Report: Chevrolet is Losing Money With the 2020 Corvette Stingray

The eighth-generation (C8) 2020 Chevrolet Corvette is not only one of the year’s most important new debuts with its exotic looks and mid-engine configuration, but also a real bargain in the sports-car segment with a base price of just $69,998 in Canada.

When you factor in the exchange rate, it’s even more affordable here than south of the border (where it retails from $59,995 USD). For Chevrolet, however, the new Corvette Stingray is clearly not expensive enough.

Photo: Chevrolet

You see, the company initially wanted to sell the car at a much higher price—think $79,995 USD (maybe close to six figures in Canada)—but it changed its mind to avoid creating too big a step from the previous generation and alienating some customers.

A high-ranking executive at General Motors, who preferred not to be identified, told Motor Trend that the 2020 Corvette is sold at a loss under that price point given the huge amount of money spent on its development.

That’s why Chevrolet is offering a plethora of options to encourage customers to spend more when ordering a new Corvette Stringray.

In most cases, though, it’s not enough to make a profit. Prices will increase for the 2021 model year, but we don’t know how much. One thing’s for sure: the future Z06 and ZR1 variants can’t come soon enough for Chevrolet. And based on the latest reports, both promise mind-blowing numbers and performance.

Photo: Chevrolet

Just as a reminder, none of the 2020 models sold by Chevrolet has even entered production yet. The assembly line will switch from the C7 cars to the new C8 models in February due to delays caused by the UAW strike earlier this fall.

Share on Facebook

More on the subject

First Drives2020 Chevrolet Corvette Stingray: Already Fantastic
ANN ARBOR, Michigan— Two pre-production copies of the new, mid-engine 2020 Chevrolet Corvette Stingray were among the three dozen vehicles submitted to the North American Car of the Year (NACTOY) jury for three days of testing. Both were 3LT models equipped with the essential Z51 performance package and virtually all …
NewsNew Chevrolet Corvette ZR1 Rumoured to be a 900-hp Hybrid With AWD
The all-new, mid-engine 2020 Chevrolet Corvette has been one of the biggest and most polarizing reveals of the year, but it’s not done yet. After sources indicated the next-gen Corvette Z06 could deliver up to 800 horsepower by using a version of the 5.5-litre V8 that powers the Corvette C8.R …
News2020 Chevrolet Corvette Production to be Delayed by UAW Strike
Bad news for those who have already ordered their copy of the brand new 2020 Chevrolet Corvette Stingray : You will have to wait a little longer. Two people familiar with GM's plans told the Detroit Free Press that the automaker will have to delay the eighth-generation (C8) car’s production …
New ModelsBehold the 2020 Chevrolet Corvette Convertible!
Following the world premiere of the coupe in July, the all-new 2020 Chevrolet Corvette Stingray Convertible was unveiled on Wednesday night during a special event held at the Kennedy Space Center in Cap Canaveral, Florida. It will go down in history as the first Corvette Convertible with a mid-engine and …
NewsFirst 2020 Chevrolet Corvette Sold at Auction for Nearly $4 Million
The very first production copy of the 2020 Chevrolet Corvette sold for $3 million USD (approx. $3.9 million CAD) at the Barrett-Jackson Scottsdale auction in Arizona on Saturday. That's more than the $2.7 million USD (approx. $3.5 million CAD) raised by the final Corvette with a front engine in Connecticut …
BuzzThis Poor 2020 Chevy Corvette Just Got its Wheels Stolen
The new, mid-engine 2020 Chevrolet Corvette has generated a whole lot of attention and received tons of accolades since its debut last summer. For example, it recently won the North American Car of the Year award and the first production model sold for nearly $4 million at the Barrett-Jackson auction …
News2020 Chevrolet Corvette: Good News and Bad News
Following yesterday’s announcement that General Motors would suspend its North American manufacturing operations at least until March 30, we have learned that Chevrolet is no longer taking orders for the 2020 Corvette . A leaked e-mail sent to dealers and posted on the Corvette Forum website broke the news. “Due …