German motorsport firm Callaway Competition has confirmed the launch of a development program to make the new Chevrolet Corvette C7 Stingray into a GT3-class racecar and submit for homologation from the FIA.

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Callaway's announcement follows an official letter of authorisation from Chevrolet, which appointed the Leingarten-based division as the specialist representative for building the Corvette C7 GT3 racers and holding the homologation of the vehicles.

Independent companies require authorisation from original equipment manufacturers to submit the homologation forms necessary to allow their version of the car to be the version allowed in FIA competition.

Callaway is the current homologation holder for the Corvette C6 GT3 with the FIA.

The company claims the Callaway Team is currently the most successful in GT3, based on its driver and team championship victories achieved since 2007.

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The Chevrolet Corvette Stingray production car debuted earlier this year at the Detroit auto show.

The C7 is powered by a brand-new 339kW/624Nm 6.2-litre LT1 V8, which propels latest edition of the iconic American supercar from 0-100km/h in under four seconds.

The 2014 Chevrolet Corvette Stingray goes on sale in the US in September, ahead of the convertible version later in the year.