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) April 16, 1998
                                  ----------------




                          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.)




   100 Renaissance Center, Detroit, Michigan                 48243-7301
3044 West Grand Boulevard, Detroit, Michigan                 48202-3091
--------------------------------------------                 ----------
  (Address of principal executive offices)                   (Zip Code)







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

















                                    - 1 -

ITEM 5. OTHER EVENTS

         On April 17,  1998,  a news  release was issued on the subject of first
quarter consolidated earnings for GM. The news release did not include financial
statement  footnotes and certain other financial  information that will be filed
with the Securities and Exchange Commission at a later date. The GM news release
and related  news  releases  for first  quarter  earnings of Hughes  Electronics
Corporation  (Hughes)  dated  April  16,  1998  and  General  Motors  Acceptance
Corporation (GMAC) dated April 17, 1998, respectively, were as follows:

                               GM NEWS RELEASE

             GM REPORTS FIRST-QUARTER NET INCOME OF $1.6 BILLION
          NORTH AMERICAN OPERATIONS' QUARTERLY PERFORMANCE BEST EVER

      DETROIT -- General  Motors Corp.  (GM) reported  today that net income for
the first quarter of 1998 totaled $1.6 billion,  or $2.31 per share of GM $1-2/3
par value common stock.

      That compares with $1.7 billion,  or $2.23 per share,  for the  comparable
period in 1997, adjusted to reflect the effect of the Hughes Transactions, which
took place in December of 1997. Reported  first-quarter-1997  net income totaled
$1.8 billion, or $2.30 per share. All earnings-per-share  amounts are basic (see
Highlights for diluted earnings-per-share amounts).

      Consolidated  net sales and revenues in the first  quarter of 1998 totaled
$41.6  billion,  compared  with  $40.5  billion  in the same  period  last year,
adjusted for the effect of the Hughes Transactions.

      GM's North American  Operations (GM-NAO) reported net income totaling $826
million in the first  quarter of 1998 -- the best ever for any  quarter,  and an
improvement  of $62  million  over the same  period  last year  when net  income
totaled $764 million, the previous quarterly record.

      "GM-NAO's  continued focus on reducing costs,  streamlining  processes and
delivering  exciting new products to  customers is more  important  than ever in
this fierce competitive  environment," said GM Chairman, Chief Executive Officer
and President John F. Smith, Jr.

      "Our continued aggressive cost-cutting initiatives, and increased sales of
higher-profit trucks drove improvements in GM-NAO's financial performance in the
first  quarter,"  Smith said.  "We're on track to meet our $4 billion  corporate
cost-reduction goal for 1998, with  first-quarter-1998  cost reductions totaling
slightly  more  than $1.2  billion.  We must  continue  to cut costs in order to
improve our  competitive  position  because  price and  incentive  pressures are
unrelenting."

      Corporate  and  sector  data  in the  remainder  of this  release  reflect
adjustments   to  1997  reported   results  to   acknowledge   changes  to  GM's
organizational   structure   resulting   from  the   conclusion  of  the  Hughes
Transactions  in December of 1997.  Delphi  results  include Delco  Electronics,
while the 1997 results from Hughes'  defense  business has been  eliminated.  In
addition,  1997 data has been adjusted to exclude  special items (see Highlights
and Special Items).











                                    - 2 -

      Following  is a summary of  results  from the GM  business  sectors in the
first quarter of 1998:

      -  GM North American  Operations  income totaled $826 million in the first
         quarter of 1998,  compared  with $764  million in the first  quarter of
         1997.

      -  Delphi  Automotive  Systems (Delphi) reported income of $263 million in
         the first  quarter  of 1998,  compared  with $314  million  in the same
         quarter of 1997.

      -  GM International  Operations  (GMIO) reported income of $160 million in
         the first quarter of 1998, compared with $262 million in the prior-year
         period.

      Highlights   of   first-quarter-1998   results   reported  by  GM's  major
subsidiaries included the following:

      -  General Motors  Acceptance  Corporation  (GMAC) reported income of $349
         million  for the first  quarter of 1998,  compared  with income of $372
         million in the first quarter of 1997.

      -  Hughes  Electronics  Corporation  (Hughes) reported  first-quarter-1998
         earnings of $54 million,  compared  with earnings of $24 million in the
         prior-year period.

GM CONSOLIDATED FINANCIAL DATA (with financing & insurance operations on an
equity basis)

      Consolidated  income in the first quarter of 1998 totaled $1.6 billion, or
$2.31 per share.  That  compares  with $1.7  billion,  or $2.23 per share in the
first quarter of 1997.

      The corporation's  pretax income totaled $1.9 billion in the first quarter
of 1998.  Pretax  income  in the first  quarter  of 1997 was a  comparable  $1.9
billion.

      The corporation's after-tax net-profit margin -- income as a percentage of
net sales and revenues -- was 4.4 percent in the first quarter of 1998, compared
with 4.7 percent in the first quarter of 1997.

      Cash and  marketable  securities  totaled $13.6 billion at March 31, 1998,
compared  with $14.5  billion at Dec.  31,1997,  and $14.6  billion at March 31,
1997.

      In the first  quarter of 1998,  GM used $1.6  billion to acquire  about 24
million shares of GM $1-2/3 par value common stock. These purchases  completed a
$2.5  billion  repurchase  program  announced  in  August  1997,  and  represent
approximately 8.0 percent of a $4 billion repurchase program that began in March
of 1998. Since January 1997, GM's stock  repurchases  total  approximately  $5.3
billion  or about 12 percent  of the  outstanding  shares of GM $1-2/3 par value
common stock.

      Following  is a  summary  of  financial  performance  for GM's  automotive
business sectors (see Highlights for additional information.)












                                    - 3 -

GM NORTH AMERICAN OPERATIONS (GM-NAO)

      GM North  American  Operations'  first-quarter-1998  income  totaled  $826
million.  That  compares  with $764  million in the first  quarter of 1997,  and
represents the best performance for any quarter since GM-NAO was formed.

      GM-NAO's  pretax income totaled $1.2 billion in the first quarter of 1998,
compared with $1.1 billion in the prior-year period.

      GM-NAO's  net-profit  margin was 3.2 percent in the first quarter of 1998,
compared with 3.1 percent in the prior-year period.

      "An   extremely   tough   pricing   environment,   along  with  our  lower
wholesale-production   volumes,  combined  to  make  the  first  quarter  pretty
challenging,"  said G. Richard  Wagoner,  Jr.,  General  Motors  executive  vice
president and president of GM North American Operations.  "Fortunately,  our NAO
team did a real good job in  eliminating  waste and reducing  costs in line with
our  1998-calendar-year  cost-reduction  target of $3 billion. We also benefited
from strong sales of our truck and van products."

      The  first-quarter-1998  results were  positively  affected by significant
material-cost improvements -- despite added equipment and design costs -- strong
year-over-year gains in manufacturing  efficiency,  and by the favorable vehicle
mix.

      GM vehicle  deliveries  in the United  States in the first quarter of 1998
totaled  1,094,000  units,  which resulted in a  30.2-percent  share of the U.S.
vehicle market,  compared with 1,123,000 units, and a similar 30.2-percent share
in the first quarter of 1997. (See additional information in Highlights.)

      "We were pleased to see the stronger sales of GM cars and trucks in March,
following  somewhat  of a slow start in January and  February,  which was driven
largely by the heavy price competition in the marketplace," Wagoner said. "March
was GM's  best-ever  month  for  truck  sales  -- in fact  for any  manufacturer
anytime,  anywhere  in the  world  -- and the  fifth  straight  month  of  sales
increases  for  trucks.  Car sales in March  show our new  mid-size  models  are
providing the growth we had expected."

DELPHI AUTOMOTIVE SYSTEMS (DELPHI)

      Delphi  Automotive  Systems  reported  income of $263 million in the first
quarter of 1998, compared with $314 million in the first quarter of 1997.

      Delphi  reported  pretax  income of $376  million in the first  quarter of
1998, compared with pretax income of $451 million in the prior-year period.

      Delphi's  net-profit  margin was 3.5 percent in the first quarter of 1998,
compared with a net-profit margin of 3.9 percent in the prior-year period.

      Compared  with the first  quarter of 1997,  Delphi's  first  quarter  1998
results  reflect  the impact of the Latin  American  and  Asia-Pacific  economic
downturn,  along with a year-to-year decrease in production volume by GM's North
American   Operations.   These  adverse   factors  were   partially   offset  by
material-cost reductions, and improved manufacturing efficiencies.

      "While the Asian and Latin American environments are challenging today, we
believe these markets offer  long-term  potential,"  said J.T.  Battenberg  III,
General  Motors  executive  vice  president and  president of Delphi  Automotive
Systems.  "Delphi is  continuing  to  integrate  the  expertise  of Delphi Delco
Electronics Systems into our products and processes,  taking aggressive steps to
position ourselves as the global leader in  electronically-enhanced,  integrated
automotive systems.  The integration will also improve structural costs and keep
future component costs competitive, enabling Delphi to further grow our sales."


                                    - 4 -

      Delphi's  first-quarter-1998 sales to customers outside the GM-NAO vehicle
groups  represented  approximately 34 percent of total sales including all joint
ventures,  an  increase  of about 2  percentage  points  compared  with the same
quarter in 1997.

GM INTERNATIONAL OPERATIONS (GMIO)

      GM International  Operations reported income of $160 million for the first
quarter of 1998,  compared  with  income of $262  million in the same  period of
1997.

      GMIO reported  pretax income of $213 million in the first quarter of 1998,
compared with pretax income of $385 million in the first quarter of 1997.

      The  net-profit  margin for GMIO was 2.0  percent in the first  quarter of
1998, compared with 3.2 percent in the prior-year period.

      "First-quarter  earnings  reflect the  intensely  competitive  environment
across all of our operations,  and costs associated with the successful start-up
for the new  Astra,"  said  Louis  R.  Hughes,  General  Motors  executive  vice
president and president of GM International Operations.

      Income from GM's  automotive  operations in Europe  totaled $99 million in
the first  quarter of 1998,  compared  with  income of $94  million in the first
quarter last year.

      "We're very excited about our new Astra. It has received favorable reviews
from international automotive journalists and is also being well received by our
dealers  and  customers,"  Hughes  said.  "So far,  the Astra has been  launched
initially in 15 markets, but it has already logged more than 130,000 orders, the
largest  order  intake at such an early  stage for any new car in  Opel/Vauxhall
history. The car is currently being produced in three European plants with plans
to begin production at a fourth plant later this year."

      For the remainder of GM International Operations, which includes the Latin
American  and Asia and  Pacific  Operations,  income  totaled $61 million in the
first quarter of 1998, compared with $168 million in the prior-year period.

      "As expected,  our operations in Brazil and the Far East have been hurt by
the adverse economic conditions in both regions," Hughes said.

SPECIAL ITEMS

      While the 1998-first-quarter results had no significant special items, the
1997-first-quarter results were affected by two special items:

      -  An after-tax  gain of $55 million,  or $0.07 per share of GM $1-2/3 par
         value common stock,  that resulted  from an agreement  with  Volkswagen
         (VW) settling a civil lawsuit which GM brought against VW.

      -  An after-tax charge of $50 million, or $0.07 per share of GM $1-2/3 par
         value common stock,  related to the  announcement  that Delphi Interior
         and Lighting  Systems  would cease  production  at its  Trenton,  N.J.,
         facility.

                                    # # #





HIGHLIGHTS ATTACHED


                                    - 5 -

     HIGHLIGHTS - Q1 Financial Results
     (Dollars in Millions Except
     Per Share Amounts)
                                          Three Months Ended
                                                March 31,
                                   --------------------------------
                                                            Adjusted
                                       1998        1997        1997
     ----------------------------   ---------   ----------  --------

     Net sales and revenues
     Manufactured products            $36,560     $37,440    $35,823
     Financial services                 3,161       3,197      3,197
     Other income                       1,850       1,604      1,511
                                    --------     --------  ---------
       Total net sales and revenues   $41,571     $42,241    $40,531
                                    --------     --------  ---------
     Total net sales and revenues(1)  $36,427     $37,457    $35,840
     Gross profit margin percentage(1)   16.8%        17.0%     17.1%
     ...............................................................
     Income before income taxes and
       minority interests (1)          $1,888      $2,110     $1,938
     Effective income tax rate (1)       34.0%       34.6%      34.3%
     ...............................................................
     Consolidated net income           $1,604      $1,796     $1,689
     Net profit margin(1)                4.4%         4.8%       4.7%
     ...............................................................
     Earnings Attributable to Common Stocks
       $1-2/3 par value                $1,574      $1,717
       Class H (2)                         $-         $59
       Class H (3)                        $14          $-
     ...............................................................
     Basic Earnings Per Share Attributable to Common Stocks
       $1-2/3 par value                 $2.31       $2.30      $2.23
       Class H (2)                         $-       $0.59
       Class H (3)                      $0.13          $-      $0.06
     ...............................................................
     Diluted Earnings Per Share Attributable to Common Stocks
       $1-2/3 par value                 $2.27       $2.28      $2.21
       Class H (2)                         $-       $0.59
       Class H (3)                      $0.13          $-      $0.06
     ...............................................................
     Cash Dividends Per Share of Common Stocks
       $1-2/3 par value                 $0.50       $0.50
       Class H (2)                         $-       $0.25
       Class H (3)                         $-          $-
      ...............................................................
     Book Value Per Share of Common Stocks
                        March 31,   Dec. 31,    March 31,
                          1998       1997         1997
                        --------    -------     --------
       $1-2/3 par value  $22.00     $22.26      $28.10
       Class H           $13.20     $13.36      $14.05
     ................................................................




