Tesla is now promising that the Model 3 will have 215 miles of range and a starting price of $35,000 when it begins shipping in late 2017.
Chevy has just announced the driving range of its fully electric auto, the 2017 Chevrolet Bolt.
While it may or may not turn out to be the "tipping point" for widespread consumer adoption of electric cars, the Bolt's range certainly raises the bar for expectations around Tesla Motors'(NASDAQ: TSLA) much-hyped upcoming Model 3 sedan. But that ends today, as the Chevrolet Bolt EV's EPA figures are finally out in the open.
The final price of the Bolt has not yet been determined, but according to Chevrolet, the electric vehicle will have a price tag of below $37,500 before tax incentives and rebates are applied. If the rumors turn true and the Model 3 will indeed go on sale with a standard battery of less than 60 kWh, then the Bolt has the upper hand, at least on paper.
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Chevy also has not specified where the Bolt will be sold initially, saying it will arrive at "select Chevrolet dealerships".
2017 Chevrolet Bolt EV range beats Tesla.
Ever since GM GM, -0.93% revealed a concept of the Bolt in early 2015, the company has said only that its range would top 200 miles.
General Motors Co.'s (NYSE: GM) Chevy partially answered one of these. GM could be looking to match Tesla's base price as they are aiming to convince some of the company's ~400,000 reservation holders to buy the Bolt instead of waiting for the Model 3.
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The Bolt has more than double the EPA-certified range of the electric leaf, Focus and Golf.
It's worth noting that Tesla, like GM, hasn't actually announced the official range for Model 3, either. "While range is important, we knew Bolt EV owners would want more - more space and more power - and the Bolt EV delivers", said Bolt EV Chief Engineer Josh Tavel. The Bolt's range and price make it affordable and practical enough to compete not just with electric cars, but with family favorites like the Honda Accord and Toyota Camry.
Tesla said its quarterly loss is $293.2 million, or $2.09 per share, up from about $184.2 million past year.
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