First hybrid Chevrolet Corvette sold for $1.1 million. Here's why
Proceeds from the E-Ray sale will help schools
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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.
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All the proceeds from the auction were earmarked for the Donors Choose charity, which helps buy supplies and project materials for public schools.
A 1969 CHEVROLET CORVETTE WAS JUST 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 car dealer Rick Hendrick, who has been the high bidder at many GM charity auctions.
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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 to support Operation Homefront.
The Corvette E-Ray can accelerate to 60 mph in 2.5 seconds. (Chevrolet)
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.
The Corvette E-Ray shares its widebody styling with the Corvette Z06. (Fox News Digital )
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.
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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.
A stealth mode allows the Corvette E-Ray to operate in a fully electric mode for short distances. (Fox News Digital)
The hybrid technology is primarily meant for performance, however, according to Chevrolet.
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Hendrick can expect to get his car sometime this summer when deliveries of the Corvette E-Ray are scheduled to begin.