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The 2017 Chevrolet Bolt EV will debut at showrooms later this year for $37,495 including destination charge, true to its promise to be the first electric vehicle under $40,000 to go more than 200 miles on a charge.

Including a federal $7,500 tax credit, the Bolt will cost as little as $29,995 – though the tax credit is capped to the first 200,000 EVs General Motors Co. sells.

Chevy’s pricing announcement Tuesday comes on the heels of news this month that the Bolt will get an Environmental Protection Agency estimated range of 238 miles on a single charge of its 60-kWh battery. The figures are competitive with Tesla’s Model 3, which boasts similar predicted performance — but is not expected to be on sale for at least another year. The Model 3 claims a 215-mile range for about $35,000.

“Value is a hallmark for Chevrolet and the pricing of the Bolt EV proves we’re serious about delivering the first affordable EV with plenty of range,” Alan Batey, president of GM North America, said in a statement. “We have kept our promise yet again, first on range and now on price.”

The Bolt, built at Orion Assembly north of Detroit, will be available in two trims at launch: base LT and more upscale Premier. Standard LT features include a steering wheel paddle that regenerates the battery, rearview camera, 10.2-inch dashboard touch screen and self-sealing Michelin tires. The Premier, which begins at $40,905 including destination, piles on amenities like heated leather front and rear seats.

DC Fast Charging is a $750 option for both trims.

The peppy, five-seat Bolt crossover is not to be confused with its sister Chevrolet Volt plug-in sedan, which has a 53-mile electric range before a 1.5-liter gasoline engine kicks in. The Bolt’s big battery – the same size as a base, $66,000 Tesla Model S – makes for zippy, sub-7 second 0-60 mph performance while doubling the range of other “affordable” EVs like BMW’s $43,395, 117-mile-range i3 and Nissan’s $29,010, 107-mile Leaf.

The Bolt will be available at select Chevy dealers in late 2016.

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