Although gasoline prices have dropped to levels not seen in years, General Motors is continuing to focus on electric cars. Reports surfaced this week that the Detroit automaker is targeting a 2017 debut for the Chevrolet Bolt, its all-new, purely electric car that had been rumored since 2013. GM is expected to formally unveil the car at the North American International Auto Show in Detroit next week.

The Bolt will have a range of 200 miles and be priced at around $30,000, according to a Bloomberg BusinessWeek report. The Wall Street Journal reported “the concept car will be a hatchback” similar to a crossover.

The Bolt will be the second all-electric car in the Chevrolet line-up after Spark, which gets about 82 miles from a full charged battery, according to The Verge. GM also had the EV1, which was available for lease from 1996 to 1999. The Chevrolet Volt, a plug-in hybrid offering that competes with the likes of Toyota Prius and Nissan Leaf, will be retrofitted next year to operate longer on an electric charge before the gasoline engine takes over and the battery is recharged.

According to BusinessWeek, falling gasoline prices – in some parts of the U.S., they were under $2 a gallon – have dragged down the sales of hybrids. However, GM Chief Executive Officer Mary Barra told reporters at a Jan. 8 roundtable that the company is not changing its strategy and will continue to develop electric cars and hybrid technology.

The Bolt “will compete squarely with Tesla’s Model 3, which was announced in June, and itself is designed to take on BMW’s 3 series,” The Verge reported.