Chevrolet has announced plans to unveil the 2014 Corvette in January at the North American International Auto Show in Detroit. The 2014 Corvette will be the first of a new generation of Corvettes, the seventh in the line’s history.

The new Corvette, or C7 as enthusiasts have called it, is expected to be completely redesigned form the wheels up, offering such improvements as a lighter chassis, a modern exterior, and a much more efficient engine.

As for internals, the Los Angeles Times expects the 2014 Corvette C7 to be outfitted with “a small-block V-8, likely with direct injection and bushels of horsepower.”

The 2014 redesign comes as the first major overhaul of the Corvette since the sixth generation was introduced in 2004.

Chief engineer Tadge Juecher tells Reuters the upcoming C7 model is "a truly all-new Corvette. There are only two carryover parts from the C6 used in the C7 - the cabin air filter and the rear latch for the removable roof panel."

Corvette plans to have the 2014 models, also known by the development code Y1XX, start rolling off the assembly line in Bowling Green, Ky., on June 30. Exactly 60 years prior to that date – June 30, 1953 – the very first Corvette was produced.

To make room for the new C7 models, Corvette will end production of its 2013 C6 Corvettes in mid-February, giving the Bowling Green factory plenty of time to prepare for the new year’s models.

Prices for the 2014 Corvette C7 will be announced next summer, though Reuters speculates that they will range from around $55,000 for the cheapest model all the way up to $120,000 for the Corvette ZR1.