General Motors says the base price for its all-electric Chevrolet Bolt will be $37,495 when it goes on sale later this year, nearly 7% more than Tesla’s upcoming mass-market car, the Model 3.
Tesla lists the base price of the Model 3, which won’t be shipped until late 2017, at $35,000.
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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.
The Chevy Bolt will come with standard features, such as a rear vision camera, a 10.2-inch color touchscreen, and a steering wheel paddle that lets the driver brake and regenerate the battery. A premier version of the Bolt, which would cost more, will also include extras like leather seats, front and rear-heated seats, as well as a surround camera and rear camera mirror.
Pricing for the Chevy Bolt excludes tax and title, license, and dealer fees. The Bolt EV will be available at select dealerships in late 2016, General Motors said in its announcement.
Earlier this month, GM (GM) announced the Chevy Bolt will get 238 miles on a single charge, greater range than it initially promised and 10% more than its rival Tesla’s mass-market car, the 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. However, battery range and price are just two factors here. GM is bigger, with more capital and a vast dealership network. Tesla (TSLA) is considered a master maker of fast, powerful, and tech-centric electric vehicles, and has developed a fervent following as a result.
For now, GM is in the better position, largely because it’s beating Tesla to market by a year. It also has garnered at least one high-profile endorsement from Apple co-founder Steve Wozniak. That’s a significant head start.
Of course, Tesla supporters will likely argue that this gives the company time to perfect the car, push the battery range past the Bolt, and add other features. And Tesla has support, too. Back in April, the company’s vice president of business development, Diarmuid O’Connell, said reservations for the car—which required a $1,000 deposit—were already approaching 400,000.
The question is whether those electric vehicle fans will still hold out for the Model 3, or ask for a refund and snap up the Chevy Bolt.