   See footnotes beginning on page 13.



                                              continues










                                    - 6 -

     HIGHLIGHTS - Q1 Adjusted for Hughes Transactions
     and Special Items - with Financing and Insurance
     Operations on an Equity Basis
     (Dollars in Millions Except Per Share Amounts)


                                      Three Months Ended
                                          March 31,
                                   ----------------------
                                                 Adjusted
                                      1998         1997
                                   ---------   ----------

     Net sales and revenues          $36,427      $35,840
                                      ------       ------
     Costs and expenses:
       Cost of sales                  30,323       29,719
       Selling, general,
         and admin. expenses           2,860        2,818
       Depreciation and
         amort. expenses               1,683        1,818
                                      ------       ------
     Total costs and
       expenses                       34,866       34,355
                                      ------       ------
     Operating income                  1,561        1,485
     Other income less
       income deductions                 582          646
     Interest expense                    255          193
                                      ------       ------
     Income before
       income taxes and
       minority interests              1,888        1,938
     Income tax expense                  641          665
                                      ------       ------
     Income after income taxes         1,247        1,273
     Minority interests                   (4)          19
     Earnings of nonconsolidated
       affiliates                        361          397
                                      ------       ------

     Net income                       $1,604       $1,689
                                      ======       ======

     $1-2/3 par value EPS
       from continuing operations
         Basic                         $2.31        $2.23
         Diluted                       $2.27        $2.21

     Gross profit margin                16.8%        17.1%
     Effective income tax rate          34.0%        34.3%
     Net profit margin                   4.4%         4.7%




      See footnotes beginning on page 13.




                                                          continues













                                    - 7 -

     HIGHLIGHTS - Q1 Adjusted for Hughes Transactions
     and Special Items - with Financing and Insurance
     Operations on an Equity Basis
     (Dollars in Millions Except Per Share Amounts)

                                       Three Months Ended
                                         March 31, 1997
                             ------------------------------------
                                       Hughes   Special
                                       Trans-    Items
                             Reported  actions   (4)(5)  Adjusted
                             --------  -------  -------  --------
     Net sales and revenues  $37,457   $1,617      $ -    $35,840
                              ------   ------   ------     ------
     Costs and expenses:
       Cost of sales          31,104    1,305       80     29,719
       Selling, general,
         and admin.expenses    2,884       66        -      2,818
       Depreciation and
         amort. expenses       1,879       61        -      1,818
                              ------   ------   ------     ------
     Total costs and
       expenses               35,867    1,432       80     34,355
                              ------   ------   ------     ------
     Operating income (loss)   1,590      185      (80)     1,485
     Other income less
       income deductions         739        5       88        646
     Interest expense            219       26        -        193
                              ------   ------   ------     ------
     Income before
       income taxes and
       minority interests      2,110      164        8      1,938
     Income tax expense          730       62        3        665
                              ------   ------   ------     ------
     Income after income
       taxes                   1,380      102        5      1,273
     Minority interests           19        -        -         19
     Earnings of noncons.
       affiliates                397        -        -        397
                              ------   ------   ------     ------

     Net income               $1,796     $102       $5     $1,689
                              ======   ======   ======     ======

     $1-2/3 par value EPS
       from continuing
       operations
         Basic                 $2.30                        $2.23
         Diluted               $2.28                        $2.21

     Gross profit margin        17.0%                        17.1%
     Effective income tax rate  34.6%                        34.3%
     Net profit margin           4.8%                         4.7%




      See footnotes beginning on page 13.




                                                          continues












                                    - 8 -

     HIGHLIGHTS - Q1 Adjusted for Hughes Transactions
     and Special Items By Sector
     (Dollars in Millions)


                                      Three Months Ended
                                          March 31,
                                   ----------------------
                                                 Adjusted
                                      1998         1997
                                   ---------   ----------

     GM-NAO                           $826          $764
     Delphi                            263           314
     GMIO(6)                           160           262
     Hughes                             54            24
     GMAC                              349           372
     Other(7)                          (48)          (47)
                                     -----         -----

     Consolidated income            $1,604        $1,689
                                     =====         =====



                                    Three Months Ended
                                      March 31, 1997
                           -----------------------------------
                                     Hughes
                                     Trans-  Special
                           Reported  actions  Items   Adjusted
                           --------  ------- -------  --------

     GM-NAO                   $764      $-       $-      $764
     Delphi                    180      84       50 (4)   314
     GMIO(6)                   317       -      (55)(5)   262
     Hughes                    235    (211)       -        24
     GMAC                      372       -        -       372
     Other(7)                  (72)     25        -       (47)
                               ---     ---       --       ---

     Consolidated income    $1,796   $(102)     $(5)   $1,689
                             =====     ===       ==     =====










     See footnotes beginning on page 13.



                                            continues

















                                    - 9 -

     HIGHLIGHTS - Q1 Automotive Sectors
     (Dollars in Millions)


                                      Three Months Ended
                                       March 31, 1998
                               ------------------------------
                               GM-NAO      Delphi      GMIO
                               ------      ------     -------

     Reported

     Net sales and revenues    $25,889      $7,623     $8,150
                                ------       -----      -----
     Pre-tax income              1,202         376        213
     Income tax expense            379         120         72
     Equity income and
       minority interests            3           7         19
                                ------       -----      -----
     Net income                   $826        $263       $160
                                ======       =====      =====

     Net profit margin             3.2%        3.5%       2.0%
     Effective income tax rate    31.5%       31.9%      33.8%












      See footnotes beginning on page 13.




                                                          continues































                                    - 10 -

     HIGHLIGHTS - Q1 Automotive Sectors
     Adjusted for Hughes Transactions and Special Items
     (Dollars in Millions)

                                        Three Months Ended
                                           March 31, 1997
                                -------------------------------

                                GM-NAO      Delphi       GMIO
                               -------     -------     -------
     Reported
     --------
     Net sales and revenues    $24,859      $6,664      $8,283
                                ------      ------      ------
     Pre-tax income              1,127         237         473
     Income tax expense            378          72         164
     Equity income and
       minority interests           15          15           8
                                ------      ------      ------
     Net income                   $764        $180        $317
                                ======      ======      ======

     Net profit margin             3.1%        2.7%        3.8%
     Effective income tax rate    33.5%       30.4%       34.7%

     Hughes Transactions
     -------------------
     Net sales and revenues         $-      $1,331          $-
                                ------      ------      ------
     Pre-tax income                  -         134           -
     Income tax expense              -          51           -
     Equity income and
       minority interests            -           1           -
                                ------      ------      ------
     Net income                     $-         $84          $-
                                ======      ======      ======

     Special Items
     -------------
     Net sales and revenues         $-          $-          $-
                                ------      ------      ------
     Pre-tax income (loss)           -          80         (88)
     Income tax expense (credit)     -          30         (33)
     Equity income and
       minority interests            -           -           -
                                ------      ------      ------
     Net income (loss)              $-         $50        $(55)
                                ======      ======      ======

     Adjusted
     --------
     Net sales and revenues    $24,859      $7,995      $8,283
                                ------      ------      ------
     Pre-tax income              1,127         451         385
     Income tax expense            378         153         131
     Equity income and
       minority interests           15          16           8
                                ------      ------      ------
     Net income                   $764        $314        $262
                                ======      ======      ======

     Net profit margin             3.1%        3.9%        3.2%
     Effective income tax rate    33.5%       33.9%       34.0%



      See footnotes beginning on page 13.



                                                    continues




                                    - 11 -

     HIGHLIGHTS - Q1 Operating Information
                                      Three Months Ended
                                           March 31,
                                   ----------------------
                                        1998         1997
                                   ---------   ----------
     Worldwide Wholesale Sales (Units in 000s)
       United States:   Cars             574          698
                        Trucks           592          554
                                     -------      -------
         Total United States           1,166        1,252
       Canada and Mexico                 171          150
                                     -------      -------
           Total North America         1,337        1,402
       International                     722          783
                                     -------      -------
             Total Worldwide           2,059        2,185
                                     =======      =======
     ....................................................
     Vehicle Unit Deliveries (Units in 000s)
     United States
       Chevrolet - Cars                  208          251
                 - Trucks                378          358
       Pontiac                           123          145
       GMC                               117          109
       Buick                              96           87
       Oldsmobile                         72           65
       Saturn                             51           60
       Cadillac                           43           42
       Other                               6            6
                                       -----        -----
         Total United States           1,094        1,123
     Canada and Mexico                   129          121
                                      ------       ------
         Total North America           1,223        1,244
                                      ------       ------
     International
       Europe                            492          465
       Latin America, Africa, and the
         Middle East                     186          169
       Asia and Pacific                  119          181
                                      ------       ------
         Total International             797          815
                                      ------       ------
             Total Worldwide           2,020        2,059
                                      ======       ======
     ....................................................
     Market Share
       United States
         Cars                           30.5%         31.5%
         Trucks                         29.9%         28.6%
           Total                        30.2%         30.2%
       Western Europe                   10.8%         11.4%
       Latin America                    21.7%         18.9%
       Asia and Pacific                  4.0%          4.7%
       Total Worldwide                  15.5%         15.4%
     ....................................................
     U.S. Retail/Fleet Mix
       % Fleet Sales - Cars             26.1%         26.5%
       % Fleet Sales - Trucks           16.2%         13.6%
       Total Vehicles                   21.3%         20.9%
     ....................................................
     Days Supply of Inventory -- U.S.
     Gross Landed Stock
       Cars                                83          81
       Trucks                              94          91
     ....................................................
     Capacity Utilization %
     U.S. and Canada (2-shift rated)     89.0%       95.3%
     ....................................................
     Retail Incentives($ per unit)
       GM-NAO                          $1,305        $860
     ....................................................

     See footnotes beginning on page 13.

                                                continues


                                    - 12 -

     HIGHLIGHTS - Q1 Operating Information
     (Dollars in Millions Except
      Per Share Amounts)
                                      Three Months Ended
                                          March 31,
                                   ----------------------
                                        1998         1997
                                   ---------   ----------
     Depreciation and amortization (1)
       Depreciation                   $1,043       $1,051
       Amortization of special tools     613          787
       Amortization of intangible assets  27           41
                                       -----        -----
                                      $1,683       $1,879
                                       =====        =====
     ....................................................
     Worldwide Employment at March 31 (in 000s)
       GM-NAO                            233          242
       Delphi                            206          178
       GMIO                              116          112
       GMAC                               22           18
       Hughes                             15           88
       Other                              10           10
                                         ---          ---
         Total                           602          648
                                         ---          ---
     ....................................................
     Worldwide Payrolls                $7,025      $7,732
     ....................................................
     (1) Calculated with financing and insurance operations on an equity
         basis.
     (2) Data  relates to a period  prior to the date on which GM  recapitalized
         the Class H common stock ("GM's Recapitalization Date").
     (3) Data relates to a period which is subsequent  to GM's  Recapitalization
         Date.
     (4) The  first-quarter   1997  results  included  a  pre-tax  gain  of  $88
         million,($55  million  after taxes,  or $0.07 basic per share of $1-2/3
         par  value  common  stock),   that  resulted  from  an  agreement  with
         Volkswagen  A.G. (VW) settling a civil lawsuit which GM brought against
         VW.
     (5) The  first-quarter  1997 results were negatively  impacted by a pre-tax
         plant closing charge of $80 million,($50  million after taxes, or $0.07
         basic per  share of $1-2/3  par value  common  stock),  related  to the
         announcement  that Delphi  Interior  and Lighting  Systems  would cease
         production at its Trenton, N.J., plant during the 1998 calendar year.
     (6) GMIO Includes:                  Three Months Ended
                                              March 31,
                                         ------------------
                                         1998          1997
                                         ----          ----
                        GM Europe         $99           $94
                        Other GMIO        $61          $168
     (7) Includes  Allison  Transmission  Division,  GM  Locomotive  Group,  and
         purchase  accounting  adjustments,  as well as certain  tax and foreign
         exchange items not allocated to any one business sector.

















