UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, DC 20549-1004



                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



        Date of Report (Date of earliest event reported) October 25, 2004


                           GENERAL MOTORS CORPORATION
                           --------------------------
             (Exact Name of Registrant as Specified in its Charter)




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

    300 Renaissance Center,                                48265-3000
    Detroit, Michigan                                      (Zip Code)
    -----------------------------------------------------------------
                  (Address of Principal Executive Offices)


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








================================================================================

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


ITEM 8.01.  OTHER EVENTS


On October 25, 2004, Dominion Bond Rating Service Limited (DBRS) confirmed
short-term ratings at R-1 (low) and downgraded long-term ratings to BBB (high),
all with stable trends, for General Motors Corporation (GM) and General Motors
Acceptance Corporation (GMAC). Their press release follows:

Date of Release: October 25, 2004

Downgrades Long-Term Debt to BBB (high), Confirms at R-1 (low), Removed from
Under Review - Negative

Current Date: Monday, October 25, 2004

Issuer                       Debt Rated         Rating        Rating    Trend
                                                Action
-------------------------------------------------------------------------------

General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation                  Paper                           (low)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation (N.Z.) Limited   Paper                           (low)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation (U.K.) plc       Paper                           (low)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation of Canada,       Paper (guar. by                 (low)
Limited                      GMAC)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation, Australia       Paper                           (low)
--------------------------
General Motors Corporation   Commercial         Confirmed     R-1       Stb
                             Paper                           (low)
--------------------------
General Motors of Canada     Commercial         Confirmed     R-1       Stb
Limited                      Paper                           (low)
--------------------------
GMAC Bank GmbH               Commercial         Confirmed     R-1       Stb
                             Paper                           (low)
--------------------------
GMAC Commercial Mortgage     Commercial         Confirmed     R-1       Stb
Bank Europe, plc             Paper                           (low)
--------------------------
GMAC Commercial Mortgage     Commercial         Confirmed     R-1       Stb
Japan, K.K.                  Paper                           (low)
--------------------------
GMAC International Finance   Commercial         Confirmed     R-1       Stb
B.V.                         Paper                           (low)
--------------------------
GMAC, Australia (Finance)    Commercial         Confirmed     R-1       Stb
Limited                      Paper                           (low)
--------------------------
General Motors Acceptance    Senior             Downgraded    BBB       Stb
Corporation                  Long-Term Debt                  (high)
--------------------------
General Motors Acceptance    Medium &           Downgraded    BBB       Stb
Corporation (N.Z.) Limited   Long-Term Debt                  (high)
--------------------------
General Motors Acceptance    Notes &            Downgraded    BBB       Stb
Corporation of Canada,       Debentures                      (high)
Limited                      (guar. by GMAC)
--------------------------
General Motors Acceptance    Medium &           Downgraded    BBB       Stb
Corporation, Australia       Long-Term Debt                  (high)
--------------------------
General Motors Corporation   Long-Term Debt     Downgraded    BBB       Stb
                                                             (high)

General Motors Corporation   Convertible        Downgraded    BBB       Stb
                             Debentures                      (high)y
--------------------------
General Motors Corporation   Ind. Dev.          Downgraded    BBB       Stb
                             Empower. Zone                   (high)
                             Rev. Bds., S2004
                             (Issued by NYC Ind.
                             Dev. Agency,
                             Guar. by GMC)
--------------------------
General Motors of Canada     Long-Term Debt     Downgraded    BBB       Stb
Limited                                                      (high)
--------------------------
GMAC Bank GmbH               Medium &           Downgraded    BBB       Stb
                             Long-Term Debt                  (high)
--------------------------
GMAC Commercial Mortgage     Long-Term Debt     Downgraded    BBB       Stb
Funding, plc                                                 (high)
--------------------------
GMAC Commercial Mortgage     Medium &           Downgraded    BBB       Stb
Japan, K.K.                  Long-Term Debt                  (high)
--------------------------
GMAC International Finance   Medium &           Downgraded    BBB       Stb
B.V.                         Long-Term Debt                  (high)
--------------------------

     Note:  General Motors Acceptance  Corporation of Canada,  Limited;  General
Motors  Acceptance   Corporation  (N.Z.)  Limited;   General  Motors  Acceptance
Corporation,  Australia;  GMAC Bank GmbH, GMAC Commercial Mortgage Funding, plc;
GMAC Commercial  Mortgage Japan, K.K.; and GMAC International  Finance B.V. debt
is guaranteed by General Motors Acceptance Corporation.

