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First hybrid Chevrolet Corvette sold for $1.1 million. Here's why

The first Chevrolet Corvette E-Ray was auctioned at the Barrett-Jackson Palm Beach, Florida, event for $1.1 million to raise money for the Donors Choose charity.

The first Chevrolet Corvette E-Ray has been sold for a shocking price.

The landmark model was offered at the Barrett-Jackson Palm Beach auction where it was purchased for $1.1 million.

That's more than 10 times its list price of $104,295, but it wasn't just bought for the bragging rights.

All the proceeds from the auction were earmarked for the Donors Choose charity, which helps buy supplies and project materials for public schools.

The buyer was none other than NASCAR team owner and car dealer Rick Hendrick, who has been the high bidder at many GM charity auctions.

Last year Hendrick paid $3.6 million for the first mid-engine Corvette Z06 to support Operation Homefront.

The Corvette E-Ray features an all-wheel-drive hybrid powertrain that has an electric motor driving the front wheels and another assisting its 6.2-liter V8.

It has a combined 655 horsepower and can acellerate to 60 mph in 2.5 seconds and cover a quarter-mile in 10.5 seconds, making it the quickest Corvette and General Motors vehicle ever built.


Its 1.9 kilowatt-hour battery pack can't be charged from a plug, but does allow it to operate in an all-electric Stealth mode at speeds under 45 mph for a couple of models when fully charged by its regenerative braking system and the excess energy created by the engine.

The hybrid technology is primarily meant for performance, however, according to Chevrolet.

Hendrick can expect to get his car sometime this summer when deliveries of the Corvette E-Ray are scheduled to begin.

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