The all-electric Bolt will be able to range 238 miles on a single charge, outpacing the automaker's original estimates as well as the upcoming Tesla Model 3.

The Bolt is slightly smaller than the Chevrolet Volt, an extended-range plug-in hybrid, which has a small motor that can power the vehicle if it uses all the power in its battery pack between recharging.

Chevrolet has made good on its promise to deliver the first affordable electric vehicle with over 200 miles of driving range per charge with the new 2017 Bolt EV. The Bolt will be equipped with a 60-kWh battery pack, and a full charge on a residential 240-volt outlet will take approximately nine hours. The Bolt EV is set to hit show rooms in late 2016 and EV buyers looking for a long range and lower price point should be very interested in what Chevy has to offer. At present, Tesla sells only luxury models.

Tesla will likely reveal more concrete details on specifications for Model 3 at its planned second unveiling event for the vehicle later this year.

Over the past year, executives and engineers from parent company General Motors have hinted that the range of the Bolt will be significantly higher than 200 miles.

The big takeaway for investors in both companies: GM's electric-car capabilities now roughly match Tesla's. The Tesla Model 3 has some interesting features, notably the upturned snub nose and the huge rear windshield.

The Opel Ampera-e, the Bolt's European-market twin, gets a somewhat higher range rating because of differences between the USA and European standards, not because it's significantly different under the skin (it isn't).

General Motors Co.'s (NYSE: GM) Chevy partially answered one of these.

The Bolt, in comparison, will start at "just" $37,500, before a federal $7,500 tax credit is taken into account, when it launches nationwide later this year.

"The Chevrolet Bolt represents the first "real" electric auto in the history of the automobile", says Karl Brauer, analyst for Kelley Blue Book.

There's plentiful headroom, an accommodating back seat and more cargo space than most midsize sedans.

"GM's going to capture a disproportionate part of EV sales with the Bolt", Noble predicted. Cheap oil makes traditional vehicles affordable.

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