l:\secfiles\11-K\gmssp\salemp93.doc 11
<PAGE>1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934
For the fiscal year ended December 31, 1993
-----------------
OR
TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934
For the transition period from to
--------------------- ---------------------
Commission file number 2-14960
-------
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
----------------------------------------------
(Full title of the plan)
General Motors Corporation
767 Fifth Avenue, New York, New York 10153-0075
3044 West Grand Blvd., Detroit, Michigan 48202-3091
---------------------------------------------------
(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (313)-556-5000
Notices and communications from the Securities
and Exchange Commission relative to this report
should be forwarded to:
David J. FitzPatrick
Chief Accounting Officer
General Motors Corporation
3044 West Grand Blvd.
Detroit, Michigan 48202-3091
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<PAGE>2
FINANCIAL STATEMENTS AND EXHIBIT
- --------------------------------
(a) FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES Page No.
------------------------------------------------------ --------
General Motors Savings-Stock Purchase
Program for Salaried Employees in the United States:
Independent Auditors' Report. . . . . . . . . . . . . . . 3
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1993 and 1992 4
Statements of Net Assets Available for Benefits,
December 31, 1993 and 1992. . . . . . . . . . . . . . . 8
Notes to Financial Statements . . . . . . . . . . . . . . 12
Supplemental schedules:
Item 27a-Schedule of Assets Held for Investment
Purposes, December 31, 1993 . . . . . . . . . . . . . 18
Item 27d-Schedule of Reportable Transactions for the
Year Ended December 31, 1993. . . . . . . . . . . . . 20
Supplemental schedules not listed above are omitted
because of the absence of the conditions under
which they are required.
(b) EXHIBIT
-------
Exhibit 23 - Consent of Independent Auditors. . . . . . . . . 21
SIGNATURE
The Program. Pursuant to the requirements of the Securities Exchange Act
of 1934, the President's Council of General Motors Corporation has duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
General Motors Savings-Stock
Purchase Program for Salaried
Employees in the United States
-----------------------------
(Name of plan)
Date June 29, 1994 By:
s/John F. Smith, Jr.
-----------------------------
(John F. Smith, Jr., Chairman
President's Council)
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<PAGE>3
INDEPENDENT AUDITORS' REPORT
- ----------------------------
General Motors Savings-Stock Purchase Program
for Salaried Employees in the United States:
We have audited the accompanying statements of net assets available for
benefits of the General Motors Savings-Stock Purchase Program for Salaried
Employees in the United States (the "Program") as of December 31, 1993 and
1992, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Program's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Program at
December 31, 1993 and 1992 and the changes in net assets available for
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund
is presented for purposes of additional analysis of the basic financial
statements rather than to present net assets available for benefits and
changes in net assets available for benefits of the individual funds. The
supplemental schedules of assets held for investment purposes and reportable
transactions for the year ended December 31, 1993 are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental
information by fund and the supplemental schedules are the responsibility of
the Plan's management. Such information has been subjected to the auditing
procedures applied in our audit of the basic financial statements and, in our
opinion, is fairly stated when considered in relation to the basic financial
statements taken as a whole.
s/DELOITTE & TOUCHE
DELOITTE & TOUCHE
Detroit, Michigan
June 24, 1994
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<PAGE>4
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
FOR THE YEAR ENDED DECEMBER 31, l993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------
U.S. Diversified
Government U.S. Government GM Common Stock
Total* Savings Bonds Securities $1-2/3 Par Value
-------------- ------------- --------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . $97,591,555 $- $- $66,625,916
Interest. . . . . . . . . . . . . . . . . . . . 235,039,750 404,381 20,822,354 379,391
------------- --------- ----------- -------------
Total investment income . . . . . . . . . . 332,631,305 404,381 20,822,354 67,005,307
------------- --------- ----------- -------------
NET APPRECIATION (DEPRECIATION) ON ASSETS
HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS. . . 2,003,438,120 - (4,408,519) 1,939,432,919
------------- --------- ----------- -------------
SAVINGS AND CONTRIBUTIONS:
Employee after-tax savings . . . . . . . . . . 87,566,052 1,044,540 4,736,198 37,744,289
Tax deferred contributions . . . . . . . . . . 211,605,548 504,371 8,451,567 81,107,407
Employer contributions. . . . . . . . . . . . . 43,804,598 - - 43,804,598
------------- --------- ----------- -------------
Total savings and contributions . . . . . . 342,976,198 1,548,911 13,187,765 162,656,294
------------- --------- ----------- -------------
DISTRIBUTIONS TO PARTICIPANTS (net of
forfeitures and portion of employer
contributions and earnings thereon which were
not earned out by withdrawing employees). . . . (362,598,110) (1,371,407) (15,540,063) (165,100,649)
------------- --------- ----------- -------------
TRANSFERS BETWEEN INVESTMENT OPTIONS. . . . . . . - - (5,853,801) (886,362,957)
------------- --------- ----------- -------------
