Polo White was still the most popular exterior color in 1954 with 3,230 White were produced, but 300 1954s were made Pennant Blue with beige interior, 100 Sportsman Red with red interior, and 4 Black with red interior.

The 1954 Corvettes were built at a newly renovated facility located in St. Lous Missouri. That year, GM had high hopes for its new sports-car flag ship vehicle. They expected 10,000 Corvettes to be built and sold. However, only 3,640 vehicles were made but only about 600 of them were sold. Chevrolet was finally able to unload the rest of them in 1955 although it proved to be very difficult.

The 235 cubic inch six-cylinder was modified during the middle of 1954. A camshaft change increased horsepower to 155. Also, three new exterior colors were offered: Pennant Blue, Sportsman Red, and Black. A beige interior was introduced. 4 black, 100 red, 300 blue, and 3,230 white vehicles were produced.

The base price of the 1954 corvette was $2,774.00, over $500 less than then the 1953 model.