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GENERAL MOTORS CORPORATION (GM)
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General Motors Company : Chevrolet to Oversee Restoration of Damaged Vintage Corvettes

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02/13/2014 | 11:56pm CEST

Chevrolet will oversee the restoration of eight vintage Corvettes that were damaged falling into a sinkhole that opened inside the National Corvette Museum, General Motors said Thursday.

The sinkhole opened under the floor of the museum's skydome area early Wednesday morning.

Officials were alerted to the sinkhole--estimated to be 40 feet across and 25 to 30 feet deep--after security alarms were triggered at 5:45 a.m., according to the museum's website. The museum is located in Bowling Green, Ky.

A structural engineer was called to assess the situation.

The affected vehicles include a 1993 ZR-1 Spyder and 2009 ZR1 Blue Devil, both on loan from General Motors Co. The remaining cars--owned by the museum--include a 1962 Black Corvette, 1984 PPG Pace Car, 1992 White 1 Millionth Corvette, 1993 Ruby Red 40th Anniversary Corvette, 2001 Mallett Hammer Z06 Corvette and 2009 White 1.5 Millionth Corvette.

The restoration process will be managed by General Motors Design in Warren, Mich., and will be overseen by Ed Welburn, vice president of GM Global Design, according to the company.

"The vehicles at the National Corvette Museum are some of the most significant in automotive history," said Mark Reuss, executive vice president of global product development at GM. "There can only be one 1-millionth Corvette ever built."

GM said once the cars are recovered, they will be shipped to a small specialty shop within GM Design, where the best restoration approach will be determined.

Images of the destruction began lighting up Twitter on Wednesday. The most detailed photo shows a large section of the gray-carpeted floor pulled away and two Corvettes sitting vertically in the middle of the sinkhole.

The skydome exhibit area is a separate structure that is connected to the main museum. Both were closed to the public Wednesday. The museum is located across the street from GM's Corvette assembly plant.

Write to Erin McCarthy at erin.mccarthy@wsj.com and Jeff Bennett at jeff.bennett@wsj.com

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Financials ($)
Sales 2018 145 B
EBIT 2018 9 947 M
Net income 2018 7 484 M
Finance 2018 5 401 M
Yield 2018 4,37%
P/E ratio 2018 5,92
P/E ratio 2019 6,13
EV / Sales 2018 0,31x
EV / Sales 2019 0,31x
Capitalization 50 905 M
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Number of Analysts 20
Average target price 44,9 $
Spread / Average Target 25%
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Managers
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Daniel Ammann President
Dhivya Suryadevara Chief Financial Officer
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
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