Chevy reveals new 2020 Corvette Stingray as it guns for Ferrari with first mid-engine design

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The base version of the newest Corvette will punch out 495 horsepower, 40 more than the seventh-generation car.

is gunning for Ferrari with its newest redesign of the Chevrolet Corvette — the 2020 Stingray unveiled Thursday night.

Chevrolet unveils its new 2020 C8 Corvette Stingray in Tustin, California, on Thursday July 18, 2019.With its distinctive, two-seat design and its powerful V-8 engine, the outgoing version of the car is one of the fastest ever produced in the U.S. But speed alone isn't everything. For one thing, the current Corvette still has its engine mounted up front, while most of its global competitors have opted for a mid-engine layout that makes a vehicle nimbler, both on the street and on the track.

The new model will actually be longer, wider and 366 pounds heavier than the C7, or seventh-generation Corvette. But a driver might not notice, sitting more than a foot closer to the nose and with a hood that almost disappears from view when you're in the left seat.Visually, there are some familiar design cues carried over from the current Corvette, including details such as the tail lamps and the way the hood has been sculpted.

Two executives involved in the project told CNBC that the latest coupe will be followed by a convertible — and even more dramatic changes are in the works. The new platform underpinning the C8 was specifically designed to be able to use battery-based technology, they said, adding that it will included a battery boost system to improve launch acceleration as well as a battery-based all-wheel drive system.

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