                                    - 13 -


                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)
                                                          Three Months Ended
                                                              March 31,
                                                          1998         1997
                                                       (Dollars in Millions
                                                     Except Per Share Amounts)

Net sales and revenues
Manufactured products                                   $36,560     $37,440
Financial services                                        3,161       3,197
Other income                                              1,850       1,604
                                                        -------     -------
    Total net sales and revenues                         41,571      42,241
                                                         ------      ------

Costs and expenses
Cost of sales and other operating charges,
   exclusive of items listed below                       30,357      31,110
Selling, general and administrative expenses              3,742       3,591
Depreciation and amortization expenses                    2,907       3,065
Interest expense                                          1,630       1,461
Other deductions                                            513         248
                                                        -------     -------
    Total costs and expenses                             39,149      39,475
                                                         ------      ------

Income before income taxes and minority interests         2,422       2,766
Income taxes                                                808         989
Minority interests                                          (10)         19
                                                         ------      ------
   Net income                                             1,604       1,796
Dividends on preference stocks                               16          20
                                                         ------      ------
   Earnings on common stocks                             $1,588      $1,776
                                                          =====       =====

Basic earnings per share attributable to common stocks

Earnings per share attributable to $1-2/3 par value        $2.31       $2.30
Earnings per share attributable to Class H (prior 
   to its recapitalization on December 17, 1997)              $-       $0.59
Earnings per share attributable to Class H (subsequent 
   to its recapitalization on December 17, 1997)           $0.13          $-

Diluted earnings per share attributable to common stocks

Earnings per share attributable to $1-2/3 par value        $2.27       $2.28
Earnings per share attributable to Class H (prior 
   to its recapitalization on December 17, 1997)              $-       $0.59
Earnings per share attributable to Class H (subsequent
   to its recapitalization on December 17, 1997)           $0.13          $-





















                                    - 14 -


<PAGE>



                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                         CONSOLIDATED BALANCE SHEETS
                                                March 31,             March 31,
                                                  1998      Dec. 31,    1997
                                               (Unaudited)    1997  (Unaudited)
                                                    (Dollars in Millions)

                                    ASSETS

  Cash and cash equivalents                   $11,498     $11,262    $10,061
  Other marketable securities                  10,216      11,722     10,387
                                               ------      ------     ------
    Total cash and marketable securities       21,714      22,984     20,448
  Finance receivables - net                    63,288      58,870     62,202
  Accounts and notes receivable 
    (less allowances)                           9,553       7,493      6,976
  Inventories (less allowances)                12,923      12,102     12,851
  Deferred income taxes                        22,493      22,478     20,138
  Equipment on operating leases (less
    accumulated depreciation)                  33,772      33,302     30,127
  Property - net                               35,240      34,567     37,004
  Intangible assets - net                      11,457      11,469     12,737
  Other assets - net                           25,593      25,623     23,576
                                             --------    --------   --------
      Total assets                           $236,033    $228,888   $226,059
                                              =======     =======    =======

                     LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
  Accounts payable (principally trade)        $16,426    $15,782    $14,014
  Notes and loans payable                      98,262     93,027     88,111
  Deferred income taxes                         3,131      2,923      3,686
  Postretirement benefits other than pensions  41,532     41,168     43,607
  Pensions                                      7,324      7,043      7,814
  Accrued expenses and other liabilities       51,606     50,490     45,918
                                             --------   --------   --------
      Total liabilities                       218,281    210,433    203,150
                                              -------    -------    -------

  Minority interests                              740        727        104
  General Motors - obligated mandatorily
    redeemable preferred securities of 
    subsidiary trusts holding solely
    junior subordinated debentures of
     General Motors
      Series D                                     79         79          -
      Series G                                    143        143          -

Stockholders' equity
  Preference stocks
  Common stocks                                     1          1          1
    $1-2/3 par value (issued, 669,314,625;
      693,456,394; and 729,805,298 shares)      1,116      1,156      1,216
    Class H (issued, 101,108,669 shares)            -          -         10
    Class H (issued, 104,769,861, and 
    103,885,803 shares)                            10         10          -
  Capital surplus (principally additional
    paid-in capital)                           13,786     15,369     17,689
  Retained earnings                             6,664      5,416      7,511
                                              -------    -------    -------
      Subtotal                                 21,577     21,952     26,427
  Minimum pension liability adjustment         (4,062)    (4,062)    (3,490)
  Accumulated foreign currency translation
    adjustments                                (1,264)      (888)      (475)
  Net unrealized gains on securities              539        504        343
                                               ------     ------     ------
      Total stockholders' equity               16,790     17,506     22,805
                                               ------     ------     ------
      Total liabilities and stockholders' 
        equity                               $236,033   $228,888   $226,059
                                              =======    =======    =======














                                    - 15 -

                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES

               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                          1998          1997
                                                        (Dollars in Millions)


Net cash provided by operating activities               $5,973         $4,097
                                                         -----          -----

Cash flows from investing activities
  Expenditures for property                             (2,327)        (1,807)
  Investments in other marketable securities - 
     acquisitions                                       (5,758)       (11,603)
  Investments in other marketable securities - 
     liquidations                                        7,300         10,107
  Finance receivables - acquisitions                   (41,800)       (37,475)
  Finance receivables - liquidations                    32,544         26,848
  Proceeds from sales of finance receivables             5,143          5,538
  Operating leases - acquisitions                       (5,127)        (5,527)
  Operating leases - liquidations                        3,493          4,124
  Other                                                   (905)           512
                                                        ------         ------
Net cash used in investing activities                   (7,437)        (9,283)
                                                         -----          -----

Cash flows from financing activities
  Net increase in loans payable                          1,526          2,484
  Increase in long-term debt                             6,428          4,207
  Decrease in long-term debt                            (4,127)        (3,329)
  Proceeds from issuing common stocks                      233            206
  Repurchases of common stocks                          (1,911)        (1,761)
  Cash dividends paid to stockholders                     (357)          (422)
                                                        ------         ------
Net cash provided by financing activities                1,792          1,385
                                                         -----          -----

Effect of exchange rate changes on cash and
    cash equivalents                                       (92)          (201)
                                                          ----         ------
Net increase (decrease) in cash and cash equivalents       236         (4,002)
Cash and cash equivalents at beginning of the period    11,262         14,063
                                                        ------         ------
Cash and cash equivalents at end of the period         $11,498        $10,061
                                                        ======         ======


































                                    - 16 -

                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES

   To facilitate  analysis,  the following  financial  statements GM's financial
statements  with  its  financing  and  insurance  operations   (primarily  GMAC)
reflected on an equity basis.


Consolidated Statements of Income With Financing and Insurance Operations on
an Equity Basis (Unaudited)
                                                         Three Months Ended
                                                             March 31,
                                                         1998      1997
                                                        (Dollars in Millions)

Net sales and revenues                                 $36,427    $37,457
                                                        ------     ------

Costs and expenses
  Cost of sales and other operating charges,
    exclusive of items listed below                     30,323     31,104
  Selling, general, and administrative expenses          2,860      2,884
  Depreciation and amortization expenses                 1,683      1,879
                                                        ------     ------
    Total costs and expenses                            34,866     35,867
                                                        ------     ------

Operating income                                         1,561      1,590
Other income less income deductions                        582        739
Interest expense                                           255        219
                                                        ------      -----
Income before income taxes, minority interests, and 
  earnings of nonconsolidated affiliates                 1,888      2,110
Income taxes                                               641        730
                                                        ------     ------
Income before minority interests and earnings of
  nonconsolidated affiliates                             1,247      1,380
Minority interests                                          (4)        19
Earnings of nonconsolidated affiliates                     361        397
                                                        ------     ------
    Net income                                          $1,604     $1,796
                                                         =====      =====

    Net profit margin (1)                                   4.4%       4.8%

(1) Net profit  margin  represents  net income as a percentage  of net sales and
    revenues.


































                                    - 17 -


<PAGE>



                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES


 Consolidated Balance Sheets With Financing and Insurance Operations on an
Equity Basis (Unaudited)
                                          March 31,      Dec. 31,    March 31,
                                              1998          1997         1997
                                                      (Dollars in Millions)

                        ASSETS

Cash and cash equivalents                 $11,015       $10,685        $9,395
Other marketable securities                 2,557         3,826         5,233
                                          -------       -------       -------
  Total cash and marketable securities     13,572        14,511        14,628
Accounts and notes receivable 
  (less allowances)
  Trade                                     5,047         5,164         5,507
  Nonconsolidated affiliates                2,096           836         1,844
Inventories (less allowances)              11,895        12,102        12,851
Equipment on operating leases 
  (less accumulated depreciation)           4,554         4,677         4,187
Deferred income taxes and other             6,362         6,278         5,771
                                          -------       -------       -------
    Total current assets                   43,526        43,568        44,788
Equity in net assets of 
  nonconsolidated affiliates               10,665        10,164         9,696
Deferred income taxes                      20,678        20,721        20,354
Other investments and miscellaneous 
  assets                                   13,843        13,564        11,967
Property - net                             34,598        33,914        36,634
Intangible assets - net                    10,740        10,752        12,573
                                         --------      --------      --------
    Total assets                         $134,050      $132,683      $136,012
                                          =======       =======       =======

            LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                          $12,499       $12,474       $11,379
Loans payable                               1,219           656         1,306
Accrued expenses and customer deposits     32,591        33,459        30,168
                                           ------        ------        ------
    Total current liabilities              46,309        46,589        42,853
Long-term debt                              5,788         5,491         5,316
Capitalized leases                            183           185           191
Postretirement benefits other than
  pensions                                 38,724        38,388        40,988
Pensions                                    5,165         4,271         6,183
Other liabilities and deferred income
  taxes                                    20,171        19,336        17,572
                                         --------      --------      --------
    Total liabilities                     116,340       114,260       113,103
                                          -------       -------       -------
Minority interests                            698           695           104
General Motors - obligated mandatorily
  redeemable preferred securities of 
  subsidiary trusts holding solely
  junior subordinated debentures of 
  General Motors
    Series D                                   79            79             -
    Series G                                  143           143             -
Stockholders' equity                       16,790        17,506        22,805
                                         --------      --------      --------
    Total liabilities and 
      stockholders' equity               $134,050      $132,683      $136,012
                                          =======       =======       =======






















                                    - 18 -

Condensed Consolidated Statements of Cash Flows With Financing and Insurance
Operations on an Equity Basis (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                           1998        1997
                                                        (Dollars in Millions)

Net cash provided by operating activities                 $2,896     $1,808
                                                           -----      -----

Cash flows from investing activities
  Expenditures for property                               (2,267)    (1,724)
  Investments in other marketable securities - 
    acquisitions                                          (2,220)    (6,199)
  Investments in other marketable securities -
    liquidations                                           3,490      4,608
  Operating leases - acquisitions                         (1,413)    (1,352)
  Operating leases - liquidations                          1,385      1,001
  Other                                                     (272)      (104)
                                                          ------     ------
Net cash used in investing activities                     (1,297)    (3,770)
                                                           -----      -----

Cash flows from financing activities
  Net increase in loans payable                              564         93
  Increase in long-term debt                                 915        154
  Decrease in long-term debt                                (619)       (30)
  Proceeds from issuing common stocks                        233        206
  Repurchases of common stocks                            (1,911)    (1,761)
  Cash dividends paid to stockholders                       (357)      (422)
                                                          ------     ------
Net cash used in financing activities                     (1,175)    (1,760)
                                                           ------     -----

Effect of exchange rate changes on cash and
   cash equivalents                                          (94)      (203)
                                                             ---      -----
Net increase (decrease) in cash and cash equivalents         330     (3,925)
Cash and cash equivalents at beginning of the period      10,685     13,320
                                                          ------     ------
Cash and cash equivalents at end of the period           $11,015     $9,395
                                                          ======      =====








































                                    - 19 -

               Hughes Electronics Corporation Earnings Release

      Los  Angeles,  April 16, 1998 - Hughes  Electronics  Corporation  (Hughes)
today  reported  that first quarter 1998  revenues  increased  26.1% to $1,291.0
million compared with $1,024.0 million in the first quarter of 1997.

      First  quarter  earnings(1)  more than doubled to $53.7 million from $23.9
million in the first  quarter of 1997.  Earnings per share on the same basis for
the first quarter were $0.13 per share versus pro forma earnings per share(2) of
$0.06 in 1997.

      Operating  profit(1)  also rose  sharply in the  quarter to $83.6  million
compared  with  $33.1  million  in the  first  quarter  of 1997.  First  quarter
operating profit margin on the same basis increased to 6.5% in 1998 from 3.2% in
1997.

       "This is an  impressive  report  card for Hughes'  first full  quarter of
operations as a satellite and wireless  communications  company. It demonstrates
continued growth in each of our four principal business  segments," said Michael
T. Smith,  Hughes  chairman  and chief  executive  officer.  "The  increases  in
revenues, operating profit and earnings were driven by another record quarter of
DIRECTV(R)  subscriber  growth,  continued  strong  performance in our satellite
services  segment  resulting  from the PanAmSat  merger,  and higher  commercial
satellite sales."

