In the summer of 1998, a third bodystyle, the hardtop (also referred to as the "fixed-roof coupé" or "FRC"), was added to the 1999 MY lineup. In the inaugural model year (1997), only the fastback coupé (more like a hatchback coupé) was offered, with the convertible – the first to offer a trunk since 1962 – following later in August 1997 for MY 1998. Relative to the C4, the new platform and structural design substantially reduced squeaks and rattles. The 4L60-E automatic transmission carried over from previous models, but the manual was replaced by a Borg-Warner T-56 6-speed capable of a 175 mph (282 km/h) top speed. The LS1 engine initially produced 345 hp (257 kW), subsequently increased in 2001 to 350 hp (261 kW). Connected to the all-new LS1 engine via a torque tube, the engine/transmission arrangement enabled a 50-50% front-rear weight distribution. To improve handling, the transmission was relocated to form an integrated, rear-mounted transaxle assembly. A major change from its predecessor the C4, the C5 had a hydroformed box frame, a design that offered an improved structural platform, especially for a convertible bodystyle.
The fifth generation was originally intended to debut in 1993 to celebrate the Corvette's 40th anniversary, but it was delayed by financial troubles and changes in staff within GM. The C5 was unveiled on Januat the North American International Auto Show in Detroit.
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