We finally know the Chevy Bolt's range - but it still doesn't rival Tesla when it comes to price

It's official: the 2017 Chevy Bolt will have a range of 238 miles.

General Motors hasn't been specific on what range the Bolt could achieve, only saying it would be able to drive more than 200 miles on a single charge. GM officially announced Tuesday that the Chevy Bolt will have a range of 238 miles, slightly surpassing the Tesla Model 3's range of 215 miles.

Now, the range of Tesla's consumer friendly sedan may change when it rolls outs in late 2017 or early 2018. Tesla CEO Elon Musk has said that Tesla aims to exceed the car's baseline specs when it comes to range and acceleration. Considering Tesla recently announced a new battery option that can increase the range on select cars, this doesn't seem out of the realm of possibilities.

But the Chevy Bolt does have one important edge over the Model 3: timing. While around 400,000 people have pre-ordered the Model 3, the Chevy Bolt is slated to arrive before the end of 2016. If it's alluring enough, that could send those looking for a good EV running to GM.

But, with a top speed of just 91 miles per hour and a slightly higher ticket price than the Model 3 ($37,500 before tax exemptions, as opposed to Tesla's $35,000), the Bolt still has its work cut out for it.