GM is developing a hybrid version of its Chevrolet Corvette, eyeing a fully electric version of the iconic sports car,
said GM President Mark Reuss.
The latest push to electrify the iconic sports car comes as auto makers are expanding their electric vehicle offerings
Further details will be released at a later date, Mr. Reuss made the announcement on Monday, following an appearance on CNBC.
GM didn’t specify whether the first electric Corvette would be a hybrid with an electric motor and gasoline engine that doesn’t require plugging in or a plug-in electric hybrid model.
*CNBC Tweet on Chevy’s Corvette
GM says it will produce electric Chevrolet Corvettes https://t.co/x7LuymGgsG
— CNBC (@CNBC) April 25, 2022
GM’s Corvette announcement comes as,legacy auto makers race to produce more electric vehicles to compete with Tesla Inc.
GM is working to surpass Tesla in EV sales,
and pledged investing over $35 billion in electric and autonomous vehicles through 2025.
GM said it would invest nearly $6 billion in Michigan alone to produce electric pickup trucks, splitting the cost of a $2.6 billion battery factory with partner LG.
Still, sales of electric vehicles remain a fraction of overall vehicle purchases, accounting for less than 2% of GM’s overall sales in 2021.
GM is also working with Honda Motor Co. on jointly developing a line of affordable electric vehicles, including compact sport-utility vehicles. The first of the vehicles would likely be priced below $30,000 in the U.S. and won’t be ready until 2027, the companies said.
The starting price of a 2022 Corvette Stingray is $60,900, according to the Chevrolet website.