"Cunningham Motor Company is pleased and gratified to have GM as an investor in the company's efforts to develop the first true American grand touring car since Briggs Swift Cunningham last did so in 1953," said Jack McCormack CMC president and chief executive officer.
The company was founded in January 2000 by Briggs Cunningham III and Robert A. Lutz, to develop and produce a grand touring car that would compete with Ferrari, Aston Martin and other world class touring cars in North America and Europe. Lutz joined GM as vice chairman of product development last August and was recently named to the additional post of chairman of GM North America. Under a governance framework approved by GM's Board of Directors, Lutz will not participate in transactions between the two companies but will continue to be a member of the Cunningham Board of Directors. Additionally, GM will appoint a member to the Cunningham Board.
As a virtual car company, Cunningham's business plan calls for outside suppliers to be responsible for the design, engineering, and production of its vehicles. Roush Industries of Livonia, Mich. has been selected to develop and integrate the C7. Although no official announcement has been made about a powertrain supplier, an Autoweek interview with Cunningham CEO Jack McCormack in October revealed the company had settled on a powerplant, describing the engine from the Cadillac Cien concept car without mentioning a supplier.
The connection between Cadillac and Cunningham began over 50 years ago, when Briggs Cunningham campaigned a Coupé de Ville and a special race-bodied Cadillac in the 24 Hours race at Le Mans in 1950, finishing 10th and 11th respectively.