                 SEGMENT FINANCIAL REVIEW: FIRST QUARTER 1998

                           Direct-To-Home Broadcast
      For the quarter,  revenues  increased  64.6% to $387.9 million from $235.6
million in the first  quarter of 1997.  The  increase  resulted  from  continued
record subscriber growth, strong average monthly revenue per subscriber, and low
subscriber churn rates.  Domestic  DIRECTV  propelled this growth with quarterly
revenues of $353 million, a 55% increase over last year's first quarter revenues
of  $228  million.   With  its  best-ever  first  quarter  of  227,000  net  new
subscribers, total DIRECTV subscribers grew to 3,528,000 in the United States as
of March 31, 1998. The Company's Latin American DIRECTV subsidiary, Galaxy Latin
America  (GLA),  had first  quarter  revenues  of $31 million  compared  with $8
million in 1997.  With the addition of 38,000 net new  subscribers  in the first
quarter,  cumulative  DIRECTV  subscribers  in Latin  America were 338,000 as of
March 31, 1998.
      The  operating  loss in the quarter  was $31.6  million  compared  with an
operating  loss of  $67.5  million  in the  first  quarter  of 1997.  The  lower
operating loss in 1998 was principally due to increased subscriber revenues that
more than offset higher sales and marketing expenditures. The first quarter 1998
operating loss in the domestic  DIRECTV  business was $10 million  compared with
$38 million last year,  and GLA's first quarter  operating  loss was $22 million
compared with $30 million last year.

                              Satellite Services

      First quarter 1998 revenues were up 51.3% to $193.0 million  compared with
$127.6 million in the prior year.  Operating profit in the quarter rose 25.5% to
$85.7  million  from $68.3  million in 1997.  The revenue and  operating  profit
growth  were  primarily  due to the  May  1997  PanAmSat  merger  and  increased
operating lease revenues for both video distribution and business communications
services.  Operating profit margin in the period declined to 44.4% from 53.6% in
the same period last year primarily from goodwill  amortization  associated with
the PanAmSat merger.

                                    - 20 -

                           Satellite Manufacturing
      For the first quarter of 1998,  revenues increased 11.6% to $624.3 million
from revenues of $559.3 million for the same period in 1997. Operating profit in
the quarter  increased  4.4% to $55.1  million  from $52.8  million in the prior
year.  The increases in revenue and  operating  profit were  principally  due to
higher   commercial   satellite   sales  to   customers   such  as  ICO   Global
Communications,   Thuraya  Satellite  Telecommunications  Company  and  PanAmSat
Corporation.  Operating  profit margin in the quarter declined to 8.8% from 9.4%
last year primarily due to increased  costs related to the completion of certain
satellite component contracts.

                               Network Systems
      First  quarter  revenues  for Hughes  Network  Systems  (HNS) were  $184.7
million  compared  with $182.5  million in the same period last year.  Increased
sales  of  private  business  networks  and  satellite-based   mobile  telephony
equipment were mostly offset by lower sales of international wireless local loop
telephone systems.

      The  operating  loss in the quarter  was $11.9  million  compared  with an
operating  loss of  $15.3  million  in the  first  quarter  of 1997.  The  lower
operating loss in the first quarter of 1998 was primarily due to higher revenues
and profits on satellite-based mobile telephony equipment.

                                BALANCE SHEET

      The cash balance of $2,499.5  million at March 31, 1998 reflected a $284.3
million decline during the quarter  primarily due to  expenditures  for PanAmSat
satellites and general working capital requirements.

      During the first quarter of 1998,  long-term debt increased $150.0 million
to $787.6  million  reflecting  an increase in  PanAmSat's  long-term  debt.  In
January 1998, PanAmSat issued $750.0 million of privately-placed debt securities
with  maturities  between five and 30 years at interest rates ranging between 6%
and 7%. The net  proceeds  were used to repay  $600.0  million of existing  bank
loans, exercise an early buy-out option on a satellite sale-leaseback agreement,
and for general corporate purposes.


---------------------
(1) Excludes the effects of purchase  accounting  adjustments related to General
Motors' (GM)  acquisition of Hughes Aircraft  Company in 1985. 
(2) 1997 earnings per share are  presented on a pro forma basis.  Historically,
such earnings per share  amounts were  calculated  based on the  financial  
performance  of former Hughes, which consisted of the defense electronics,  
automotive electronics, and telecommunications and space businesses. Since 
these financial statements relate only to the  telecommunications  and space 
businesses of former Hughes,  the pro forma  presentation  is used to present 
the  earnings  per share that would have been  achieved  relative to the GM 
Class H common  stock had it been  calculated based upon only such 
telecommunications and space businesses.












                                    - 21 -

STATEMENT OF INCOME AND
AVAILABLE SEPARATE CONSOLIDATED NET INCOME
(Dollars in Millions Except Per Share Amounts)
                                                        Three Months Ended
                                                             March 31,
                                                           1998        1997
Revenues
Product sales                                             $692.1      $683.2
Direct broadcast, leasing and other services               598.9       340.8
----------------------------------------------------------------------------
   Total Revenues                                        1,291.0     1,024.0
----------------------------------------------------------------------------

Operating Costs and Expenses
Cost of products sold                                      542.3       468.9
Broadcast programming and other costs                      264.8       249.7
Selling, general, and administrative expenses              302.6       222.0
Depreciation and amortization                               97.7        50.3
Amortization of GM purchase accounting adjustments (1)       5.3         5.3
----------------------------------------------------------------------------
   Total Operating Costs and Expenses                    1,212.7       996.2
----------------------------------------------------------------------------

Operating Profit                                            78.3        27.8

Interest income                                             37.5         2.0
Interest expense                                            (3.0)      (15.1)
Other, net                                                 (34.3)       (9.1)
-----------------------------------------------------------------------------

Income from Continuing Operations Before
   Income Taxes and Minority Interests                      78.5         5.6

Income taxes                                                31.4         2.2
Minority interests in net losses of subsidiaries             1.3        14.2
----------------------------------------------------------------------------

Income from continuing operations                           48.4        17.6

Income from discontinued operations, net of taxes            -           1.0
----------------------------------------------------------------------------

Net Income                                                 $48.4       $18.6

Adjustments to exclude the effect of GM
   purchase accounting adjustments (1)                       5.3         5.3
----------------------------------------------------------------------------

Net Earnings Used for Computation of Available
   Separate Consolidated Net Income (2)                    $53.7       $23.9
============================================================================

Available Separate Consolidated Net Income (2)             $14.0        $6.0
============================================================================

Net Earnings Attributable to General Motors
   Class H Common Stock on a Per Share Basis (2)           $0.13       $0.06
============================================================================

(1)Relates to General Motors' purchase of Hughes Aircraft Company in 1985.
(2)1997 amounts are presented on a pro forma basis.  Historically, such amounts
   were calculated based on the financial performance of former Hughes, which
   consisted of the defense electronics, automotive electronics and
   telecommunications and space businesses.  Since these financial statements
   relate only to the telecommunications and space businesses of former
   Hughes, the pro forma presentation is used to present the results that
   would have been achieved relative to the GM Class H common stock had the
   results been calculated based only upon such telecommunications and space
   businesses.

                                    - 22 -


PRO FORMA SELECTED SEGMENT DATA*
(Dollars in Millions)
                                                        Three Months Ended
                                                            March 31,
                                                         1998        1997
DIRECT-TO-HOME BROADCAST
Total Revenues                                          $387.9      $235.6
Operating Loss                                          $(31.6)     $(67.5)
Depreciation and Amortization                            $22.5       $18.3
Capital Expenditures                                     $13.7       $11.4
--------------------------------------------------------------------------
SATELLITE SERVICES
Total Revenues                                          $193.0      $127.6
Operating Profit                                         $85.7       $68.3
Operating Profit Margin                                   44.4%       53.6%
Depreciation and Amortization                            $54.5       $13.8
Capital Expenditures (1)                                $249.6      $334.6
--------------------------------------------------------------------------
SATELLITE MANUFACTURING
Total Revenues                                          $624.3      $559.3
Operating Profit                                         $55.1       $52.8
Operating Profit Margin                                    8.8%        9.4%
Depreciation and Amortization                            $10.7        $8.7
Capital Expenditures                                     $10.7       $15.6
--------------------------------------------------------------------------
NETWORK SYSTEMS
Total Revenues                                          $184.7      $182.5
Operating Loss                                          $(11.9)     $(15.3)
Depreciation and Amortization                             $8.5        $7.2
Capital Expenditures                                      $4.8        $6.9
--------------------------------------------------------------------------
ELIMINATIONS and OTHER
Total Revenues                                          $(98.9)     $(81.0)
Operating Loss                                          $(13.7)      $(5.2)
Depreciation and Amortization                             $1.5        $2.3
Capital Expenditures                                    $125.9     $(274.5)
===========================================================================


*   The Financial Statements reflect the application of purchase accounting
    adjustments related to GM's acquisition of Hughes Aircraft Company.
    However, as provided in the General Motors' Restated Certificate of
    Incorporation, the earnings attributable to GM Class H common stock for
    purposes of determining the amount available for the payment of dividends
    on GM Class H common stock specifically excludes such adjustments.  In
    order to provide additional analytical data, the above unaudited pro
    forma selected segment data, which exclude the purchase accounting
    adjustments related to GM's acquisition of Hughes Aircraft Company, are
    presented.
(1)Includes  expenditures  related to satellites  amounting to $145.6 million in
   1998 and  $332.1  million in 1997.  Also  included  in 1998 is $96.6  million
   related to the early buy-out of a satellite sale-leaseback.















                                    - 23 -


BALANCE SHEET
(Dollars in Millions)
                                                   March 31,     December 31,
ASSETS                                                 1998             1997
----------------------------------------------------------------------------
Current Assets
Cash and cash equivalents                          $2,499.5         $2,783.8
Accounts and notes receivable                         740.9            662.8
Contracts in process                                  623.1            575.6
Inventories                                           511.6            486.4
Prepaid expenses, deferred income taxes and other     326.2            297.3
----------------------------------------------------------------------------

Total Current Assets                                4,701.3          4,805.9
Satellites - Net                                    2,921.3          2,643.4
Property - Net                                        885.0            889.7
Net Investment in Sales-type Leases                   302.4            337.6
Intangible Assets - Net                             2,932.9          2,954.8
Investments and Other Assets                        1,160.7          1,132.4
----------------------------------------------------------------------------

Total Assets                                      $12,903.6        $12,763.8
============================================================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Accounts payable                                     $510.4           $472.8
Advances on contracts                                 222.8            209.8
Deferred revenues                                     112.9            110.6
Accrued liabilities                                   597.4            689.4
----------------------------------------------------------------------------

Total Current Liabilities                           1,443.5          1,482.6
Long-Term Debt and Capitalized Leases                 787.6            637.6
Deferred Gains on Sales and Leasebacks                161.2            191.9
Accrued Operating Leaseback Expense                    54.5            100.2
Postretirement Benefits Other Than Pensions           155.2            154.8
Other Liabilities and Deferred Credits                722.3            706.4
Deferred Income Taxes                                 612.2            570.8
Minority Interests                                    605.1            607.8
Stockholder's Equity                                8,362.0          8,311.7
----------------------------------------------------------------------------

Total Liabilities and Stockholder's Equity        $12,903.6        $12,763.8
============================================================================
Holders of GM Class H common stock have no direct rights in the equity or assets
of Hughes,  but rather  have  rights in the equity and assets of General  Motors
(which includes 100% of the stock of Hughes).














                                    - 24 -


<PAGE>



                  GMAC ANNOUNCES 1998 FIRST QUARTER EARNINGS

DETROIT -- General Motors Acceptance  Corporation  (GMAC) reported first quarter
1998  consolidated net income of $349 million,  down 6% from $372 million earned
in the first quarter of 1997, GMAC President John D. Finnegan announced today.

      For the quarter,  net income from automotive  financing operations totaled
$246  million,  down 4% from $257 million  earned in the first  quarter of 1997.
Earnings were lower due to reduced net  financing  margins  partially  offset by
reduced credit losses and operating  expenses and a lower  effective  income tax
rate.

      GMAC Insurance  Holdings,  Inc. generated net income of $80 million in the
first  quarter of 1998,  up 3% from $78 million  earned last year.  The increase
reflects improved  underwriting  results from existing lines of business and the
inclusion of Integon Corporation, partially offset by lower capital gains.

      GMAC Mortgage Group, Inc. generated net income of $23 million in the first
quarter of 1998,  down 38% from $37  million  earned last year.  Mortgage  Group
earnings were lower due to the effect of  accelerated  prepayment  experience on
first and second mortgages, resulting from lower interest rates.


                                    * * *

                                  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    April 17, 1998
        -----------------
                                            By
                                            s/Peter R. Bible
                                            -------------------------------
                                            (Peter R. Bible,
                                             Chief Accounting Officer)





















                                    - 25 -
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 75886}]
{"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": "001-00143", "film-number": "98596505"}, "business-address": {"street1": "100 RENAISSANCE CTR", "street2": "3044 W GRAND BLVD", "city": "DETROIT", "state": "MI", "zip": "48243-7301", "phone": "3135565000"}}
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) April 16, 1998
                                  ----------------

                          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.)