     DBRS has  downgraded the long-term debt ratings of the General Motors group
of companies  ("GM" or the "Group") to BBB (high) from A (low),  all with Stable
trends.  With these  rating  actions,  the Company has been  removed from "Under
Review With Negative Implications".

     In the past, the Group's rating has been influenced by two key factors: (1)
the long-term decline in GM's market share, and (2) high sales incentives, which
were impacting  margins.  However,  three other key factors are  influencing the
ratings,  which resulted in the  downgrades:  (1) Rising health care costs.  The
inability to drive health care cost increases down from GM's initial health care
cost inflation  rate of 8.5% to its ultimate  health care cost inflation rate of
5%. An upward  revision  to the initial  trend rate (as  recently  indicated  by
management)  would  cause  an  increase  in the size of the net  unfunded  other
post-employment  benefits (OPEB) liability ($57 billion as at December 31, 2003,
excluding  Medicare  subsidy of $4  billion).  (2)  Problems  in GM Europe.  The
problems in GM Europe are worse than expected and will be costly to remedy.  The
Company's plan to lay off 12,000  personnel in Europe,  particularly  the 10,000
workers in Germany,  will be costly and not without  execution  risk. (3) Rising
energy and material  prices.  High  gasoline  prices could impact the demand for
GM's highly  profitable  SUVs and pickup trucks.  In addition,  rising  material
costs (steel and plastics) place further pressure on the already thin automotive
margins.

     Nevertheless,  the BBB  (high)  rating  is  still  well  supported  by GM's
favourable  balance  sheet  and  good  liquidity.  DBRS  expects  that  a  solid
introduction  of new vehicles  should help stabilize  market share over the next
five years.  Price  incentives  have shown some  evidence of  moderating,  which
together with the  Company's  long track record on cost  reductions  should help
stabilize  earnings.  Furthermore,  General Motors Acceptance  Corporation has a
relatively  liquid  portfolio of auto  receivables,  strong asset  quality,  and
continues to generate solid income. Thus, DBRS has assigned Stable trends to the
long-term debt.

     Dominion Bond Rating Service (DBRS) will publish a full report shortly that
will provide  additional  analytical  detail on this rating  action.  If you are
interested in receiving this report, please contact us at: info@dbrs.com.


     Information  contained  herein is obtained by DBRS from sources believed by
it to be accurate and reliable.  Due to the  possibility  of human or mechanical
error as well as other  factors,  such  information  is provided "as is" without
warranty  of any kind and  DBRS,  in  particular,  makes  no  representation  or
warranty,  express or implied,  as to the  accuracy,  timeliness,  completeness,
merchantability  or fitness for any particular  purpose of any such information.
DBRS shall not be liable in  contract,  tort or  otherwise  for: (a) any loss or
damage in whole or in part caused by,  resulting from, or relating to, any error
(negligent or otherwise) or other  circumstance or contingency within or outside
the control of DBRS or any of its directors,  officers,  employees,  independent
contractors, or agents in connection with, or related to, obtaining, collecting,
compiling, analyzing, interpreting,  communicating, publishing or delivering any
such  information;  or  (b)  any  direct,  indirect,   special,   consequential,
compensatory or incidental damages whatsoever  (including,  without  limitation,
lost  profits),  even if DBRS is advised in advance of the  possibility  of such
damages, resulting from the use of or inability to use, any such information. In
addition to the foregoing, the rights of subscribers of DBRS are governed by the
terms and conditions of the applicable  Subscription  Agreement. In the event of
any  conflict  between  this  document  and  the  Subscription  Agreement,   the
Subscription  Agreement shall govern (without  limitation,  a conflict shall not
include  the failure of the  Subscription  Agreement  to cover a matter  covered
herein).  The  credit  ratings,  if any,  constituting  part of the  information
contained herein are, and must be construed solely as, statements of opinion and
not  statements  of fact  or  recommendations  to  purchase,  sell  or hold  any
securities.


