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The early C4's had their problems, what with the 1984 Cross-Fire Injection and its unusual 4+3 manual transmission. By the late 1980's, the fourth-generation Corvette had evolved into a more desirable automobile, thanks in part to the arrival of the ZR-1. 
CERV IV was nothing more than a C4 with the all new powertrain and interior in it. Read the commentary of a car magazine reporter: "We suspect that the first, very early prototypes of the all-new, Gen III ran on the dynos at GM Powertrain sometime in the early spring of 1993. In-vehicle testing began at the GM Milford Proving Ground in the first week in May of 1993 with the "Chevrolet Engineering and Research Vehicle IV-A".
Chevrolet's introduction of the LT1 in 1992 as the base engine in the Corvette phased out the L98 based Callaway Twin Turbo. Previously, Callaway Corvettes made their increased power through positive manifold pressure; now they made it through increased displacement and finesse. Initially called the CL1 or CR1, they designated the chassis they were built upon. They were based on the pushrod LT1 cars (CL1) or the 32 valve DOHC LT5 ZR-1 cars (CR1).
The 1992 Stingray III / California Stingray Concept was developed by John Schinella (and team) at GM's Advance Concept Center in Los Angeles. The 1992 concept is a world away from the C4. But the dominant motifs of a smooth rounded Corvette did come to production on the C5. This prototype looks distinctly upmarket, the rear shares a shocking similarity to the Jaguar XK8, without a flat surface in sight.
1992 Corvette Owners Manual
This Owners Guide contains important information regarding the operation and maintenance of your 1992 Corvette. In order to obtain maximum enjoyment and usage from your car, we suggest that you familiarize yourself with the contents...
The Corvette team decided to one-up the Viper with four extra cylinders, they decided on one of Ryan Falconer’s stunning, all aluminum, 600-cubic-inch, 683hp, 680 lb-ft V-12 racing engines. The biggest challenge was the fact that the all-aluminum V-12 engine was 8.8-inches longer than the production Corvette engine. So the front end of the ZR-1 would have to be stretched 8 inches. This test car was named Conan, after his raw, beastlike charisma.
The Corvette Stingray Concept was developed as an internal design challenge to combine classic Corvette cues with surprisingly high-tech features, modern materials, and a striking new appearance. The car is well-appointed with a clamshell hood, scissor-style doors, ergonomic seats, rear-view camera with night vision enhancement, and a high performance hybrid drive. Interactive touch controls allow the driver to customize the power and efficiency of his or her ride.
1992 LT1 Engine
GM ultimately decided to postpone the release of their fifth-gen Corvette, largely due to budgetary constraints. However, the development of a new powerplant for the aging C4 Corvette was greenlighted nonetheless. This engine carried the LT1 designation, and prove quite capable. The 1992 LT1 would serve as a bridge between GM small-block development.