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) June 5, 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
Members of United Auto Workers Locals 659 and 651 in Flint, Michigan
ceased production at two component plants on June 5 and June 11, 1998,
respectively. While GM is seeking to resolve the issues which have created the
work stoppages, the timing of such resolution is uncertain. To the extent that
work stoppages continue to disrupt the production and shipment of vehicles, the
resulting deferral or decline in revenues will have a continuing impact on GM's
results of operations. Further, the corporation is currently reviewing all
opportunities to reduce cash consumption and is carefully reviewing future
spending for products and facilities.
GM estimates that the work stoppages in Flint have had an aggregate
unfavorable after-tax impact of $1,180 million, or $1.79 per share of GM $1-2/3
par value common stock, during the 1998 second quarter that resulted from a loss
of 227,000 units of production. The above estimated unfavorable after-tax impact
represents the combined effects for GM North American Operations (aggregate to
date - $890 million) and Delphi Automotive Systems (aggregate to date -
$290 million) and does not take into account the effect of possible recoveries
that may occur through production increases that GM is likely to pursue at
various facilities in future periods.
* * * * * *
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 June 30, 1998
-----------------
By
s/Peter R. Bible
-------------------------------
(Peter R. Bible,
Chief Accounting Officer)
- 2 -
