General Motors Co. is developing a hybrid version of its Chevrolet Corvette that could arrive at dealerships as early as next year.
A fully electric version of the iconic sports car is also in the works, said GM President Mark Reuss.
Further details will be released at a later date, he said. Reuss made the announcement in a LinkedIn post, Monday, following an appearance on CNBC.
A spokesman for GM GM, -0.05% didn’t specify whether the first electric Corvette would be a hybrid with an electric motor and gasoline engine that doesn’t require plugging in or a plug-in electric hybrid model.
GM’s Corvette announcement comes as legacy auto makers race to produce more electric vehicles to compete with Tesla Inc. TSLA, -0.70%. The Detroit auto maker said it is working to surpass Tesla in EV sales, and is investing $35 billion in electric and autonomous vehicles through 2025.