(CNN) In July, General Motors unveiled a radically new version of the Chevrolet Corvette. For the 2020 model year, the sports car's engine will be behind the seats instead of under the hood, where it has been in Corvettes since 1953. Now GM (GM) has unveiled the convertible version with another major new development.

For the first time, the Corvette convertible has a folding hardtop rather than a cloth roof.

Retractable hardtops have existed on cars since at least the 1930s. They've become increasingly common in recent decades as more advanced technology has enabled them to be lighter and to take up less space when folded.

The Corvette's new foldaway top is made from a lightweight composite material. It's powered by six small electric motors and can fold up or down in 16 seconds while the car is driving at speeds of to 30 miles an hour.

"Our goal from the beginning was to make sure customers didn't have to sacrifice any functionality, performance or comfort when choosing the hardtop convertible," Corvette engineering manager Josh Holder said in a statement.

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