GM wants to turn Corvette into crossover SUV
Just after Ford (NYSE: F) won the 2021 Utility Vehicle of the Year award for the Mustang Mach-E all-electric vehicle, General Motors (NYSE: GM) would also seek to transform its Chevrolet Corvette muscle car into an electric crossover SUV.
The soccer mom SUV may never be the same again.
A wider transformation
GM takes a more holistic approach to the car transformation concept, considering turning the nameplate into a family of vehicles. The SUV would probably be the first to emerge, perhaps as early as 2025.
This is obviously not unknown, because VolkswagenPorsche’s Porsche easily switched to selling more SUVs each year than sleek, high-performance sports cars, and Aston Martin, Bentley, Lamborghini and Maserati have also successfully launched SUVs. Even GM has discussed the possibility for decades.
Still, there is concern that the Corvette may not be able to replicate this success. It could weaken the brand and reputation of what has long been America’s quintessential sports car. However, legendary car designer Bob Lutz disagrees.
Lutz worked at GM, Ford, Chrysler – virtually every Car manufacturers – and last year said the industry site Automotive News that one of the first things he would do if he returned to GM would be to produce a Corvette SUV and price it to $ 100,000 with an output of 20,000 to 30,000 vehicles.
Analysts estimate that turning Corvette into a larger brand could earn GM $ 7 billion to $ 12 billion. It could even be a vehicle to challenge You’re here.
Whether or not the Corvette is converted to an SUV, GM is seriously pursuing electric vehicles, pledging to increase investment by 35% to $ 27 billion over the next five years.
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