"We are moving quickly because of its potential to completely shake up the status quo for electric vehicles," GM North America president Alan Batey said of the car in a statement on Thursday. The vehicle will be built at a factory in Orion Township, Michigan that currently produces the Chevrolet Sonic subcompact and Buick Verano compact. GM has said that the company will invest around $200 million in equipment to produce the car. It was no secret that GM had been working on electric vehicles. At the Detroit auto show in January, the company debuted an electric concept called the Chevy Bolt, which it suggested could come out before the Tesla Model 3. Although Tesla CEO Musk has been outspoken about wanting to grow the electric car market overall (in 2014, he made Tesla's patents freely available to competitors ) there's no doubt that GM is setting its sights on stealing away some of his company's market share.