General Motors Launching Chevrolet Bolt To Compete With Tesla Model 3

Shares of Tesla Motors Inc (NASDAQ: TSLA) were trading lower in Monday's premarket following news that Genera Motors Company (NYSE: GM) plans to launch the Chevrolet Bolt in 2017, an electric car that could travel 200 miles between charges and would cost $30,000. The move is designed to compete with Tesla's new Model 3, which will be priced at $35,000 and will also commence in 2017.

The Chevrolet Bolt will be unveiled Monday at Detroit's North Americas International Auto Show. The design will be similar to a crossover vehicle, and the Bolt will also be marketed in China and foreign markets.

Shares of Tesla recently traded at $203, down 1.7 percent.