Given product cycles, the current Z won't be the current Z by 2016. Even without a higher CAFE, the Z would have changed by then. It would have been at least two generations removed from today's 370Z.
The answer to the question will depend largely on where the profits lie. If pickups are more profitable than sports cars, I could see Nissan's sports car lineup very much reduced and a car more like the Altima coupe being "the" Nissan sports car. Certainly derivative of an economy car platform. Probably not quite up to the CAFE, but blazing fast (turbocharged, small displacement, is my guess). Will they call it a "Z"? That's for the marketeers to decide.
But if sports cars are more profitable than trucks? The lineup may still have two sports cars in it -- but, I suspect, they will still be in the high-mpg turbo configuration. (Incidentally, given the volume and numbers of SUVs/Trucks Nissan offers compared to the number of sports car models . . . I strongly suspect trucks are more profitable than sports cars.)
What happened in the 70's? There's your answer. History is repeating itself. Some sports cars died. Some became anemic jokes. None survived unscathed.
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