The new Corvette Stingray is set to be released in August, and auto lovers are amped up to see the latest incarnation of the car.

Just the third model to carry on the name of Stingray, the 2014 C7 has plenty of power under the hood, but it also has something rarely seen in a sports car: fuel efficiency.

“The 2014 Corvette Stingray’s LT1 engine is a triumph of advanced technology, delivering more power and torque than ever before with greater efficiency,” said chief engineer Jordan Lee.

The car–which holds 455 horsepower and a LTI 6.2 liter V-8 engine–will only be available in Europe with the 7-speed manual transmission. Vice president of design Ed Welburn says the company wants to break away from being a purely American car and move into European markets, where a fast automobile is a highly revered thing.

“Stingray is one of the hallowed names in automotive history. We knew we couldn’t use the Stingray name unless the new car truly lived up to the legacy. The result is a new Corvette Stingray that breaks from tradition, while remaining instantly recognizable as a Corvette the world over.”

The Stingray can go from 0-60 in 3.8 seconds and can come to a full stop from 60 MPH in just 107 feet. In the company’s release statement, it’s clear that the auto makers are proud of their new creation.

“The LT1’s performance complements the Corvette’s low mass with a tremendous feeling of power that builds as the rpm climbs,” Lee said. “Drivers will experience more power and acceleration than ever before with the standard engine – in fact, its power and torque surpass many uplevel engines offered by competitors.”

The Stingray’s base price starts at $51,999 and goes up to $73,360.

Image: Chevy