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A successor to the ZR-1 made its debut in 2001 as the Z06, giving a nod to the high-performance Z06 version of the C2 Corvette of the 1960s. The Z06 uses a tuned version of the standard LS1 engine (designated the LS6), with a higher power output of 385 hp (390 PS; 287 kW), later bumped to 405 hp (411 PS; 302 kW) starting in 2002.
For 50 years, Chevrolet Corvette has represented American performance. In 2002, Corvette also led the pack at two important racing venues: the Indy Racing League (IRL) and the 86th running of the Indianapolis 500. In its IRL pace duties, Corvette wore a two-tone white and Millennium Yellow paint scheme with checkered-flags graphics forming a V for victory.
The Corvette C5-R was part of a plan by General Motors and their Chevrolet brand to create a factory team to participate in grand touring races not only in North America, but also elsewhere in the world, most notably at the 24 Hours of Le Mans. GM had previously been against approving factory support for Corvette racing programs, although the IMSA GT Championship's Corvette GTPs had seen some support until they ended competition in 1989.