NET INCREASE (DECREASE) . . . . . . . . . . . . . 2,316,447,513 581,885 8,207,736 1,117,630,914
NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING
OF THE YEAR . . . . . . . . . . . . . . . . . . 7,033,677,601 6,043,144 279,171,459 3,022,950,192
------------- --------- ----------- -------------
NET ASSETS AVAILABLE FOR BENEFITS AT END
OF THE YEAR . . . . . . . . . . . . . . . . . . $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106
============= ========= =========== =============
* Includes amounts shown on page 5.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>5
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
FOR THE YEAR ENDED DECEMBER 31, l993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------------------------------------------------
GM Class E GM Class H Income Equity Guaranteed Participant
Common Stock Common Stock Fund Index Fund Income Contracts Loans
------------ ------------ ------------ ------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends...................... $6,752,737 $3,733,789 $- $20,479,113 $- $-
Interest....................... 90,560 24,329 183,978,162 90,928 1,137,174 28,112,471
----------- ----------- ------------- ----------- ---------- -----------
Total investment income.... 6,843,297 3,758,118 183,978,162 20,570,041 1,137,174 28,112,471
----------- ----------- ------------- ----------- ---------- -----------
NET APPRECIATION (DEPRECIATION)
ON ASSETS HELD, SOLD, OR
DISTRIBUTED TO PARTICIPANTS....(52,485,963) 69,740,958 - 51,158,725 - -
----------- ----------- ------------- ----------- ---------- -----------
SAVINGS AND CONTRIBUTIONS:
Employee after-tax savings..... 6,969,330 2,101,326 23,197,376 11,772,993 - -
Tax deferred contributions..... 24,498,545 7,130,336 51,956,326 37,956,996 - -
Employer contributions......... - - - - - -
----------- ----------- ------------- ----------- ---------- -----------
Total savings and
contributions........... 31,467,875 9,231,662 75,153,702 49,729,989 - -
----------- ----------- ------------- ----------- ---------- -----------
DISTRIBUTIONS TO PARTICIPANTS
(net of forfeitures and portion
of employer contributions and
earnings thereon which were
not earned out by withdrawing
employees).....................(20,508,037) (6,529,011) (115,221,760) (30,985,323) (502,724) (6,839,136)
----------- ----------- ------------- ----------- ---------- -----------
TRANSFERS BETWEEN INVESTMENT
OPTIONS........................ 71,138,604 8,979,616 731,047,854 86,123,293 (6,559,786) 1,487,177
----------- ----------- ------------- ----------- ---------- -----------
NET INCREASE (DECREASE).......... 36,455,776 85,181,343 874,957,958 176,596,725 (5,925,336) 22,760,512
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING
OF THE YEAR.................... 515,409,111 134,166,268 2,010,744,727 649,166,146 13,750,840 402,275,714
----------- ----------- ------------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END
OF THE YEAR....................$551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226
=========== =========== ============= =========== ========== ===========
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>6
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
FOR THE YEAR ENDED DECEMBER 31, l992
<CAPTION>
Supplemental Information By Fund
------------------------------------------------
U.S. Diversified
Government U.S. Government GM Common Stock
Total* Savings Bonds Securities $1-2/3 Par Value
-------------- ------------- --------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends . . . . . . . . . . . . . . . . . . . $154,465,343 $- $- $127,183,244
Interest. . . . . . . . . . . . . . . . . . . . 204,933,495 535,742 20,915,883 372,247
------------- ---------- ----------- -------------
Total investment income . . . . . . . . . . 359,398,838 535,742 20,915,883 127,555,491
------------- ---------- ----------- -------------
NET APPRECIATION (DEPRECIATION) ON ASSETS
HELD, SOLD, OR DISTRIBUTED TO PARTICIPANTS. . . 509,242,278 - (3,878,951) 401,368,829
------------- ---------- ----------- -------------
SAVINGS AND CONTRIBUTIONS:
Employee after-tax savings. . . . . . . . . . . 104,379,564 1,407,102 5,976,048 45,579,988
Tax deferred contributions. . . . . . . . . . . 233,970,172 616,835 10,340,120 93,471,889
Employer contributions. . . . . . . . . . . . . 49,818,699 - - 49,818,699
------------- ---------- ----------- -------------
Total savings and contributions . . . . . . 388,168,435 2,023,937 16,316,168 188,870,576
------------- ---------- ----------- -------------
DISTRIBUTIONS TO PARTICIPANTS (net of
forfeitures and portion of employer
contributions and earnings thereon which were
not earned out by withdrawing employees). . . . (384,022,602) (6,842,064) (20,574,028) (157,001,011)
------------- ---------- ----------- -------------
TRANSFERS BETWEEN INVESTMENT OPTIONS. . . . . . . - - (18,045,024) (302,918,205)
------------- ---------- ----------- -------------
NET INCREASE (DECREASE) . . . . . . . . . . . . . 872,786,949 (4,282,385) (5,265,952) 257,875,680
NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING
OF THE YEAR . . . . . . . . . . . . . . . . . . 6,160,890,652 10,325,529 284,437,411 2,765,074,512
------------- ---------- ----------- -------------
NET ASSETS AVAILABLE FOR BENEFITS AT END
OF THE YEAR . . . . . . . . . . . . . . . . . . $7,033,677,601 $6,043,144 $279,171,459 $3,022,950,192
============= ========== =========== =============
* Includes amounts shown on page 7.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>7
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
FOR THE YEAR ENDED DECEMBER 31, l992
<CAPTION>
Supplemental Information By Fund
------------------------------------------------------------------------------------------
GM Class E GM Class H Income Equity Guaranteed Participant
Common Stock Common Stock Fund Index Fund Income Contracts Loans