                                      # # #



                                   SIGNATURES

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:  October 26, 2004              By:  /s/PETER R. BIBLE
                                     ---  ------------------
                                          (Peter R. Bible,
                                           Chief Accounting Officer)
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{"company-data": {"conformed-name": "GENERAL MOTORS CORP", "cik": "0000040730", "assigned-sic": "3711", "irs-number": "380572515", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-00043", "film-number": "041096326"}, "business-address": {"street1": "300 RENAISSANCE CTR", "street2": "MAIL CODE: 482-C34-D71", "city": "DETROIT", "state": "MI", "zip": "48265-3000", "phone": "3135565000"}, "mail-address": {"street1": "300 RENAISSANCE CTR", "street2": "MAIL CODE: 482-C34-D71", "city": "DETROIT", "state": "MI", "zip": "48265-3000"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, DC 20549-1004

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported) October 25, 2004

                           GENERAL MOTORS CORPORATION
                           --------------------------
             (Exact Name of Registrant as Specified in its Charter)

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

    300 Renaissance Center,                                48265-3000
    Detroit, Michigan                                      (Zip Code)
    -----------------------------------------------------------------
                  (Address of Principal Executive Offices)

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

================================================================================

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01.  OTHER EVENTS

On October 25, 2004, Dominion Bond Rating Service Limited (DBRS) confirmed
short-term ratings at R-1 (low) and downgraded long-term ratings to BBB (high),
all with stable trends, for General Motors Corporation (GM) and General Motors
Acceptance Corporation (GMAC). Their press release follows:

Date of Release: October 25, 2004

Downgrades Long-Term Debt to BBB (high), Confirms at R-1 (low), Removed from
Under Review - Negative

Current Date: Monday, October 25, 2004

Issuer                       Debt Rated         Rating        Rating    Trend
                                                Action
-------------------------------------------------------------------------------

General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation                  Paper                           (low)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation (N.Z.) Limited   Paper                           (low)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation (U.K.) plc       Paper                           (low)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation of Canada,       Paper (guar. by                 (low)
Limited                      GMAC)
--------------------------
General Motors Acceptance    Commercial         Confirmed     R-1       Stb
Corporation, Australia       Paper                           (low)
--------------------------
General Motors Corporation   Commercial         Confirmed     R-1       Stb
                             Paper                           (low)
--------------------------
General Motors of Canada     Commercial         Confirmed     R-1       Stb
Limited                      Paper                           (low)
--------------------------
GMAC Bank GmbH               Commercial         Confirmed     R-1       Stb
                             Paper                           (low)
--------------------------
GMAC Commercial Mortgage     Commercial         Confirmed     R-1       Stb
Bank Europe, plc             Paper                           (low)
--------------------------
GMAC Commercial Mortgage     Commercial         Confirmed     R-1       Stb
Japan, K.K.                  Paper                           (low)
--------------------------
GMAC International Finance   Commercial         Confirmed     R-1       Stb
B.V.                         Paper                           (low)
--------------------------
GMAC, Australia (Finance)    Commercial         Confirmed     R-1       Stb
Limited                      Paper                           (low)
--------------------------
General Motors Acceptance    Senior             Downgraded    BBB       Stb
Corporation                  Long-Term Debt                  (high)
--------------------------
General Motors Acceptance    Medium &           Downgraded    BBB       Stb
Corporation (N.Z.) Limited   Long-Term Debt                  (high)
--------------------------
General Motors Acceptance    Notes &            Downgraded    BBB       Stb
Corporation of Canada,       Debentures                      (high)
Limited                      (guar. by GMAC)
--------------------------
General Motors Acceptance    Medium &           Downgraded    BBB       Stb
Corporation, Australia       Long-Term Debt                  (high)
--------------------------
General Motors Corporation   Long-Term Debt     Downgraded    BBB       Stb
                                                             (high)

General Motors Corporation   Convertible        Downgraded    BBB       Stb
                             Debentures                      (high)y
--------------------------
General Motors Corporation   Ind. Dev.          Downgraded    BBB       Stb
                             Empower. Zone                   (high)
                             Rev. Bds., S2004
                             (Issued by NYC Ind.
                             Dev. Agency,
                             Guar. by GMC)
--------------------------
General Motors of Canada     Long-Term Debt     Downgraded    BBB       Stb
Limited                                                      (high)
--------------------------
GMAC Bank GmbH               Medium &           Downgraded    BBB       Stb
                             Long-Term Debt                  (high)
--------------------------
GMAC Commercial Mortgage     Long-Term Debt     Downgraded    BBB       Stb
Funding, plc                                                 (high)
--------------------------
GMAC Commercial Mortgage     Medium &           Downgraded    BBB       Stb
Japan, K.K.                  Long-Term Debt                  (high)
--------------------------
GMAC International Finance   Medium &           Downgraded    BBB       Stb
B.V.                         Long-Term Debt                  (high)
--------------------------

     Note:  General Motors Acceptance  Corporation of Canada,  Limited;  General
Motors  Acceptance   Corporation  (N.Z.)  Limited;   General  Motors  Acceptance
Corporation,  Australia;  GMAC Bank GmbH, GMAC Commercial Mortgage Funding, plc;
GMAC Commercial  Mortgage Japan, K.K.; and GMAC International  Finance B.V. debt
is guaranteed by General Motors Acceptance Corporation.