   100 Renaissance Center, Detroit, Michigan                 48243-7301
3044 West Grand Boulevard, Detroit, Michigan                 48202-3091
--------------------------------------------                 ----------
  (Address of principal executive offices)                   (Zip Code)

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

                                    - 1 -

ITEM 5. OTHER EVENTS

         On April 17,  1998,  a news  release was issued on the subject of first
quarter consolidated earnings for GM. The news release did not include financial
statement  footnotes and certain other financial  information that will be filed
with the Securities and Exchange Commission at a later date. The GM news release
and related  news  releases  for first  quarter  earnings of Hughes  Electronics
Corporation  (Hughes)  dated  April  16,  1998  and  General  Motors  Acceptance
Corporation (GMAC) dated April 17, 1998, respectively, were as follows:

                               GM NEWS RELEASE

             GM REPORTS FIRST-QUARTER NET INCOME OF $1.6 BILLION
          NORTH AMERICAN OPERATIONS' QUARTERLY PERFORMANCE BEST EVER

      DETROIT -- General  Motors Corp.  (GM) reported  today that net income for
the first quarter of 1998 totaled $1.6 billion,  or $2.31 per share of GM $1-2/3
par value common stock.

      That compares with $1.7 billion,  or $2.23 per share,  for the  comparable
period in 1997, adjusted to reflect the effect of the Hughes Transactions, which
took place in December of 1997. Reported  first-quarter-1997  net income totaled
$1.8 billion, or $2.30 per share. All earnings-per-share  amounts are basic (see
Highlights for diluted earnings-per-share amounts).

      Consolidated  net sales and revenues in the first  quarter of 1998 totaled
$41.6  billion,  compared  with  $40.5  billion  in the same  period  last year,
adjusted for the effect of the Hughes Transactions.

      GM's North American  Operations (GM-NAO) reported net income totaling $826
million in the first  quarter of 1998 -- the best ever for any  quarter,  and an
improvement  of $62  million  over the same  period  last year  when net  income
totaled $764 million, the previous quarterly record.

      "GM-NAO's  continued focus on reducing costs,  streamlining  processes and
delivering  exciting new products to  customers is more  important  than ever in
this fierce competitive  environment," said GM Chairman, Chief Executive Officer
and President John F. Smith, Jr.

      "Our continued aggressive cost-cutting initiatives, and increased sales of
higher-profit trucks drove improvements in GM-NAO's financial performance in the
first  quarter,"  Smith said.  "We're on track to meet our $4 billion  corporate
cost-reduction goal for 1998, with  first-quarter-1998  cost reductions totaling
slightly  more  than $1.2  billion.  We must  continue  to cut costs in order to
improve our  competitive  position  because  price and  incentive  pressures are
unrelenting."

      Corporate  and  sector  data  in the  remainder  of this  release  reflect
adjustments   to  1997  reported   results  to   acknowledge   changes  to  GM's
organizational   structure   resulting   from  the   conclusion  of  the  Hughes
Transactions  in December of 1997.  Delphi  results  include Delco  Electronics,
while the 1997 results from Hughes'  defense  business has been  eliminated.  In
addition,  1997 data has been adjusted to exclude  special items (see Highlights
and Special Items).

                                    - 2 -

      Following  is a summary of  results  from the GM  business  sectors in the
first quarter of 1998:

      -  GM North American  Operations  income totaled $826 million in the first
         quarter of 1998,  compared  with $764  million in the first  quarter of
         1997.

      -  Delphi  Automotive  Systems (Delphi) reported income of $263 million in
         the first  quarter  of 1998,  compared  with $314  million  in the same
         quarter of 1997.

      -  GM International  Operations  (GMIO) reported income of $160 million in
         the first quarter of 1998, compared with $262 million in the prior-year
         period.

      Highlights   of   first-quarter-1998   results   reported  by  GM's  major
subsidiaries included the following:

      -  General Motors  Acceptance  Corporation  (GMAC) reported income of $349
         million  for the first  quarter of 1998,  compared  with income of $372
         million in the first quarter of 1997.

      -  Hughes  Electronics  Corporation  (Hughes) reported  first-quarter-1998
         earnings of $54 million,  compared  with earnings of $24 million in the
         prior-year period.

GM CONSOLIDATED FINANCIAL DATA (with financing & insurance operations on an
equity basis)

      Consolidated  income in the first quarter of 1998 totaled $1.6 billion, or
$2.31 per share.  That  compares  with $1.7  billion,  or $2.23 per share in the
first quarter of 1997.

      The corporation's  pretax income totaled $1.9 billion in the first quarter
of 1998.  Pretax  income  in the first  quarter  of 1997 was a  comparable  $1.9
billion.

      The corporation's after-tax net-profit margin -- income as a percentage of
net sales and revenues -- was 4.4 percent in the first quarter of 1998, compared
with 4.7 percent in the first quarter of 1997.

      Cash and  marketable  securities  totaled $13.6 billion at March 31, 1998,
compared  with $14.5  billion at Dec.  31,1997,  and $14.6  billion at March 31,
1997.

      In the first  quarter of 1998,  GM used $1.6  billion to acquire  about 24
million shares of GM $1-2/3 par value common stock. These purchases  completed a
$2.5  billion  repurchase  program  announced  in  August  1997,  and  represent
approximately 8.0 percent of a $4 billion repurchase program that began in March
of 1998. Since January 1997, GM's stock  repurchases  total  approximately  $5.3
billion  or about 12 percent  of the  outstanding  shares of GM $1-2/3 par value
common stock.

      Following  is a  summary  of  financial  performance  for GM's  automotive
business sectors (see Highlights for additional information.)

                                    - 3 -

GM NORTH AMERICAN OPERATIONS (GM-NAO)

      GM North  American  Operations'  first-quarter-1998  income  totaled  $826
million.  That  compares  with $764  million in the first  quarter of 1997,  and
represents the best performance for any quarter since GM-NAO was formed.

      GM-NAO's  pretax income totaled $1.2 billion in the first quarter of 1998,
compared with $1.1 billion in the prior-year period.

      GM-NAO's  net-profit  margin was 3.2 percent in the first quarter of 1998,
compared with 3.1 percent in the prior-year period.

      "An   extremely   tough   pricing   environment,   along  with  our  lower
wholesale-production   volumes,  combined  to  make  the  first  quarter  pretty
challenging,"  said G. Richard  Wagoner,  Jr.,  General  Motors  executive  vice
president and president of GM North American Operations.  "Fortunately,  our NAO
team did a real good job in  eliminating  waste and reducing  costs in line with
our  1998-calendar-year  cost-reduction  target of $3 billion. We also benefited
from strong sales of our truck and van products."

      The  first-quarter-1998  results were  positively  affected by significant
material-cost improvements -- despite added equipment and design costs -- strong
year-over-year gains in manufacturing  efficiency,  and by the favorable vehicle
mix.

      GM vehicle  deliveries  in the United  States in the first quarter of 1998
totaled  1,094,000  units,  which resulted in a  30.2-percent  share of the U.S.
vehicle market,  compared with 1,123,000 units, and a similar 30.2-percent share
in the first quarter of 1997. (See additional information in Highlights.)

      "We were pleased to see the stronger sales of GM cars and trucks in March,
following  somewhat  of a slow start in January and  February,  which was driven
largely by the heavy price competition in the marketplace," Wagoner said. "March
was GM's  best-ever  month  for  truck  sales  -- in fact  for any  manufacturer
anytime,  anywhere  in the  world  -- and the  fifth  straight  month  of  sales
increases  for  trucks.  Car sales in March  show our new  mid-size  models  are
providing the growth we had expected."

DELPHI AUTOMOTIVE SYSTEMS (DELPHI)

      Delphi  Automotive  Systems  reported  income of $263 million in the first
quarter of 1998, compared with $314 million in the first quarter of 1997.

      Delphi  reported  pretax  income of $376  million in the first  quarter of
1998, compared with pretax income of $451 million in the prior-year period.

      Delphi's  net-profit  margin was 3.5 percent in the first quarter of 1998,
compared with a net-profit margin of 3.9 percent in the prior-year period.

      Compared  with the first  quarter of 1997,  Delphi's  first  quarter  1998
results  reflect  the impact of the Latin  American  and  Asia-Pacific  economic
downturn,  along with a year-to-year decrease in production volume by GM's North
American   Operations.   These  adverse   factors  were   partially   offset  by
material-cost reductions, and improved manufacturing efficiencies.

      "While the Asian and Latin American environments are challenging today, we
believe these markets offer  long-term  potential,"  said J.T.  Battenberg  III,
General  Motors  executive  vice  president and  president of Delphi  Automotive
Systems.  "Delphi is  continuing  to  integrate  the  expertise  of Delphi Delco
Electronics Systems into our products and processes,  taking aggressive steps to
position ourselves as the global leader in  electronically-enhanced,  integrated
automotive systems.  The integration will also improve structural costs and keep
future component costs competitive, enabling Delphi to further grow our sales."

                                    - 4 -

      Delphi's  first-quarter-1998 sales to customers outside the GM-NAO vehicle
groups  represented  approximately 34 percent of total sales including all joint
ventures,  an  increase  of about 2  percentage  points  compared  with the same
quarter in 1997.

GM INTERNATIONAL OPERATIONS (GMIO)

      GM International  Operations reported income of $160 million for the first
quarter of 1998,  compared  with  income of $262  million in the same  period of
1997.

      GMIO reported  pretax income of $213 million in the first quarter of 1998,
compared with pretax income of $385 million in the first quarter of 1997.

      The  net-profit  margin for GMIO was 2.0  percent in the first  quarter of
1998, compared with 3.2 percent in the prior-year period.

      "First-quarter  earnings  reflect the  intensely  competitive  environment
across all of our operations,  and costs associated with the successful start-up
for the new  Astra,"  said  Louis  R.  Hughes,  General  Motors  executive  vice
president and president of GM International Operations.

      Income from GM's  automotive  operations in Europe  totaled $99 million in
the first  quarter of 1998,  compared  with  income of $94  million in the first
quarter last year.

      "We're very excited about our new Astra. It has received favorable reviews
from international automotive journalists and is also being well received by our
dealers  and  customers,"  Hughes  said.  "So far,  the Astra has been  launched
initially in 15 markets, but it has already logged more than 130,000 orders, the
largest  order  intake at such an early  stage for any new car in  Opel/Vauxhall
history. The car is currently being produced in three European plants with plans
to begin production at a fourth plant later this year."

      For the remainder of GM International Operations, which includes the Latin
American  and Asia and  Pacific  Operations,  income  totaled $61 million in the
first quarter of 1998, compared with $168 million in the prior-year period.

      "As expected,  our operations in Brazil and the Far East have been hurt by
the adverse economic conditions in both regions," Hughes said.

SPECIAL ITEMS

      While the 1998-first-quarter results had no significant special items, the
1997-first-quarter results were affected by two special items:

      -  An after-tax  gain of $55 million,  or $0.07 per share of GM $1-2/3 par
         value common stock,  that resulted  from an agreement  with  Volkswagen
         (VW) settling a civil lawsuit which GM brought against VW.

      -  An after-tax charge of $50 million, or $0.07 per share of GM $1-2/3 par
         value common stock,  related to the  announcement  that Delphi Interior
         and Lighting  Systems  would cease  production  at its  Trenton,  N.J.,
         facility.

                                    # # #

HIGHLIGHTS ATTACHED

                                    - 5 -

     HIGHLIGHTS - Q1 Financial Results
     (Dollars in Millions Except
     Per Share Amounts)
                                          Three Months Ended
                                                March 31,
                                   --------------------------------
                                                            Adjusted
                                       1998        1997        1997
     ----------------------------   ---------   ----------  --------

     Net sales and revenues
     Manufactured products            $36,560     $37,440    $35,823
     Financial services                 3,161       3,197      3,197
     Other income                       1,850       1,604      1,511
                                    --------     --------  ---------
       Total net sales and revenues   $41,571     $42,241    $40,531
                                    --------     --------  ---------
     Total net sales and revenues(1)  $36,427     $37,457    $35,840
     Gross profit margin percentage(1)   16.8%        17.0%     17.1%
     ...............................................................
     Income before income taxes and
       minority interests (1)          $1,888      $2,110     $1,938
     Effective income tax rate (1)       34.0%       34.6%      34.3%
     ...............................................................
     Consolidated net income           $1,604      $1,796     $1,689
     Net profit margin(1)                4.4%         4.8%       4.7%
     ...............................................................
     Earnings Attributable to Common Stocks
       $1-2/3 par value                $1,574      $1,717
       Class H (2)                         $-         $59
       Class H (3)                        $14          $-
     ...............................................................
     Basic Earnings Per Share Attributable to Common Stocks
       $1-2/3 par value                 $2.31       $2.30      $2.23
       Class H (2)                         $-       $0.59
       Class H (3)                      $0.13          $-      $0.06
     ...............................................................
     Diluted Earnings Per Share Attributable to Common Stocks
       $1-2/3 par value                 $2.27       $2.28      $2.21
       Class H (2)                         $-       $0.59
       Class H (3)                      $0.13          $-      $0.06
     ...............................................................
     Cash Dividends Per Share of Common Stocks
       $1-2/3 par value                 $0.50       $0.50
       Class H (2)                         $-       $0.25
       Class H (3)                         $-          $-
      ...............................................................
     Book Value Per Share of Common Stocks
                        March 31,   Dec. 31,    March 31,
                          1998       1997         1997
                        --------    -------     --------
       $1-2/3 par value  $22.00     $22.26      $28.10
       Class H           $13.20     $13.36      $14.05
     ................................................................

