Watch out Porsche, Ferrari; Corvette is back

On the 60th anniversary of Chevrolet Corvette, General Motors unveiled a new model of the car for the first time in nine years. Chevrolet Corvette Stingray has been has been redesigned from the ground up and goes on sale next summer in the US.

Since it debuted 60 years ago, the Corvette has earned the nickname "America's sports car" - embodying Detroit muscle and engineering know-how. To date, GM has built and sold more than 1.5 million.

Let take a look at the Chevrolet Corvette's past and what it has to offer in the future.

Source: Reuters and General Motors

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Corvette has maintained its cachet and exclusivity as the only legitimate US-built competitor to such exotic European sports-car brands as Ferrari and Lamborghini.

That position has been secured by continuous technical improvements and equipment upgrades to the car over the decades, with the 2014 Corvette poised to offer "better performance by every measure" than its predecessors, according to chief engineer Tadge Juechter.

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At Corvette Stingray heart is a new version of Chevrolet's long-running "small block" V8 - a 6.2-litre engine that produces 450 horsepower, but can run under part throttle on only four cylinders and is expected to return average fuel economy of better than 26 miles per gallon or approximately 11 kmpl.

The new front-mounted V8 is also potent enough, when equipped with either a new seven-speed manual transmission or a six-speed automatic with paddle shifters, to propel the Corvette from 0 to 60 miles per hour in less than four seconds - pure supercar territory.

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In comparison, the 2013 Porsche 911 - its exterior dimensions are virtually identical to those of the 2014 Corvette - has a rear-mounted 350-horsepower 3.6-liter in-line six-cylinder engine that enables 0-60 acceleration in 4.6 seconds, with an average EPA fuel-economy rating of 23 m.p.g. or approximately 10 kmpl.

The Porsche is priced from $83,000 to $173,000. The current Corvette starts at just over $50,000 and runs up to $112,600.

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The 2014 Stingray's edgy new exterior design was inspired to some extent by the swoopy Corvette C6.R race car, while the name dates to perhaps the best-known Corvette, the 1963 Sting Ray.

The 2014 Stingray maintains the classic sports-car proportions - long hood, short deck - while providing a visual complement to the car's extraordinary performance. To help reduce weight, Chevrolet has fitted a carbon-fibre roof and hood, composite body panels and an aluminium frame.

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And, to support the car's mission of knocking off more expensive and exotic European rivals, the new Corvette features a variety of branded high-end hardware from such European suppliers: Michelin tires, Brembo brakes and Bilstein shocks.

A more premium cockpit, bristling with the latest digital technology and intended to attract luxury import buyers, can be trimmed in leather, aluminium, suede and carbon fibre. Among the available gear: A colour head-up display, a pair of eight-inch configurable screens and a 3D navigation system.

The new model was the star attraction at Detroit Auto Show that concluded last week thanks to its legacy.

Let's take a look at how Corvette gained its iconic status over the years.

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The car that caught the fancy of America since its launch 60 years back, was first displayed at GM's Motorama in New York's Waldorf Astoria Hotel in January 1953. Harley Earl designed the first model, which was a convertible.

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On June 30, 1953, (six months after the GM Motorama debut) the first production Corvette rolled off the assembly line in Flint, Michigan.

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The small block V8 engine displacing 265 cubic inches (cid) was introduced in 1958. Also, a 3-speed manual transmission was made available.

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The 1962 Corvette was the last year for exposed headlamps (until 2005, of course) and a solid rear axle. For the first time since 1955, Corvettes were offered in solid colors only.

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Corvette introduced a completely new design in 1963 model based on Bill Mitchell's 1959 Sting Ray race car. This was also the first year air conditioning and leather seats were made available as options.

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In 1965, big block V8 engines were introduced with 396 cubic inches, rated at 425 hp. Also introduced this year was the four-wheel disc brake system.

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The totally restyled 1968 Corvette featured an industry first for production cars - "T-top" removable roof panels. Lines of the new Corvette closely resembled those of the Mako Shark II show car. Headlamps were of the "pop-up" design and backlite (rear window) was removable.

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In 1978, the fastback body style marked Corvette's 25th year of production. The traditional crossed-flag emblem was replaced with a special anniversary emblem. The special edition of the Corvette was the Indy 500 Pace Car replica - silver and black.

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In 1984, the all-new Corvette with a drag coefficient of 0.34 ­that's 24 percent more aerodynamic than its predecessor, was launched. The interior, inspired by the F-14A Tomcat fighter jet, featured a multi-coloured LCD instrument panel that displayed speed, rpm, oil pressure, water temperature and other information.

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The Corvette ZR-1 debuted in 1990. Driver air bag became a standard feature.

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The 1992 Corvette's new 300-horsepower 5.7-litre V8 engine was given the legendary LT1 designation for its performance.

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Two unique special Corvette models were launched in 1996 - a Collector Edition and a Grand Sport.

The Collector Edition featured Sebring Silver paint, the Collector Edition emblems and an LT1 engine. The Grand Sports had blue metallic paint with a white stripe and red "hash marks" on the left-front fender with an LT4 engine under the hood.

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Corvette introduced a completely new design in 1997, featuring hydroformed side frame rails, each made of a single piece of tubular steel, that greatly improve the Corvette's structural rigidity and mass efficiency. Other noteworthy technological innovations to the new design included a rear-mounted transmission and the introduction of the LS1 engine.

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The Convertible model appeared on the fifth-generation Corvette in 1998. Active Handling stability control was also offered as an option for the first time.

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The Z06 was introduced in 2001 with a 385-horsepower LS6 V8, with a top speed of more than 170 miles per hour (approximately 258 kmph). It also had new front fascia, which improved airflow through the Corvette for better cooling.

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Fiftieth anniversary of the Corvette was marked by the 50th anniversary package. It featured special red paint, a unique two-tone shale interior, special emblems and Magnetic Selective Ride Control.

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The 2005 Corvette featured all-new design and engineering for the specific year, which was also the sixth generation of Corvettes.

Powered by the new 6.0L 400-horsepower small block V8 engine, the new model returned with exposed headlights for the first time since 1962. The body was also five inches shorter than its predecessor.

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A complete redesign of the Z06 returned after a one-year absence, featuring an aluminium frame, fixed magnesium roof panel, magnesium engine cradle and carbon fibre fenders, and floors. It also had a new 427 CID LS7 V8 engine, co-developed with the C.6R race car that produced 505 hp. It also had a six-speed paddle shift automatic transmission.

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In 2009, Corvette reintroduced the ZR1, powered by a 638 HP super-charged 6.2L V8 engine - the fastest production car Chevrolet had ever built until then.

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In 2010, the Grand Sport replaced the Corvette's previous Z51 package and brought a greater degree of handling performance, with wider wheels and tires; revised shock, stabiliser bar and spring specifications; and specific gearing.