Mary Barra, Chairman and CEO of General Motors, and Mark Reuss, Executive Vice President of GM Global Product Development, reveal the Chevrolet Bolt EV to the news media at the 2016 North American International Auto Show
(Photo : (Photo by Bill Pugliano/Getty Images))
The long wait is over! The 2017 Chevy Bolt EV's price is now officially at $37,495. Considered as one General Motor's most promising products, the Bolt EV is a model that is set to revolutionize the EV industry with its long range battery at 238 miles of full charge.
There's only one major problem, however. Its strongest competitor, the Tesla Model 3, produces roughly the same miles and cost less.
More Expensive Than Expected
When we met the Chevrolet Bolt EV with 60 kWh battery and autonomy around 238 miles at its full charge, we noted that a battery equipped with this capability was really interesting as it is much higher than the car models already out in the market such as the Nissan Leaf, the Renault Zoe, or the BMW i3. The Chevy Bolt will also come awesome features, such as a rear vision camera, a 10.2-inch color touchscreen, and a steering wheel paddle that lets the driver brake and recharge the battery.
At the same reason, we know it would not come cheap. Now the Bolt EV's price is revealed and just as we expected, it would range at more than thirty thousand. What is not expected is that it is, by a mere $2,495, much expensive than the Tesla Model 3, whose listed price is estimated at $35,000.
Both cars, however, could end up being considerably cheaper for consumers, thanks to a federal tax incentive that can issue up to a $7,500 credit. That pushes both vehicles under $30,000.
Chevy Bolt EV vs Tesla Model 3
With similar price tags and battery range, the Chevy Bolt and Tesla Model 3 will be battling for many of the same consumers. The Chevy Boll EV's main advantage? Time.
While General Motors announced that the Chevrolet Bolt EV will be available at dealerships later this year, waiting lists for the Tesla Model 3 continue to rise. Reservations are in the hundreds of thousands, and now they're coming at half a million. Tesla Motors says they will begin to deliver in late 2017, but many analysts believe a delay on the first delivery is inevitable and could even expand to two years. And that's not all. Beyond the problem of those first deliveries, even the most optimistic could imagine that reserves continue to accumulate can be delivered in less than several years term.
Meanwhile, Elon Musk expects the Tesla Model 3 will become the electric vehicle to beat all EVs as it is designed to be the first EV intended for mass consumption, which can, in turn, increase Tesla's profit significantly, GM is in the better position largely because it’s beating Tesla to market by a year.
General Motors can take advantage of the pull, and most likely attract new customers of the Tesla Model 3 that are not willing to wait several years for them to see a Model 3 in their garage.
And even with a price more expensive than the Tesla Model 3, the Chevy Bolt EV seems designed to thrive. Watch out!