------------ ------------- ------------ ------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.................... $5,532,534 $3,901,609 $- $17,847,956 $- $-
Interest..................... 43,752 14,704 154,069,357 73,516 1,133,865 27,774,429
----------- ----------- ------------- ----------- ---------- -----------
Total investment income.... 5,576,286 3,916,313 154,069,357 17,921,472 1,133,865 27,774,429
----------- ----------- ------------- ----------- ---------- -----------
NET APPRECIATION (DEPRECIATION)
ON ASSETS HELD, SOLD, OR
DISTRIBUTED TO PARTICIPANTS.. 26,742,928 57,782,374 - 27,227,098 - -
----------- ----------- ------------- ----------- ---------- -----------
SAVINGS AND CONTRIBUTIONS:
Employee after-tax savings... 7,892,765 2,371,414 27,587,212 13,565,035 - -
Tax deferred contributions... 24,374,060 6,636,590 58,967,053 39,563,625 - -
Employer contributions....... - - - - - -
----------- ----------- ------------- ----------- ---------- -----------
Total savings and
contributions......... 32,266,825 9,008,004 86,554,265 53,128,660 - -
----------- ----------- ------------- ----------- ---------- -----------
DISTRIBUTIONS TO PARTICIPANTS
(net of forfeitures and
portion of employer
contributions and earnings
thereon which were not earned
out by withdrawing employees) (21,574,862) (5,354,270) (132,139,781) (32,140,167) (620,596) (7,775,823)
----------- ----------- ------------- ----------- ---------- -----------
TRANSFERS BETWEEN INVESTMENT
OPTIONS...................... 93,265,391 (17,856,520) 195,047,356 9,648,362 (400,448) 41,259,088
----------- ----------- ------------- ----------- ---------- -----------
NET INCREASE (DECREASE)........ 136,276,568 47,495,901 303,531,197 75,785,425 112,821 61,257,694
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING
OF THE YEAR.................. 379,132,543 86,670,367 1,707,213,530 573,380,721 13,638,019 341,018,020
----------- ----------- ------------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END
OF THE YEAR.................. $515,409,111 $134,166,268 $2,010,744,727 $649,166,146 $13,750,840 $402,275,714
=========== =========== ============= =========== ========== ===========
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>8
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
DECEMBER 31, 1993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------
U.S. Diversified
Government U.S. Government GM Common Stock
Total* Savings Bonds Securities $1-2/3 Par Value
-------------- ------------- --------------- ----------------
<S> <C> <C> <C> <C>
ASSETS:
INVESTMENTS:
General Motors common stock, $1-2/3 par value,
at quoted market value (73,881,598 shares;
cost $2,810,199,828). . . . . . . . . . . . . $4,086,575,889 $- $- $4,086,575,889
General Motors Class E common stock,
$0.10 par value, at quoted market
value (18,732,789 shares; cost $415,566,633). 549,104,878 - - -
General Motors Class H common stock,
$0.10 par value, at quoted market
value (5,538,382 shares; cost $140,114,678) . 216,689,196 - - -
United States Government Savings Bonds at
scheduled redemption value (cost $4,932,913). 6,553,117 6,553,117 - -
Diversified United States Government Securities
at market value (principal amount
$264,732,785; cost $283,170,276). . . . . . . 281,978,212 - 281,978,212 -
Guaranteed Investment Contracts stated at cost
plus accumulated interest . . . . . . . . . . 2,906,222,412 - - -
Equity Index Fund at estimated market value
(cost $530,357,701) . . . . . . . . . . . . . 823,866,061 - - -
Loans to Participants . . . . . . . . . . . . . 425,036,226 - - -
------------- --------- ----------- -------------
Total investments . . . . . . . . . . . . . 9,296,025,991 6,553,117 281,978,212 4,086,575,889
ACCRUED INTEREST RECEIVABLE . . . . . . . . . . . 5,557,866 - 5,557,866 -
TRANSFERS RECEIVABLE (PAYABLE) BETWEEN
INVESTMENT OPTIONS. . . . . . . . . . . . . . . - - (1,996,798) 17,038,902
CASH. . . . . . . . . . . . . . . . . . . . . . . 69,286,167 71,912 1,839,915 52,105,493
------------- --------- ----------- -------------
TOTAL ASSETS. . . . . . . . . . . . . . . 9,370,870,024 6,625,029 287,379,195 4,155,720,284
LIABILITIES:
LOAN OUTSTANDING. . . . . . . . . . . . . . . . . 20,744,910 - - 15,139,178
-------------- --------- ------------ --------------
NET ASSETS AVAILABLE FOR BENEFITS . . . . . . . . $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106
============= ========= =========== =============
*Includes amounts shown on page 9.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>9
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
DECEMBER 31, 1993
<CAPTION>
Supplemental Information By Fund
------------------------------------------------------------------------------------------
GM Class E GM Class H Income Equity Guaranteed Participant
Common Stock Common Stock Fund Index Fund Income Contracts Loans
------------ ------------ ----------- ---------- ---------------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
INVESTMENTS:
General Motors common stock,
$1-2/3 par value, at quoted
market value (73,881,598
shares; cost $2,810,199,828) $- $- $- $- $- $-
General Motors Class E
common stock, $0.10 par
value, at quoted market
value (18,732,789 shares;
cost $415,566,633)......... 549,104,878 - - - - -
General Motors Class H
common stock, $0.10 par
value, at quoted market
value (5,538,382 shares;
cost $140,114,678)......... - 216,689,196 - - - -
United States Government
Savings Bonds at scheduled
redemption value (cost
$4,932,913)................ - - - - - -
Diversified United States
Government Securities
at market value (principal
amount $264,732,785;
cost $283,170,276)......... - - - - - -
Guaranteed Investment Contracts
stated at cost plus
accumulated interest....... - - 2,892,502,032 - 13,720,380 -
Equity Index Fund at estimated
market value
(cost $530,357,701)........ - - - 823,866,061 - -
