Chevrolet announced at the SEMA show that it would be supplying the latest drivetrain for Hot Rod Magazine’s famed Project X.

Owned by the magazine since 1965, the 1957 Chevrolet has been powered by inline sixes and V8s, has used carburetors and fuel injection, and it has been reimagined so extensively and frequently that they lovingly refer to it as the million-dollar Chevy.

Now, the magazine is doing something completely new and taking out a supercharged LSX V8 engine and replacing it with an electric motor that offers 340 hp (344 PS/253 kW) and 330 lb-ft (447 Nm) of torque. The battery, meanwhile, could be even more interesting.

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Currently being evaluated for use as a potential next-generation Chevrolet Performance product, it has been developed to be modular, allowing people taking on drivetrain swaps to decide how much range they need and how much they want to spend. The battery pack going into Project X will be a 400-volt proof-of-concept lithium-ion battery that stores 30 kWh.

Chevrolet hasn’t said quite how much range it expects from that but says it will be enough for a weekend of cruising. For reference, the Chevrolet Bolt is fitted with a 65 kWh battery and is rated at 259 miles of range.

To help maximize range, Project X will also get a quick-change differential to allow the final-drive ratio to be adjusted based on use. A shorter final-drive ratio will provide faster acceleration, while a longer one will be better suited to cruising.

“The reinvention of Project X is a reminder that our vision for a world with zero emissions includes classics like the Tri-Five Chevys,” said Prashant Ahire, eCrate regional chief engineer. “As General Motors rolls out its trailblazing EV technology, Chevrolet Performance plans to offer EV propulsion solutions for enthusiasts looking to modernize their project cars.”

The swap, performed by Cagnazzi Racing from Mooresville, North Carolina, also required the car to have an electric brake booster and an electrohydraulic power steering pump installed. The removal of the exhaust system, meanwhile, allowed the car to be lowered by another 2 inches.

The front-end suspension has been softened to account for the lack of an engine, while the rear suspension was stiffened as a result of it carrying more weight over the rear axle.

“We are racers and hot rodders, with deep roots in internal-combustion racing engines,” said Vic Cagnazzi, owner of Cagnazzi Racing. “But we see this next leap into EV performance propulsion as a natural evolution for hot rodding. Our goal with this conversion was to maintain the look and integrity of the classic hot rod, while modernizing the propulsion technology.”

The look of the Project X won’t change much as a result of the swap, out of deference to its years of history, but the push-button gear selector has been borrowed from a 2021 Corvette.

“Project X has always served the car community by pushing the envelope with groundbreaking technologies,” said Douglas Glad, group content director, MotorTrend Group. “As the auto industry shifts rapidly toward electric vehicles, this Project X build is just the latest in its celebrated legacy of adapting hot rodding to the powerful technology of tomorrow.”