The C8.R is powered by a Chevrolet LT6.R 5.5-litre naturally aspirated 90-degree V8 engine, mid-mounted and longitudinally positioned, producing 500 hp (373 kW) at 7,400 rpm and 480 lb-ft (650 N·m) of torque. The flat-plane crankshaft architecture marked a significant departure from the pushrod V8s used in previous Corvette racing cars and aligned the competition engine more closely with the mid-engine C8 road car. Transmission is an Xtrac P529 six-speed sequential manual. The chassis is an aluminium monocoque measuring 4,630 mm long, 2,050 mm wide, and 1,148 mm tall on a 2,723 mm wheelbase; minimum weight is 1,245 kg. The car used TotalEnergies fuel in the WEC and VP Racing Fuels in IMSA, lubricated by Mobil 1. Designer was Vlad Kapitonov and the car was built by Pratt Miller, Corvette Racing's long-standing technical partner. It succeeded the Chevrolet Corvette C7.R and was itself replaced by the Chevrolet Corvette Z06 GT3.R from 2024.
The C8.R made its competitive debut at the 2020 24 Hours of Daytona in the IMSA GTLM class. The best-finishing Corvette, the number 3 car, completed 785 laps for fourth in class. Over the shortened 2020 season Corvette Racing secured six GTLM class victories at Daytona, Sebring, Road America, Virginia International Raceway (the WeatherTech 240, the car's first win), Mid-Ohio, and Charlotte Motor Speedway, winning the GTLM Drivers, Teams, and Constructors championships. Corvette also made its WEC debut at the 2020 Lone Star Le Mans; a planned Le Mans 24 Hours entry was withdrawn due to the COVID-19 pandemic.
Corvette won the GTLM class at the 2021 24 Hours of Daytona and took six further class victories through the season, again claiming the GTLM Teams, Constructors, and Drivers championships. The C8.R also made its 24 Hours of Le Mans debut in 2021, with the number 64 entry finishing second in LMGTE Pro.
Following the elimination of the GTLM class, Corvette Racing entered one IMSA car in the new GTD Pro class using a modified GTD kit. The team won at Sebring but finished third in the GTD Pro standings for the year. In the WEC, Tommy Milner and Nick Tandy drove a full-season LMGTE Pro campaign, winning at the 6 Hours of Monza and placing second at Sebring and Bahrain.
Antonio García and Jordan Taylor continued in IMSA GTD Pro; the final GTD Pro win came at the 2023 Michelin GT Challenge at VIR. In the WEC, with LMGTE Pro eliminated, Corvette moved to LMGTE Am. Nicky Catsburg, Ben Keating, and Nicolás Varrone drove the number 33 car to the LMGTE Am class victory at the centenary 2023 24 Hours of Le Mans. At the 6 Hours of Monza in July 2023 Corvette Racing clinched the 2023 FIA WEC GTE Am Teams and Drivers championships with two rounds still remaining. The C8.R's final WEC appearance was at the 2023 8 Hours of Bahrain.
Across 61 competitive starts, the C8.R accumulated 22 wins, 50 podiums, 23 pole positions, and 14 fastest laps. It won three Drivers championships (2020 IMSA, 2021 IMSA, 2023 FIA WEC), three Teams championships (2020 IMSA, 2021 IMSA, 2023 FIA WEC), and two Constructors championships (2020 and 2021 IMSA).
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