GM Announces Strong August Results, U.S. Sales Up 18 Percent

Truck Sales Increase 27 Percent, Car Sales Rise 7.6 Percent GM Trucks Continue On All-Time Industry Record Pace GM Announces Revised Q3 And Initial Q4 Production Forecast GM Increases Q3 And Calendar Year Earnings Estimates

DETROIT - General Motors Corp. dealers sold 492,434 new cars and trucks in August in the United States, up 18 percent over last year. GM reported an increase in truck sales of 27 percent, and August retail truck deliveries were up 28 percent. GM remains on track to shatter the calendar year industry truck sales record. GM's car sales were up 8 percent overall and increased 3 percent retail. For the year, GM's overall retail sales are up 8 percent and retail truck deliveries are up 18 percent.

"We experienced an overwhelming response from dealers and customers to our 'Summerdrive' program. Given our constrained inventory, our sales clearly exceeded our expectations," said Bill Lovejoy, group vice president of North America Vehicle Sales, Service and Marketing. "Our truck lineup continues on pace to set the all-time industry record, driven by incredible sales of our sport utility vehicle lineup. Cadillac continues to strengthen its position in the luxury market and new entries like the Cadillac CTS and Pontiac Vibe are improving our competitive position in the passenger car market.

"Quite simply, GM and its dealers are clearly demonstrating leadership in the marketplace with our simple, compelling marketing programs," said Lovejoy.

GM Truck Sales GM maintained overall sport utility vehicle leadership with an all-time best month ever for the industry (132,826), an increase of 60 percent over year-ago levels. For the calendar year, GM utility vehicle sales are up 34 percent. GM posted strong midsize utility sales once again, selling 49,381 for the month, a year-over-year increase of 40 percent. Chevrolet TrailBlazer (22,326), GMC Envoy (10,706) and Buick Rendezvous (6,366) all maintained their solid sales pace.

GM had an all-time record sales month in full-size utility vehicles (74,281 units), an increase of 73 percent, including 2,556 H2 sales. Despite some tight inventories, GM had another solid month in full-size pickup sales, delivering 91,036 units, an increase of nearly 15 percent over last August.

GM Car Sales GM car sales were up 8 percent in August, led by strong performances by Chevrolet (up 19 percent) and Cadillac (up 41 percent). GM continues to generate momentum in the luxury vehicle segment with Cadillac division sales up 54 percent over last August and 19 percent for the year.

Certified Used Sales GM's industry-leading certified used car program sold 42,642 total certified used vehicles in August, including the Cadillac, Saturn and Saab certified brands. The GM Certified Used Vehicle brand had another record month, selling 35,129 units. GM has already reached its goal of 200,000 units, with four months left in the year. "We continue to strengthen the certified used vehicle end of our business as our GM dealers, GMAC and the entire VSSM organization are making this program a tremendous success for General Motors," Lovejoy said.

Click here to view the General Motors Corporation June 2002 Sales and Production data

GM Announces Revised Q3 And Initial Q4 Production Forecast In August, GM produced 500,200 vehicles (215,300 cars and 284,900 trucks) in North America, compared to 508,000 vehicles (236,000 cars and 272,000 trucks) produced in August 2001. (Totals include joint venture production of 15,300 vehicles in August and 11,000 vehicles in August 2001.)

GM is increasing its third-quarter production forecast for North America to 1.285 million vehicles (560,600 cars and 724,200 trucks), up 22,800 units from last month’s forecast of 1.262 million units (553,500 cars and 708,500 trucks). In the third quarter of 2001, GM North America produced 1.238 million units.

GM’s initial fourth-quarter production forecast for North America is 1.389 million units (590,900 cars and 798,100 trucks), up more than 7 percent from the fourth quarter of 2001 when GM produced 1.294 million units (573,000 cars and 721,000 trucks) in North America.

GM also announced its current third-quarter and initial fourth-quarter production forecasts for its international regions:

GM Europe - GM’s current third-quarter production forecast for its European region is 416,000 vehicles, a decrease of 5,000 vehicles from last month’s forecast. The region's initial fourth-quarter forecast is 465,000 vehicles.

GM Asia Pacific - GM’s third-quarter production forecast for the region is 85,000 vehicles, an increase of 6,000 vehicles from the prior forecast. GM Asia Pacific’s initial fourth-quarter production forecast is 73,000 vehicles.

GM Latin America, Africa and the Middle East - The company’s third-quarter forecast for the region is 134,000 vehicles, an increase of 3,000 vehicles from last month’s forecast. The region’s initial fourth-quarter forecast is 148,000 units.

GM Increases Q3 And Calendar Year Earnings Estimates GM is raising its earnings estimates for the third quarter and calendar year as a result of continued strong industry sales and increased production in North America through the end of the year. Also contributing to the volume improvement is the exceptionally good production start-up for GM's full-size pickup and sport utility trucks through the month of August.

GM now estimates its third-quarter-2002 earnings, excluding Hughes and any special charges, at slightly more than $1 per share, up from its prior estimate of $0.90 per share. Including Hughes, but excluding any special charges, the third quarter estimate is now slightly more than $0.90 per share, up from $0.80 per share previously.

For the full year, GM estimates its 2002 calendar year earnings, excluding Hughes and special charges, at approximately $6.50 per share, up from $6.00 per share. Including Hughes, but before any special charges, the revised 2002 calendar year earnings estimate is approximately $6.10 per share, up from $5.60 per share.

GM cars and trucks are sold under the following brands: Chevrolet, Pontiac, Buick, Oldsmobile, Cadillac, GMC, Saturn, Hummer, Saab, Opel, Vauxhall and Holden. GM parts and accessories are marketed under the GM, GM Goodwrench and ACDelco brands through GM Service and Parts Operations.

More information on GM can be found at www.gm.com.