We’ve got the latest in the automotive industry’s rumor mill as the 2020 Chevy Corvette C8 may be the next big thing in sports car.

GM (NYSE:GM) may be looking to compete with sports car giants such as Ferrari and McLaren with the new Corvette, which is making the rumor mill rounds Friday. Here are seven things to know about it:

• Some light was shed on the rumor on Thursday as GM revealed on its website and social media that the “next generation Corvette reveal event” is coming on July 18.
• The release included photos of a car that is slightly camouflaged, marking the first mid-engine version of the Chevrolet sports car.
• “The Next Generation Corvette is the most anticipated Corvette ever. It’s the sum of each generation before it, but will stand alone as the new standard of performance,” the company said.
• The current Corvette model was the C7, which was put on hold as GM dealt with bankruptcy.
• The current model may be the best Corvette ever, but it has yet to really challenge Ferrari.
• It is unclear what we can expect from the C8, but it will likely retail for about $62,000, which is about $5,000 more than the Stingray.
• Horsepower may be between 500 and 600, although we don’t know this for a fact as of yet.

GM stock is up 1% on Friday.