General Motors (GM) unveiled its 2017 Chevy Bolt electric car with a reported 200-mile (322-kilometer) electric charge at Consumer Electronics Show (CES) 2016 in Las Vegas, on January 6, Wednesday. The compact car to go on sale sometime this year will have a price tag of about $30,000 after tax incentives have been factored in.

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Bolt's concept version was introduced at last year's Detroit auto show in January. A one-year turnaround is quite fast considering that the electric vehicle (EV) includes a brand new powertrain (transmits engine's drive to axles).

The 2017 Bolt's many new features include a mobile app that will allow for car sharing and advanced GPS routing, according to CNN. CEO Mary Barra provided an official statement on Wednesday.

Bolt's smartphone app can also predict the vehicle's range. It is based on factors such as driving habits, weather forecasts, and the number of hills on the EV's route.

Chevrolet's Bolt is a follow up to its Volt. The new model will have a range about four times higher than the automaker's first e-car, and will include a gas engine.

It is highly likely that the 2017 Bolt will be the first EV with a price point under $40,000 and a range more than 200 miles. However, it will have some tough competition. Tesla is scheduled to launch its Model 3 in March 2017, while Volkswagen is developing high-range EVs with a wide price range, according to The Verge.

Tesla's Model S has a range of about 230 miles on a single charge. However, at $70,000 it is about twice the average car price during 2015.

Elon Musk's company said in a statement that EVs from traditional automakers benefit Tesla's goal to build green cars. The company hopes more EVs will appear on public roads.

Here's a first look at the 2017 Chevy Bolt: