Demand for the Corvette C8 Stingray has been strong from the moment the car debuted. High traffic almost crashed the online configurator tool on the night of the vehicle’s unveiling – which served as a sign of the frenzy that was to come over the mid-engine sports car. The automaker sold out of its build slots for the initial 2020 production run shortly after and, thanks to the COVID-19 pandemic, had to push many 2020 orders to 2021.
That high demand has lasted throughout the first six months of 2021 and looks set to continue for the 2022 model year. Tony Johnson, director of car and crossover marketing for Chevy, told GM Authority executive editor Alex Luft in a recent interview that the automaker is working around-the-clock to ramp up production output to try and meet the unexpectedly high demand.
“No, not even close,” Johnson said when asked if the automaker was keeping up with demand. “We have more orders than we can handle.”
“I can’t give you a number (on how many orders we’ve received), but I can tell you it’s significant,” Johnson added. “We’re working on meeting that demand. We know there’s a lot of customers who really, really are excited to get their hands on a Corvette.”
The Corvette C8 program has been hampered by production issues from the outset. Chevy initially hoped to begin production of the sports car in late 2019, but the start date was pushed back due to the 40-day UAW strike. The production line at GM Bowling Green Assembly was only up and running for a brief period of time before the COVID-19 pandemic forced GM to shut it back down last March. Subsequent parts shortages due to the COVID-19 pandemic have occurred throughout 2020 and 2021, leading to further supply issues.
Now, with demand for the C8 Corvette Stingray at a high and production output remaining relatively low, the automaker is struggling to keep up with demand. Some customers who placed an order for a new 2021 model year C8 Corvette Stingray have had their orders pushed back to 2022 as a result, while dealerships have been applying steep $5,000 to $10,000 “market adjustments” on the few vehicles they do have in stock. The automaker stopped accepting new sold orders for the 2021 Corvette Stingray in March due to high demand, as well.
It goes without saying that Corvette Stingray sales have been rocking since last year’s launch. The automaker sold 21,626 examples of the car for the 2020 calendar year – a very strong market performance considering the COVID-affected production schedule. The Vette also dominated the sports car market in Q1 2021, taking 51 percent of the segment market share in the U.S. with sales of 6,611 units.
Sales Numbers - Premium Sports Cars - 2020 Calendar Year - USA
MODEL | YTD 20 / YTD 19 | YTD 20 | YTD 19 | YTD 20 SHARE | YTD 19 SHARE |
---|---|---|---|---|---|
CHEVROLET CORVETTE | +20.22% | 21,626 | 17,988 | 51% | 44% |
PORSCHE 911 | -4.59% | 8,840 | 9,265 | 21% | 22% |
PORSCHE 718 | -11.16% | 3,447 | 3,880 | 8% | 9% |
MERCEDES-BENZ AMG GT | -17.09% | 3,489 | 4,208 | 8% | 10% |
MERCEDES-BENZ SLC-CLASS | +15.33% | 2,122 | 1,840 | 5% | 4% |
MERCEDES-BENZ SL-CLASS | +5.44% | 1,782 | 1,690 | 4% | 4% |
AUDI R8 | +1.22% | 581 | 574 | 1% | 1% |
NISSAN GT-R | -8.16% | 304 | 331 | 1% | 1% |
FORD GT | -23.58% | 175 | 229 | 0% | 1% |
BMW I8 | -82.67% | 191 | 1,102 | 0% | 3% |
ACURA NSX | -46.22% | 128 | 238 | 0% | 1% |
TOTAL | +3.24% | 42,685 | 41,345 |
Buyers of the C8 Corvette Stingray are also not afraid to equip the vehicle with options, driving up GM’s bottom line. For example, over 60 percent of vehicles sold thus far were ordered with the $5,995 Z51 Performance Package, which includes a performance exhaust system, electronic limited slip differential and other performance-focused add ons.
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Comments
When the Zo6 comes out it might even be worse. They could probably sell double than they currently are making if they could get parts. I’m not a big fan of GM going EV but maybe this may make them think that sports cars could still be ICE for longer than they predicted.
This is a perfect example of build the best possible car at the best possible price and this is the result.. But this is GM they will learn nothing from this…..
Wow who would have thought a new model with an actual ice, quality interior and updated design would actually sell.
Yes but a couple new wheel designs would be nice. My least favorite part of the C8. Thought C7 Had better wheel options.
that rear end doesn’t bother you?
The American “peoples (sports) car”!
It tells you how clueless GM management and wrongly positioned the product. This is a flawless supercar up to the mark. It doesn’t charge you extra for targa top, even gives you trunk space of daily car. And you sell it at german compact sedan price!!! Of course you can’t make it enough!!
GM is not a charity to make people’s car for loss. If it’s in the business for making money then moron executives should gauge the market, rivals and interest then price the product out. You can’t simply say well outgoing vehicle was starting at 60K so this new one should follow the suit too.
Here is the result; GM can’t make enough and customer can’t find one to buy and everybody unhappy.. If you really want to show loyalty your legacy customer base then you should have continued the front engine Corvette with 60K base price along side the new mid-engine supercar. Thus GM could have raised its brand value, enter a new segment as being rival to Ferrari. There’s no reason to not start Stingray LT3 at 200K. It faster than 300K ferrari and offer much more tech and luxury.
The problem is not GM management (they did an excellent job with C8). Problem is COViD and parts shortage.
And the senseless 40 day strike by the UAW, aka, the unemployed auto workers.
It is management because they helped promote the “stop the world because of covid” bullsh$#! which created the shortages.
Average transaction price was $86k and they have 51% of the market.
There is a reason to keep this pricing and that is so that there is room for upscale models in the six figures. Thiers’s is not a Ferrari like exclusivity strategy. They use the base model to attract lots of buyers and then upsell. With the new models the upsell potential will be $100+k, not the current $26k. They will continue to make plenty of money and their competitors will find it increasingly hard to stay in business.
Fast nickels beat slow dollars. Henry Ford is smiling.
Covid is poor excuse! Our company’s sales(shipmets) were up 400% this past year. And yes we had parts problems but we planned around them!
Dealers are loving it,MSRP+ in perpetuity.
I am retired I am glad I was able to secure a 2020 C8. My wife did not want me to get it because of our budget. Now she says money well spent. If production stays limited they won’t be all over the place and that is ok with me.
My new 2021 Vette is my 11th Vette ,I just finished my 500 Mile Break In ,This Vehicle is a joy to drive ,GM finally got it right ,the handling is amazing ,it just falls in and out of lanes with ease at Any Speeds,Way to go GM just keep them rolling out to all of those that want one .I never got my 2020 so I had to Wait for over a year for my 2021 ,Man it was worth the wait.
GM should Reinstate the employee discount program for the Corvettes, didn’t for 20 and 21 but should as a token of good faith for the 22 model
Why? So you can turn a profit on one. They sell just fine without it.
This is he understatement of the decade! Been waiting 16 months and no build date. Salesman says next spring.
I placed an order in February 2020. I didn’t receive a 2020 but certainly expected a 2021. Sixteen months later I have heard nothing with no build date in sight. I wonder if some of the people getting a build date have waited as long as others.
The dealer is screwing you! I ordered a Mist Red L51 HTC on 1/5/21. It is now 3400 with a Build week of 7/5/21.
The dealer wants me to place an order for a 2022, he guarantees I’ll be the first order he places!!! I think I’ll wait for a Z06 and enjoy the 2021…
Your getting screwed by your dealer. Find a dealer that has many allocations (they have sold lots of vettes in past) and you will not wait more than 8-10 months from day you get allocation. I ordered mine (2021) from another city 200
Miles away because the dealers in my city don’t sell many. 8 months later they delivered to me on a flatbed (extra 600 bucks). Once I knew the dealer meant business, I grabbed an allocation for a 2022 as well (2500 deposit) and I’m about to get an allocation for the Z06. By the time I get the Z06, I will have driven 2 new vettes 1 year apart, for 3000 miles each and a brand new Z06 for half price after the profits on the previous 2.
They just want to raise the price. Holdback and raise. Thank u gym my used vet went for 15 grand more than 3 years ago
Have one absolutely love the car…you can’t keep me out of it……world class…
They drop the ball,not waiting,I have owned 5 of them,I just went got 2021 f type jaguar r and enjoying it.
I’m so lucky to have purchased one. It’s a blast to drive, and almost feel famous with the number of people who wave, hang out the window to give a thumbs up, and videos and pictures taken. Have another one on order, but looks like I may have to wait longer than expected.
Seems like lots of sour grapes here by people who want immediate gratification just because they have money to spend…or good credit. Moral: Place you order, pay your deposit, and…wait for it. All good things come to pass.
Makes me wonder how many are C8 speculators wanting the thrill of being an “early adaptor” for few months, hoping to then sell it off at a profit before the C8 market crashes.
I have counted 31 used C8’s on dealers lots in Chicago area at jacked prices. They are buying them where ever for whatever and reselling at inflated prices
I am not buying , to sell it. I intend on keeping it for at least 8 years. Then will see.
Ordered a 2020, cancelled, ordered 2021 when first able to. Order now cancelled again, told to try again for 2022. Tired of GM b.s. Ordered Porsche 911 GTS. Still have to wait but never heard of orders being cancelled and told to start all over and try again. And the price for the Porsche is almost the same as the marked up prices dealers are asking for the new corvettes they are allocated.
You got screwed, somehow, someone is benefitting by you stepping up and putting a downpayment, waiting for the car. Anyone that can get their hands on your allocation that is about to produce an actual order, captured the value that was supposed to go to you.
AutoNation in Arizona just called me after 16mo. wait to order my 2022 c8 vet convertible !!!! should have vet by November ??? if all goes well . Great day after Long wait. Order went in today 8/11
Keep the faith guys !!! I was just about to give up.