   See footnotes beginning on page 13.

                                              continues

                                    - 6 -

     HIGHLIGHTS - Q1 Adjusted for Hughes Transactions
     and Special Items - with Financing and Insurance
     Operations on an Equity Basis
     (Dollars in Millions Except Per Share Amounts)

                                      Three Months Ended
                                          March 31,
                                   ----------------------
                                                 Adjusted
                                      1998         1997
                                   ---------   ----------

     Net sales and revenues          $36,427      $35,840
                                      ------       ------
     Costs and expenses:
       Cost of sales                  30,323       29,719
       Selling, general,
         and admin. expenses           2,860        2,818
       Depreciation and
         amort. expenses               1,683        1,818
                                      ------       ------
     Total costs and
       expenses                       34,866       34,355
                                      ------       ------
     Operating income                  1,561        1,485
     Other income less
       income deductions                 582          646
     Interest expense                    255          193
                                      ------       ------
     Income before
       income taxes and
       minority interests              1,888        1,938
     Income tax expense                  641          665
                                      ------       ------
     Income after income taxes         1,247        1,273
     Minority interests                   (4)          19
     Earnings of nonconsolidated
       affiliates                        361          397
                                      ------       ------

     Net income                       $1,604       $1,689
                                      ======       ======

     $1-2/3 par value EPS
       from continuing operations
         Basic                         $2.31        $2.23
         Diluted                       $2.27        $2.21

     Gross profit margin                16.8%        17.1%
     Effective income tax rate          34.0%        34.3%
     Net profit margin                   4.4%         4.7%

      See footnotes beginning on page 13.

                                                          continues

                                    - 7 -

     HIGHLIGHTS - Q1 Adjusted for Hughes Transactions
     and Special Items - with Financing and Insurance
     Operations on an Equity Basis
     (Dollars in Millions Except Per Share Amounts)

                                       Three Months Ended
                                         March 31, 1997
                             ------------------------------------
                                       Hughes   Special
                                       Trans-    Items
                             Reported  actions   (4)(5)  Adjusted
                             --------  -------  -------  --------
     Net sales and revenues  $37,457   $1,617      $ -    $35,840
                              ------   ------   ------     ------
     Costs and expenses:
       Cost of sales          31,104    1,305       80     29,719
       Selling, general,
         and admin.expenses    2,884       66        -      2,818
       Depreciation and
         amort. expenses       1,879       61        -      1,818
                              ------   ------   ------     ------
     Total costs and
       expenses               35,867    1,432       80     34,355
                              ------   ------   ------     ------
     Operating income (loss)   1,590      185      (80)     1,485
     Other income less
       income deductions         739        5       88        646
     Interest expense            219       26        -        193
                              ------   ------   ------     ------
     Income before
       income taxes and
       minority interests      2,110      164        8      1,938
     Income tax expense          730       62        3        665
                              ------   ------   ------     ------
     Income after income
       taxes                   1,380      102        5      1,273
     Minority interests           19        -        -         19
     Earnings of noncons.
       affiliates                397        -        -        397
                              ------   ------   ------     ------

     Net income               $1,796     $102       $5     $1,689
                              ======   ======   ======     ======

     $1-2/3 par value EPS
       from continuing
       operations
         Basic                 $2.30                        $2.23
         Diluted               $2.28                        $2.21

     Gross profit margin        17.0%                        17.1%
     Effective income tax rate  34.6%                        34.3%
     Net profit margin           4.8%                         4.7%

      See footnotes beginning on page 13.

                                                          continues

                                    - 8 -

     HIGHLIGHTS - Q1 Adjusted for Hughes Transactions
     and Special Items By Sector
     (Dollars in Millions)

                                      Three Months Ended
                                          March 31,
                                   ----------------------
                                                 Adjusted
                                      1998         1997
                                   ---------   ----------

     GM-NAO                           $826          $764
     Delphi                            263           314
     GMIO(6)                           160           262
     Hughes                             54            24
     GMAC                              349           372
     Other(7)                          (48)          (47)
                                     -----         -----

     Consolidated income            $1,604        $1,689
                                     =====         =====

                                    Three Months Ended
                                      March 31, 1997
                           -----------------------------------
                                     Hughes
                                     Trans-  Special
                           Reported  actions  Items   Adjusted
                           --------  ------- -------  --------

     GM-NAO                   $764      $-       $-      $764
     Delphi                    180      84       50 (4)   314
     GMIO(6)                   317       -      (55)(5)   262
     Hughes                    235    (211)       -        24
     GMAC                      372       -        -       372
     Other(7)                  (72)     25        -       (47)
                               ---     ---       --       ---

     Consolidated income    $1,796   $(102)     $(5)   $1,689
                             =====     ===       ==     =====

     See footnotes beginning on page 13.

                                            continues

                                    - 9 -

     HIGHLIGHTS - Q1 Automotive Sectors
     (Dollars in Millions)

                                      Three Months Ended
                                       March 31, 1998
                               ------------------------------
                               GM-NAO      Delphi      GMIO
                               ------      ------     -------

     Reported

     Net sales and revenues    $25,889      $7,623     $8,150
                                ------       -----      -----
     Pre-tax income              1,202         376        213
     Income tax expense            379         120         72
     Equity income and
       minority interests            3           7         19
                                ------       -----      -----
     Net income                   $826        $263       $160
                                ======       =====      =====

     Net profit margin             3.2%        3.5%       2.0%
     Effective income tax rate    31.5%       31.9%      33.8%

      See footnotes beginning on page 13.

                                                          continues

                                    - 10 -

     HIGHLIGHTS - Q1 Automotive Sectors
     Adjusted for Hughes Transactions and Special Items
     (Dollars in Millions)

                                        Three Months Ended
                                           March 31, 1997
                                -------------------------------

                                GM-NAO      Delphi       GMIO
                               -------     -------     -------
     Reported
     --------
     Net sales and revenues    $24,859      $6,664      $8,283
                                ------      ------      ------
     Pre-tax income              1,127         237         473
     Income tax expense            378          72         164
     Equity income and
       minority interests           15          15           8
                                ------      ------      ------
     Net income                   $764        $180        $317
                                ======      ======      ======

     Net profit margin             3.1%        2.7%        3.8%
     Effective income tax rate    33.5%       30.4%       34.7%

     Hughes Transactions
     -------------------
     Net sales and revenues         $-      $1,331          $-
                                ------      ------      ------
     Pre-tax income                  -         134           -
     Income tax expense              -          51           -
     Equity income and
       minority interests            -           1           -
                                ------      ------      ------
     Net income                     $-         $84          $-
                                ======      ======      ======

     Special Items
     -------------
     Net sales and revenues         $-          $-          $-
                                ------      ------      ------
     Pre-tax income (loss)           -          80         (88)
     Income tax expense (credit)     -          30         (33)
     Equity income and
       minority interests            -           -           -
                                ------      ------      ------
     Net income (loss)              $-         $50        $(55)
                                ======      ======      ======

     Adjusted
     --------
     Net sales and revenues    $24,859      $7,995      $8,283
                                ------      ------      ------
     Pre-tax income              1,127         451         385
     Income tax expense            378         153         131
     Equity income and
       minority interests           15          16           8
                                ------      ------      ------
     Net income                   $764        $314        $262
                                ======      ======      ======

     Net profit margin             3.1%        3.9%        3.2%
     Effective income tax rate    33.5%       33.9%       34.0%

      See footnotes beginning on page 13.

                                                    continues

                                    - 11 -

     HIGHLIGHTS - Q1 Operating Information
                                      Three Months Ended
                                           March 31,
                                   ----------------------
                                        1998         1997
                                   ---------   ----------
     Worldwide Wholesale Sales (Units in 000s)
       United States:   Cars             574          698
                        Trucks           592          554
                                     -------      -------
         Total United States           1,166        1,252
       Canada and Mexico                 171          150
                                     -------      -------
           Total North America         1,337        1,402
       International                     722          783
                                     -------      -------
             Total Worldwide           2,059        2,185
                                     =======      =======
     ....................................................
     Vehicle Unit Deliveries (Units in 000s)
     United States
       Chevrolet - Cars                  208          251
                 - Trucks                378          358
       Pontiac                           123          145
       GMC                               117          109
       Buick                              96           87
       Oldsmobile                         72           65
       Saturn                             51           60
       Cadillac                           43           42
       Other                               6            6
                                       -----        -----
         Total United States           1,094        1,123
     Canada and Mexico                   129          121
                                      ------       ------
         Total North America           1,223        1,244
                                      ------       ------
     International
       Europe                            492          465
       Latin America, Africa, and the
         Middle East                     186          169
       Asia and Pacific                  119          181
                                      ------       ------
         Total International             797          815
                                      ------       ------
             Total Worldwide           2,020        2,059
                                      ======       ======
     ....................................................
     Market Share
       United States
         Cars                           30.5%         31.5%
         Trucks                         29.9%         28.6%
           Total                        30.2%         30.2%
       Western Europe                   10.8%         11.4%
       Latin America                    21.7%         18.9%
       Asia and Pacific                  4.0%          4.7%
       Total Worldwide                  15.5%         15.4%
     ....................................................
     U.S. Retail/Fleet Mix
       % Fleet Sales - Cars             26.1%         26.5%
       % Fleet Sales - Trucks           16.2%         13.6%
       Total Vehicles                   21.3%         20.9%
     ....................................................
     Days Supply of Inventory -- U.S.
     Gross Landed Stock
       Cars                                83          81
       Trucks                              94          91
     ....................................................
     Capacity Utilization %
     U.S. and Canada (2-shift rated)     89.0%       95.3%
     ....................................................
     Retail Incentives($ per unit)
       GM-NAO                          $1,305        $860
     ....................................................

     See footnotes beginning on page 13.

                                                continues

                                    - 12 -

     HIGHLIGHTS - Q1 Operating Information
     (Dollars in Millions Except
      Per Share Amounts)
                                      Three Months Ended
                                          March 31,
                                   ----------------------
                                        1998         1997
                                   ---------   ----------
     Depreciation and amortization (1)
       Depreciation                   $1,043       $1,051
       Amortization of special tools     613          787
       Amortization of intangible assets  27           41
                                       -----        -----
                                      $1,683       $1,879
                                       =====        =====
     ....................................................
     Worldwide Employment at March 31 (in 000s)
       GM-NAO                            233          242
       Delphi                            206          178
       GMIO                              116          112
       GMAC                               22           18
       Hughes                             15           88
       Other                              10           10
                                         ---          ---
         Total                           602          648
                                         ---          ---
     ....................................................
     Worldwide Payrolls                $7,025      $7,732
     ....................................................
     (1) Calculated with financing and insurance operations on an equity
         basis.
     (2) Data  relates to a period  prior to the date on which GM  recapitalized
         the Class H common stock ("GM's Recapitalization Date").
     (3) Data relates to a period which is subsequent  to GM's  Recapitalization
         Date.
     (4) The  first-quarter   1997  results  included  a  pre-tax  gain  of  $88
         million,($55  million  after taxes,  or $0.07 basic per share of $1-2/3
         par  value  common  stock),   that  resulted  from  an  agreement  with
         Volkswagen  A.G. (VW) settling a civil lawsuit which GM brought against
         VW.
     (5) The  first-quarter  1997 results were negatively  impacted by a pre-tax
         plant closing charge of $80 million,($50  million after taxes, or $0.07
         basic per  share of $1-2/3  par value  common  stock),  related  to the
         announcement  that Delphi  Interior  and Lighting  Systems  would cease
         production at its Trenton, N.J., plant during the 1998 calendar year.
     (6) GMIO Includes:                  Three Months Ended
                                              March 31,
                                         ------------------
                                         1998          1997
                                         ----          ----
                        GM Europe         $99           $94
                        Other GMIO        $61          $168
     (7) Includes  Allison  Transmission  Division,  GM  Locomotive  Group,  and
         purchase  accounting  adjustments,  as well as certain  tax and foreign
         exchange items not allocated to any one business sector.

