General Motors is joining the competition in the battle for affordable electric cars, and will go up against the BMW i3, Nissan Leaf and 2017 Tesla Model 3.

Using the Chevrolet brand, General Motors (GM) will develop an affordable electric car by 2017, matching Tesla's goal for the Model 3. GM wants to hit the $30,000 mark for the electric car, making it available to all customers.

Like Us on Facebook

Although GM has not announced details on the electric car, Associated Press sources claim the electric car concept will be shown off at the North American International Auto Show in Detroit on Monday.

GM is focused on making the electric car last at least 200 miles without charge, similar to Tesla's estimates for the Model 3. The Chevrolet Bolt has been in the works for years, according to sources familiar with GM's internal business.

It is not the first time GM has tried affordable electric cars, but the Chevrolet Bolt does offer considerable more mileage before recharge, than previous versions. The Chevrolet Volt only lasts 38 miles, until the gas backup generator starts work, the Chevy Spark also only lasts 82 miles on charge.

GM recently doubled the size of its battery testing lab in Warren, Michigan to 100,000 square feet in 2013, alongside investing more on electric car testing for future launches.

Tesla has been able to secure a large interest in electric cars of all shapes and sizes in the U.S., but investors are starting to question whether the leader in the electric car industry can keep on top of rivals, with the Model 3 not expected for another two years.

It has got some worried, considering Nissan's deal with NASA to put the Nissan Leaf in space, and similar government contracts not going to Tesla. Sales are still strong for Tesla however, meaning investors cannot get too worked up about the new competition.

TagsGeneral Motors, Electric Car, affordable car, Chevrolet Bolt