The demand for electric cars in the world is gaining momentum, spurring many car makers to market their own kind of vehicle that does not need gasoline.

Leading among these companies is Tesla. However, General Motors' recent car model is trying to dethrone Tesla from its dominating spot in the electric car business.

In a report by USA Today earlier this week, General Motors confirmed that it's going to price its new electric car, the Chevrolet Bolt, at $37,495 including delivery charges.

This was the price range that GM CEO Mary Barra said the car had back in January 2015 when the car was first announced.

The 2017 Chevrolet Bolt's $37,495 could go down to $30,000 after tax credits are taken into account. At this price it is competitively positioned to have an early lead in the market against Tesla's forthcoming Model 3.

GM has strategically priced the Bolt under $40,000 to give it a stronger marketing position among mid-priced cars.

According to Fortune, the Bolt's price tag is slightly a little more expensive than the Tesla Model 3, but the GM car has a greater mileage range per single charge than its rival.

The Chevy Bolt has a rear vision camera, a 10.2-inch color touchscreen, and a steering wheel paddle which allows the driver to brake and regenerate the battery.

There will be a luxury version of the Bolt which would come at a higher cost. It will have leather seats, front and rear-heated seats, surround camera and rear camera mirror.

Both Tesla and GM are hoping to get first mover advantage in the still growing electric car industry.

Tesla has been known to take Apple's approach with its cars, offering only the most expensive models money can buy. GM, on the other hand, seems to be taking Samsung's approach with its mid-tier budget-friendly cars.