The new Z06 arrived as a 2006 model in the third quarter of 2005. It has a 7.0 L (7,008 cc/427.6 in³) version of the small block engine codenamed LS7. Officially certified output is 505 hp (377 kW). Dave Hill, the chief engineer for the C6 Corvette, says that it is a much further departure from the standard Corvettes and more like the C6-R that GM is building for the American Le Mans Series. Its performance is similar to the Ford GT and the Dodge Viper SRT-10. Official performance figures indicate that the Z06 can reach 60 mph in just 3.5 seconds from a standing start in first gear. In the summer of 2005, GM and Corvette Racing driver Jan Magnussen brought the new Z06 to the Nürburgring in Germany. Magnussen drove the Z06 to a time of 7:42.99; few production cars have posted faster times. Car and Driver tested the Z06 in their December 2005 issue, recording a 0 to 60mph time of 3.4 seconds and a standing quarter mile of 11.9 seconds at 125 mph.
In addition to the larger engine, the C6 Z06 has a dry sump oiling system, ensuring proper engine lubrication during periods of high (lateral) acceleration and allowing the engine to be mounted low inside the chassis. Connecting rods made out of titanium further lighten the reciprocating mass of the engine while being stronger than the steel rods they replace. Altogether, the Z06 model not only produces more power, it revs higher than any other Chevrolet LS-motor.
In a radical departure from anything Chevrolet has ever done before, the primary structural element of the C6 Z06 is aluminum instead of steel as on the non-Z06 cars. The hydroformed aluminum frame remains dimensionally identical to its steel brethren but is significantly lighter. The front fenders are made of carbon fiber to reduce weight, while wider rear fenders allow for the wider tires necessary to deal with the engine's increased power. The Z06 officially weighs 3132 lb (1421 kg), giving it a power to weight ratio of 6.2 lb/hp (3.8 kg/kW or 361 bhp per tonne). The C6 Corvette Z06 is the first 500+ hp production car to avoid the US government Gas Guzzler tax.
On October 31, 2005, the application of magnesium AE44 alloy in the engine cradle (the world's first magnesium chassis component) was bestowed an Honorable Mention in the Automotive News PACE™ (Premier Automotive Suppliers' Contributions to Excellence) Awards competition. This is the first award granted to the C6 Z06 Corvette. The suppliers receiving the award were Norsk Hydro Magnesium and Meridian Technologies, Inc.
Taken as a whole, the C6 Z06 is more similar to its race-going variant, the C6-R, than the C5 Z06 was to the C5-R. The number of production automobiles from all marques across the globe featuring more than 500 hp (370 kW) is small indeed. With an official list price of US$70,000 per unit, it will likely be the only such vehicle in existence with a price tag under US$85,000. Proof that the car was priced aggressively, dealers in the United States have successfully marked the Z06 up to anywhere from $80,000 to $100,000, due to strong sales and low inventories [in 2006].
The Z06 was the official pace car for both the 2006 Daytona 500 and the Indianapolis 500 race, and notably so since it was the first pace car faster than cars it was pacing. The special Pace Car edition Z06 was unveiled at the Los Angeles Auto Show in January. It was also awarded to St. Louis Cardinals shortstop David Eckstein as his prize for being the 2006 World Series MVP, although Eckstein does not know how to drive a stick. The 2007 Z06 was also one of Automobile Magazine's "Automobile All-Stars" for 2007.
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