Auto manufacturer General Motors recently unveiled its Chevrolet Bolt electric car at the 2016 Consumer Electronics Show in Las Vegas. The Bolt is the latest electric car from GM and promises a range of up to 200 miles.

General Motors is planning to market the Chevrolet Bolt as the company's mainstream electric vehicle. The automaker is hoping that the car will help cement the company's brand as a legitimate tech company instead of just a car company.

Like Us on Facebook

In past statements, General Motors hinted that the Bolt will cost somewhere around $38,000. The final price of the car is estimated to be around $30,000 after the $7,500 federal income tax rebate given to consumers who purchase electric cars, according to CNN.

Many market analysts said that General Motors perfectly timed the release of the Bolt. In times when Silicon Valley startups are disrupting car sales with ride-sharing services, the Bolt plays a major role in redeeming the slowly waning appeal of driving a personal car.

The electric car industry along with other alternative fuel vehicle is also facing serious challenges especially with the ongoing drop in the price of gas.

Kelly Blue Book senior analyst Karl Brauer told the Wall Street Journal, "They Chevrolet Bolt represents the first serious electric vehicle available to mainstream consumers. It will be an interesting test to see how the market embraces the Bolt in this era of cheap gas, But from a value and function standpoint, it sets a new benchmark in alternative-fuel options."

Another electric car in General Motors' lineup is the Chevrolet Volt. The car was introduced several years ago and did not sell well due to its limited range. Analysts believe that the Volt marks the company's return into the electric-car market, and the Bolt will be responsible for garnering much wider appeal.

The Chevrolet Bolt is also viewed as a strategic product for General Motors, as the company slowly starts to embrace newer transportation technologies like self-driving cars and ride-sharing services.

GM announced early this year that it is investing $500 million in Lyft, a transportation network that offers ridesharing services. The eventual goal of the investment is to develop driverless-car hailing services.