When the Chevy Corvette was first introduced, - the first public viewing in January 1953 at the Motorama display at the Waldorf Astoria hotel in New York City - it was intended as an economical sports car for young adults and a performance image builder while Chevrolet waited for the introduction of its V-8 engine. The fiberglass body was novel and practical as it was less costly for the limited production and expedited the Corvette's debut. Steel bodies were planned for future model years but that did not take place.

The Corvette had entered production by June of that year at a temporary facility in Flint, Michigan. Only 300 Corvettes were built the first year and all were finished in white with red interiors. They were equipped with Powerglide transmissions with 150 horsepower and six-cylinder engines. The lack-luster mechanical components did little to boost the company's performance image, although Road and Track's review of the 1954 Corvette stated 'The outstanding characteristic of the Corvette is probably its deceptive performance.'

The first three years of the Corvette wore nearly identical styling, but in 1955 the availability of the 265 cubic inch V-8 added some much-needed punch under the hood. Sales remained poor and Chevrolet management considered ending production. When Ford introduced the two-passenger Thunderbird they were forced, for competitive reasons, to continue.

In 1956, the Corvette sales rebounded, helped along by the addition of roll-up windows, lockable doors, a manual transmission, and several notable race victories. A year later, a fuel-injected version of the Corvette was introduced, described as 'For the first time in automotive history--one horsepower for every cubic inch.'

Horsepower and performance continued to climb as the 1960s ticked by. Then things changed, with growing safety concerns, increases in insurance premiums, new government regulations, and growing concerns for diminishing natural resources. 1971 was the year that the Organization of Petroleum Exporting Countries (OPEX) failed to negotiate price increases with 17 western oil companies. In doing so, the price of a barrel of Middle-Eastern crude oil was nearly doubled. OPEC and Western companies reduced production and export volume by nearly 75 percent before the end of 1973. As a result, gas prices began to rise. 1971 was the final year for 'gross' horsepower ratings. The industry changed to a 'net' rating system that accounted for the exhaust system, vehicle accessories, and other components. It provided a truer measure of an engine's performance and is still used today.

In May of 1969, a labor dispute had caused 1969 production to be extended, shortening normal 1970 production by over four months, thus, the 1971 Corvette production was treated as an extension of 1970. GM divisions were also directed to reduce octane requirements in 1971 engines, and this would be the final year for the fiber-optics light. The system used a plastic 'light pipe' attached to most of the running lights and headlights, lighting up corresponding indicators on the console when in use.

Zora Arkus-Duntov and his engineers had plans for the 1971 Corvette, including a successor to the all-conquering L88. It was called the LS7 and was essentially the L88 bored out to 454 cubic-inch and used the same basic internals and aluminum heads. Before production began, the LS7 was suddenly dropped, as Chevrolet executives bent on restraining performance. The LS7 and the L46 350 CID, 350 HP small-block were also victims of the GM-wide 'deproliferation' program designed to simplify assembly line production and reduce costly or redundant options. Arkus-Duntov's answer to the LS7 demise was the LS6 which had recently been dropped from the Chevelle lineup. In comparison to the 1970 SS454 Chevelle at 450 HP and 500 lb-ft of torque, the LS6 received a cut in compression, as did all other Corvette engines, specifically from 11.25:1 to 9.0:1. Nevertheless, the LS6 was still rather potent with 425 horsepower at 5,600 RPM and 475 lb-ft of torque at 4,000 RPM, intriguing figures considering the LS6's 6,500 RPM redline and the switch to SAE net-horsepower figures. Total production of the LS6 454 CID big-block V8 equipped 1971 Corvettes totaled 188, with approximately 50 being convertibles.

Additionally, Chevrolet offered the ZR2 Special Purpose LS6 Engine Package, a one-year-only production package comprising the best high-performance components available from the factory. It included the LS6 engine, aluminum heads, a dual-plate clutch, M22 'Rock-Crusher' 4-speed manual transmission, J56 dual-pin heavy-duty power brakes, F41 heavy-duty suspension with special springs, shock absorbers and front and rear stabilizer bars, and a heavy-duty aluminum radiator without shroud. Power steering, automatic transmission, radio and air conditioning were not available as options. Six coupes and twelve convertible Corvettes were equipped with this option in 1971.

The 1971 Corvette coupe had a base price of $5,496 and the convertible at $5,259, with production reaching 21,801 units. 17,901 buyers adding power steering, 13,558 choosing power brakes, 18,078 opting for an AM/FM radio and 11,481 ordering air conditioning. The LS6 option added an additional $1,221 and the ZR2 package was priced at $1,747. For buyers seeking an affordable performance option, Corvette offered the LS5 version of the 454 CID big-block, priced at $295, and developing 365 horsepower and 460 lb-ft of torque, finding its way into 5,097 Corvettes.