Chevrolet revealed the first electrified Corvette in January in the form of the 2024 Corvette E-Ray.

It goes on sale later this year but the rights to the first example, the car with a VIN ending in 001, have already been sold.

The rights were put under the hammer at Barrett-Jackson's auction that took place over the weekend in West Palm Beach, Florida, and the final price paid was $1.1 million. That's more than 10 times the car's starting price of $104,295.

All proceeds from the sale will be donated by Chevy to DonorsChoose, a charity that enables individuals to donate directly to public school classroom projects.

2024 Chevrolet Corvette E-Ray

2024 Chevrolet Corvette E-Ray

Similarly, the rights to the first 2023 Corvette Z06 were sold via charity auction last year for $3.6 million, and prior to that the rights to the first C8-generation Corvette were sold for $3 million. In both cases the buyer was Rick Hendrick, chairman and CEO of Hendrick Automotive Group. The identity of the latest buyer hasn't been revealed.

The Corvette E-Ray shares its wide-body design with the Corvette Z06, but its powertrain is very different. The car combines the Corvette Stingray's 6.2-liter V-8 with a single electric motor for a combined 655 hp. The motor is mounted at the front axle, which also makes this the first Corvette with all-wheel drive.

While the peak output is 15 hp shy of the Z06, the E-Ray sprints from 0-60 mph 0.4 seconds quicker, in just 2.5 seconds. It also covers the quarter mile in 10.5 seconds, a tenth quicker than the Z06.

A convertible body style is also available, and it's priced from $111,295. It's possible the rights to the first E-Ray convertible will also go under the hammer.