At the Detroit Auto Show GM showed off the Chevrolet Bolt. Its the company’s new all electric vehicle that promises a range of over 200 miles on a single charge, for $30,000. GM is looking to introduce this vehicle in all 50 states as well as some key international markets. The Bolt is increasingly being painted in the media as a Tesla Model 3 competitor, and how it will undercut the Tesla on price. Elon Musk, the guy who founded Tesla and still runs it, has set the record straight.

General Motors is highlighting that the Chevrolet Bolt is going to cost $30,000 but there’s an asterisk to consider. The price will include any and all state or federal tax incentives. Tesla’s $35,000 price tag for the Model 3 doesn’t include any of those incentives.

Tesla’s all electric vehicles are expensive and it is often implored to come out with a cheaper model. The Model 3 is that cheaper option but it won’t be here for a couple of years at the very least. Tesla is still occupied with delivering the Model X which has already been delayed twice.

Musk’s comments came during an interview at the Automotive News World Congress. He clarified that the $35,000 price tag for Model 3 that he has mentioned multiple times in the past doesn’t include state or federal tax incentives. Simply adjusting the $7,500 federal incentive for going electric would bring the price down to $27,500 if Tesla was to follow GM’s math.

Musk also said that the Model 3 will be 20 percent smaller than the Model S, and some of the standard features found on the existing models will be optional on the Model 3, to keep the price low.

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