GM invests $131 million to build next Corvette

Chevrolet Corvette Stingray ConceptThis 2009 Corvette Stingray concept car may -- or may not, GM says -- indicate something of what a next-generation Corvette could look like. Either way, the new 'Vette means 250 more jobs. By Peter Valdes-Dapena, senior writer


NEW YORK (CNNMoney) -- General Motors is investing $131 million in the Bowling Green, Ky. factory that builds the Chevrolet Corvette as it prepares to roll out the next generation of the sports car in a couple of years.

In the process, the automaker will add about 250 jobs at the plant.

"This is a significant day for anyone who believes that America should build world-class, high-performance products," said Mark Reuss, GM North America president.

The plant currently employs about 400 hourly workers, GM said, who work four 10-hour days a week producing the cars. Corvettes had been made at Bowling Green since 1981. All versions of the car are assembled there including hardtops, convertibles and the high-performance Z06 and ZR1 versions.

The plant will continue to produce the current sixth generation version of the Corvette for at least two more model years, a GM spokesman said. Production of a new version of the sports car will begin some time after that but no specific timetable for the start of production has been set.

While most cars are thoroughly redesigned about every five years to keep up with changing consumer tastes and competitors' improvements, high-cost niche products like the Corvette tend to go much longer between revisions. The sixth-generation Corvette was introduced in 2005.

GM has not yet revealed any official images or information about the seventh-generation Corvette. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Find Your Next Car
Index Last Change % Change
Dow 17,271.36 114.51 0.67%
Nasdaq 4,589.20 27.01 0.59%
S&P 500 2,011.34 9.77 0.49%
Treasuries 2.63 0.03 1.12%
Data as of 3:50pm ET
Company Price Change % Change
Bank of America Corp... 17.06 0.29 1.73%
Yahoo! Inc 41.90 -0.69 -1.62%
Apple Inc 101.74 0.17 0.16%
Microsoft Corp 46.74 0.22 0.48%
General Electric Co 26.24 0.19 0.73%
Data as of 3:34pm ET

Sections

The restaurant's red star logo was controversial among the Vietnamese-American community More

The Federal Reserve is probably not going to raise interest rates until the summer of 2015 at the earliest. More

Apple says it has addressed customers' privacy concerns. But its security record says otherwise. More

Immigrant entrepreneurs leverage connections abroad to boost international exports -- and non-immigrants could stand to learn from their tactics. More

Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.