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 17,356.87 288.00 1.69%
Nasdaq 4,644.31 96.48 2.12%
S&P 500 2,012.89 40.15 2.04%
Treasuries 2.15 0.08 3.72%
Data as of 4:07am ET
Company Price Change % Change
Bank of America Corp... 17.26 0.54 3.23%
General Electric Co 24.66 0.23 0.94%
Apple Inc 109.41 2.66 2.50%
Cisco Systems Inc 26.81 0.22 0.85%
Microsoft Corp 45.74 0.58 1.28%
Data as of Dec 17

Sections

That number will likely grow as the Obama Administration eases restrictions with the Communist country. More

Laurie Segall sits down with Reddit founder Alexis Ohanian and founder of AeroFS, Yuri Sagalov, to discuss how immigration reform could bring more skilled tech workers to the U.S. More

News startup The Skimm announced a new round of funding, 1 million active readers, and plans to expand into a 'lifestyle brand.' More

Congress waited until the last minute to decide what to do with a slew of expired tax breaks. They extended most of them, and a handful will affect individuals directly. More

Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.