This exclusive report (c) TheDetroitBureau.com.  It has been updated to reflect additional details.
 Anxious to attract the sort of high-performance buyers increasingly  drawn to European sports cars from the likes of Porsche, Ferrari and  Lamborghini, General Motors is planning some major changes for the  next-generation Chevrolet Corvette – starting with a high-revving,  small-displacement powertrain, that will substitute for the big V8s  traditionally found under the hood of the Chevy 2-seater.
 TheDetroitBureau.com has learned that GM has approved the use of a  very European-style V8 that will be only slightly larger than 3 liters  in displacement.  The engine will be of an overhead-cam, rather than  traditional overhead-valve design, using a dry sump oil system that’s  particularly well-suited to high-performance road courses rather than  straight-line acceleration. The engine is expected to feature a narrow  80.5 mm bore and a long stroke, more like a Ferrari or Lamborghini  powertrain than the approach used for traditional Motor City metal.
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A very senior GM executive also confirmed that the new engine will be  turbocharged, which will help yield a broad torque curve and maximum  performance under a variety of driving conditions.  The engine is  expected to deliver in excess of 400 horsepower, which means a specific  output in the range of 125 horsepower per liter.  That’s the sort of  number that would help the next-gen Vette stack up well against the  likes of a Porsche 911 or Lamborghini Gallardo.
 The engine is likely to be extremely  high-revving, perhaps climbing to a near-Formula One-class 10,000 RPMs,  suggested one source involved in the project.
 The revelation tracks in line with a recent comment by General  Motors’ North American President Mark Reuss, who recently promised that  the so-called C7 Corvette, due to market in less than two years, will be  “completely different” from the very American sports cars that have  come before it.  Since its launch in 1953, Corvette has been governed by  the philosophy, “there’s no replacement for displacement.”
 While Reuss and other senior executives have declined to discuss  plans for the next Corvette publicly, several well-placed sources have  given TheDetroitBureau.com a good sense of what’s to come.  The small V8  underscores what one of those insiders says is the desire to “target a  very different sort of buyer for the next Corvette.  Let’s face it, the  current customer is getting old.”  But without making significant  changes, that source acknowledged, younger sports car fans will continue  to be “conquested” by more modern, high-tech imports.
 Significantly, Corvette won’t abandon its more classic powertrain  roots entirely.  There will be several different types of engines  offered for the C7, including a more classic, big-block OHV V8 designed  to appeal to traditionalists.
 In fact, some of the design cues of the new car will be borrowed from  early generations.  There have even been rumors of the C7 going with  the split window of the very collectible 1963 Corvette, though  TheDetroitBureau.com has not been able to confirm that detail has been  given the go.
 Meanwhile, expect the interior to be much more modern than the  current car’s, which GM’s global design chief Ed Welburn admits, “is a  disappointment.”  The styling boss, a long-time Corvette fan himself,  says he is personally overseeing the development of the C7 interior and  promises it will be “absolutely world-class.”
 Adopting a mid-engine layout, rather than the long-running  front-engine design, is considered a strong possibility, though it would  be a significant engineering shift for GM.  Nonetheless, sources say  that wouldn’t be entirely out of line, as the Corvette has often served  as the technological test bed for the maker.
 GM adopted the then-radical approach of using a fiberglass body when  the original 1953 Corvette was launched.  The sports car has introduced  plenty of other features, over the years, including the MagneRide  suspension, which uses a magnetically controlled fluid to continuously  vary suspension settings to match road conditions and driving behavior.
 When migrating from the fifth-generation Corvette to today’s C6  model, GM trimmed weight and brought the sports car’s overall size down  to something closer to that of a current Porsche 911.  Anticipate  further cuts in mass for the upcoming remake of Chevy’s halo car.
 GM is investing $131 million in the Bowling Green, Kentucky plant that produces the Corvette to prepare for the C7 launch.
 The use of the new small-displacement V8 is likely to have some  knock-on effects at GM, said one of TheDetroitBureau’s sources.  As with  current Corvette powertrain technology, the high-tech engine will find  its way into the Cadillac line-up, it appears, where it would help that  brand’s V-Series evolve into a more sophisticated offering, rather than  the brute-force line-up it is today.
 The switch to a smaller, turbocharged V8 isn’t exclusive to GM,  incidentally.  Ford made the move with its big F-Series pickup for 2011,  offering a downsized EcoBoost twin-turbo V6 — which delivers the same  sort of towing power as the F-150′s biggest V8, while yielding  significant fuel economy improvements.
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