New mid-engine Corvette starts under $60,000

Body of new Chevrolet Corvette Stingray. (MGN)

WARREN, Mich. (AP) - The new Chevrolet Corvette doesn't look much like earlier versions of the classic American sports car.

With the engine in the middle instead of the front for the first time, it more resembles a Lamborghini, Lotus or McLaren race car. Engineers say they had to move the engine because they had reached the performance limits of a front-engine car.

The 2020 version was unveiled Thursday night in a glitzy ceremony at a World War II dirigible hangar in Orange County, California.

Engineers say it will perform far better than the current front-engine model and will be quieter on the road. They moved the V8 engine from the front to the middle of the car for better performance. They also changed its looks so it resembles European mid-engine race cars.

GM President Mark Reuss says the new 2020 version of the Chevrolet Corvette will start under $60,000, 7% more than the current car's base price of $55,900.

Prices of other versions weren't announced but the current Corvette can run well over $100,000 with options. That's still thousands cheaper than most European competitors.

Although it looks more like a racer, they kept some of the old Corvette's looks such as the tapered fastback rear and pointed shark-nose hood.