General Motors' (GM) Chevy has finally unveiled its much-anticipated 2020 Corvette Stingray C8. The sports car was introduced by the company Thursday evening in a live streaming event on its website.

New to the Corvette C8 is a mid-mount engine that sits behind the passenger. This 6.2-liter V8 is based on the LT1 engine that powered the C7 model and was expected as part of the car’s release.

The new LT2 engine is rated 490 to 495 bhp and comes with an optional Z51 performance package. The engine is viewable from the rear hatch window as well and was designed to push more power to the rear wheels of the car, Chevy said. Torque rating on the engine is 470 pounds per feet, which, according to the company, makes “it the most powerful production Stingray ever.”

The engine is mated with an eight-speed dual-clutch automatic transmission that Chevy said can take the C8 to 60 mph in less than 60 seconds. The performance package also provides enhanced braking and cooling capacity and a beefier exhaust system, the company said.

Handling of the Corvette C8 includes coil overs, which are complemented by electronic steering to help guide the car around corners. A magnetic ride control system is also available, which allows for four different driving modes. This is an increase from the two driving models found in the C7.

Other features of the C8 include forward-canted side intakes, lift out roof, and liftable front-end for better visibility while driving. The door handles and hatch and hood releases have been designed for a cleaner appearance by hiding them into the car’s exterior, which has also been engineered for improved aerodynamics, Chevy said.

Inside the C8 is a set of digital displays and an infotainment system. It is laid out in a wraparound arrangement style and is fitted with a center console.

The midengined sportscar could sell at a starting price of less than $60,000, according to General Motors estimates for the U.S. market, Motor 1 reported. Chevy said the Corvette C8 will be available in early 2020.

Shares of GM stock were up 1.05 percent as of 11:03 a.m. ET on Friday.