Chevrolet reveals the heart of the C7 Corvette.

General Motors is promising some big changes when the all-new, C7 Chevrolet Corvette makes its eagerly anticipated debut next year. But for all the styling changes, the promised interior upgrades and the addition of more advanced telematics and other technologies, the ‘Vette will certainly remain a performance car.

So, it’s no wonder the maker was generating plenty of interest when it announced plans to reveal an all-new version of Chevy’s classic small-block V-8. And we’ve now got the inside scoop.

“The engine, if you talk to our customers, that’s the heart of the beast,” said Tadge Juechter, executive chief engineer of the Corvette as the maker revealed the new LT1 engine.

The new numbers tell quite a story. If the figures hold up in production, look for the updated Gen-5 6.2-liter V-8 to pour out “at least” 450 horsepower and 450 lb-ft of torque. The LT1 engine will produce about 20 hp and 26 lb-ft more than the outgoing LS3 small-block V-8.

Considering the new, seventh-generation Chevy Corvette will be lighter, more aerodynamic and more advanced overall, that means 0 to 60 times will drop to 4.0 seconds or less, “and that is on the entry-level vehicle,” said Juechter.

Expect to see significant improvements to the more limited-edition Corvette Z06 and ZR1 offerings, as well.

Yet, in keeping with modern realities, fuel economy will also play into the update and Chevrolet is talking highway fuel economy of 26 miles per gallon or better out of the new V-8 – which will be produced at its Tonawanda Engine Plant near Buffalo, New York. The city and combined ratings were not released during a Wednesday news conference.

That factory, incidentally, produced the very first small-block V-8 for GM back in 1955.  It was the addition of that engine to the first-generation Corvette line-up that transformed a stylish poseur into “America’s sports car.”

Chevrolet also noted the new LT1 will be able to run on regular unleaded – though premium is recommended – with a minor dip in performance.

The new V-8 adopts a dry-sump layout and some of the latest powertrain advances such as direct injection and continuously variable valve technology. It also bumps up the compression ratio to 11.5:1.  Meanwhile, GM officials noted that it is a full 40 pounds lighter and four inches shorter than the 4.4-liter twin-turbo V-8 used by BMW.

The maker claims to have invested something on the order of 10 million hours of engineering work, including work in its labs, on its dynos, in computer simulations and track time to get the LT1 right.

Chevrolet recently revealed the new crossed-flag logo for the 2014 Corvette. The vehicle itself will get its debut on January 13, 2012 at the Detroit Auto Show.

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