DETROIT, MI - When you think of the quintessential iconic American car – the Chevrolet Corvette is at or near the top of that list. The Corvette isn’t going to be a best seller, but it’s a car that generates a lot of hype, excitement and great memories. It has lasted sixty years and held strong against its heavyweight European sports car competitors.

Over the past few years, the Corvette’s sales dipped significantly without any sign of a major update. It was resting on its past history rather than upgrading its cheaper-looking exterior and interior and catching up to the modern age.

That all changed at the North American International Auto Show in Detroit earlier this month as the seventh-generation Chevrolet Corvette was unveiled and dominated most of the headlines and conversations amongst media members. The new Corvette will be called the Stingray – sharing many of its attributes with the original 1963 Corvette Stingray with a modern twist.

The Corvette that we’ve grown to love as the two-door hatchback coupe with a removable roof panel and set in rear-wheel drive – will be the most powerful ever-produced. It’s estimated 450 horsepower and 450 lb.-ft. of torque will be generated by its all-new LT1 6.2L Small Block V-8 engine. The numbers achieved by the LT1 engine are aided by the combination of modernized technologies such as direct injection and a continuously variable valve timing with an advanced combustion system. Furthermore, its 0-60 timing can be achieved in less than four seconds. 

The Corvette has always been a powerful car with its V-8 engine, but the latest model places a lot of attention on fuel efficiency as well. In today’s automotive world, it’s imperative for even the most powerful American muscle cars to achieve better fuel numbers and the Corvette is no different with it exceeding the EPA-estimated 26 mpg of the outgoing model. 

“Like the ’63 Sting Ray, the best Corvettes embodied performance leadership, delivering cutting-edge technologies, breathtaking design and awe-inspiring driving experiences,” said General Motors North America President Mark Reuss. “The all-new Corvette goes farther than ever, thanks to today’s advancements in design, technology and engineering.”

The new Corvette Stingray is fitted with a new carbon-fiber roof and hood, as well as a lightweight aluminum chassis that assists in making it lighter and producing an ideal 50/50 weight balance that must have been one of Chevrolet’s goals. 

One of the more exciting features of the Corvette Stingray is its five driving modes that range from track mode to eco mode. Yes that’s right – there’s an eco-mode option in which the new V-8 shuts off four of its cylinders to reach its best fuel mileage. 

Other features that easily stood out were its all-new dual-element indirect-LED taillamps that really get your blood pumping, and when you enter the vehicle its dual, high-resolution information screens tells you that the Corvette has finally arrived in the present technologically-inspired era. 

“Stingray is one of the hallowed names in automotive history,” said Ed Welburn, GM vice president of global design. “We knew we couldn’t use the Stingray name unless the new car truly lived up to the legacy. The result is a new Corvette Stingray that breaks from tradition, while remaining instantly recognizable as a Corvette the world over.”

The 2014 Corvette Stingray coupe made a big splash in Detroit and customers won’t have to wait too long for it as it goes on sale in the third quarter of 2013.