Even the Chevrolet Corvette cannot outrun the auto sales slump.
The Bowling Green, Ky., plant that builds the Chevrolet Corvette and Cadillac XLR will be shutting down for a week in October and laying off some workers to reduce inventory.
This is the first time the plant has closed due to slow sales in more than a decade. The Corvette has typically sold well, even through recessions. But its sales are down for this year by 8.5 percent, and early last month inventory stood at a bloated 145-day supply. Sales rebounded enormously in August, but largely because GM took the rare step of including the Corvette –even the Z06- in its incentives program. GM does not want to make a habit of discounting its most iconic vehicle, so it is cutting production instead.
The slowdown is relatively minor, so don’t look for GM to try and sell the car as Chrysler is doing with the Viper. However, GM product chief Bob Lutz did express concern earlier this month that low production, high performance vehicles like the Corvette might suffer under the new, tighter fuel economy regulations.
Source: Automotive News