First hybrid Chevrolet Corvette sold for $1.1 million. Here's why
Proceeds from the E-Ray sale will help schools
Chevrolet Corvette E-Ray hybrid revealed as the quickest Chevy in history
All-wheel-drive sports car is lightning-quick
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.
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.
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.