A Cobra will be classified as a "custom built vehicle" in North Carolina. They are exempt from emissions testing. But, they must still pass the state safety inspection.
Here's the definition from the Title Registration Manual. See the following web site.
http://www.ncdot.org/dmv/vehicle_ser...leteManual.pdf
"A custom built vehicle is completely reconstructed or assembled from new or used parts. The vehicle will be registered showing the make as Custom-Built, and the year the vehicle was built will be the designated year model."
My Venom is titled as a 2002 Custom-Built.