In a monumental change to the auto world, the classic sports car, the Chevrolet Corvette, is being released—and now it’s electric and will be the fastest model ever.
- Today, Chevrolet released a hybrid version of its C8 Corvette—The Corvette E-Ray.
- The E-Ray is the first electrified Corvette—and it comes equipped with all-season tires, Magnetic Selective Ride Control, carbon ceramic brakes, all-wheel drive, and other features that make the vehicle a supercar.
- According to Chevrolet, the vehicle has an LT2 V8 engine to provide the fastest zero to 60 time ever for a Corvette and a price starting at $102,900 for the basic model.
Why it’s news
As electric vehicles (EVs) continue to rise in popularity, many car manufacturers are taking best-selling cars and creating an electrified version of them, including Corvette.
Today, Chevrolet released its hybrid version of the loved C8 Corvette, the Corvette E-Ray. This hybrid version was created for speed and the elements as it comes equipped with all-wheel drive and Magnetic Selective Ride Control that helps the car with road conditions.
Chevrolet says the new electrified Corvette is made to be driven all year long, releasing a video of the car driving in different conditions, including snow. The company says the vehicle comes equipped with special features to help it compete with the best cars in the world.
The E-Ray also has an interesting new feature called Stealth Mode, which allows drivers to use the electric unit to drive the vehicle a short distance without using the load V8 engine.
The car is loaded with other technology, including Apple Carplay, Android Auto, and a 14-speaker Bose Performance Series system.
The price for the E-Ray starts at $102,900 for the basic model, but customers interested in purchasing the vehicle can order online and even customize the vehicle to their specific wants and needs.
Backing up a bit
The pace of EV growth is fairly dramatic, with EVs representing 5% of U.S. car sales versus 2% last year. Indeed, globally that number is 10%. And there is a huge push by the federal government and major automakers to increase that.
However two major obstacles stand in the way. One is the lack of a charging infrastructure to enable drivers to roam the country freely without experiencing range anxiety. And the other, relevant to the Corvette story, is price.
More than 50% of Americans say affordability is their main concern for EVs, and 70% say they expect to pay less than $50,000 for their next car, according to a Deloitte study.
It’s mainly luxury models that are selling well—as demonstrated by the Corvette’s $100,000-plus price tag.
The average price of an electric vehicle in the U.S. for August 2022 was $66,000, while the average price for a new gas-powered car in the U.S. for 2022 was high due to inflation but still considerably lower than EVs, sitting at $48,681, according to Kelley Blue Book.