It's five inches shorter and an inch narrower than the outgoing C5 Corvette and, with a Cd of 0.28, surprisingly slippery. Under the skin (it's the first Corvette since 1964 not to have pop-up headlights) is a new chassis with composite floors, an aluminium cockpit structure and an enclosed centre tunnel.

The transmission (six-speed manual or auto) is mounted on the rear axle. Although the suspension is all-new, it still uses transversely-mounted leaf springs. Magnetic ride control damping will be an option.

Power comes from the new LS2 6-litre 'small-block' V8, which delivers 400bhp and 400lb ft of torque. There's also the option of the Z51 Sport package, which offers uprated suspension and braking. Rumours suggest a 500bhp Z06 in 2005 and even a 7-litre 600bhp+ 'Blue Devil' to take on Ford's GT supercar.

Ford's Mustang is also all-new, but based on a steel monocoque chassis. Prices should start at just ,000 for the 200bhp V6 model. A 300bhp V8 GT will also be offered. Ford is particularly proud of the interior design and quality.

Under the retro-look shell, the car has a rather basic live axle. Ford says Mustang owners insisted on a live axle - something that must have been popular with the accountants, too.