General Motors Company
) recently showcased the new 2014 Chevrolet Corvette at the
annual auto show in Detroit. The company unveiled the latest
version of the iconic sports car after nine years, which is set
for a commercial launch later this year.
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The 2014 Corvette has certain elements of the 1963 Sting Ray and
newer Corvettes. However, the automaker remodeled the 2014
Corvette in such a way that it is totally different from the
The 2014 model is equipped with 6.2-Liter small-block V-8 engine,
which provides 450 horsepower. The engine has high torque or
rotational power at low and high revolutions. The fuel efficiency
of the vehicle is maintained by the computer-controlled intake,
exhaust valves and direct fuel injection. With this, the
automaker guarantees that the car will perform better with more
fuel efficiency compared to the current model.
The current Corvette, priced at $49,600, offers 16 miles per
gallon (mpg) in the city, 26 mpg on the highway and 19 mpg on
combined driving. The 2014 model, which comes in seven-speed
manual and six-speed automatic transmissions options, is expected
to provide better mileage compared with the current model.
General Motors posted a 9.7% decline in earnings (excluding
special items) to 93 cents per share in the third quarter of 2012
from $1.03 in the corresponding quarter a year ago. However,
earnings outpaced the Zacks Consensus Estimate of 61 cents.
Profits ebbed 5.9% to $1.6 billion from $1.7 billion a year ago
due to lower profits from North America and higher losses in
Europe. Revenues grew 2.5% year over year to $37.6 billion,
surpassing the Zacks Consensus Estimate of $36.3 billion. The
improvement was driven by an increase in worldwide sales volume
to 2.3 million units.
Detroit, Michigan-based General Motors is the largest automobile
manufacturer in the world and is one of the 'Big Three' U.S.
automakers. The company's significant exposure to troubled Europe
has adversely affected its operations in the continent.
The automaker, which competes with
Ford Motor Co.
), currently, retains a Zacks Rank #3 (Hold).