GM Launching Chevrolet Bolt to Compete with Tesla Model 3

Shares of Tesla Motors

TSLA

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are trading lower in the-market following news that Genera Motors

plans to launch the Chevrolet Bolt in 2017, an electric car that could travel 200 miles between charges and would cost $30,000. The move is designed to compete with Tesla's new Model 3, which will be priced at $35,000 and will also commence in 2017. The Chevrolet Bolt will be unveiled today at the Detroit Auto Show. The design will be similar to a crossover vehicle, and the Bolt will be also marketed in China and foreign markets. Shares of TSLA were last quote at 201.61, down 2.44 percent.