Chevrolet announced the 2012 Corvette this morning, and the big news is that they are pumping up the performance potential of the Z06 and ZR1 models, as well as interior upgrades across the Corvette lineup.

Special! Watch Corvette Chief Engineer Tadge Juechter describe the 2012 Corvette upgrades in this video on YouTube.

Corvette aficionados will get their first look at the 2012 Vette at a special event happening this weekend at the National Corvette Museum in Bowling Green, Ky. Assembly line production of the 2012 Corvette gets underway in July.

Click through to read the whole rundown on the new 2012 Corvette.

The Corvette has been built in an exclusive factory in Bowling Green, Kentucky since 1981 - which is now longer than either of the prior locations (St. Louis from 1954-1981, and 1953 in Detroit). But GM will have to invest substantially in the factory to keep it up to date, and with Corvette sales lagging to some of the smallest levels in history due to the recession, it might make sense to run another line of cars in the same factory.

Modern manufacturing techniques now allow an automaker to switch production on a line in a matter of hours, so the Corvette may soon get a roommate. And Kentucky has moved strongly to entice GM to make the investment in the facility by authorizing a $7.5 million tax break if GM chooses to build the C7 Corvette in Bowling Green. Company representatives have not said that there's any plan to move - but certainly the tax break will help keep the Corvette in Kentucky. GMAuthority has the story.

The latest "Track to Street" video from Corvette Racing takes us behind the scenes to look at the team's recent struggles and triumphs at the Long Beach Grand Prix.

Long Beach is one of America's premier racing events, held on the streets of the city's waterfront. The course is lined with concrete, and just as wide as a normal city street - so it's incredibly difficult to race to the limit without smashing up your car. But it's necessary to race to the limit because that's what everyone else does.

The Corvette team has cause for pride - one of their cars started last on grid and battled its way to 5th place, while the other took home a second place podium finish. The team's next stop is Le Mans in June, but you can get the sense of the LBGP by watching this video.

If your child has absolutely everything - and I really mean absolutely everything, you might consider buying him or her a ride-on toy Corvette. This 2/3 scale replica of a 1957 Corvette has a 7 horsepower gasoline engine, disc brakes, inflated tires, seats two, and will drive up to 19 MPH.

The downside is that this toy 'Vette costs $32,995, so it is probably cheaper to buy your kid an actual Corvette!