Fans of the Chevrolet Camaro have helped keep the model alive since it was introduced as a competitor to the Ford Mustang in 1966. But their enthusiasm may not be enough — parent company General Motors (NYSE:GM) has said the car is going away after the 2024 model year, and the automaker is not saying much about what will follow.
Tightening regulations, slumping sales in the segment, and a growing preference for crossovers and sport utility vehicles have all but doomed the car and threatened its competitors. Rival Dodge, owned by Stellantis, has said its 4-door Charger and 2-door Challenger will both bow out after 2023. So far the plan seems to be to make an electric vehicle that bears a striking resemblance to the current Dodge cars.
That makes the Ford Mustang the last vehicle in the segment standing in its current gas-burning form. Even Ford (NYSE:F) seems to have acknowledged times are changing, introducing a 4-door electric crossover called the Mustang Mach-E.
The Camaro has been discontinued before, in 2002. It was brought back as a concept car in 2006 and put into production in 2009 for the 2010 model year. That 2009 Transformers movie appearance was a way of introducing the new vehicle to the world beyond die-hard fans.
It sold 61,000 units in 2009, the first year it was reintroduced. Through 2014, sales were consistently in the 80,000-unit range, outperforming rival Mustang.
But by 2019, sales had fallen to about 48,265 units, down from 86,297 five years earlier.
GM shares fell 54 cents, or 1.5%, to $36.47.
