[GMusa]

GM on ZR1 cancellation rumor: "Not true."

The rumormill is a funny thing, and sometimes, it can run amok. This appears to be one of those times. The DigitalCorvettes.com forum posted a note earlier this evening suggesting that Corvette ZR1 production has been halted and that the ZR1 may be cancelled. A post on dealer Rick "Corvette" Conti's blog, linked in the referenced DigitalCorvettes thread, added to the intrigue.

Autoblog has contacted GM's Terry Rhadigan, who handles global communications for the Chevrolet brand. We presented the DigitalCorvettes link and asked for an official resonse. His was very clear:

"Not true."

Source: http://www.autoblog.com/2008/10/07/gm-on-zr1-cancellation-rumor-not-true/

Additional Links: http://www.digitalcorvettes.com/forums/showthread.php?p=1244584 -- http://www.corvetteconti.com/blog/?p=4848

 

[zete]

It was probably one of those self-referential rumours we regularly see on the internet. They're rather annoying. More so when you see them as "references" in technical journals. You know the kind where Sally references Jake who references Joan who references Janice who references Bill who references Glen who references Sally.

Sigh.

 

[afireinside7710]

i didnt know it was a rumor at all....

 

[GMusa]

i didnt know it was a rumor at all....

Either did I till i seen it on autoblog.

 

[zete]

The irony of having a ZR1 for GM is that it doesnt' look like a $100k supercar. Thus, those who have money and want a supercar can buy a ZR1 without worrying about offending those struggling in these difficult times.

I wonder if some folks thinking of a Porsche, Lambo, or Ferrari might opt for the Corvette because it is, after all, "just" a Chevrolet. I recall reading in another thread how some poster's grandfather opted to buy a Buick so as not to offend those suffering during the Great Depression. I wonder if similar reactions will happen now with the ZR1 if the economy truly tanks.

Ironically, it might be safe regardless of how bad the economy gets: if the economy recovers folks will line up to buy it, if the economy tanks, folks may well opt for the ZR1 so as not to look as though they spent gobs of cash on an exotic.

 

[paul8488]

Gotta make those development dollars back somehow! If it weren't out now I'd say don't bother, but the development is done and the money is spent... so build build build as many as you can sell, GM!

 

[61BelAir]

The irony of having a ZR1 for GM is that it doesnt' look like a $100k supercar. Thus, those who have money and want a supercar can buy a ZR1 without worrying about offending those struggling in these difficult times.

I wonder if some folks thinking of a Porsche, Lambo, or Ferrari might opt for the Corvette because it is, after all, "just" a Chevrolet. I recall reading in another thread how some poster's grandfather opted to buy a Buick so as not to offend those suffering during the Great Depression. I wonder if similar reactions will happen now with the ZR1 if the economy truly tanks.

Ironically, it might be safe regardless of how bad the economy gets: if the economy recovers folks will line up to buy it, if the economy tanks, folks may well opt for the ZR1 so as not to look as though they spent gobs of cash on an exotic.

The majority of people shopping Porsche, Lambo, or Ferrari won't care what anyone else thinks, after all we live in a me-first society.

 

[BigAls87Z28]

I didnt hear that rumor either. Oh well, just a bunch of touchy Vette owners I guess. When times get tough, rumors start to fly.

 

[blaksabb]

The majority of people shopping Porsche, Lambo, or Ferrari won't care what anyone else thinks, after all we live in a me-first society.

I would think that people buying Porsches, Lambos and Ferraris car MORE about what people think. That's why most people buy them. Of course you have some collectors who just love cars and some aficionados w/ the skill and the means to use the performance but most people want the valets in Beverly Hills fighting over who gets to park their car. Chick-magnet.

 

[johnny smallblock]

The majority of people shopping Porsche, Lambo, or Ferrari won't care what anyone else thinks, after all we live in a me-first society.

Not true. Big ticket luxury items are down. That is due in part to everyone wanting to hold on to their money, but also in part to basic good taste; many people know it's bad form to shove your wealth in others' faces when times are tough.

