With what the Corvette has to offer right now, there is no way it will be able to take on the 2018 Ford Mustang GT500 but it might when the new model arrives.
Chevrolet announces that they are planning to build the Chevrolet Corvette ZR1 model which will come with an upgraded engine. After the upgrade, the Chevrolet Corvette ZR1 will be able to deliver close to 700hp, 50hp more than what the top of the range model is offering right now.
We know that the 2018 Ford Mustang GT500 will be coming in with an 800hp engine which means it is more powerful that the Chevrolet Corvette but we also need to bear in mind that the Corvette is a much lighter model so the 700hp that it has might actually be enough to take on the Mustang.
Of course, the Mustang is not the only that Chevrolet plans to take down. With the upgrade, they might even be a threat to the Dodge Challenger SRT Hellcat model.