550-Horsepower Camaro to Rival Ford's Shelby GT500

At this week's Chicago International Auto Show, Chevy unveiled the new 2012 Camaro ZT1, which will spit-out 550 horses.

Ed Welburn, who holds the top design spot at GM, introduced the 2012 Camaro ZT1 at the Chicago's Auto Show.

Ford's Shelby GT500, based-off the same platform as the Mustang, kicks out 550-ponies.

According to GM, The original ZL1-equipped Camaros carried a special-order price of nearly $4,200 for the engine package, essentially doubling the total price of the car. Not surprisingly, those little-known and expensive Camaros with the new engine didn’t sell quickly, although they were capable of running 11-second quarter-mile times. Berger Chevrolet in Grand Rapids, Mich., for example, ordered a ZL1, but it sat on the showroom floor for more than a year and required a significant discount before it finally sold.

More than 40 years later, the original ZL1-powered Camaros are among the most valuable collector cars. Their exceptionally low production numbers, exotic engine and “king of the hill” mythology fuels their demand. And because they were ordered and used as drag racers, few of the cars remain intact today – even fewer still have their original engine – making them all the more special to enthusiasts and collectors.

The ZL1 option was not found in any 1969 Camaro catalog, but the original cars hold a very special place in Chevrolet’s performance heritage – thanks to a few clever dealers.

The all-new 2012 Camaro ZL1 will be powered by the LSA 6.2L supercharged engine, producing at least 550 horsepower (410 kW), and featuring advanced technology including Magnetic Ride Control, the world’s fastest-reacting suspension system. The "baby Corvette" is scheduled to arrive next year. Watch out Ford Mustang. It's going to be difficult to outsell the Camaro anytime soon.