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Bolt is Better: Chevy’s 238-Mile EV Deals Nasty Blow to Tesla Motors Inc (TSLA)

Tesla Inc (TSLA)

Tesla Motors Inc dominates the news in the electric car market, but now it is facing several rivals including U.S. automaker, Chevrolet. On Tuesday, it revealed that its forthcoming Bolt EV has received rating from the EPA, and will officially be able to drive 238 miles on a single charge. This news comes as a blow to America’s nascent electric car industry, notes Mashable.

Tesla Model S isn’t the best anymore

Elon Musk’s Tesla is the current market leader, and its Model S got 208 miles in its EPA rating, and now Chevy’s Bolt has beaten that. Both the cars boast a 60 KW/H battery. Musk said with the Model 3 – Tesla’s next car – he is aiming a range of 215 miles at least.

Tesla Motors Inc (TSLA) Rival Chevy Bolt

Alan Batey – General Motors North America President – said in a statement, “The Bolt EV is a game changer for the electric car segment,” and “the 2017 Bolt will start to become available at Chevrolet dealerships later this year.” Bolt will likely arrive roughly a year ahead of the Model 3.

Bolt will be available for $37,500, while the Model 3 is priced at $35,000, and more than 300,000 buyers are in the waiting list for it. Prices of both the vehicles are before making deductions for federal and state tax credit, which should knock at least $7,500 off the price. Bolt will be launched in Europe as well some time in 2017.

Automakers are constantly working to improve the range that electric vehicles can cover on a charge. Tesla’s most expensive Model S – called the P100D Ludicrous version – comes with an improved range of 315 miles. That version is the world’s fastest-accelerating car sold at retail, said Tesla Motors Inc .

Bolt EV vs. Model 3

Chevrolet has pursued an aggressive launch schedule, and savvy media strategy for the Bolt. The car was unveiled at the Detroit International Auto show just 21 months back in the concept form. A week ahead of the Tesla Model 3’s official announcement event in March 2016, the vehicle entered pre-production, notes Mashable.

Both – Tesla and GM – are competing with each other to convince the EV buyers that their new electric cars will be a better buy. GM said that Bolt hatchback will offer more cargo room than a Model 3, and it could be repaired at any of the 3,200 Chevy dealers while Tesla has just 208 stores.

On the other hand, Tesla Motors Inc says its vehicles have better styling and technological prowess that have motivated more than 300,000 buyers to put down deposits of $1,000 for booking a Model 3. Other EV makers such as Nissan and Mitsubishi Motors are not problematic for Tesla as their vehicles – Leaf and i-MiEV – offer a lesser range of 107 miles and 62 miles respectively.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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