Reports: GM To Launch All-electric Chevy Bolt With 200 Mile-range In 2017

(RTTNews) - Automaker General Motors Co. (GM) plans to launch an all-new electric car that would be capable of driving 200 miles on a single charge by 2017, according to media reports on Friday.

The electric vehicle, to be reportedly sold at $30,000 and be called the Chevrolet Bolt, is touted as GM's answer to Tesla Motor Inc.'s (TSLA) forthcoming Model 3, a $35,000 electric car also slated to debut in 2017.

In July 2014, Tesla confirmed plans to market a new sedan in the $35,000 range by 2017. According to Tesla chairman Elon Musk, the new model will be about one-third smaller than the company's flagship Model S, but would still get about 200 miles in range.

Meanwhile, the Bolt would be a step beyond GM's Volt plug-in hybrid, of which the company has sold more than 70,000 units since its introduction in 2010. It would also be the first purely electric car made by GM since the EV1. GM shut down production of the EV1 in 1999.

GM will unveil a concept version of the Bolt on Monday, January 12, at the Detroit Auto Show. The new vehicle is said to carry an upgraded battery made by South Korea's LG Chem and be capable of driving four times farther than a Chevrolet Volt plug-in hybrid on a single charge.

Last Sunday, GM provided a sneak peek of its next-generation Volt at the International Consumer Electronics Show in Las Vegas. The automaker did not disclose any additional details or specifications of the car, but just provided a 30-second glimpse of the vehicle.

GM said it will release further details on January 12 when the 2016 Chevrolet Volt is scheduled to make its debut at the 2015 Detroit Auto Show.

GM closed Friday's trading at $35.59, down $0.61 or 1.69 percent on a volume of 14.69 million shares.