The Chevrolet Volt isn't enough. Neither is the Chevrolet Spark EV. At least not in Chevy's estimation.

General Motors product boss Mark Reuss told a meeting of investors that Chevrolet will be getting a new electric vehicle, according to Automotive News. He did not give a potential model name or a possible launch date.

The company is working on an EV model based on the compact Chevy Sonic, which is expected to have a range of about 200 miles. The projected launch date is sometime in 2017.

Chevrolet already offers the four-door, four-seater Volt, an extended-range EV that can run for about 40 miles on a charge before a gasoline engine kicks on. The company is also selling an electric version of the Spark subcompact, naturally dubbed the Spark EV, in Oregon and California.

If Chevrolet can deliver a solid product at a reasonable price, it might have a leg up over its competitors. With the exception of the pricey Tesla Model S, most mainstream electric cars have ranges of 100 miles or less. In addition, few are sold by mainstream brands.

Ford has the Focus Electric, and Nissan has the Leaf, among a few other choices, but purely electric cars that aren't extended-range electrics or hybrids remain just a small part of the market. If Chevrolet offers a good car with usable range (and relatively fast charge times) that people can afford, it could give the brand a huge boost.

After all, the biggest criticism of the Volt is that has been overpriced--perhaps a lower MSRP would've made it more popular among buyers. The next Volt is due late next year or in early 2016, so it follows that a full electric could launch soon after.

Not to mention that the Sonic is a good car in its own right, making it a logical choice for Chevy to start with. If GM follows through with this plan, a new model would likely debut at the Los Angeles Auto Show in 2016 or the North American International Auto Show in Detroit in 2017.

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