2012 Chevy Camaro ZL1

The rivalry between the Ford Mustang and Chevy Camaro hasn’t been this heated since the late ’60s. If you haven’t been following, the Mustang currently holds the horsepower advantage over the Camaro with its tire-shredding 550-hp 2011 Ford Mustang Shelby GT500 model. But the balance of power is about to shift, as details emerge about the upcoming 2012 Chevrolet Camaro ZL1.

Motor Trend recently got a chance to get up close and personal with the ZL1, which only recently debuted at this year’s Chicago Auto Show in February.   The ZL1‘s 550-hp supercharged 6.2-liter V8 is the same engine found in the 2011 Cadillac CTS-V, the former world’s fastest production sedan.

As far as pricing goes, it’s estimated that the ZL1 will start at around $47,000 or about a grand less than the Shelby GT500‘s base price.

Until the ZL1 gets closer to production, we can only speculate on its real-world performance. For now, we’ll have to savor this one video clip and soak in all that supercharged V8 aural goodness.

Click here to see Motor Trend’s exclusive footage of this rare beast.