Chevrolet thought it had something huge when launching its first generation Volt. But then the Tesla Model S came and stole Chevy's thunder. It's not about to let that happen again. Perhaps that's why it named its latest EV concept the Bolt. OK, all jokes aside, the Chevy Bolt concept not only looks close to being production ready, it's also the brand's future. With Tesla set to launch its own entry-level Model 3 at around the same time, it'll be interesting to see which 200-mile range EV wins over the most customers.

Tesla CEO, Elon Musk, has just made clear that his Model 3 will actually cost less than the Bolt. Here's the arithmetic according to Musk: Chevy claimed the Bolt will cost $30,000 and the Model 3 will be priced at around $35,000. However, Chevy's price takes into account the $7,500 federal tax incentive for zero-emissions cars. In other words, the Bolt's true sticker price is $37,500. The Model 3's $35k price is before that incentive, meaning the actual amount customers will be asked to pay is $27,500. Begun the entry-level EV sales war has.