                                    - 13 -

                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)
                                                          Three Months Ended
                                                              March 31,
                                                          1998         1997
                                                       (Dollars in Millions
                                                     Except Per Share Amounts)

Net sales and revenues
Manufactured products                                   $36,560     $37,440
Financial services                                        3,161       3,197
Other income                                              1,850       1,604
                                                        -------     -------
    Total net sales and revenues                         41,571      42,241
                                                         ------      ------

Costs and expenses
Cost of sales and other operating charges,
   exclusive of items listed below                       30,357      31,110
Selling, general and administrative expenses              3,742       3,591
Depreciation and amortization expenses                    2,907       3,065
Interest expense                                          1,630       1,461
Other deductions                                            513         248
                                                        -------     -------
    Total costs and expenses                             39,149      39,475
                                                         ------      ------

Income before income taxes and minority interests         2,422       2,766
Income taxes                                                808         989
Minority interests                                          (10)         19
                                                         ------      ------
   Net income                                             1,604       1,796
Dividends on preference stocks                               16          20
                                                         ------      ------
   Earnings on common stocks                             $1,588      $1,776
                                                          =====       =====

Basic earnings per share attributable to common stocks

Earnings per share attributable to $1-2/3 par value        $2.31       $2.30
Earnings per share attributable to Class H (prior 
   to its recapitalization on December 17, 1997)              $-       $0.59
Earnings per share attributable to Class H (subsequent 
   to its recapitalization on December 17, 1997)           $0.13          $-

Diluted earnings per share attributable to common stocks

Earnings per share attributable to $1-2/3 par value        $2.27       $2.28
Earnings per share attributable to Class H (prior 
   to its recapitalization on December 17, 1997)              $-       $0.59
Earnings per share attributable to Class H (subsequent
   to its recapitalization on December 17, 1997)           $0.13          $-

                                    - 14 -
GENERAL MOTORS CORPORATION AND SUBSIDIARIES

                         CONSOLIDATED BALANCE SHEETS
                                                March 31,             March 31,
                                                  1998      Dec. 31,    1997
                                               (Unaudited)    1997  (Unaudited)
                                                    (Dollars in Millions)

                                    ASSETS

  Cash and cash equivalents                   $11,498     $11,262    $10,061
  Other marketable securities                  10,216      11,722     10,387
                                               ------      ------     ------
    Total cash and marketable securities       21,714      22,984     20,448
  Finance receivables - net                    63,288      58,870     62,202
  Accounts and notes receivable 
    (less allowances)                           9,553       7,493      6,976
  Inventories (less allowances)                12,923      12,102     12,851
  Deferred income taxes                        22,493      22,478     20,138
  Equipment on operating leases (less
    accumulated depreciation)                  33,772      33,302     30,127
  Property - net                               35,240      34,567     37,004
  Intangible assets - net                      11,457      11,469     12,737
  Other assets - net                           25,593      25,623     23,576
                                             --------    --------   --------
      Total assets                           $236,033    $228,888   $226,059
                                              =======     =======    =======

                     LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
  Accounts payable (principally trade)        $16,426    $15,782    $14,014
  Notes and loans payable                      98,262     93,027     88,111
  Deferred income taxes                         3,131      2,923      3,686
  Postretirement benefits other than pensions  41,532     41,168     43,607
  Pensions                                      7,324      7,043      7,814
  Accrued expenses and other liabilities       51,606     50,490     45,918
                                             --------   --------   --------
      Total liabilities                       218,281    210,433    203,150
                                              -------    -------    -------

  Minority interests                              740        727        104
  General Motors - obligated mandatorily
    redeemable preferred securities of 
    subsidiary trusts holding solely
    junior subordinated debentures of
     General Motors
      Series D                                     79         79          -
      Series G                                    143        143          -

Stockholders' equity
  Preference stocks
  Common stocks                                     1          1          1
    $1-2/3 par value (issued, 669,314,625;
      693,456,394; and 729,805,298 shares)      1,116      1,156      1,216
    Class H (issued, 101,108,669 shares)            -          -         10
    Class H (issued, 104,769,861, and 
    103,885,803 shares)                            10         10          -
  Capital surplus (principally additional
    paid-in capital)                           13,786     15,369     17,689
  Retained earnings                             6,664      5,416      7,511
                                              -------    -------    -------
      Subtotal                                 21,577     21,952     26,427
  Minimum pension liability adjustment         (4,062)    (4,062)    (3,490)
  Accumulated foreign currency translation
    adjustments                                (1,264)      (888)      (475)
  Net unrealized gains on securities              539        504        343
                                               ------     ------     ------
      Total stockholders' equity               16,790     17,506     22,805
                                               ------     ------     ------
      Total liabilities and stockholders' 
        equity                               $236,033   $228,888   $226,059
                                              =======    =======    =======

                                    - 15 -

                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES

               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                          1998          1997
                                                        (Dollars in Millions)

Net cash provided by operating activities               $5,973         $4,097
                                                         -----          -----

Cash flows from investing activities
  Expenditures for property                             (2,327)        (1,807)
  Investments in other marketable securities - 
     acquisitions                                       (5,758)       (11,603)
  Investments in other marketable securities - 
     liquidations                                        7,300         10,107
  Finance receivables - acquisitions                   (41,800)       (37,475)
  Finance receivables - liquidations                    32,544         26,848
  Proceeds from sales of finance receivables             5,143          5,538
  Operating leases - acquisitions                       (5,127)        (5,527)
  Operating leases - liquidations                        3,493          4,124
  Other                                                   (905)           512
                                                        ------         ------
Net cash used in investing activities                   (7,437)        (9,283)
                                                         -----          -----

Cash flows from financing activities
  Net increase in loans payable                          1,526          2,484
  Increase in long-term debt                             6,428          4,207
  Decrease in long-term debt                            (4,127)        (3,329)
  Proceeds from issuing common stocks                      233            206
  Repurchases of common stocks                          (1,911)        (1,761)
  Cash dividends paid to stockholders                     (357)          (422)
                                                        ------         ------
Net cash provided by financing activities                1,792          1,385
                                                         -----          -----

Effect of exchange rate changes on cash and
    cash equivalents                                       (92)          (201)
                                                          ----         ------
Net increase (decrease) in cash and cash equivalents       236         (4,002)
Cash and cash equivalents at beginning of the period    11,262         14,063
                                                        ------         ------
Cash and cash equivalents at end of the period         $11,498        $10,061
                                                        ======         ======

                                    - 16 -

                 GENERAL MOTORS CORPORATION AND SUBSIDIARIES

   To facilitate  analysis,  the following  financial  statements GM's financial
statements  with  its  financing  and  insurance  operations   (primarily  GMAC)
reflected on an equity basis.

Consolidated Statements of Income With Financing and Insurance Operations on
an Equity Basis (Unaudited)
                                                         Three Months Ended
                                                             March 31,
                                                         1998      1997
                                                        (Dollars in Millions)

Net sales and revenues                                 $36,427    $37,457
                                                        ------     ------

Costs and expenses
  Cost of sales and other operating charges,
    exclusive of items listed below                     30,323     31,104
  Selling, general, and administrative expenses          2,860      2,884
  Depreciation and amortization expenses                 1,683      1,879
                                                        ------     ------
    Total costs and expenses                            34,866     35,867
                                                        ------     ------

Operating income                                         1,561      1,590
Other income less income deductions                        582        739
Interest expense                                           255        219
                                                        ------      -----
Income before income taxes, minority interests, and 
  earnings of nonconsolidated affiliates                 1,888      2,110
Income taxes                                               641        730
                                                        ------     ------
Income before minority interests and earnings of
  nonconsolidated affiliates                             1,247      1,380
Minority interests                                          (4)        19
Earnings of nonconsolidated affiliates                     361        397
                                                        ------     ------
    Net income                                          $1,604     $1,796
                                                         =====      =====

    Net profit margin (1)                                   4.4%       4.8%

(1) Net profit  margin  represents  net income as a percentage  of net sales and
    revenues.

                                    - 17 -
GENERAL MOTORS CORPORATION AND SUBSIDIARIES

 Consolidated Balance Sheets With Financing and Insurance Operations on an
Equity Basis (Unaudited)
                                          March 31,      Dec. 31,    March 31,
                                              1998          1997         1997
                                                      (Dollars in Millions)

                        ASSETS

Cash and cash equivalents                 $11,015       $10,685        $9,395
Other marketable securities                 2,557         3,826         5,233
                                          -------       -------       -------
  Total cash and marketable securities     13,572        14,511        14,628
Accounts and notes receivable 
  (less allowances)
  Trade                                     5,047         5,164         5,507
  Nonconsolidated affiliates                2,096           836         1,844
Inventories (less allowances)              11,895        12,102        12,851
Equipment on operating leases 
  (less accumulated depreciation)           4,554         4,677         4,187
Deferred income taxes and other             6,362         6,278         5,771
                                          -------       -------       -------
    Total current assets                   43,526        43,568        44,788
Equity in net assets of 
  nonconsolidated affiliates               10,665        10,164         9,696
Deferred income taxes                      20,678        20,721        20,354
Other investments and miscellaneous 
  assets                                   13,843        13,564        11,967
Property - net                             34,598        33,914        36,634
Intangible assets - net                    10,740        10,752        12,573
                                         --------      --------      --------
    Total assets                         $134,050      $132,683      $136,012
                                          =======       =======       =======

            LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                          $12,499       $12,474       $11,379
Loans payable                               1,219           656         1,306
Accrued expenses and customer deposits     32,591        33,459        30,168
                                           ------        ------        ------
    Total current liabilities              46,309        46,589        42,853
Long-term debt                              5,788         5,491         5,316
Capitalized leases                            183           185           191
Postretirement benefits other than
  pensions                                 38,724        38,388        40,988
Pensions                                    5,165         4,271         6,183
Other liabilities and deferred income
  taxes                                    20,171        19,336        17,572
                                         --------      --------      --------
    Total liabilities                     116,340       114,260       113,103
                                          -------       -------       -------
Minority interests                            698           695           104
General Motors - obligated mandatorily
  redeemable preferred securities of 
  subsidiary trusts holding solely
  junior subordinated debentures of 
  General Motors
    Series D                                   79            79             -
    Series G                                  143           143             -
Stockholders' equity                       16,790        17,506        22,805
                                         --------      --------      --------
    Total liabilities and 
      stockholders' equity               $134,050      $132,683      $136,012
                                          =======       =======       =======

                                    - 18 -

Condensed Consolidated Statements of Cash Flows With Financing and Insurance
Operations on an Equity Basis (Unaudited)
                                                         Three Months Ended
                                                              March 31,
                                                           1998        1997
                                                        (Dollars in Millions)

Net cash provided by operating activities                 $2,896     $1,808
                                                           -----      -----

Cash flows from investing activities
  Expenditures for property                               (2,267)    (1,724)
  Investments in other marketable securities - 
    acquisitions                                          (2,220)    (6,199)
  Investments in other marketable securities -
    liquidations                                           3,490      4,608
  Operating leases - acquisitions                         (1,413)    (1,352)
  Operating leases - liquidations                          1,385      1,001
  Other                                                     (272)      (104)
                                                          ------     ------
Net cash used in investing activities                     (1,297)    (3,770)
                                                           -----      -----

Cash flows from financing activities
  Net increase in loans payable                              564         93
  Increase in long-term debt                                 915        154
  Decrease in long-term debt                                (619)       (30)
  Proceeds from issuing common stocks                        233        206
  Repurchases of common stocks                            (1,911)    (1,761)
  Cash dividends paid to stockholders                       (357)      (422)
                                                          ------     ------
Net cash used in financing activities                     (1,175)    (1,760)
                                                           ------     -----

Effect of exchange rate changes on cash and
   cash equivalents                                          (94)      (203)
                                                             ---      -----
Net increase (decrease) in cash and cash equivalents         330     (3,925)
Cash and cash equivalents at beginning of the period      10,685     13,320
                                                          ------     ------
Cash and cash equivalents at end of the period           $11,015     $9,395
                                                          ======      =====

                                    - 19 -

               Hughes Electronics Corporation Earnings Release

      Los  Angeles,  April 16, 1998 - Hughes  Electronics  Corporation  (Hughes)
today  reported  that first quarter 1998  revenues  increased  26.1% to $1,291.0
million compared with $1,024.0 million in the first quarter of 1997.

      First  quarter  earnings(1)  more than doubled to $53.7 million from $23.9
million in the first  quarter of 1997.  Earnings per share on the same basis for
the first quarter were $0.13 per share versus pro forma earnings per share(2) of
$0.06 in 1997.

      Operating  profit(1)  also rose  sharply in the  quarter to $83.6  million
compared  with  $33.1  million  in the  first  quarter  of 1997.  First  quarter
operating profit margin on the same basis increased to 6.5% in 1998 from 3.2% in
1997.

       "This is an  impressive  report  card for Hughes'  first full  quarter of
operations as a satellite and wireless  communications  company. It demonstrates
continued growth in each of our four principal business  segments," said Michael
T. Smith,  Hughes  chairman  and chief  executive  officer.  "The  increases  in
revenues, operating profit and earnings were driven by another record quarter of
DIRECTV(R)  subscriber  growth,  continued  strong  performance in our satellite
services  segment  resulting  from the PanAmSat  merger,  and higher  commercial
satellite sales."

