General Motors is poised to make a splash in the electric vehicle market with the introduction of the Chevrolet Bolt in 2017, a hatchback that will reportedly have a 200-mile range with a price tag of around $30,000. The automotive industry is abuzz that the Bolt is an answer to Tesla’s upcoming Model 3, and could very well lead to other automakers entering the affordable electric car segment.

Seeking Alpha‘s Anton Wahlman believes the Bolt will have a “brutal” effect on Tesla. With the Bolt, GM could be setting a benchmark for 200-mile range electric vehicles at the $30,000 price point, and “Audi and others could do the same as well,” he writes.

Wahlman writes that the Bolt is a “wake-up call,” and Ford, Honda, and BMW “will likely introduce very attractive 200-300 (and beyond) EVs into the market at various points over the next 2-4 years.

“Fundamentally speaking, at a minimum, this kind of car will put a lid on the margins that any competitor – Tesla or otherwise – will be able to earn on a car,” Wahlman adds.

Most of Bolt’s specifications have yet to be announced by GM, but that will change at Jan. 12 press conference at Detroit’s North American International Auto Show. The car is expected to be powered by an electric motor similar to the version in the Chevrolet Spark EV, which generates 402 lb.-ft. of torque to produce 0-60 mph acceleration in 7.5 to 8 seconds, but only has an 82-mile range.

The Bolt’s interior is likely to take a page from Tesla – and more recently, Volkswagen – and offer a large touchscreen, Wahlman predicts. It likely won’t be the 17-inch display in Tesla’s Model S, but Wahlman’s sources indicate it will be 10 or 11 inches.

The Bolt will be 1,000 pounds lighter than Model S, which means “less tire wear, reducing the cost of ownerhip,” Wahlman adds. He writes that the Bolt should be comparable to the BMW i3 in width, measuring in at 69.9 inches.

The Bolt’s battery will likely be manufactured by LG, which is expected to hit battery volume production by the end of 2016, which means the Bolt may arrive no later than September 2017, according to Wahlman.