Tech

Chevy Bolt To Take Seoul By Storm; Over 30,000 Units Expected To Sell

By Angelie Cagay , Oct 21, 2016 03:09 PM EDT

LG Chem, General Motor's, battery supplier for the Chevy Bolt, has stated that it is aiming to release the new model of the battery-powered electric vehicle in South Korea next week. The Chevrolet Bolt electric vehicle will launch first in the U.S. and go on sale in South Korea and other large parts of European markets.

Vice President Kang Chang-Beom stated on a conference call that the company is projecting over 30,000 sales for the Bolt EV program. The new Chevy Bolt with many of its parts including a motor supplied by South Korea's LG Electronics Inc., can run 238 miles on a single charge.

Its entry model at the lowest price is set at $37,495. With a federal tax benefit of $7,500, the price will likely go down to as low as $29,995. Considering that the average price of a new car in the States stands at $34,143, the all-electric subcompact with a driving range of 238 miles seems to have the upper hand against its rivals such as Tesla Model 3 that is expected to hit the market in late 2017, according to Pulse News.

The 2017 Chevrolet bolt is in an intense battle with Tesla Motor Inc,'s model 3 to lure motorist in the market. Both EV's will be sold relatively affordable prices compared to other EV cars. Kevin Kelly, of the company's advanced technology communications group, has said only that Chevy was not production-constrained, and could produce as many Bolt EVs as the market proved to demand, according to Green Car Reports.

One analyst suggested that GM could produce 75,000 cars in the market. However, that question remains unanswered General Motor refused to comment on targetted volumes for the Chevrolet Bolt EV. GM Korea plans the new Bolt to "play a key role" in helping the country's goal of promoting electric cars and reducing carbon emissions down the road and this could make a change in the domestic market with its industry-leading electrification technology.

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