GM Mocks Tesla Model 3 $1,000 Deposit And Production Schedule

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Tesla’s Model 3 is in the news again, and this time it’s because of General Motors. During a speech in Detroit, Dan Nicholson, GM’s vice president of global propulsion systems, took shots at the EV firm, illustrating how heated the competition could be in the future between the Detroit automaker and Tesla, says the Detroit Free Press.

GM doesn’t need $1,000 deposit

Tesla’s Model 3, the car that generated a lot of buzz across the nation because of its low price, will be available by late 2017. But the Chevy Bolt battery electric vehicle will go on sale long before the Model 3, said Nicholson.

On Wednesday at an engineering conference in Detroit, Nicholson said, “I am very proud of the Chevrolet Bolt that’s coming out, which will be the first to market as a long-range affordable battery electric vehicle. It will have more than 200 miles of range and it will be in production by the end of 2016, so it’s not necessary to put down $1,000 and wait until 2018 or some time after that.”

Tesla CEO Elon Musk says the Model 3 will be delivered to customers in late 2017, but the EV firm’s track record for launching cars has been known to be spotty. Also the electric car maker may need to borrow money or raise capital to produce the Model 3 as it is burning through $400 million of cash each quarter.

However, at the SAE World Congress, Nicholson said, “GM’s balance sheet is in pretty strong shape, so we don’t need to take $1,000 of your money just to hold a spot. You can actually get it in 2016.”

Tesla Model 3 vs. Bolt

Even though the Model 3 is a stunning car and the Bolt has the looks of a crossover, the two affordable cars are destined to be direct competitors. In January 2015, the Bolt debuted at the North American International Auto Show, and it will go into production late this year at GM’s Orion assembly plant.

Nationwide media coverage was drawn by the EV firm when it got at least 325,000 preorders from customers eager to give $1,000 for their Model 3 reservation. GM has far more dealers than Tesla’s company-owned showrooms, but the Model 3 has received more attention from mainstream consumers than the Bolt. On the day of the Model 3 debut, large queues formed outside the electric car maker’s showroom as customers waited to reserve a car.

GM has said the Bolt will be priced at about $37,000, while the Model 3 will be priced at $35,000. The Bolt will have a range of at least 200 miles, while the Model 3 will have a range of at least 215 miles on a full charge.

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