2004 Geneva Motor Show: Corvette Convertible Makes European Debut

GENEVA February 29, 2004; John Porretto writing for the AP reported that General Motors Corp. will add a new Chevrolet Corvette convertible to its European lineup this year, part of a product enhancement the world's largest automaker hopes will give its struggling overseas business a needed lift.

GM's Chevy nameplate will launch the sixth generation of its iconic sports car this year. First up is a coupe, then the convertible, which is scheduled to make its debut Monday in conjunction with the Geneva International Motor Show.

GM Europe lost $286 million in 2003 and missed its financial targets, though it narrowed the $549 million loss of a year earlier. The European division has been hindered by increasing competition from Asian brands and a sluggish turnaround at Adam Opel AG, GM's German arm.

GM's 2003 Western European market share slipped one-tenth of a percentage point to 9.8 percent, slightly more than half the share of industry leader Volkswagen, according to the European Automobile Manufacturers Association.

"In 2004, we expect to improve our operating performance as we launch new models such as the Opel Astra, Vectra wagon and a new, small convertible," Rick Wagoner, GM's chairman and chief executive, said when GM reported 2003 financial results last month.

GM recently announced that Bryan Nesbitt, the designer who helped create the PT Cruiser while at DaimlerChrysler AG's Chrysler Group, will be the next executive director of design at the Opel division in Europe. Nesbitt, who joined GM in 2001, most recently was in charge of exterior design for all North American cars and crossover vehicles.

Nesbitt replaces Martin Smith, who has been named executive director of design for Ford of Europe.

GM also adds a new European boss this year. Fritz Henderson, who has overseen the automaker's Asia Pacific region since January 2002, assumes the top spot in Europe on June 1. He replaces Mike Burns, who is leaving the post to head auto supplier Dana Corp.

This week at the Swiss exhibition, the focus will be on product. In addition to the Corvette convertible, GM will unveil the Opel Tigra, a sporty two-seat convertible, and the concept Opel Trixx, an ultra-compact city car, during media previews Tuesday and Wednesday.

While the Tigra will be available only in Europe initially, the new Corvette will be sold in Europe, North America and other regions of the world.

Production of the convertible is set to begin this fall, shortly after the coupe, which was introduced last month at the North American International Auto Show in Detroit. It replaces a model launched in 1997 that sells for about $50,000. The 2005 model will feature a new 400-horsepower, 6.0-liter V-8 engine.

GM has sold more than 1.4 million Corvettes since the first one rolled off the Chevrolet assembly line on June 30, 1953, in Flint, Michigan. Sales of the latest model were down 14 percent in the United States last year to 27,974.

Over the years, the car has starred in movies, inspired singers and endured while other American sports cars such as the Chevy Camaro and Pontiac Firebird have faded from the automotive scene.

There's even a Corvette museum in Bowling Green, Kentucky, where the cars are built.

General Motors Corp., http://www.gm.com