On April 25, General Motors President Mark Reuss announced that the company would produce an electrified Chevrolet Corvette next year. An all-electric version of it will follow this. Reuss said that the manufacture of the traditional models, those with internal combustion engines, will still continue.
However, the GM president did not disclose when the all-electric version of the iconic car would be released. He also didn’t specify if the electrified model would be a traditional hybrid or plug-in hybrid electric vehicle. The automaker’s confirmation of these electric Corvettes may be due to the increased pressure from Wall Street.
King of EVs
According to Wall Street analysts, Tesla is the king of eclectic vehicles (EVs) and is optimistic that legacy automakers will catch up quickly. The pressure is now on for rivals to compete against it. This was after GM’s fierce rival Ford Motor announced that it would hold an event for its electric F-150 Lightning pickup. This is mainly due to the latter receiving crucial attention from the media and numerous investors.
Shares of Tesla rebounded in December 2021 after UBS increased the price target on the stock. For this, it called the electric vehicle company the “undisputed leader.” Global demand for electric vehicles will drive the company to exceed expectations this year. Ford Motor’s reason for the initiative was to dominate the electric pickup market.
Electric Corvette
Rumors have already been circulating that GM will be manufacturing electric Corvettes. This was even mentioned by President Joe Biden, who is a Corvette owner himself. This announcement confirms what the president told us about 18 months ago—there will be an electric Corvette.
The automaker has made public its plans to sell electric vehicles exclusively by the year 2035. It is in the process of releasing 30 brand new EVs internationally by 2025. GM plans to do this via a $35 billion investment in electric and autonomous vehicles by then.
An “Electrified” Version of an Icon
In Reuss’ announcement, he mentioned that aside from the new Chevrolet Corvette Z06, the company will offer a fully electric Ultium-based Corvette in the near future. This alongside their production of other gas-powered variants.
GM spokesman Shad Balch explained what an “electrified” version is during the same announcement. It means that an electrified vehicle does not fully operate on electricity. He further declined to comment on the specific type of application used.
Furthermore, Reuss only confirmed that the electrified Corvette would be released early next year. Other than that, he divulged no further details and information.
Two years ago, the Detroit Free Press made a confirmation that an electric Corvette would come out. It cited its source as someone familiar with GM’s production of the Corvette and announced this at the automaker’s Bowling Green Assembly in Kentucky in 2020. The source declined to be named as they claimed no authority to speak on behalf of the automaker.
GM also mentioned that it will have an all-electric vehicle lineup across all its brands by 2035. It noted that Cadillac will be the lead brand for the technology. Cadillac confirmed this, saying that this brand lineup will almost be all-electric by 2030.
Thirty new EVs will also be produced and released to the market by the middle of the decade. It is planning to sell a million EVs globally beginning that time. Alternatively, the company will start production of the gasoline-powered 2023 Chevrolet Corvette Z06 3LZ convertible at the Bowling Green Assembly in the summer of this year. As with the electric Corvettes, the automaker hasn’t released the starting price yet.
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