GM Says Chevy Bolt to Get 238-Mile Range
September 13 2016 - 9:30AM
Dow Jones News
General Motors Co. said the Chevrolet Bolt scheduled to go on
sale late this year will travel 238 miles on a single electric
charge, giving GM a key marketing claim over Tesla Motors Inc. as
the auto makers prepare to launch the industry's first long-range,
affordable electric vehicles.
Ever since GM revealed a concept of the Bolt in early 2015, the
company has said only that its range would top 200 miles. The
estimate of 238 miles announced Tuesday leapfrogs the projected
215-mile range of Tesla's similarly priced Model 3, which is
expected to reach the market about a year after the Bolt, in late
2017.
The range advantage could be an important selling point for GM
as it seeks an early mover advantage for the Bolt, which GM
insiders for years have referred to as their Tesla fighter. GM is
looking to reassert itself as an industry leader in electrified
cars following Tesla's surging popularity in recent years.
Still, both the Bolt and Model 3 will mark a big improvement
over the roughly 100-mile range of today's electric cars and could
appeal to a broader swath of potential buyers, analysts say.
So-called range anxiety—drivers' fear of the battery running out of
juice on longer trips—is one factor that has kept a lid on
electric-car sales since auto makers began marketing them several
years ago.
Tesla's larger Model S sedan's range has long topped 200 miles,
although that car is priced two- to four times higher than the
Model 3 and Bolt, depending on the model. A new Model S version
with a bigger, 100 kilowatt-hour battery pack is estimated to
travel 315 miles on a single charge.
Chevy's 2017 Bolt EV is expected to be the industry's first
mainstream, long-range electric car when it arrives in showrooms
late this year. GM hasn't announced the sticker price but has said
it would go for around $30,000 after a $7,500 federal tax credit.
Tesla CEO Elon Musk has pegged a $35,000 starting price for the
Model 3 before any tax incentives, implying that it could be priced
just below the Bolt.
So far, the Bolt hasn't been able to generate the level of buzz
around the Model 3, which garnered a crush of media coverage when
Mr. Musk unveiled it earlier this year. Around 400,000 people put
down $1,000 deposits each to preorder the car.
Both GM and Tesla face the challenge of selling electric cars
amid a prolonged period of low gas prices, which has forced auto
makers in recent years to offer profit-sapping discounts to lure
buyers. Despite tepid demand for electric vehicles and hybrids, car
companies continue to develop them in part to comply with
toughening federal fuel-economy standards
GM North America President Alan Batey in a statement called the
238-mile range "a game changer for the electric car segment" and
confirmed the car would arrive at dealerships "later this
year."
Chevy also sells the Volt, a plug-in hybrid that can travel 53
miles on electric power before a gasoline-powered generator takes
over to power the battery.
Write to Mike Colias at mike.colias@wsj.com
(END) Dow Jones Newswires
September 13, 2016 09:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Tesla (NASDAQ:TSLA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tesla (NASDAQ:TSLA)
Historical Stock Chart
From Sep 2023 to Sep 2024