Tesla Model 3
In the previous article, we looked at the key features and specifications of Tesla’s (TSLA) Model 3. The model is likely to come with many innovative features, just like the other Tesla models that we’ve seen so far.
Now, let’s find out whether the Model 3 can face competition from the Chevrolet Bolt.
Model 3 competition
Tesla Motors is not the only automaker in the race to manufacture a new generation, mass-market electric vehicle. As noted earlier in this series, stringent government regulations related to emissions standards are pushing automakers to improve their environmentally friendly technology.
Competition from Chevrolet Bolt
General Motors (GM) plans to begin deliveries of its all-electric model, the Chevrolet Bolt, slightly ahead of Tesla’s Model 3. The production of the vehicle is expected to begin in the second half of 2016 at the company’s Orion assembly plant.
The car, which is likely to be priced around $30,000 after federal incentives ($37,500 pre-incentives), is estimated to have a 200-mile range, similar to the Tesla Model 3. With this price point, the Chevrolet Bolt will be an electric vehicle targeted at the mass-market.
Note that the after federal incentives of around $7,500, the price of the Tesla Model 3 is likely to be around $27,500 in the US market. Also, given its features and specifications, the Model 3 looks quite innovative and promising for a low-priced, mass-market EV. Therefore, Tesla should have an edge over the competition from General Motors.
Competition from other automakers
Among other major automakers, Ford Motor Company (F) also has announced its plans to invest $4.5 billion in electric vehicle solutions by the year 2020. This will include the DC (direct current) fast-charge capability. According to the company, it should deliver an 80% charge in an estimated 30 minutes and a projected one-hundred-mile range.
The company also plans to expand its electric vehicle portfolio by adding 13 new electric vehicles by 2020. No specific details about a mass-market electric vehicle launch have been provided by Ford. However, since Ford is an automaker with a large mass-market vehicle portfolio, it wouldn’t be a surprise if the company were to jump into the mass-market EV segment.
However, just manufacturing and selling an EV is not something that can make a company successful. For this reason, Tesla has announced some plans that will give the Model 3 an edge over its competition. We’ll talk about these plans in the next and final article of this series.