 

[MarkP]

The Corvette Action Center has also released an official statement debunking the rumors as well:

http://www.CorvetteActionCenter.com/forums/showthread.php?t=108538

 

[JerryL]

It's just unbelievable to me how fast this "Chicken Little" effect spreads on forums. Everyone believes what they read without regard to the topic or source.
I know I should not be surprised ........but each day I am.

 

[mgescuro]

The irony of having a ZR1 for GM is that it doesnt' look like a $100k supercar. Thus, those who have money and want a supercar can buy a ZR1 without worrying about offending those struggling in these difficult times.

Well, supercars, in the traditional sense are $250K+.
ZR1 is a "budget" supercar. All the performance without the look and only some of the cachet.

What's more ironic is while GM puts on this green facade, this car is rolling out.

In either case, for all the dev money put into the ZR1... you'd think we could get a proper XLR/XLR-V?

 

[JeffInDFW]

Incredibly stupid that so many people would believe something like this. Why would GM spend all the development money, start the production line, build 15 cars, then say, "Well, we have a ton of people who have already paid deposits to buy ZR1s, but we are going to cancel the car."

Give me a break.

 

[jzEllis]

The majority of people shopping Porsche, Lambo, or Ferrari won't care what anyone else thinks, after all we live in a me-first society.

agreed...infact if i was in the market for one, i would'nt care either. if yer gonna get yer panties in a bunch because i have a Lambo and you don't, then you'll probably get mad at me regardless of how the economy is.

 

[kenman923]

Why would the discontinue it? The just came out with it.

 

[Stevasaurus]

Wow, this is an bad situation on many fronts.

1. With the troubles everyone has been having in the economy these days, it's a bummer that ZR1 needs to be sidelined.

2. The internet equivalent of a quilters' group rumor mill took this one and RAN with it. A confirmed allocation not receiving a build date and another allocation losing a build date raised a flag that something was going on. Next thing you know, everyone thinks ZR1 is cancelled and the sky is falling.

FWIW, I was fortunate enough to purchase an '08 Corvette from Rick Conti for my dad this summer as a retirement gift. You will never meet a straighter shooter than this guy (or his counterpart Greg). He has been posting updates on his website in an attempt to bring the rumor mill back to Earth.

Now let's see where this ends up. This car is too good to end so soon.

 

[charts.1]

Don't discount those rumors yet!. GM stock fell 30% TODAY to $4.91. The lowest since 1950. Their foreign vehicle sales that had been positive and making $ earlier have dropped dramatically GM stated today. GM, USA is bleeding uncontrollably. GM stated they are going through a billion dollars a week. How long can that last?

Today October 9, any new vehicle products coming on line, that are not practical, & fuel efficient, are going to have a hard time explaining their relevance to the board of directors of the big three. Tough times for everyone but especially the american auto industry. Its going to be interesting when the knives start cutting!

 

[charts.1]

Why would the discontinue it? The just came out with it.

Things change! It couldn't happen you say? Look what happened to the plymouth prowler, dodge magnum, ford thunderbird, chevy ssr, mercury murauder. All short lived. Why? Not practical for the times. Cost the big three billions. GM wants to dump the hummer and dodge the viper. A few years back oldsmobile bit the dust and the plymouth brand, and now talks of pontiac in the near future. 1 month ago the world economies and everyones 401ks looked pretty healthy. Times are a changin' very fast. October 9th GM stock closed at $4.91, down 30% from yesterday. Ford $2.60 a share. Anything is possible today.......anything! its going to be very intersting. The days of high performance from the big three are coming to an end very quickly. Lightweight, practical, high efficency will be the only vehicles that could save the big three. Sure they might sell a couple thousand ZR1s, to make the corvette crowd happy but at what cost to GM? Corvette sales for 2008 are down significantly. The future looks bleak at best!

 

[XXSS]

Not true....There's a Black one in our showroom here in Ottawa!