General Motors announced that the price of its widely anticipated electric vehicle (EV), the 2017 Chevrolet Bolt, will start at $37,495. That figure is more than the cost of the upcoming Tesla Model 3 EV, which is poised to roll out in 2017.

Now, one would probably recall that GM has promised that Bolt's price tag will hover below $30K. The company could be credited for fulfilling this pledge only if a federal tax credit is factored in. The government currently institutes a $7,500 tax credit when consumers purchase an electric vehicle. This means that the Bolt EV will only cost $29,995.

Unfortunately, the federal credit only applies to consumers who have paid at least $7,500 income tax.

It is also important to note that there are states that offer similar credit incentives such as Colorado and Louisiana. In addition, there is a limit to the number of qualifying vehicles. For example, GM or Tesla could run out of tax credits for reaching the cap.

The previously cited price tag is applicable to Bolt's base model, the LT trim. Its higher-end variant will be sold for $40,905. The price difference is attributed to all the bells and whistles that will come with the Premier model such as the 10.2-inch touch screen, heated leather seats, fancier audio system, bigger-capacity battery, more safety features and a 360-degree camera system, among others.

Bolt's standard features include a rear camera and a steering wheel paddle, which recharges the battery every time the driver hits the brake.

"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 for our customers," Alan Batey, president of GM North America, told CNN.

The Bolt's slightly higher price tag, especially when compared to the upcoming Tesla competitor, should make sense once consumers find out that it will be the first EV to achieve more than 200-mile range within the EV sold under the $30K price segment.

Tech Times earlier reported that, on a full charge, the Bolt is capable of covering up to 238 miles. Tesla's Model 3, on the other hand, will only be able to manage 215 miles. This is a significant 10 percent range difference. Another important factor in this comparison is the fact that Bolt will beat the Model 3 to the market. It will begin rolling out later this year whereas the Tesla EV will only begin production next year.

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