The 2020 Corvette Stingray is the first mid-engine Corvette, meaning its engine is behind the seats.
General Motors unveiled the new auto Thursday night at a glitzy ceremony in a World War II dirigible hangar in Orange County, California.
Revved up to take on high-performance European rivals, the new Corvette, dubbed the C8, provides a breath of fresh air to GM, which along with other carmakers faces slowing sales and new financial pressures related to global trade, electrification and unresolved emission standards.
The new C8 version of the two-seater was launched in Los Angeles, with the initial Corvette Stingray model featuring a 495bhp, 470lb ft 6.2-litre naturally aspirated V8 engine.
"A Corvette is not going to help pad margins the way a Silverado would", Caldwell said.
With a mid-engine, the flagship of GM's Chevrolet brand will have the weight balance and center of gravity of a race vehicle, rivaling European competitors and leaving behind sports sedans and ever-more-powerful muscle cars that were getting close to outperforming the current 'Vette.
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Prices of other versions weren't announced but the current Corvette can run well over $100,000 with options.
Speaking of the vehicle, while it will be the first production Corvette with its engine behind the driver and passenger compartment, and will offer world-class supercar performance, General Motors president Mark Reuss promised the 2020 Stingray will have a base price of less than $60,000.
GM has teased the launch for months.
That's half the fun of owning a Corvette, right? One enthusiast set to attend, John Elegant, 72, said he has been waiting since his teenage years for a mid-engine Corvette.
The new mid-engined Chevrolet Corvette will feature electrified powertrains in the future - with a full electric version under consideration.
"There are other brands that make really good muscle cars, like Mustang, but a Mustang is not a sports vehicle".