General Motors has officially pulled the wraps off the 2014 Chevrolet Corvette, reintroducing the luxury sports car as the Corvette Stingray, a name that harkens back to 1963 when the second generation Corvette was introduced.

“I will eagerly put this car up against any of the top performance cars in the world,” said General Motors Vice President and President Mark Reuss at the 2014 Chevrolet Corvette reveal Sunday. “In terms of design, technology and performance, this car is second to none.”

Like the current model, the redesigned 2014 Corvette carries on as a two-seat, V8-powered, rear-wheel drive sports car. However, there are some significant changes under the hood. Chevrolet says in a press release that the 2014 Corvette Stingray is “the most capable standard model ever.”

A new 6.2-liter V8 engine generates an estimated 450 horsepower, and is paired with a standard seven-speed manual transmission. Fuel economy is also expected to improve, as Chevrolet says the 2014 Corvette will surpass “the EPA-estimated 26 mpg of the current model.”

While reviewers were often let down by the Corvette’s interior quality in the past, Chevrolet says that the new model’s cabin includes a mix of carbon fiber, aluminum and leather. Edmunds notes that while the “cabin underwent a major overhaul, with an emphasis on soft-touch surfaces and leather, the exterior styling is more evolutionary.”

Pricing has yet to be announced, but the 2013 Corvette starts at $50,595. Edmunds expects the redesigned Corvette to be priced competitively with the Ford Shelby GT500, which starts at $54,995. The 2014 Chevrolet Corvette Stingray will go on sale in the third quarter of 2013.

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