The Ford Motor Company showed the Thunderbird two-seat convertible in Detroit in 1954. The Thunderbird is a major part of GM's decision to continue production of the Corvette after the disappointing 1954 sales year. Although sales climbed to 3640 units in 1954, 10,000 units were expected, and sales fell off dramatically in 1955 to just 700 in 1955 setting off rumors that Corvette might be a short-lived automotive experiment.

But Zora Arkus-Duntov had different ideas. Zora Arkus-Duntov, an engineer on the Corvette team since 1953 and a former European road racer, set out to give Corvette the two things it needed most, better performance and better handling. In July of 1952 Chevrolet chief engineer Ed Cole, and Harry Barr went to work on an all-new Chevrolet V-8, and Corvette's evolution into a true sports car began in 1955 when a 265-cu.-in. V8 that generated 195 horsepower was offered. By the end of the 1955 model year, a 3-speed manual transmission was also available.