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CNBC TRANSCRIPT: FIRST ON CNBC: GENERAL MOTORS CHAIRMAN & CEO DANIEL AKERSON SPEAKS WITH CNBC'S PHIL LEBEAU TODAY ON "THE CALL"

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WHEN: Today, Tuesday, April 19th

WHERE: CNBC's "The Call"

Following is the unofficial transcript of a FIRST ON CNBC interview with General Motors Chairman & CEO Daniel Akerson. All references must be sourced to CNBC.

PHIL LEBEAU: MANDY, I AM JOINED BY GENERAL MOTORS CEO DAN AKERSON YOU JUST TALKED WITH THE FOLKS HERE AT THE NADA/IHS CONFERENCE. LOT OF TOPICS ON A LOT OF MINDS RIGHT NOW AND THE FIRST ONE I THINK PEOPLE WANT TO HEAR ABOUT IS THE SITUATION WITH REGARD TO YOUR SUPPLIERS IN JAPAN BECAUSE I KNOW YOU JUST HAD STEVE GIRSKY OVER THERE ASSESSING THE SITUATION. WHAT'S THE LATEST IN TERMS OF WHAT YOU ARE SEEING FROM YOUR SUPPLIERS?

DANIEL AKERSON: WELL FIRST I WOULD BE REMISSED NOT TO SAY THAT OUR HEARTS GO OUT TO THE JAPANESE PEOPLE AND OUR AUTOMOTIVE PARTNERS OR COMPETITORS IN JAPAN. AS FAR AS INDUSTRY GOES, I THINK IT HAS BEEN A TOUGH FIVE, SIX WEEKS SINCE THE EARTHQUAKE AND TSUNAMI, BUT IT'S BEEN KIND OF AMAZING TO WATCH. THE CREATIVITY AND THE WORK AROUNDS THAT THE VARIOUS PLAYERS -- OEMs IN THE INDUSTRY HAVE TAKEN TO EFFECT SUSTAINABLE SUPPLY TO OUR PRODUCTION FACILITIES AROUND THE WORLD.

LEBEAU: IS IT IMPROVING? HAVE YOU SEEN THE WORST -- IN OTHER WORDS, IN TERMS OF YOUR SUPPLY CHAIN OVER THERE.

AKERSON: I THINK IT IS FAIR TO SAY THAT WE HAVE PROBABLY SEEN THE WORST. THE FIRST COUPLE OF WEEKS WAS KIND OF WHITE KNUCKLE TIME, WE IMMEDIATELY WITHIN 48 HOURS ESTABLISHED FIVE WAR ROOMS AROUND THE WORLD TO MAKE SURE THAT WE COULD, ON A PART BY PART BASIS, PLANT BY PLANT BASIS, TO MAKE SURE THAT WE WERE FULFILLING OUR SUPPLY REQUIREMENTS AND THAT HAS SERVED US WELL. NOW, WE GOT THROUHG A COUPLE OF ITERATIONS AND NOW THE LONG -- INTENT APPEARS TO BE SEMI CONDUCTORS. ROUGHLY A QUARTER OF THE INDUSTRY'S TOTAL -- ON A TOTAL WORLDWIDE BASIS -- ARE PRODUCED IN JAPAN AND PARTICULARLY JUST NORTH ABOUT 150 TO 200 NORTH OF TOYKO WHERE THE TSUNAMI HIT.

LEBEAU: AND YOU HAVE ACCOUNTED FOR ALL OF THOSE AND SO THAT'S THE IMPROVEMENT IN THE SITUATION, YET NOW YOU ARE DEALING WITH THE CROSS CURRENTS OF HIGHER OIL PRICES. CURRENTLY WE ARE LOOKING AT AT LEAST SIX STATES WHERE THE AVERAGE PRICE IS OVER FOUR DOLLARS A GALLON -- I THINK THE NATIONAL AVERAGE IS 3.84, 3.85 A GALLON -- WHAT DO YOUR PEOPLE WHO ARE WORKING THE OIL MARKETS, WHAT DO THEY TELL YOU IN TERMS OF THE TOP AT? WHERE DO THEY SEE OIL TOPPING OUT AT?

AKERSON: WELL OF COURSE WE DON'T KNOW ANY MORE THAN ANYONE ELSE, BUT WE'VE GOT PLANS IF YOU WILL, IN PLACE AND WOULDN'T BE SURPRISED TO SEE IT GO -- I DON'T KNOW IF THIS IS RIGHT OR WRONG -- COULD BE MORE THAN FOUR DOLLARS ACROSS THE BOARD IN THE U.S. THERE'S A FUNDAMENTAL DIFFERENCE BETWEEN THIS TIME AND 2008 WHEN OIL WENT TO 140 ODD DOLLARS PER BARREL. THERE ARE A LOT OF OTHERS AS WE ALL RECALL THE GREAT RECESSION. THERE WERE THE BANKS -- THEY WERE OVER EXTENDED -- CREDIT, THE HOUSING, CONSUMER CONFIDENCE WENT DOWN SIGNIFICANTLY. WHAT WE ARE SEEING HERE IS THE VOLUME THROUGH OUR SHOWROOMS HAS ACTUALLY HELD UP PRETTY WELL, BUT WE ARE SEEING A MAKESHIFT FROM LOW MILEAGE TO HIGH MILEAGE CARS. WE'RE SEEING GOOD TRAFFIC, WE HAD A ROBUST QUARTER AND WE SEE THAT BEING A STRONG POSITIVE, BUT AT THE SAME TIME IF PRICE PER GALLON WENT TO 4.50, 5 DOLLARS A GALLON THEN I THINK THAT WOULD BE VERY DETRIMENTAL TO THE INDUSTRY.

