GM cancels Camaro Z28 and puts the convertible version on hold

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New Chevrolet Camaro is rolling of the assembly line and looks like GM has very high hopes for this new models.

Unfortunately there are few setbacks. Two variants of the new Camaro have been delayed and one of them very likely killed off entirely.

GM has realized that it would cost too much to develop the Camaro Z28. Price to bring it on the market is about $50 million according to Gene Stefanyshyn, Camaro’s Vehicle Line Executive.

With 570 horsepower, Chevy was hoping to use the next-generation Z28 to regain its long-sought dominance over Camaro’s prime rival, the Mustang.

GM hopes to launch an equally competitive product at a much lower price before the Z28 can be placed back on the production schedule.

We understand that Z28 probably would not be sold in massive quantities, but it makes us ask where are all the billions in government aid going, if GM cancels a product because $50 million sounds too much?

GM’s bigger problem today is the Camaro Convertible, which was scheduled for the beginning of 2010. Now it has been put on hold because the German company responsible for supplying the convertible top is out of business.

GM is looking for an alternative source for the top, but it will delay the production of the convertible version, meaning Camaro Convertible will very likely miss the 2010 summer market.

Source: The Detroit Bureau