Chevrolet Unveils 2003 Chevy Indy V8

    FORT WORTH, Texas, Sept. 15, 2002 -- With the start of the 2003
Indy Racing League season more than five months away, Chevrolet took the
wraps off its all-new third-generation Indy car engine today at Texas Motor
Speedway. Designed and developed by GM Racing, the 2003 Chevy Indy V8 is
smaller, lighter and more powerful than the championship winning 2002
version. Chevy's latest racing engine will make it competition debut at
Homestead-Miami Speedway on March 2, 2003.

    "Chevy races to win in every form of motorsports in which we
compete," said Steve Shannon, GM executive director - marketing services.
"We recognize that the bar will be raised next year with new manufacturers
entering the IRL series. This new Chevrolet racing engine, designed and
developed in-house at GM, is a symbol of our commitment to continue Chevy's
winning tradition against international competition."

    The 2003 Chevy Indy V8 is 3 inches narrower, 3 inches shorter and
35 pounds lighter than the 2002 version. The 3.5-liter (214ci) engine has
an aluminum cylinder case, aluminum cylinder heads with four valves per
cylinder, dual overhead camshafts and sequential electronic fuel injection.
It produces more than 675 horsepower and weighs 280 pounds.

    The 2003 Chevy Indy V8 is the second new Indy car engine produced by
GM Racing in two years. It is the successor to the Chevrolet engines that
have won 13 IRL events in 2002 and captured the manufacturer, driver and
team championships.
 
    "The testing and development program for the 2003 Chevy Indy V8
is proceeding according to plan," said GM Racing Group Manager Joe Negri.
"We began dynamometer testing in July, and we will commence track testing
in October. We have an aggressive timetable that ensures that our
affiliated engine builders and teams will have Chevy engines ready to test
when the new 2003 chassis become available in late December.

    "The Chevy Indy V8 engine program reflects the values that have
made Chevrolet America's brand," Negri continued. "We will be responsive to
the needs of our customers and flexible in our dealings with teams. Our
goal is to create an engine program that is straightforward, fair and
user-friendly.

    "We will sell Chevy Indy V8 engines to IRL teams below the
IRL-specified price of $120,000, and we will institute a leasing program if
requested by our customers. Most importantly, we are committed to the
principle of accessible and affordable technology. Updates to the Chevrolet
engine package will be released to all bona fide Chevy teams when the
equipment is validated and manufactured in sufficient quantities.

    "Today we are announcing that TWR will be one of five affiliated GM
engine builders. Our agreement with TWR will be through at least 2005. Like
our other OEM engine builders -- Speedway Engine Development, Menard Engine
Group, Roush Industries and VDS Engines -- TWR will supply engines to teams
to be announced at a later date and will participate in the development of
the 2003 Chevy Indy V8.

    "Five teams will assist in the development of the 2003 Chevy Indy
V8: Panther Racing, Hemelgarn Racing, Blair Racing, A.J. Foyt Racing and
Team Menard," Negri noted. "We anticipate that these teams will field six
to eight cars next season when driver and sponsor agreements are finalized.
We are also in discussion with other teams that have expressed interest in
running Chevy engines. We are prepared to supply up to 18 cars in 2003."

    GM Racing engineers used powerful design tools to create the new
engine, which went from concept to the dyno cell in just nine months.
 
    "The 2003 Chevy Indy V8 builds on the experience GM Racing has gained
with two previous IRL engines," said lead engine designer Roger Allen. "It
also takes full advantage of changes in the technical regulations as the
IRL series has moved from production-based engines to purpose-built racing
engines. For example, the new Chevy Indy V8 has a precision gear camshaft
drive instead of chains, two fuel injectors per cylinder instead of one,
and removable light-alloy wet cylinder liners instead of the cast-iron dry
liners that were used previously.

    "In addition to this new hardware, GM Racing is also developing a
new engine management system with sophisticated software features," Allen
added. "Prototype units have already been tested extensively under racing
conditions, and GM Racing's electronics specialists are tailoring the
system to the requirements of the new engine."

    Chevrolet has won more championships in stock car racing, road
racing, drag racing and off-road racing than any other manufacturer. The
new Chevy Indy V8 is the heir to this rich racing heritage.