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General Motors unveiled the new V8 engine for the 2014...

General Motors unveiled the new V8 engine for the 2014 Chevy Corvette C7, set to debut at the Detroit Auto Show Jan. 13, 2013. (Oct. 24, 2012) Credit: General Motors

What Apple’s iPad Mini event yesterday was to tech geeks, General Motors’ news conference today in Pontiac, Mich., proved to be to auto enthusiasts. The manufacturer unveiled the new engine for its seventh-generation Chevy Corvette, set to be released Jan. 13. The event prompted the Detroit Free Press to dub today “an internal-combustion holiday.”

The new small block LT1 engine is remarkably fuel-efficient considering the punch it packs. It is a V8 engine with 450 horsepower and a 0-to-60 mph acceleration time of less than four seconds – and is expected to feature fuel economy upwards of 26 miles per gallon.

"The Holy Grail for developing a performance car is delivering greater performance and more power with greater fuel economy, and that's what we've achieved," said Tadge Juechter, Corvette chief engineer. "By leveraging technology, we are able to get more out of every drop of gasoline and because of that we expect the new Corvette will be the most fuel-efficient 450-horsepower car on the market."

GM is billing it as the biggest change to its small block V8 engine in the 57 years it has manufactured Corvettes. Head to Chevrolet's website for the detailed specifications of the new Corvette C7's engine. 

Today’s announcement comes on the heels of a new flags logo for the Corvette line unveiled last week (see photo at right), when GM also said the car would debut at the Detroit Auto Show.

"The flags are much more modern, more technical and more detailed than before – underscoring the comprehensive redesign of the entire car," said Ed Welburn, GM vice president of global design.

Check out GM's first teaser video of the new Corvette below.

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