LEBEAU: YOU TALK ABOUT HIGH GAS PRICES AND THE IMPACT THAT IT'S HAVING ON YOUR BOTTOM LINE. YOU HAD A BETTER THAN EXPECTED FIRST COUPLE OF MONTHS OF THE YEAR, AND YET AT THE SAME TIME, WHEN YOU LOOK AT WHAT'S HAPPENING WITH YOUR STOCK PRICE, YOU ARE NOW TRADING DOWN AT AROUND 29 DOLLARS A SHARE, SUBSTANTIALLY BELOW WHERE YOU HAD THE IPO AT AND THERE WERE A LOT OF PEOPLE WHO WERE SAYING YOU KNOW WHAT, I'M NOT SURE ABOUT GM AS AN INVESTMENT RIGHT NOW. WHAT DO YOU SAY TO THE INVESTOR WHO LOOKS AT YOUR STOCK AND SAYS I'M NOT SURE THAT 29 IS THE RIGHT PRICE, IT MIGHT GO LOWER.

AKERSON: WELL, ROUND NUMBERS THATS DOWN ABOUT TEN PERCENT. IN THE TIME SINCE THE IPO, OIL HAS SPIKED. THAT HAS PUT A COLD CHILL ON THE MARKETS GERNALLY. SPECIFIC TO OUR INDUSTRY, WE HAVE THIS HORRIFIC CATASTROPHE IN JAPAN, WHICH THROUGH A LOT OF UNCERTAINTY, INTO I THINK THE INVESTMENT COMMUNITY AS IT SURROUNDS THE OEMs IN THEIR INDUSTRY. IT'S TOUGH BUT AT THE SAME TIME, WE ARE PERSISTING. I THINK YOU ARE RIGHT, WE HAD A GOOD FIRST QUARTER. WE SOLD ROUGHLY 100,000 MORE VEHICLES IN THE NORTH AMERICAN THAN WE DID LAST YEAR FIRST QUARTER. SO WE'RE KIND OF MANAGING THROUGH IT AND IT'S TOUGH TO RUN TO THE MARKETS AND SAY OK, EVERYTHING SEEMS TO BE OK, WHEN IN FACT THERE ARE A LOT OF MOVING PARTS TO INCLUDE OIL, TO INCLUDE WHAT'S HAPPENED TO JAPAN.

LEBEAU: AND QUICKLY, TREASURY DEPARTMENT HAS INDICATED THAT IT IS LIKELY GOING TO SELL ANOTHER LARGE CHUNK OF ITS STAKE IN GENERAL MOTORS. WHAT KIND OF CONVERSATIONS DO YOU STILL HAVE WITH THE TREASURY DEPARTMENT IN TERMS OF HOW YOU ARE OPERATING THE COMPANY OR THEIR POSITION IN TERMS OF HOW MUCH THEY ARE GOING TO SELL?

AKERSON: WELL, THE ONLY COMMUNICATION I'VE HAD ABOUT THEM POTENTIALLY SELLING SHARES IS WHEN I READ THE WALL STREET JOURNAL THIS MORNING. WE DON'T HAVE THE ROUTINE DISCUSSION ON OPERATIONS WHEN WE WERE PRIVATE AND THE GOVERNMENT OWNED US. THEY HAD A FULLY DILLUTED BASIS, THEY OWN 27 PERCENT OF US TODAY. THEY'VE BEEN GOOD SHAREHOLDERS -- PATIENT SHAREHOLDERS, BUT THERE DELIBERATION, THE CALCULUS THAT GOES INTO THEIR DECISION,, WHEN AND HOW MUCH TO SELL, IS THEIR DECISION AND WE WOULD FACILITITATE THAT IF THE CALL CAME, BUT WE HAVEN'T RECEIVED IT.

LEBEAU: DAN AKERSON, CHAIRMAN AND CEO OF GENERAL MOTORS JOINING US FIRST HERE ON CNBC FROM THE NADA/IHS CONFERENCE. GUYS, YOU HEARD DAN SAY 4.50 THAT MIGHT BE LARRY, THE POINT WHERE WE REALLY START TO SEE SOME IMPACT IN TERMS OF AUTO SALES, BUT CURRENTLY THEY ARE STILL SEEING PEOPLE COMING INTO THE SHOWROOMS.

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