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GM says it will produce electric Chevrolet Corvettes

2020 Chevrolet Corvette

GM

DETROIT – General Motors will produce an electrified Chevrolet Corvette next year, followed by an all-electric version of the iconic sports car, GM President Mark Reuss said Monday.

Reuss said the automaker will continue to produce traditional models with internal combustion engines alongside the electrified models. He declined to disclose when the all-electric Corvette would be released or whether the “electrified” model would be a traditional hybrid or plug-in hybrid electric vehicle.

“We will have an electrified Corvette next year, so it’s coming very quick,” Reuss told CNBC’s Phil LeBeau during an interview on “Squawk Box.” “This is in addition to all of the great performance that Chevrolet and Corvette have been known for, for many, many years with our internal combustion engines.”

GM’s confirmation of the electrified Corvettes comes amid increased pressure from Wall Street for legacy automakers to better compete against EV industry leader Tesla. It also comes a day before GM’s crosstown rival, Ford Motor, is scheduled to host an event for its electric F-150 Lightning pickup, which has received significant attention from investors and media.

Rumors of an electric Corvette have been swirling for years, including President Joe Biden mentioning it last year during a campaign commercial.

GM has announced plans to exclusively sell electric vehicles by 2035. The company is in the process of releasing 30 new EVs globally by 2025 through a $35 billion investment in electric and autonomous by that time.

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