Interesting comments from Bob Lutz:

Bob Lutz, GMs retired vice chairman of product development, says he rejected plans for an earlier introduction that included low-cost proposals for only modest changes. He preferred to wait until GM had the cash to build a car that would make a Corvette owner want to trade up.

Its a much bolder and more dramatic design, Lutz, who still consults for GM, said in a telephone interview. The new car will also surpass the fuel economy and performance of todays car in all respects.

There are hints of Ferrari styling in the next Corvette, which will depart from the traditional looks of the last two generations, a person familiar with the design work said. GM may use direct injection, which can improve fuel economy in powerful engines, another person with knowledge of those plans said. The Chevrolet Camaros V-6 engine uses the same technology to get 312 horsepower and 29 mpg on the highway.

Full Story: Aging Corvette Gets Cues from Ferrari | StAugustine.com