The mass production of high-end electric cars while making them more affordable to regular people has been the goal of carmakers like Toyota and Tesla. Now a new electric car from General Motors is making the competition tighter.
GM recently introduced to the public the "Chevrolet Bolt," its latest electric car and a challenger to Tesla's existing models. According to GM, the Chevy Bolt's 238 mileage is farther and longer than the cheapest versions of Tesla Motors' Model S sedan and possibly could beat the much-anticipated Tesla Model 3.
GM announced that the car is scheduled to hit showrooms before the year ends and will cost consumers $37,500, as reported by Bloomberg. The price is nearly half of Tesla's cheapest model which costs $66,000.
According to Fortune, General Motors CEO Mary Barra declared a year ago that the company will make the Chevrolet Bolt more affordable and more advanced than any electric car in the market -- a subtle jab at Tesla whose cars often carry premium prices.
Bloomberg noted that the Bolt's 238 mileage per single charge is superior to the 219 miles for Tesla's cheapest car, Model S 60.
Elon Musk countered GM's announcements by saying that it has the Tesla Model 3 which will go on sale by early 2017. It has a starting price of $35,000 and can run for 215 miles per single charge.
Still, GM remains confident that it can beat Tesla.
Citing a GM insider, Bloomberg revealed that the Bolt hatchback will apparently have more cargo room than the Model 3 and can be repaired at any of GM's 3,200 Chevy dealers, compared with Tesla's 208 repair stores.
"The Bolt EV is a game changer for the electric-car segment," GM North America President Alan Batey said.
The Chevy Bolt also is said to have the backing of the company's cash war chest. "Not only can GM spend millions-if it chooses-in marketing the car, it also has a major presence in every U.S. state," Batey said.
Tesla is banned from selling directly its cars to consumers in several states in the U.S.
Tesla, on the other hand, said that its styling and technological prowess have lured more than 300,000 people to shell out reservation deposits of $1,000 for the Model 3.
Tesla also has a cult-like following. Fortune said that even before the public unveiling of the Model 3, reservations for the mainstream car hit almost 400,000.
The company also recently announced that it has increased the boosted capacity of the most expensive Model S to 315 miles.