Hennessey working on ZR700 Corvette ZR1with 705hp

The Corvette ZR1 with a power of 638hp (476kW), is the world's fastest and most powerful production Corvette. But it may not be enough for track day enthusiasts as well as professional race drivers. Now it’s reported that Hennessey Performance Engineering is working on a new 705hp (526kW) Z700 package for the 2010 Chevrolet Corvette ZR1.

Designed to be the ultimate Corvette, Hennessey's Z700 performance package is equipped with an upgraded supercharger, exhaust, and air induction system. The result is 705 hp and 717 lb-ft of torque, instead of the standard car's 638 hp and 604 lb-ft of torque. This healthy performance boost is backed up by lightweight carbon fiber wheels with Michelin Pilot Sport Cup tires, a carbon fiber front splitter, canards, and a rear spoiler. All these changes helping to put the added power to the road and track, and make the car reach an impressive 0-60 mph time of 2.9 seconds and a 1/4 mile time of 10.6 seconds, and finally a top speed in excess of 212mph.

Rounding out the Z700 upgrade package is a revised interior with lightweight carbon-fiber seats, Alcantara steering wheel and shift knob.

Only 24 examples will be built for 2010, and customers who order a Z700 also get a one-day performance driving instruction course at Hennessey's Lonestar Motorsports Park. Total cost for a base Z700 will start at $207,150, which includes the cost of a donor ZR1 but is essentially double the price.

The exciting thing is that, besides Z700, there are another two extreme performance packages: the Z750 package boasts 755 bhp while the Z1000 package features 1,000 bhp thanks to the addition of twin turbochargers.