Chevy Returns to Open-Wheel Racing

DETROIT, Feb. 25, 2002 -- History has proven that former Chevrolet
General Manager Jim Perkins was a prophet. On Sept. 14, 1993, Perkins
announced the conclusion of Chevrolet's first Indy car engine program -- a
six-year undertaking that produced 86 victories, 80 poles, six Indianapolis
500 trophies and five series championships. Addressing a group of
journalists at the announcement, Perkins asked rhetorically, "Are we out of
Indy car racing forever? No way!

    "The pendulum always swings back," Perkins promised. "And when it does,
I can assure you that there will be a red Bowtie in the winner's circle."

    Fast forward to June 5, 2001. The speaker was current Chevrolet
General Manager Kurt Ritter, and his words confirmed Perkins' prediction:
"Beginning next year, Chevrolet will return to open-wheel racing and the
Indianapolis 500," Ritter announced.

    "We are very proud of Chevrolet's record in Indy car racing,"
he continued. "We are looking forward to continuing that winning heritage
when we return."

    That return will become official at 1 p.m. on March 2, 2002, when
the all-new Chevy Indy V8 racing engine makes its competition debut in the
20th Anniversary Grand Prix of Miami at Homestead-Miami Speedway. Perkins
was right; the pendulum is about to complete its cycle.

    The landscape of open-wheel racing in America has changed
dramatically during Chevy's absence. The Indy Racing League debuted in 1996
with a commitment to strengthening open-wheel racing's oval-track roots and
to controlling costs for teams, sponsors and manufacturers. The IRL
introduced its naturally aspirated engine formula in 1997, supplanting the
turbocharged 2.65-liter engines used previously.

    Along with this new hardware came a new philosophy for GM's Indy
car program. Chevrolet's first Indy car engine program was a joint venture
with British engine building specialists Ilmor Engineering. This time GM
Racing designed and developed the major components of the new Chevy Indy V8
in house using GM personnel and resources.

    Thus the Chevrolet name returns to the open-wheel arena in 2002, borne
by a purebred competition engine that incorporates advanced yet
affordable technology. Unlike the ungainly engines that company co-founder
Louis Chevrolet drove at the Indianapolis 500 in the early 1900s, the new
Chevy Indy V8 racing engine is a sophisticated, technically advanced
powerplant with close ties to GM Powertrain's family of Premium V
production engines.

    The Chevy Indy V8 is the successor to the IRL Aurora V8 that dominated
the IRL series for the last five years. Specifically engineered for the
IRL series' 3.5-liter engine formula, it is smaller, lighter, more powerful
and has a lower center of gravity than the Oldsmobile engine it replaced.

    "The new Chevy Indy V8 incorporates the knowledge and technical
expertise that we have gained in five seasons of open-wheel racing," said
Joe Negri, GM Racing group manager. "The Chevrolet IRL engine is
significantly different from the Oldsmobile engine, with improved
efficiency and higher output. This project is accelerating our development
program as we make the transition to the new IRL engine rules that will
take effect in 2003."

    GM powerplants are the overwhelming choice of IRL teams. Twenty-two of
the 26 entries for the first of 15 events on the IRL schedule are using
Chevrolet engines, including defending series champion Sam Hornish Jr. and
2000 champion Buddy Lazier. Penske Racing selected Chevrolet Indy V8s for
its first full season in IRL competition with drivers Gil de Ferran and
Helio Castroneves. Other Chevy standouts include Donnie Beechler and Eliseo
Salazar in A.J. Foyt's two-car team, 2001 Chevy Rookie of the Year Felipe
Giaffone with Mo Nunn Racing, Scott Sharp and Al Unser Jr. with Kelley
Racing, Team Menard's Jaques Lazier, and Billy Boat, co-owner and driver
for the Curb/Agajanian/Boat Indy Racing team.

    Chevrolet's return to Indy-style racing is a key element in the
division's wide-ranging motorsports marketing program that also includes
participation in the NASCAR Winston Cup, Busch Grand National and Craftsman
Truck Series; the American Le Mans Series; and NHRA drag racing. Chevrolet
is the only manufacturer that currently competes in three of the world's
most prestigious motorsports events -- the Indianapolis 500, the Daytona
500 and the 24 Hours of Le Mans. 

    "Racing is an integral part of Chevrolet's brand promise that says
'We'll be there'," said Ritter. "Customers justifiably believe that racing
improves the safety and quality of production vehicles. By combining
Chevrolet's rich racing heritage with GM's advanced technology, we create a
halo for all Chevrolet products."

    When the green flag drops at Homestead-Miami Speedway, Chevy's promise
to return to Indy car racing will be fulfilled.