P.M. BRIEFING : Chrysler Plans Corvette Rival

Chrysler Corp. will begin limited production of a two-seat, high-performance Dodge Viper car that reportedly will rival the Chevrolet Corvette, a Chrysler source said today.

The source, speaking on condition of anonymity, said an announcement that the No. 3 auto maker will begin production of the car in late 1991 will be made Friday in Los Angeles.

Such an announcement seems unusual for a company battling shrinking profits and market share, and working to cut $1.5 billion from its standing costs by the end of this year.

The source declined to say where the car would be built, but said that all major components would be made by Chrysler. The price of the car will not be announced until just before it becomes available, the source said.

The car will be powered by a V-10 engine, according to the source. There have been reports that the car may carry a V-8, but the source said a major aim of the Viper project was development of the V-10, originally conceived for truck use.

According to next Monday’s edition of AutoWeek magazine, the V-10 engine is capable of reaching 100 m.p.h. from a standing start in less than 10 seconds. A Corvette ZR-1 takes about 11.5 seconds, according to a road test in Road & Track magazine.