Edmunds.com Analyst Thinks There's Enough Space For Both Chevrolet Bolt And Tesla Model 3

Speaking to Benzinga, Edmunds.com Analyst Jessica Caldwell told Benzinga that both Tesla Motors Inc (NASDAQ: TSLA) and the General Motors Company (NYSE: GM) Chevrolet brand have the same type of mission: build a pure electric drive vehicle for the common man.

Earlier Monday, Chevrolet unveiled its Bolt concept car, which would get 200 miles on a single charge and compete directly with the Tesla Model 3.

But Caldwell pointed out that the brands are completely different. While Chevrolet is mainstream with a wide variety of vehicles and dealerships, she explained, Tesla is a different kind of business model all together.

While it’s hard to say what the electric vehicle market will look like in a few years when these cars reach production, Caldwell said that it’s good to have more products for an emerging market like this.

“I think there’s probably enough space for both of them,” she said.

Tesla ended the trading session more than 2 percent lower. Shares of General Motors were up about 0.7 percent.