The Chevy Bolt will be priced under A$40,000 -- after tax credits

General Motors isn’t letting up on Tesla, as the Chevy Bolt heads into production next month and is expected to hit dealerships before the end of the year.

Last week, Chevy announced that the Bolt, an all-electric hatchback, would arrive with an EPA-estimated 238 miles of range on a charge — about 20 more than the 215 predicted for the Tesla Model 3 mass-market vehicle by CEO Elon Musk back in March.

On Tuesday, Chevy kept the pressure on by revealing that the Bolt would priced at $37,495. What’s important about that number is that after a $7,500 federal tax credit, the Bolt’s price falls below $30,000.

Yep, it could be $29,995. Come on down!

In all seriousness, Chevy’s North American president, Alan Batey, said in a statement: “Value is a hallmark for Chevrolet and the pricing of the Bolt EV proves we’re serious about delivering the first affordable EV with plenty of range for our customers.”

He added: “We have kept our promise yet again, first on range and now on price.”

So there you have it. Tesla’s Model 3 is expected to be priced at around $30,000, also after tax credits. If that comes to pass when the car arrives in 2017, the Chevy Bolt will be $5 cheaper.

NOW WATCH: Everything we know about the Tesla Model 3

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