General Motors Company (NYSE:GM) made headlines this week by announcing its 2017 Chevy Bolt, a car many industry execs see as a potential thorn in the side of Tesla Motors (NASDAQ:TSLA).
The 2017 Bolt EV will have a range of 238 miles if it is charged regularly, far greater than the range on GM’s previous electric car model, the Spark. The Bolt will also have ample cargo space, a 10.2-inch touch screen, built-in wi-fi, and a rear camera mirror.
General Motors knows customers will be focused on battery life. It offers two charging options. The 240-volt option (which most users will have at home) will give the vehicle a range of 25 miles for every hour it’s plugged in, working out to 9.5 hours for a full charge.
Or customers can use one of GM’s DC Fast Charging stations, which will give a driver an additional 90 miles in range in about 30 minutes.
The Bolt starts at about $37,000, but U.S. customers are eligible for a $7,500 federal tax credit, pushing the net cost down to about $30,000.
The Bolt looks quite attractive compared to the upcoming Tesla Model 3. The new Tesla will have a starting price of $35,000 and will have battery life of up to 215 miles per charge. The Bolt will be available by the end of 2016, with Tesla’s newest model not being delivered until 2017. Additionally, Tesla is known to have production restraints, while General Motors does not.