                 SEGMENT FINANCIAL REVIEW: FIRST QUARTER 1998

                           Direct-To-Home Broadcast
      For the quarter,  revenues  increased  64.6% to $387.9 million from $235.6
million in the first  quarter of 1997.  The  increase  resulted  from  continued
record subscriber growth, strong average monthly revenue per subscriber, and low
subscriber churn rates.  Domestic  DIRECTV  propelled this growth with quarterly
revenues of $353 million, a 55% increase over last year's first quarter revenues
of  $228  million.   With  its  best-ever  first  quarter  of  227,000  net  new
subscribers, total DIRECTV subscribers grew to 3,528,000 in the United States as
of March 31, 1998. The Company's Latin American DIRECTV subsidiary, Galaxy Latin
America  (GLA),  had first  quarter  revenues  of $31 million  compared  with $8
million in 1997.  With the addition of 38,000 net new  subscribers  in the first
quarter,  cumulative  DIRECTV  subscribers  in Latin  America were 338,000 as of
March 31, 1998.
      The  operating  loss in the quarter  was $31.6  million  compared  with an
operating  loss of  $67.5  million  in the  first  quarter  of 1997.  The  lower
operating loss in 1998 was principally due to increased subscriber revenues that
more than offset higher sales and marketing expenditures. The first quarter 1998
operating loss in the domestic  DIRECTV  business was $10 million  compared with
$38 million last year,  and GLA's first quarter  operating  loss was $22 million
compared with $30 million last year.

                              Satellite Services

      First quarter 1998 revenues were up 51.3% to $193.0 million  compared with
$127.6 million in the prior year.  Operating profit in the quarter rose 25.5% to
$85.7  million  from $68.3  million in 1997.  The revenue and  operating  profit
growth  were  primarily  due to the  May  1997  PanAmSat  merger  and  increased
operating lease revenues for both video distribution and business communications
services.  Operating profit margin in the period declined to 44.4% from 53.6% in
the same period last year primarily from goodwill  amortization  associated with
the PanAmSat merger.

                                    - 20 -

                           Satellite Manufacturing
      For the first quarter of 1998,  revenues increased 11.6% to $624.3 million
from revenues of $559.3 million for the same period in 1997. Operating profit in
the quarter  increased  4.4% to $55.1  million  from $52.8  million in the prior
year.  The increases in revenue and  operating  profit were  principally  due to
higher   commercial   satellite   sales  to   customers   such  as  ICO   Global
Communications,   Thuraya  Satellite  Telecommunications  Company  and  PanAmSat
Corporation.  Operating  profit margin in the quarter declined to 8.8% from 9.4%
last year primarily due to increased  costs related to the completion of certain
satellite component contracts.

                               Network Systems
      First  quarter  revenues  for Hughes  Network  Systems  (HNS) were  $184.7
million  compared  with $182.5  million in the same period last year.  Increased
sales  of  private  business  networks  and  satellite-based   mobile  telephony
equipment were mostly offset by lower sales of international wireless local loop
telephone systems.

      The  operating  loss in the quarter  was $11.9  million  compared  with an
operating  loss of  $15.3  million  in the  first  quarter  of 1997.  The  lower
operating loss in the first quarter of 1998 was primarily due to higher revenues
and profits on satellite-based mobile telephony equipment.

                                BALANCE SHEET

      The cash balance of $2,499.5  million at March 31, 1998 reflected a $284.3
million decline during the quarter  primarily due to  expenditures  for PanAmSat
satellites and general working capital requirements.

      During the first quarter of 1998,  long-term debt increased $150.0 million
to $787.6  million  reflecting  an increase in  PanAmSat's  long-term  debt.  In
January 1998, PanAmSat issued $750.0 million of privately-placed debt securities
with  maturities  between five and 30 years at interest rates ranging between 6%
and 7%. The net  proceeds  were used to repay  $600.0  million of existing  bank
loans, exercise an early buy-out option on a satellite sale-leaseback agreement,
and for general corporate purposes.

---------------------
(1) Excludes the effects of purchase  accounting  adjustments related to General
Motors' (GM)  acquisition of Hughes Aircraft  Company in 1985. 
(2) 1997 earnings per share are  presented on a pro forma basis.  Historically,
such earnings per share  amounts were  calculated  based on the  financial  
performance  of former Hughes, which consisted of the defense electronics,  
automotive electronics, and telecommunications and space businesses. Since 
these financial statements relate only to the  telecommunications  and space 
businesses of former Hughes,  the pro forma  presentation  is used to present 
the  earnings  per share that would have been  achieved  relative to the GM 
Class H common  stock had it been  calculated based upon only such 
telecommunications and space businesses.

                                    - 21 -

STATEMENT OF INCOME AND
AVAILABLE SEPARATE CONSOLIDATED NET INCOME
(Dollars in Millions Except Per Share Amounts)
                                                        Three Months Ended
                                                             March 31,
                                                           1998        1997
Revenues
Product sales                                             $692.1      $683.2
Direct broadcast, leasing and other services               598.9       340.8
----------------------------------------------------------------------------
   Total Revenues                                        1,291.0     1,024.0
----------------------------------------------------------------------------

Operating Costs and Expenses
Cost of products sold                                      542.3       468.9
Broadcast programming and other costs                      264.8       249.7
Selling, general, and administrative expenses              302.6       222.0
Depreciation and amortization                               97.7        50.3
Amortization of GM purchase accounting adjustments (1)       5.3         5.3
----------------------------------------------------------------------------
   Total Operating Costs and Expenses                    1,212.7       996.2
----------------------------------------------------------------------------

Operating Profit                                            78.3        27.8

Interest income                                             37.5         2.0
Interest expense                                            (3.0)      (15.1)
Other, net                                                 (34.3)       (9.1)
-----------------------------------------------------------------------------

Income from Continuing Operations Before
   Income Taxes and Minority Interests                      78.5         5.6

Income taxes                                                31.4         2.2
Minority interests in net losses of subsidiaries             1.3        14.2
----------------------------------------------------------------------------

Income from continuing operations                           48.4        17.6

Income from discontinued operations, net of taxes            -           1.0
----------------------------------------------------------------------------

Net Income                                                 $48.4       $18.6

Adjustments to exclude the effect of GM
   purchase accounting adjustments (1)                       5.3         5.3
----------------------------------------------------------------------------

Net Earnings Used for Computation of Available
   Separate Consolidated Net Income (2)                    $53.7       $23.9
============================================================================

Available Separate Consolidated Net Income (2)             $14.0        $6.0
============================================================================

Net Earnings Attributable to General Motors
   Class H Common Stock on a Per Share Basis (2)           $0.13       $0.06
============================================================================

(1)Relates to General Motors' purchase of Hughes Aircraft Company in 1985.
(2)1997 amounts are presented on a pro forma basis.  Historically, such amounts
   were calculated based on the financial performance of former Hughes, which
   consisted of the defense electronics, automotive electronics and
   telecommunications and space businesses.  Since these financial statements
   relate only to the telecommunications and space businesses of former
   Hughes, the pro forma presentation is used to present the results that
   would have been achieved relative to the GM Class H common stock had the
   results been calculated based only upon such telecommunications and space
   businesses.

                                    - 22 -

PRO FORMA SELECTED SEGMENT DATA*
(Dollars in Millions)
                                                        Three Months Ended
                                                            March 31,
                                                         1998        1997
DIRECT-TO-HOME BROADCAST
Total Revenues                                          $387.9      $235.6
Operating Loss                                          $(31.6)     $(67.5)
Depreciation and Amortization                            $22.5       $18.3
Capital Expenditures                                     $13.7       $11.4
--------------------------------------------------------------------------
SATELLITE SERVICES
Total Revenues                                          $193.0      $127.6
Operating Profit                                         $85.7       $68.3
Operating Profit Margin                                   44.4%       53.6%
Depreciation and Amortization                            $54.5       $13.8
Capital Expenditures (1)                                $249.6      $334.6
--------------------------------------------------------------------------
SATELLITE MANUFACTURING
Total Revenues                                          $624.3      $559.3
Operating Profit                                         $55.1       $52.8
Operating Profit Margin                                    8.8%        9.4%
Depreciation and Amortization                            $10.7        $8.7
Capital Expenditures                                     $10.7       $15.6
--------------------------------------------------------------------------
NETWORK SYSTEMS
Total Revenues                                          $184.7      $182.5
Operating Loss                                          $(11.9)     $(15.3)
Depreciation and Amortization                             $8.5        $7.2
Capital Expenditures                                      $4.8        $6.9
--------------------------------------------------------------------------
ELIMINATIONS and OTHER
Total Revenues                                          $(98.9)     $(81.0)
Operating Loss                                          $(13.7)      $(5.2)
Depreciation and Amortization                             $1.5        $2.3
Capital Expenditures                                    $125.9     $(274.5)
===========================================================================

*   The Financial Statements reflect the application of purchase accounting
    adjustments related to GM's acquisition of Hughes Aircraft Company.
    However, as provided in the General Motors' Restated Certificate of
    Incorporation, the earnings attributable to GM Class H common stock for
    purposes of determining the amount available for the payment of dividends
    on GM Class H common stock specifically excludes such adjustments.  In
    order to provide additional analytical data, the above unaudited pro
    forma selected segment data, which exclude the purchase accounting
    adjustments related to GM's acquisition of Hughes Aircraft Company, are
    presented.
(1)Includes  expenditures  related to satellites  amounting to $145.6 million in
   1998 and  $332.1  million in 1997.  Also  included  in 1998 is $96.6  million
   related to the early buy-out of a satellite sale-leaseback.

                                    - 23 -

BALANCE SHEET
(Dollars in Millions)
                                                   March 31,     December 31,
ASSETS                                                 1998             1997
----------------------------------------------------------------------------
Current Assets
Cash and cash equivalents                          $2,499.5         $2,783.8
Accounts and notes receivable                         740.9            662.8
Contracts in process                                  623.1            575.6
Inventories                                           511.6            486.4
Prepaid expenses, deferred income taxes and other     326.2            297.3
----------------------------------------------------------------------------

Total Current Assets                                4,701.3          4,805.9
Satellites - Net                                    2,921.3          2,643.4
Property - Net                                        885.0            889.7
Net Investment in Sales-type Leases                   302.4            337.6
Intangible Assets - Net                             2,932.9          2,954.8
Investments and Other Assets                        1,160.7          1,132.4
----------------------------------------------------------------------------

Total Assets                                      $12,903.6        $12,763.8
============================================================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Accounts payable                                     $510.4           $472.8
Advances on contracts                                 222.8            209.8
Deferred revenues                                     112.9            110.6
Accrued liabilities                                   597.4            689.4
----------------------------------------------------------------------------

Total Current Liabilities                           1,443.5          1,482.6
Long-Term Debt and Capitalized Leases                 787.6            637.6
Deferred Gains on Sales and Leasebacks                161.2            191.9
Accrued Operating Leaseback Expense                    54.5            100.2
Postretirement Benefits Other Than Pensions           155.2            154.8
Other Liabilities and Deferred Credits                722.3            706.4
Deferred Income Taxes                                 612.2            570.8
Minority Interests                                    605.1            607.8
Stockholder's Equity                                8,362.0          8,311.7
----------------------------------------------------------------------------

Total Liabilities and Stockholder's Equity        $12,903.6        $12,763.8
============================================================================
Holders of GM Class H common stock have no direct rights in the equity or assets
of Hughes,  but rather  have  rights in the equity and assets of General  Motors
(which includes 100% of the stock of Hughes).

                                    - 24 -
GMAC ANNOUNCES 1998 FIRST QUARTER EARNINGS

DETROIT -- General Motors Acceptance  Corporation  (GMAC) reported first quarter
1998  consolidated net income of $349 million,  down 6% from $372 million earned
in the first quarter of 1997, GMAC President John D. Finnegan announced today.

      For the quarter,  net income from automotive  financing operations totaled
$246  million,  down 4% from $257 million  earned in the first  quarter of 1997.
Earnings were lower due to reduced net  financing  margins  partially  offset by
reduced credit losses and operating  expenses and a lower  effective  income tax
rate.

      GMAC Insurance  Holdings,  Inc. generated net income of $80 million in the
first  quarter of 1998,  up 3% from $78 million  earned last year.  The increase
reflects improved  underwriting  results from existing lines of business and the
inclusion of Integon Corporation, partially offset by lower capital gains.

      GMAC Mortgage Group, Inc. generated net income of $23 million in the first
quarter of 1998,  down 38% from $37  million  earned last year.  Mortgage  Group
earnings were lower due to the effect of  accelerated  prepayment  experience on
first and second mortgages, resulting from lower interest rates.

                                    * * *

                                  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    April 17, 1998
        -----------------
                                            By
                                            s/Peter R. Bible
                                            -------------------------------
                                            (Peter R. Bible,
                                             Chief Accounting Officer)

                                    - 25 -