GM’s Chevy Corvette was named the 2020 North American Car of the Year. The group that decides the winner clearly doesn’t care about customer demand. Corvette sales last year dropped 4.3% to 17,988.
Granted, the winners need to have been new versions of vehicles, but changes in the Corvette may not mean better sales — at all. The base price of the Corvette Stingray is $55,900. The price can easily rise to over $80,000 with upgrades and accessories.
The Corvette’s weak sales also may have to do with a large number of rival vehicles. These start with American car companies. Ford’s Mustang is on the list. So is the Dodge Challenger. Porsche, BMW, Mercedes and Audi offer competitors. The Corvette’s falling sales are an indication that GM has not done a better job elbowing the Corvette into this part of the market.
Finally, the car receives mixed reviews for reliability. Consumer Reports ranks the Corvette four stars out of five, yet Automotive.com ranks the Corvette below most competitors.
To be fair, a number of reviewers rank it among the best sports cars in the world. That means a set of mixed opinions.
Will the new version of the Corvette improve sales. If not, it is a solid, exotic car with falling demand.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.