Loans to Participants........ - - - - - 425,036,226
----------- ----------- ------------- ----------- ---------- -----------
Total investments........ 549,104,878 216,689,196 2,892,502,032 823,866,061 13,720,380 425,036,226
ACCRUED INTEREST RECEIVABLE.... - - - - - -
TRANSFERS RECEIVABLE (PAYABLE)
BETWEEN INVESTMENT OPTIONS... (577,635) 2,335,125 (9,951,053) (912,254) (5,936,287) -
CASH........................... 6,520,600 2,746,066 3,151,706 2,809,064 41,411 -
----------- ----------- ------------- ----------- ---------- -----------
TOTAL ASSETS........... 555,047,843 221,770,387 2,885,702,685 825,762,871 7,825,504 425,036,226
LIABILITIES:
LOAN OUTSTANDING............... 3,182,956 2,422,776 - - - -
----------- ----------- ------------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS..................... $551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226
=========== =========== ============= =========== ========== ===========
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>10
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND
DECEMBER 31, 1992
<CAPTION>
Supplemental Information By Fund
------------------------------------------------
U.S. Diversified
Government U.S. Government GM Common Stock
Total* Savings Bonds Securities $1-2/3 Par Value
-------------- ------------- --------------- ----------------
<S> <C> <C> <C> <C>
ASSETS:
INVESTMENTS:
General Motors common stock, $1-2/3 par value,
at quoted market value (94,961,740 shares;
cost $3,529,688,020).......................... $3,074,386,333 $- $- $3,074,386,333
General Motors Class E common stock,
$0.10 par value, at quoted market
value (17,470,230 shares; cost $350,379,373).. 573,241,922 - - -
General Motors Class H common stock,
$0.10 par value, at quoted market
value (5,746,999 shares; cost $122,256,680)... 146,189,287 - - -
United States Government Savings Bonds at
scheduled redemption value (cost $4,692,300).. 6,021,478 6,021,478 - -
Diversified United States Government Securities
at market value (principal amount
$233,481,785; cost $248,846,156).............. 251,590,389 - 251,590,389 -
Guaranteed Investment Contracts stated at cost
plus accumulated interest..................... 2,026,703,505 - - -
Equity Index Fund at estimated market value
(cost $399,050,158)........................... 643,208,703 - - -
Loans to Participants........................... 402,275,714 - - -
------------- --------- ----------- -------------
Total investments........................... 7,123,617,331 6,021,478 251,590,389 3,074,386,333
ACCRUED INTEREST RECEIVABLE....................... 6,622,922 - 6,622,922 -
TRANSFERS RECEIVABLE (PAYABLE) BETWEEN
INVESTMENT OPTIONS.............................. - - (3,944,193) 10,944,641
CASH.............................................. 35,688,882 21,666 24,902,341 562,887
------------- --------- ----------- -------------
TOTAL ASSETS.............................. 7,165,929,135 6,043,144 279,171,459 3,085,893,861
LIABILITIES:
ADVANCE FROM GENERAL MOTORS CORPORATION........... 132,251,534 - - 62,943,669
------------- --------- ----------- -------------
NET ASSETS AVAILABLE FOR BENEFITS................. $7,033,677,601 $6,043,144 $279,171,459 $3,022,950,192
============= ========= =========== =============
*Includes amounts shown on page 11.
Reference should be made to the Notes to Financial Statements.
</TABLE>
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<PAGE>11
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
DECEMBER 31, 1992
<CAPTION>
Supplemental Information By Fund
-----------------------------------------------------------------------------------------
GM Class E GM Class H Income Equity Guaranteed Participant
Common Stock Common Stock Fund Index Fund Income Contracts Loans
------------ ------------- ------------- ------------ ---------------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
INVESTMENTS:
General Motors common stock,
$1-2/3 par value, at quoted
market value (94,961,740
shares; cost $3,529,688,020) $- $- $- $- $- $-
General Motors Class E common
stock, $0.10 par value, at
quoted market value
(17,470,230 shares;
cost $350,379,373).......... 573,241,922 - - - - -
General Motors Class H common
stock, $0.10 par value,
at quoted market value
(5,746,999 shares; cost
$122,256,680)............... - 146,189,287 - - - -
United States Government
Savings Bonds at scheduled
redemption value (cost
$4,692,300)................. - - - - - -
Diversified United States
Government Securities
at market value (principal
amount $233,481,785; cost
$248,846,156)............... - - - - - -
Guaranteed Investment Contracts
stated at cost plus
accumulated interest........ - - 2,012,925,925 - 13,777,580 -
Equity Index Fund at estimated
market value
(cost $399,050,158)......... - - - 643,208,703 - -
Loans to Participants......... - - - - 402,275,714
----------- ----------- ------------- ----------- ---------- -----------
Total investments......... 573,241,922 146,189,287 2,012,925,925 643,208,703 13,777,580 402,275,714
ACCRUED INTEREST RECEIVABLE..... - - - - - -
TRANSFERS RECEIVABLE (PAYABLE)
BETWEEN INVESTMENT OPTIONS.... 52,688 (898,635) (9,904,994) 3,782,561 (32,068) -
CASH............................ 297,982 - 7,723,796 2,174,882 5,328 -
----------- ----------- ------------- ----------- ---------- -----------
TOTAL ASSETS............ 573,592,592 145,290,652 2,010,744,727 649,166,146 13,750,840 402,275,714
LIABILITIES:
ADVANCE FROM GENERAL MOTORS
CORPORATION................... 58,183,481 11,124,384 - - - -
----------- ----------- ------------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS...................... $515,409,111 $134,166,268 $2,010,744,727 $649,166,146 $13,750,840 $402,275,714
=========== =========== ============= =========== ========== ===========
Reference should be made to the Notes to Financial Statements.
