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In light of the 1997 5th generation Corvette, the 1957 Q-Corvette is not only the most forgotten Corvette, but the most profound of all concept Corvettes! Mechanical designs for the C5 were actually laid out in this very unique 1957 prototype.
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The rear mounted transmission/axle helped balance the weight of the Corvette. Drum brakes were mounted inboard to reduce unsprung weight. Even the starter motor was on the transaxle for weight balancing. The transaxle case was aluminum and could be offered as either a 4-speed manual or automatic.
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The proposed structure of the Q-Corvette was a steel platform similar to the 356 Porsche. Because of the transmission location, the interior would have been larger, even though the length and height were smaller than the production Corvette. The fastback roof had a permanent arch behind the cockpit and removable roof panels. At the leading edge of the windshield, there were no A-pillars.
Bill Mitchell suggested to stylists Bob Veryzer and Peter Brock that the styling should come from the slimness of the Pininfarina / Abarth cars with a strong horizontal line and bulges over the wheels in the upper surfaces. The pointed nose had driving lights in the grille opening and manually operated pop-up headlights. Mitchell's Sting Ray Racer used most of the same styling ideas.
In 1958 there was a recession in the automobile industry, so eventually GM killed the expensive Q-Corvette project. As it was, Corvettes were hardly profitable. So the Q-Corvette was an on-paper and clay-only prototype with some great ideas that took 30 years to produce.
Source: The Illustrated Corvette Series