Also introduced with the C5 was GM's new LS1 small block. This third-generation small block was a completely new design, including a distributor-less ignition and a new cylinder firing order. It was initially rated at 345 horsepower (257 kW) and 350 ft·lbf (470 N·m) torque, but was increased to 350 horsepower (260 kW) in 2001.
For its first year, the C5 was available only as a coupe, even though the new platform was designed from the ground up to be a convertible. The convertible returned to the lineup in 1998, followed by the predecessor to the Z06, the fixed-roof coupe (FRC), in 1999.