</TABLE>
- 11 -
<PAGE>12
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS
PROGRAM DESCRIPTION
General Motors Corporation (the "Corporation"), established the General Motors
Savings-Stock Purchase Program for Salaried Employees in the United States
(the "Program") on October 1, 1955. The Finance Committee of the
Corporation's Board of Directors acts as the Program fiduciary and, along with
various officers, employees and committees, with authority delegated by the
Program fiduciary, controls and manages the operation and administration of
the Program subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (ERISA). Certain assets of the Program are
held by various Investment Managers under the direction of a Trustee. The
Program provides eligible salaried employees with pre-tax and after-tax
voluntary savings opportunities. Employee savings are matched, in part, by
Corporation contributions credited to the Program. The following brief
description of the Program is provided for general information purposes only.
Refer to the "Complete Text" of the Program for a comprehensive description
(as amended through July 1, 1992).
Participation
-------------
Regular salaried employees in the United States with at least six months
of employment are eligible to participate in the Program. Persons
classified as leased employees or employees of any directly or indirectly
wholly-owned or substantially wholly-owned subsidiary of the Corporation
acquired or formed on or after March 1, 1984 are not eligible to
participate except as approved by the Corporation's Board of Directors.
Employee Contributions
---------------------
Employees may elect to contribute to the Program in several ways:
o Employees may contribute up to 15% of eligible salary on an after-
tax basis whereby the contributions are included in the employee's
taxable income in the period of contribution ("regular after-tax
savings").
o Employees may contribute up to 15% of eligible salary or $8,994 in
1993, whichever is less, on a tax-deferred basis whereby the
contributions are excluded from the employee's taxable income until
such amounts are distributed to the employee from the Program ("tax
deferred savings"). In 1992, up to 15% of eligible salary or $8,728
could be contributed by an employee on a tax-deferred basis.
o Employees may elect to contribute to the Program 100% of their
distribution from the General Motors Profit Sharing Plan for
Salaried Employees in the United States ("Profit Sharing Amount").
Such contributions are also tax-deferred savings.
o Newly hired employees are permitted to make a rollover contribution
equal to the taxable portion of cash proceeds received from a
previous employer's qualified savings plan ("Rollover Savings").
Corporation Contributions
-------------------------
Basic Savings is defined as savings which do not exceed 6% of eligible
salary. Basic Savings excludes (1) Profit Sharing Amounts and (2)
Rollover Contributions. During 1993 and 1992, the Corporation matched
25% of Basic Savings.
The Corporation's matching contribution to the Program is being funded
via an immediate allocation employee stock ownership plan. Forfeitures
of any previously allocated employer matching contributions are used to
reduce current employer contributions.
- 12 -
<PAGE>13
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
A salaried employee hired on or after January 1, 1993 who becomes
eligible to participate in the Program will automatically have a
Corporation contribution amount equal to 1% of the employee's eligible
salary (1% GM Benefit Contribution) allocated monthly to the employee's
account.
The 1% GM Benefit Contribution amount is provided to such new hires since
they receive different benefit treatment than salaried employees hired
prior to January 1, 1993.
Investment Options
------------------
The following Investment Options are available under the Program:
o "United States Government Savings Bonds" consists of Series EE
United States Government Savings Bonds. The Federal government
guaranteed the interest rate on Series EE bonds issued prior to
March 1, 1993 at the greater of 6.0% or 85% of the aggregate average
return on five-year United States Treasury securities, compounded
semi-annually, provided the Bonds are held at least five years from
issue date. Bonds purchased as of March 1, 1993 earn a minimum rate
of 4%.
o "Portfolio of Diversified United States Government Securities"
consists of bonds, notes or bills issued under the full faith and
credit of the United States Government.
o General Motors common stock, $1-2/3 par value.
o "Income Fund" consists of investment contracts issued by insurance
companies or financial institutions. The insurance companies or
financial institutions, selected each year, agree to provide a
specific net interest rate over a specified period of time. The
annual rates of return, contract maturity dates, fund managers, and
investment contracts are as follows:
Annual
Rate Investment
of Return Maturity Date Fund Manager Contracts
--------- ----------------- --------------------- --------------
8.87% December 31, 1993 Metropolitan Life $59,977,095
8.95% December 31, 1993 Metropolitan Life 55,633,654
7.35% December 31, 1995 Metropolitan Life 324,812,795
6.79% January 1, 1994 Metropolitan Life 549,446,764*
6.73% January 1, 1994 Metropolitan Life 549,258,140*
6.86% December 31, 1993 New York Life 275,114,649
7.41% December 31, 1996 New York Life 144,193,063
6.85% December 31, 1996 New York Life 70,501,498
8.75% January 3, 1995 New York Life 48,387,202
8.68% December 31, 1994 Prudential Management 230,418,680
8.90% December 31, 1993 Prudential Management 148,183,780
9.11% December 31, 1996 Prudential Management 30,574,818
9.22% December 31, 1996 Prudential Management 237,497,858
8.45% December 31, 1996 Provident National 37,110,726
3.50% January 3, 1995 Aetna Life & Casualty 35,030,072
8.73% December 31, 1993 Aetna Life & Casualty 96,361,238
-------------
$2,892,502,032
=============
*Represents 5% or more of Net Assets Available for Benefits.
