2003 Chevy Indy V8 Update

Contact: Rick Voegelin
rickvoegelin@compuserve.com
GM Racing Communications
(831) 761-2201    
                            

Chevy Indy V8 Update: New Engine, New Teams and New Technology for 2003
Season

    DETROIT, July 28, 2002 -- At 4:30 p.m. on July 23, 2002,
Chevrolet's latest Chevy Indy V8 racing engine roared to life in a dyno
cell in suburban Detroit. Chevrolet's new Indy car powerplant successfully
completed its first dynamometer test, marking the start of an intense
seven-month development program leading up to the engine's competition
debut at Homestead-Miami Speedway on March 2, 2003.

    Today Chevrolet announced the teams and technical partners that will
play key roles in the development of the new Chevy Indy V8. Chevrolet also
outlined its plans to make engines available to IRL teams.

    "Chevy races to win, and we are assembling a strong lineup of teams
that will help us add to Chevrolet's unmatched record of racing
championships," said Steve Shannon, GM executive director - marketing
services. "Chevrolet's roster of development teams for 2003 includes
Panther Racing, Hemelgarn Racing, A.J. Foyt Racing, Blair Racing and Team
Menard.

    "These teams have won more than half of the IRL events in the
series' history, and they have won every IRL championship," Shannon added.
"They are all proven winners."

    Since its return to open-wheel racing, Chevrolet has won all ten
IRL events contested in 2002. Chevy has already clinched the
Manufacturer's Championship.

    "We recognize that the competition among manufacturers will be fierce
next year," Shannon continued. "Chevrolet will commit the resources
required to continue our success both on and off the track. Chevrolet is
very serious about its IRL program and we welcome the opportunity to take
on new competition."

    The all-new 2003 Chevy Indy V8 was designed by GM Racing using
the technical resources of General Motors. The engine will be refined
for competition by GM Racing's dedicated R&D program and by four
development partners who will prepare Chevy Indy V8 engines for IRL teams.

    "We will use the strategy that has proven successful for GM in the
IRL, NASCAR and other racing series," said GM Racing Group Manager Joe
Negri. "Our development partners for the Chevy Indy V8 program are Speedway
Engine Development, Roush Industries, VDS Engines and Menard Engine Group.

    "GM engines prepared by our affiliated builders have won 64 percent of
IRL races since 1997," Negri noted. "The Chevy Indy V8 development team
comprises hundreds of individuals with deep racing experience. This
strategy will accelerate the development process by allowing GM Racing to
pursue multiple programs simultaneously.

    "Chevrolet development teams will work cooperatively in areas of
mutual interest to improve the overall Chevy program," he said. "We believe
GM's global resources will give our teams a competitive advantage in
aerodynamics, chassis, electronics and driver development."

    Chevy Indy V8 engines will be available to all IRL teams at or below
the IRL-specified price of $120,000. Updates to the Chevrolet engine
package will also be released to all Chevy teams as they are validated and
manufactured in quantity.

    "Chevrolet's program offers flexibility and value," said Negri. "GM
Racing will implement a lease program that is cost-competitive with other
suppliers' programs if that is what our customers want."

    The 2003 Chevy Indy V8 went from a blank computer screen to
the dynamometer in nine months. It shares no major components with
its championship-winning predecessor.

    "The 2003 Chevy Indy V8 is 3 inches shorter, 3 inches narrower and
more than 20 pounds lighter than the 2002 engine," said GM Racing engineer
Roger Allen. "The new design takes full advantage of the changes in IRL
regulations that allow two fuel injectors per cylinder, a lower center of
gravity and more latitude in engine architecture.

    "The new Chevy Indy V8 hit all of our initial performance targets,"
Allen added. "The first dyno test was right on schedule, and we plan to
begin track testing in September immediately following the final race of
the 2002 season."

    A new chapter in Chevrolet's racing history began in a sealed dyno cell
on July 23. The story will continue to unfold as the heir to Chevy's
heritage of great engines is groomed for its competition debut.

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  E-mail from: Rick Voegelin, 27-Jul-2002