The automaker has designers working on several Corvette-brand concept vehicles that target a wider range of buyers, Bloomberg reported.

The compact pickup, expected to be called Maverick, will be built alongside Ford's Bronco Sport crossover and be an entry-level replacement for discontinued sedans.

The all-new Ford Mustang Mach-E, an electric vehicle, was named 2021 North American Utility of the Year while the redesigned Ford F-150 pickup was named truck of the year and the Hyundai Elantra took top car honors.

The global icon for off-roading enthusiasts will end its 63-year run in the U.S. after the current model year. But that doesn't mean the automaker is ceding the luxury large-SUV space.