Certain investment contracts are with Metropolitan Life who served as the
Recordkeeper for the Program through June 30, 1992. Effective July 1,
1992, the recordkeeping function of the Program was assumed by Bankers
Trust Company.
- 13 -
<PAGE>14
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
o "Equity Index Fund" consists of a portfolio of common stocks which
is designed to match the performance of the "Standard and Poor's 500
Index".
o General Motors Class E common stock, $0.10 par value.
o General Motors Class H common stock, $0.10 par value.
Investment Contracts Employees may elect to invest up to 100% of
--------------------
their Profit Sharing Amounts in an investment contract issued by an
insurance company. The insurance company agrees to provide a specific
interest rate that is to be earned over a specified period. The
specified annual rates of return and the contract periods are as follows:
Annual Rate
Class of Return Contract Period
----- ----------- ------------------------------------
1989 8.77% January 1, 1989 to December 31, 1993
1986 8.84% January 1, 1990 to December 31, 1994
1985 8.85% January 1, 1989 to December 31, 1993
1984 8.28% January 1, 1992 to December 31, 1997
Under the Program, 50% of the employee's Basic Savings must be invested,
in 25% increments, in any one or more of the Corporation's common stocks:
(1) $1-2/3 par value common stock; (2) Class E, $0.10 par value common
stock; or (3) Class H, $0.10 par value common stock. The remaining 50%
of Basic Savings, and any Additional Savings, may be invested in up to
four of the above listed Program Investment Options at the employee's
election in 25% increments. The Corporation's contributions to the
Program are invested in $1-2/3 par value common stock.
Vesting
-------
Employee contributions and the related Corporation matching
contributions, the 1% GM Benefit Contribution, and earnings thereon vest
immediately, except for employees with less than five years of credited
service. For those employees, Corporation matching contributions, the 1%
GM Benefit Contribution, and earnings thereon vest the earlier of (1)
June 30 of the third year following the Year of Formation of the Class,
or (2) attainment of five years of credited service.
Distributions
-------------
Employees may withdraw their tax deferred savings after they reach age 59-
1/2 or for Financial Hardship, as defined in the Program's "Complete
Text". Regular after-tax savings assets may be withdrawn at any time
upon employee request after the completion of the Required Retention
Period. During the Required Retention Period, regular after-tax savings
assets may be withdrawn only once during any two consecutive calendar
years. A terminating employee may elect to leave all assets, with a
market value of greater than $3,500, in the Program until the earlier of
(1) April 1 of the year after the Participant reaches the age of 70-1/2,
or (2) upon voluntary withdrawal of assets. A retiring employee may
elect to defer continuously the distribution of all Program assets. The
assets will remain in the Program until a subsequent election is
submitted by the Participant. Any assets remaining in the Program beyond
the Participant's attainment of age 70-1/2 are subject to Federal minimum
distribution requirements.
In the event a distribution to an employee or his beneficiary cannot be
made because the identity or location cannot be determined after
reasonable efforts, and the settlement remains undeliverable for a period
of one year from the processing date, the assets will be liquidated and
deposited into the trust fund. All liability for payment thereof shall
thereupon terminate. Any undeliverable assets liquidated will be (1)
- 14 -
<PAGE>15
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
paid to the employee or beneficiary if the identity or location is
subsequently determined, or (2) applied to reduce Corporation matching
contributions made pursuant to Section 4 of Article I of the Complete
Text.
The amounts of distributions payable to participants included in net
assets available for benefits were $20,582,936 and $9,309,814 as of
December 31, 1993 and 1992, respectively.
Transfers
---------
Participants may transfer funds between Investment Options (except for
United States Government Savings Bonds) up to six times per year.
Employees may not transfer savings required to be invested in Corporation
common stocks, except between stock funds, until completion of the
Required Retention Period. Corporation matching contributions and the 1%
GM Benefit Contribution required to be invested in $1-2/3 par value
common stock may not be transferred until completion of the Required
Retention Period. Participants may also transfer that portion of Profit
Sharing Amounts invested in the Investment Contracts to other Investment
Options, once each year. No transfers into the Investment Contracts are
allowed.
Loans
-----
Employees may borrow once per year from both their tax deferred and after-
tax savings assets, except for (1) Assets invested in United States
Government Savings Bonds, (2) Profit Sharing Investment Contracts, and
(3) Corporation matching contributions, and the 1% GM Benefit
Contribution, and earnings thereon, subject to the Required Retention
Period. Assets purchased with current year contributions may be borrowed
and assets in United States Government Savings Bonds and vested ESOP
Corporation Match, and the 1% GM Benefit Contribution subject to the
Required Retention Period may be used to secure loans. The amount and
terms of the loans are limited under the Program. The loan interest rate
will be established once each quarter at a rate equal to the prevailing
prime lending rate on all new loans. Interest paid on the loans is
credited back to the borrowing employee's account in the Program.
The amounts of authorized new but not disbursed loans included in net
assets available for benefits were $3,649,233 and $3,856,371 as of
December 31, 1993 and 1992, respectively.
Termination of the Program
--------------------------
Although it has not expressed any intent to do so, the Corporation has
the right under the Program to discontinue its contributions at any time
and to terminate the Program subject to the provisions of ERISA.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies followed in the preparation of the
accompanying financial statements are as follows:
o Investments are stated at market value which has been determined as
follows:
- Diversified United States Government Securities - at the mean of
the bid and asked quoted prices for Treasury Bonds and Notes,
and at cost plus discount earned on Treasury Bills.
