General Motors Company (NYSE:GM) is poised to strike at Tesla Motors Inc (NASDAQ:TSLA) today, if report coming out of Motor City are to be believed.
According to The Detroit News, General Motors Company (NYSE:GM) is expected to launch today the Chevrolet Bolt, a vehicle the publication said could “challenge” the upstart that is Tesla Motors Inc (NASDAQ:TSLA).
General Motors Company (NYSE:GM)’s new concept vehicle is said to have 200 miles of range, according to two unnamed sources of The Detroit News. Apparently capitalizing on the large distributor network of the automaker, the Bolt is said to be released in all 50 states of the United States.
What could also spell trouble for Tesla Motors Inc (NASDAQ:TSLA)’s current Model S is the price the Bolt. Whereas the Model S starts at nearly $70,000 and could run up to more than $90,000 for the performance package before federal and state subsidies are factored in, the Bolt is said to be sold at $30,000.
Tesla Motors Inc (NASDAQ:TSLA) has plans to sell a mid-$30,000 vehicle. Called the Model 3, it would be debuted by the electric car maker hopefully by the end of 2016 or early 2017.
General Motors Company (NYSE:GM), according to The Detroit News, applied for the Chevrolet Bolt trademark this August but the plans for the car has been discussed by the company since a couple of years ago.
For example, GM official Doug Parks said in September 2013 that they will release a $30,000 electric car that would have a range 200 kilometers. Dan Akerson, former CEO of the carmaker said in March 2013 that the company was working on a 200-mile-range electric car, the publication noted.
Warren Buffett’s Berkshire Hathaway owned 40 million General Motors Company (NYSE:GM) shares by the end of the third quarter of 2014. Meanwhile, Jim Simons’ Renaissance Technologies owned 233,700 shares of Tesla Motors Inc (NASDAQ:TSLA) by the end of the same period.