At the 2015 North American International Auto Show in Detroit, General Motors unveiled the Chevrolet Bolt, an all-electric concept vehicle that is looking to become a worthy competitor to the upcoming Tesla Model 3.
The Bolt, named as such in a nod to its predecessor, the Chevrolet Volt, could be released to the public in 2017. The Volt itself, however, will also be receiving an upgrade, with its 2016 model also unveiled at the Detroit auto show.
The Bolt will be a purely electric-powered vehicle, as compared to the Volt which is an extended-range electric car because it has a backup gasoline engine. It will be priced between $30,000 and $35,000 after the deduction of incentives, including a federal tax credit worth $7,500.
That price range places the Bolt in direct competition with the Tesla Model 3, which the electric car company previously said would be in the same price range and dubbed as the "affordable Tesla."
Tesla Motors has captured leadership in the burgeoning electric car industry with its combination of long range capabilities and stylish designs for its vehicles, which makes their cars different from those being offered by mainstream automobile manufacturers. Tesla is currently only selling the Model S sedan, which is a luxury electric vehicle that comes with a price of $80,000 or higher.
The Tesla Model 3 will not be released until a couple more years, which would put it in a direct collision with the pending release of the Bolt.
The Bolt has the same hatchback body style as the Volt, but is much larger. Batteries by South Korea's LG Chem power up the vehicle, giving the car a range of 200 miles on only a single charge. This range is also the same as the expected range of the Tesla Model 3.
One problem that has been hindering the growth of electric vehicle users is the charge times of the vehicles. Drivers that can barely wait five minutes to fill up their tanks at a gas station will be frustrated with having to wait at least 30 minutes to gain a minimum charge on their electric vehicles.
Tesla has been developing its battery swap program to address the issue. Still at a very early stage, the premise of the program is that, for an amount between $60 and $80, drivers can replace their drained batteries with a charged up one in as short as 90 seconds.
The success of the Bolt and the Tesla Model 3, however, hinges on a range of other important factors, including gasoline prices and developments in the industry from now until the release of the vehicles. Until then, both General Motors and Tesla Motors can only attempt to develop their offerings to address the growing needs of the market.