- Corporation Common Stocks - at the mean of the high and low
quoted market prices.
- 15 -
<PAGE>16
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
- Guaranteed Investment Contracts - at cost plus accumulated
interest as determined by the Investment Manager.
- Equity Index Fund - at the quoted market prices of the assets in
the fund as determined by the Investment Manager.
- United States Government Savings Bonds - at scheduled redemption
value.
o Corporation common stocks acquired by the Trustee for purposes of
the Program may be obtained by purchases on the open market or from
the Corporation by subscription or purchase. Such stock acquired by
the Trustee on the open market is credited to the Participants'
accounts at the average per share cost of such purchases (excluding
brokerage commissions, transfer taxes, etc.) made for each month.
Stock obtained by the Trustee directly from the Corporation is
credited to Participants' accounts either at the average per share
cost to the Trustee of the open market purchases of the stock
acquired for a particular month or, in those months in which the
Trustee acquires no stock on the open market, at the average of the
daily mean high and low market prices of the stock as reported on
the Composite Tape of transactions for such month. As of December
31, 1992, the Program had a liability of $132,251,534 to the
Corporation representing advances to the Program. As of December
31, 1993, this liability no longer exists.
o The Program has an established line of credit with NationsBank of
N.C., N.A. in the amount of $112,500,000. This line of credit is
held for the purpose of funding participant settlements. All
administrative costs and interest associated with the line of credit
are paid by the Corporation. As of December 31, 1993, the Program
has an outstanding payable to NationsBank in the amount of
$20,744,910.
o Net appreciation (depreciation) in value of investments held, sold,
or distributed represents the change in the market value of the
Program's investments during the year.
o Securities transactions are recorded on the dates the trades are
executed.
o Investment income is recorded in the year earned.
VOTING RIGHTS
Voting rights are extended to Participants in proportion to their ownership
interest in Corporation common stocks.
FEDERAL INCOME TAXES
In August 1989, the Program was determined by the Internal Revenue Service
(the "IRS") to be a tax-qualified employee benefit plan, meeting the
requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of
1986, as amended (the "Code"), and the Trust established thereunder was
determined to be exempt from United States Federal income taxes under Section
501(a) of the Code. The Program has been amended since the effective date
included in the determination by the Internal Revenue Service. However, the
Program's fiduciary and tax counsel believe that the Program is designed and
currently being operated in compliance with the applicable requirements of the
Code. The United States Federal income tax status of the employee with
respect to the Program is described in the Complete Text of the Program.
- 16 -
<PAGE>17
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
SUBSEQUENT EVENTS
Several modifications have been made to the Savings-Stock Purchase Program
subsequent to December 31, 1993. The principal modifications, all of which
became effective January 1, 1994 unless otherwise indicated, are:
. The maximum number of transfers has been changed to one per month from
six per calendar year.
. The maximum number of investment option changes has been increased to one
per month from six per calendar year.
. Loan repayment amounts on all outstanding and new loans will be allocated
to the participant's account in the same investment option(s) as
selected by the participant for current savings contributions.
. A new investment option, "Balanced Fund," will be added to the Program
effective February 1, 1994.
. A new investment option, "Mutual Funds," will be added to the Program
effective January 1, 1995, or as soon as practicable thereafter.
. Two existing investment options, "United States Government Savings Bonds"
and "Profit Sharing Investment Option," have been eliminated from the
Program.
. Rather than being determined annually, the 1994 specified annual interest
rate for assets invested in the Income Fund Investment Option will be
determined monthly and is expected to be within a range between 6.2% and
6.5% in 1994.
- 17 -
<PAGE>18
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
Item 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<CAPTION>
Principal Market
Amount Cost Value
------------ -------------- --------------
<S> <C> <C> <C>
*General Motors common stock, $1-2/3 par value
(73,881,598 shares).......................... $2,810,199,828 $4,086,575,889
-------------- --------------
*General Motors Class E common stock,
$0.10 par value (18,732,789 shares).......... 415,566,633 549,104,878
-------------- --------------
*General Motors Class H common stock,
$0.10 par value (5,538,382 shares)........... 140,114,678 216,689,196
-------------- --------------
United States Government Savings Bonds -
Series EE at scheduled redemption value...... 4,932,913 6,553,117
-------------- --------------
Diversified U.S. Government Securities:
Treasury Notes @ 7.750% Due 03-31-96.......... $3,000,000 3,139,219 3,214,680
Treasury Notes @ 7.875% Due 04-15-98.......... 3,000,000 3,341,719 3,320,610
