By Nick Aziz
Thursday, Feb 28th, 2008 @ 10:00 pm

Following rumors earlier today, Holden, GM’s Australian auto brand, unveiled a high-performance variant of its Commodore sedan powered by the same 7.0-liter V8 engine as the Chevrolet Corvette Z06. The Commodore is sold in the United States as the Pontiac G8. So far, there has been no indication if Pontiac plans to import this new high-powered variant.

Holden’s in-house tuner HSV will build the cars by hand alongside the Holden Racing Team headquarters. The car’s three-year, 62,000-mile warranty will remain in effect.

Despite rising gas prices, sales of high-performance cars remain strong in Australia. The automaker believes “there is definitely a market for this car,” HSV boss Scott Grant told the Sydney Morning Herald.

The 496 horsepower car will see only limited production, and will likely cost twice as much as the current top-of-the-line model. Although the Corvette’s motor has been very slightly detuned, it still manages to deliver 472 pound-feet of torque.

Other highlights include 20″ wheels, high-performance brakes, the same adjustable suspension system from the regular Corvette.

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