The first Chevrolet Corvette E-Ray sold for a ridiculous price.
The groundbreaking model was offered at the Barrett-Jackson Palm Beach auction, where it fetched $1.1 million.
That’s more than 10 times the list price of $104,295, but it wasn’t bought just for the swagger.
All proceeds from the auction went to the charity Donors Choose, which helps buy supplies and project materials for public schools.
A 1969 CHEVROLET CORVETTE ONLY AUCTIONED FOR $3.14 MILLION. HERE’S WHY IT’S WORTH SO MUCH
Rick Hendrick paid $1.1 million for the first Corvette E-Ray. (Barrett Jackson)
The buyer was none other than NASCAR team owner and auto dealer Rick Hendrick, who was the winning bidder at many of GM’s charity auctions.
The Corvette E-Ray has a 655 hp all-wheel drive hybrid powertrain. (Fox News Digital)
Last year, Hendrick paid $3.6 million for the first mid-engine Corvette Z06 in support of Operation Homefront.
The Corvette E-Ray can accelerate to 60 mph in 2.5 seconds. (Chevrolets)
The Corvette E-Ray features an all-wheel-drive hybrid powertrain, with one electric motor powering the front wheels and another supporting the 6.2-liter V8.
The Corvette E-Ray shares its widebody design with the Corvette Z06. (Fox News Digital)
It has a combined power output of 655 horsepower and can accelerate to 60 mph in 2.5 seconds and cover a quarter mile in 10.5 seconds, making it the fastest Corvette and General Motors vehicle ever built.
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Its 1.9-kilowatt-hour battery pack cannot be charged via a plug, but allows some models to operate in an all-electric stealth mode at speeds below 45 mph when fully charged through its regenerative braking system and excess from engine generated energy.
A stealth mode allows the Corvette E-Ray to operate in all-electric mode for short distances. (Fox News Digital)
According to Chevrolet, however, hybrid technology is primarily designed for performance.
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Hendrick can expect to get his car sometime this summer when Corvette E-Ray deliveries are scheduled to begin.