectra will move to one
shift in early  2001;  then cease in Luton at the end of the life of the current
model which will be by the end of the first quarter 2002.

                                      - 8 -

Ellesmere  Port will  continue to produce the Astra and a study is being made to
possibly  incorporate the next  generation  Vectra and turn the plant into a two
model `flex' plant.

"While  Vauxhall  continues its successful  sales and market share growth of the
past 2 years in the domestic market,  these moves on the  manufacturing  side of
our business are necessary to retain competitive  manufacturing  resource in the
UK and allow us to optimize the utilisation of our assets.  We will work closely
with the Unions to  minimise  the impact of these  changes,  and look at ways of
supporting  our employees  directly  affected by this  announcement",  said Nick
Reilly Chairman and Managing Director.

Note to Editors:  A history of Vauxhall in the UK, and recent  manufacturing and
export  data,  can be found on  www.vauxhall.co.uk,  in the  About  Us/News  and
Corporate sections.

                                      # # #

                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                            GENERAL MOTORS CORPORATION
                                            --------------------------
                                                    (Registrant)
Date    December 12, 2000
        ------------------
                                       By
                                            /s/Peter R. Bible
                                            -------------------------------
                                            (Peter R. Bible,
                                             Chief Accounting Officer)

                                              - 9 -