GM is taking on Tesla with the affordable Chevrolet Bolt

Tesla is one of the biggest names, if not THE biggest name in electric vehicles right now and is largely responsible for bringing the eco-friendly option into the mainstream. The only problem is, its vehicles tend to be more on the premium side and are therefore much more expensive than most vehicles. While this is all well and good for those that want luxury and style, it serves as a major roadblock for the more budget-conscious consumers that want to drop fossil fuels for electricity.

The Palo Alto-based automaker has been working to address this issue with its forthcoming Model 3, a $35,000 electric vehicle that’s slated to debut in 2017, but it’s going to be facing much more competition this time around.

According to new reports, General Motors is also planning to release a budget-friendly electric vehicle in 2017 that will cost a mere $30,000. Known as the Chevrolet Bolt, the automakers plans to show off a concept version of the new vehicle at the Detroit Auto Show tomorrow, eight years after the company first announced that it would be re0entering the electric car market with the Chevrolet Volt, which is getting a redesign and upgraded capability.

“The Bolt represents the biggest risk taken by Chief Executive Mary Barra since taking GM’s helm a year ago,” said the Wall Street Journal. “Its development was approved when she was product chief under former CEO Dan Akerson . But US gasoline prices have fallen below $2 a gallon this year, hurting demand for electric cars.”

As for the Bolt, GM’s Tesla-killer will be equipped with solid battery that is being manufactured by South Korea’s LG Chemical. The concept version of the new electric vehicle will be designed to look a lot like a crossover vehicle, but will actually be a hatchback. It will also be capable of driving more than four times the distance of its predecessor, the Chevrolet Volt, on a single charge.