Car enthusiasts have been buzzing about the much anticipated launch of Chevy’s 2020 C8 Corvette Stingray for good reason. Every inch of the iconic car has been reimagined from the bottom up. It’s aggressive style is turning heads and its horsepower is undeniable. The 2020 C8 Corvette Stingray boasts a 495 horsepower 0 to 60 in under 3 seconds engine and will be priced just under $60,000 when it becomes available for sale.This is incredibly impressive given the advanced nature of this car. While enthusiasts were hoping for a price tag under $80,000 or $100,000, Chevy instead is offering their mid-engine 2020 Corvette under $60,000 which is sending shockwaves throughout the auto industry and forcing luxury sports car lines at five times the price to sit up and take notice.
So, why are we covering the launch of the 2020 Corvette Stingray in our financial blog? Under the hood of the headlines lies a much larger story that may feel all too familiar to our entrepreneurial readers. General Motors’ Corvette launch story is one of vision, risk, perseverance, and American entrepreneurial spirit that enabled Chevy to bring their dream into a reality despite the high stakes and incredible odds against them. An American brand that has seen its share of adversity over the years is upending an industry that nearly counted them out. The relaunch of this famed American sports car has been in the works for decades and, more than once, nearly didn’t happen.
Corvette sales in the U.S. have been in a steady decline since 1979. GM needed to pivot to make a business case for the car. GM was on pace to sell less than 20,000 units for a second consecutive year. The car’s performance and ability to stand up to the competition was not the problem. General Motors has continued to spend capital on variants of the car that achieved new levels of performance in recent years. The result? A reinvented, iconic American-made sports car that outperformed a Lamborghini for a fraction of the cost captivated more than 1 million viewers on Twitter with Chevy’s creative unveil.
With the pending release, GM – which has been significantly cutting production of low selling passenger cars – announced last April that it would add a second shift and more than 400 hourly jobs at its Bowling Green, KY assembly plant to support production of the next-generation, mid-engine Corvette.
With all their chips in, GM and Chevy have relaunched the C8 Corvette Stingray and, from everything we know so far, the results are nothing shy of revolutionary. With this launch, GM reminds us that with a big dream, hard work, ingenuity and perseverance, anything is possible – even against great odds.