2024 Corvette E-Ray sells at charity auction for $1.1 million

The first example of the quickest Corvette ever to be built by Chevrolet, the 2024 E-Ray hybrid, sped out of the auction blocks this past weekend, selling for $1.1 million at the Barrett-Jackson Palm Beach Auction.

The entire proceeds will be given to DonorsChoose, a nonprofit that provides resources for teachers and funding for schools in low-income neighborhoods. The winning bid was submitted by Rick Hendrick, chairman and CEO of Hendrick Automotive Group and owner of the NASCAR team Hendrick Motorsports.

The high-end E-Ray, with a retail price of more than $100,000, is essentially a hybrid all-wheel drive model — a first for Corvette — packed with a 6.2-liter V8 in the middle and an electric motor at the front. The V8 powers the rear wheels with up to 495 horsepower and 470 pound-feet of torque through an eight-speed dual-clutch automatic transmission. The electric motor makes 160 horsepower and 125 pound-feet of torque and drives the front wheels.

Specs indicate that the car reaches 60 miles per hour in 2.5 seconds. Production is currently scheduled to kick off this September at the General Motors Bowling Green plant in Kentucky alongside the C8 Stingray and C8 Z06 models.

“General Motors and Chevrolet are proud to join DonorsChoose on its mission of combatting inequality in school funding by providing underserved communities with the resources needed for a quality education,” said Steve Majoros, Chevy’s chief marketing officer, in a statement at the auction.