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New C8 Corvette ZR1 Alternative is Light, Unique, and Powered by GM’s LS or LT V8 Engines

Aug 6, 2026

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New C8 Corvette ZR1 Alternative is Light, Unique, and LS Powered

Photo Credit: Peregryn Motors

Lee Noble is a name that might ring a bell in some automotive circles, but in another timeline, his story could have been more like Steve Jobs with four wheels and a V8. In 1983, he produced the Ultima Mk1, a Renault V6-powered midengined, lightweight tube framed concept car intended for production as a kit car, but much like the Apple I, it wasn’t meant to be. Noble found a modicum of success with the Mk2 kit car, selling 13 sold between 1984 and 1989, including a pair of “5000” race cars that claimed multiple wins and ignited Noble’s passion for Chevy V8s.

New C8 Corvette ZR1 Alternative is Light, Unique, and Powered by GM's LS or LT V8 Engines

A Mk3 kit was offered from ’89-1992 and notably served as the testbed for the legendary McLaren F1. It would also be the final Ultima made under Noble’s leadership before he went on to pen the Ascari Ecosse and found another self-named firm to build the Noble M400 and M600. Ultima would continue with the Mk4, sold through 1999 as the Ultima Sport and Ultima Spyder which would be the first offered as a turn-key proposition though kit cars persisted as the company’s go-to model. Ultima went big for the new millennium with a GTR model featuring either 640 or 720-horse Chevy power. The GTR claimed multiple production car records including a 0-60 sprint of 2.6 seconds, 100 in 5.3 ticks, and a blazing 9.9 second quarter at 143 mph while also holding on for an independently verified 1.176 g on a 200 foot skidpad.

“Evolution” and “RS” models would follow and take things to even greater heights, so why haven’t most people ever seen one or even heard of the company? A lot of it boiled down to production issues with turnkey models and the fact that the bulk of Ultima’s work is assembled in random garages by people of varying skill levels; they’ve unfortunately earned a reputation for inconsistency. That’s all about to change if new onwers Mike Ellis and Chris Eby have anything to say about it. Their company Peregryn Automotive has just secured IP, rights, and tooling for the entire Ultima range.

Peregryn plans to move production to the United States and has two models, called GT-S and GT-R planned for full production. The “S” has been tabbed as the road-going GT of the bunch, prioritizing comfort and livability while remaining lightweight with around 500 GM-sourced hoursepower. The “R,” on the other hand, will be the track-focused racing version with a dry weight of just 2,100 lbs. available with a range of Small-Block power, including the C7 ZR1’s mighty supercharged LT5. Options will range from a choice between digital/analog gauges to an aero package capable of more than 1,200 lbs. of downforce.

Pretty serious stuff! Pricing is set to start at $195,000, right in C8 ZR1 territory if you’re looking for something lighter than modern GM can offer while differentiating yourself and taking a gamble on a new company building an older design. For those who liked the thought of a DIY supercar, Ultima’s new stewards will still be offering a $65k “Supelite SL-C” kit compatible with a range of GM plug-and-play crate engines. This whole thing has us feeling a bit skeptical, but our interest is certainly piqued. You can bet that we’ll be monitoring Peregryn’s progress!