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As reported in Motor Trend, the folks at Chevrolet are talking about a Corvette Sting Ray with the LS9 blown engine reportedly putting out 690HP. They're looking at a Ford GT killer, for a lot less money. By the way in a Car and Driver article about the Z06, they speculated that with a normal loss of 25% from the transmission, a 505 BHp Z06, the true engine HP is approx. 530.
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