     DBRS has  downgraded the long-term debt ratings of the General Motors group
of companies  ("GM" or the "Group") to BBB (high) from A (low),  all with Stable
trends.  With these  rating  actions,  the Company has been  removed from "Under
Review With Negative Implications".

     In the past, the Group's rating has been influenced by two key factors: (1)
the long-term decline in GM's market share, and (2) high sales incentives, which
were impacting  margins.  However,  three other key factors are  influencing the
ratings,  which resulted in the  downgrades:  (1) Rising health care costs.  The
inability to drive health care cost increases down from GM's initial health care
cost inflation  rate of 8.5% to its ultimate  health care cost inflation rate of
5%. An upward  revision  to the initial  trend rate (as  recently  indicated  by
management)  would  cause  an  increase  in the size of the net  unfunded  other
post-employment  benefits (OPEB) liability ($57 billion as at December 31, 2003,
excluding  Medicare  subsidy of $4  billion).  (2)  Problems  in GM Europe.  The
problems in GM Europe are worse than expected and will be costly to remedy.  The
Company's plan to lay off 12,000  personnel in Europe,  particularly  the 10,000
workers in Germany,  will be costly and not without  execution  risk. (3) Rising
energy and material  prices.  High  gasoline  prices could impact the demand for
GM's highly  profitable  SUVs and pickup trucks.  In addition,  rising  material
costs (steel and plastics) place further pressure on the already thin automotive
margins.

     Nevertheless,  the BBB  (high)  rating  is  still  well  supported  by GM's
favourable  balance  sheet  and  good  liquidity.  DBRS  expects  that  a  solid
introduction  of new vehicles  should help stabilize  market share over the next
five years.  Price  incentives  have shown some  evidence of  moderating,  which
together with the  Company's  long track record on cost  reductions  should help
stabilize  earnings.  Furthermore,  General Motors Acceptance  Corporation has a
relatively  liquid  portfolio of auto  receivables,  strong asset  quality,  and
continues to generate solid income. Thus, DBRS has assigned Stable trends to the
long-term debt.

     Dominion Bond Rating Service (DBRS) will publish a full report shortly that
will provide  additional  analytical  detail on this rating  action.  If you are
interested in receiving this report, please contact us at: info@dbrs.com.

     Information  contained  herein is obtained by DBRS from sources believed by
it to be accurate and reliable.  Due to the  possibility  of human or mechanical
error as well as other  factors,  such  information  is provided "as is" without
warranty  of any kind and  DBRS,  in  particular,  makes  no  representation  or
warranty,  express or implied,  as to the  accuracy,  timeliness,  completeness,
merchantability  or fitness for any particular  purpose of any such information.
DBRS shall not be liable in  contract,  tort or  otherwise  for: (a) any loss or
damage in whole or in part caused by,  resulting from, or relating to, any error
(negligent or otherwise) or other  circumstance or contingency within or outside
the control of DBRS or any of its directors,  officers,  employees,  independent
contractors, or agents in connection with, or related to, obtaining, collecting,
compiling, analyzing, interpreting,  communicating, publishing or delivering any
such  information;  or  (b)  any  direct,  indirect,   special,   consequential,
compensatory or incidental damages whatsoever  (including,  without  limitation,
lost  profits),  even if DBRS is advised in advance of the  possibility  of such
damages, resulting from the use of or inability to use, any such information. In
addition to the foregoing, the rights of subscribers of DBRS are governed by the
terms and conditions of the applicable  Subscription  Agreement. In the event of
any  conflict  between  this  document  and  the  Subscription  Agreement,   the
Subscription  Agreement shall govern (without  limitation,  a conflict shall not
include  the failure of the  Subscription  Agreement  to cover a matter  covered
herein).  The  credit  ratings,  if any,  constituting  part of the  information
contained herein are, and must be construed solely as, statements of opinion and
not  statements  of fact  or  recommendations  to  purchase,  sell  or hold  any
securities.

                                      # # #

                                   SIGNATURES

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:  October 26, 2004              By:  /s/PETER R. BIBLE
                                     ---  ------------------
                                          (Peter R. Bible,
                                           Chief Accounting Officer)