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General Motors plans fresh move into electric car market: report

Published 01/10/2015, 01:57 PM
Updated 01/10/2015, 02:00 PM
© Reuters. File photo of General Motors logo outside its headquarters at the Renaissance Center in Detroit
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WASHINGTON (Reuters) - General Motors Co (N:GM) plans to offer a new electric car model with a style and price-point that can compete with the popular Tesla Model S sedan, the Wall Street Journal reported on Friday.

The $30,000 electric vehicle called the Chevrolet Bolt, expected to debut commercially in 2017, will be able to drive 200 miles on a charge and is intended to cut into a market where Elon Musk's Tesla Motors Inc (O:TSLA) has been an investor darling.

Electric car purchases badly lag sales of gas-powered vehicles but the market is growing and GM will show off an early model of the Bolt at the Detroit auto show next week to stake a stronger claim in the space, the newspaper reported.

© Reuters. File photo of General Motors logo outside its headquarters at the Renaissance Center in Detroit

The Chevy Bolt will boast a stronger battery manufactured by South Korea's LG Chem Ltd. (KS:051910), the paper reported.

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