The Chevy Corvette E-Ray hybrid sports car starts at $104,000

DETROIT – General Motors’ the first “electrified” Corvette will be available later this year for more than $104,000, the automaker said Tuesday.

The vehicle will also feature four-wheel drive, another first for the quintessential American sports car.

The automaker said the E-Ray, which GM first confirmed to CNBC last year, will be the fastest production Corvette ever. It will do 0-60 mph in 2.5 seconds and the quarter mile in 10.5 seconds – similar to some supercars and the current Corvette Z06 race car.

“It’s a testament to the innovation that this car has represented throughout its 70-year heritage and certainly represents the future of what this car is capable of in the future,” said Scott Bell, vice president of Chevrolet, during the briefing.

An all-electric Corvette is expected at some point, but GM has not announced a timeline for an EV version. The Detroit-based automaker said it plans to exclusively offer all-electric vehicles by 2035.

The E-Ray’s hybrid system features an electric motor on the front axle that delivers 160 additional horsepower and 125 pound-feet of torque. It enables a faster take-off than a traditional internal combustion engine.

In total, GM said the E-Ray produces a combined 655 horsepower from the electric motor and small-block V-8. It will be available as a coupe and convertible.

The E-Ray is expected to be the only hybrid in GM’s lineup when it hits dealerships. GM has phased out hybrid and plug-in hybrid electric vehicles, or PHEVs, over the years to focus exclusively on fully electric cars and trucks.

Officials said the E-Ray was developed ahead of such plans, along with the development of the eighth-generation Corvette, or C8, which debuted in July 2019. The car was the first Corvette to feature a mid-engine design instead of a front-mounted engine.

The hybrid system was specifically designed for the eighth-generation Corvette, according to Harlan Charles, Chevrolet Corvette product marketing manager. The battery system is charged mostly with regenerative energy from idling and braking, as well as during normal driving.

GM opted for a hybrid Corvette over a PHEV because it offered better overall performance for the car.

“The mission of this vehicle was performance, performance, performance,” said Mike Kociba, Corvette’s lead development engineer. “Every kilogram or pound had to earn its way from a mass standpoint. … It hurt performance, plain and simple.”

The E-Ray coupe will start at $104,295, followed by the convertible at $111,295. The price is slightly less than the $106,695 Corvette Z06. Prices include mandatory destination and delivery fees.

GM unveiled the E-Ray on the 70 model^th anniversary when the Detroit automaker unveiled the original Corvette concept car at the Motorama auto show in New York.

The E-Ray is expected to be one of eight new or redesigned models for Chevrolet in 2023. Others include all-electric versions of the Silverado pickup, and the Equinox and Blazer crossovers, as well as the gas-powered Colorado and Trax.