Treasury Notes @ 6.750% Due 02-28-97.......... 6,000,000 6,450,938 6,363,720
Treasury Notes @ 4.125% Due 05-31-95.......... 14,000,000 14,029,531 14,030,660
Treasury Notes @ 8,875% Due 08-15-96.......... 19,300,000 21,136,588 21,064,213
Treasury Notes @ 7.375% Due 05-15-96.......... 20,000,000 21,404,688 21,331,200
Treasury Notes @ 7.250% Due 11-15-96.......... 26,415,000 28,689,330 28,313,446
Treasury Notes @ 8.500% Due 05-15-97.......... 7,905,000 8,630,392 8,818,976
Treasury Notes @ 8.625% Due 10-15-95.......... 1,500,000 1,618,594 1,613,910
Treasury Notes @ 8.875% Due 02-15-94.......... 21,590,000 22,802,566 21,731,630
Treasury Notes @ 9.250% Due 01-15-96.......... 7,203,000 7,827,769 7,894,056
Treasury Notes @ 9.375% Due 04-15-96.......... 42,440,000 47,550,668 47,009,090
Treasury Notes @ 7.875% Due 07-15-96.......... 19,400,000 20,832,016 20,985,368
Treasury Notes @ 8.250% Due 11-15-94.......... 10,000,000 10,514,453 10,387,500
Treasury Notes @ 8.500% Due 04-15-97.......... 18,650,000 21,059,008 20,771,438
Treasury Notes @ 8.500% Due 08-15-95.......... 4,275,000 4,500,105 4,568,222
Treasury Notes @ 7.875% Due 01-15-98.......... 4,541,000 5,068,771 5,013,536
Treasury Notes @ 6.875% Due 02-15-94.......... 27,535,000 28,393,317 27,651,198
Treasury Bonds Due 02-15-94.................... 3,600,000 2,838,204 3,588,480
Treasury Bonds Due 08-15-94.................... 2,581,860 1,953,539 2,529,784
Treasury Bonds Due 05-15-94.................... 1,796,925 1,388,861 1,776,495
------------ -------------- --------------
Total Diversified U.S. Government Securities. $264,732,785 $283,170,276 $281,978,212
------------ -------------- --------------
*Party-in-Interest
</TABLE>
- 18 -
<PAGE>19
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
December 31, 1993
<CAPTION>
Principal Market
Amount Cost Value
--------- -------------- --------------
Insurance Contracts:
Maturity
Investment Manager Contract Rate Date
---------------------- ---------- ----- --------
<S> <C> <C> <C> <C> <C> <C>
Metropolitan Life 12834 7.35% 12/31/95 $324,812,795 $324,812,795
Metropolitan Life 9974 8.87% 12/31/93 59,977,095 59,977,095
Metropolitan Life 9973 8.95% 12/31/93 55,633,654 55,633,654
Metropolitan Life 13415 6.79% 01/01/94 549,446,764 549,446,764
Metropolitan Life 13414 6.73% 01/01/94 549,258,140 549,258,140
New York Life GA05699 8.75% 01/03/95 48,387,202 48,387,202
New York Life GA06362 7.41% 12/31/96 144,193,063 144,193,063
New York Life GA06362-002 6.85% 12/31/96 70,501,498 70,501,498
New York Life GA06691 6.86% 12/31/93 275,114,649 275,114,649
Prudential Management 6171-212 8.68% 12/31/94 230,418,680 230,418,680
Prudential Management 6171-211 8.90% 12/31/93 148,183,780 148,183,780
Prudential Management 6171-213 9.11% 12/31/96 30,574,818 30,574,818
Prudential Management 6171-214 9.22% 12/31/96 237,497,858 237,497,858
Provident National 027-04959 8.45% 12/31/96 37,110,726 37,110,726
Aetna Life & Casualty LT-13100 3.50% 01/03/95 35,030,072 35,030,072
Aetna Life & Casualty LT-13100 8.73% 12/31/93 96,361,238 96,361,238
Aetna Life & Casualty LT-13100-2 8.28% 12/31/97 6,347,542 6,347,542
Aetna Life & Casualty LT-13100 8.85% 12/31/93 4,418,675 4,418,675
Aetna Life & Casualty LT-13100-1 8.84% 12/31/94 1,382,492 1,382,492
Aetna Life & Casualty LT-13100 8.77% 12/31/93 1,571,671 1,571,671
------------- -------------
Total Insurance Contracts....................... 2,906,222,412 2,906,222,412
------------- -------------
Equity Index Fund.................................... 530,357,701 823,866,061
------------- -------------
Loans to Participants................................ 425,036,226 425,036,226
------------- -------------
Total Investments.................................... $7,515,600,667 $9,296,025,991
============= =============
</TABLE>
- 19 -
<PAGE>20
<TABLE>
GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM
FOR SALARIED EMPLOYEES IN THE UNITED STATES
Item 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
SERIES REPORTABLE TRANSACTIONS
<CAPTION>
Column A Column B Col C Col D Column E Column F Column G
- --------------- ----------------- ------ ------ ------------ ------------ ----------
Total Total
Identity of No. of No. of Dollar Value Dollar Value Net Gain
Party/Broker Description Purch. Sales of Purchases of Sales (Loss)
- --------------- ----------------- ------ ------ ------------ ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
$ $ $
Morgan Guaranty General Motors
common stock,
$1-2/3 par value 43 - 803,006,634 - -
*Bankers Trust General Motors
common stock,
$1-2/3 par value - 127 - 1,629,129,774 157,305,155
Morgan Guaranty General Motors
Class E Common
Stock, $0.10
par value 45 - 310,294,224 - -
*Bankers Trust General Motors
Class E Common
Stock, $0.10
par value - 107 - 217,005,804 13,061,186
Metropolitan
Life Investment
Insurance Income
Co. Contract 6.73% 51 1 559,895,753 12,197,341 -
Metropolitan
Life Investment
Insurance Income
Co. Contract 6.79% 51 1 560,070,394 12,197,341 -
* Party-in-Interest
</TABLE>
- 20 -
L:\secfiles\11-K\gmssp23.doc1
<PAGE>1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration Statement No. 33-
49245 of General Motors Corporation on Form S-8 of our report dated June 24,
1994 appearing in this Annual Report on Form 11-K of the General Motors
Savings-Stock Purchase Program for Salaried Employees in the United States for
the year ended December 31, 1993.
s/DELOITTE & TOUCHE
DELOITTE & TOUCHE
Detroit, Michigan
June 29, 1994
- 21 -
