Cadillac has officially unveiled its alternative to Tesla's Model S all-electric vehicle, the Cadillac ELR. But if you were hoping that it would undercut the cost of a not-quite-inexpensive Tesla vehicle, we have bad news.

Cadillac's ELR comes in at a base price of just under $76,000, which is about $5,000 more than the cheapest Tesla Model S, discounting all the various tax incentives and such that one gets when purchasing the car.

So, if the Cadillac ELC doesn't beat on price, how does it stack up against the rest of Tesla's offerings? According to Wired, the Cadillac claims a total range of 300 miles for the ELR. For what it's worth, that does best the 200+ mile range that Tesla claims for the "entry level" iteration of its Model S  a result of the car's 60 Wh battery.

But here's the kicker: The ELC isn't relying solely on electric power. Unlike Tesla's cars, the ELR is akin to a more expensive, two-door Chevy Volt. The same battery and 1.4-liter gasoline-powered engine serve as the car's oomph, allowing it to hit its mileage range on a mixture of electricity and gas.

"By comparison, $70k will get you into the entry-level  but absolutely excellent  all-electric Tesla Model S, with a 208-mile range from its 60 kWh battery. That makes the ELR almost impossible to justify what Caddy is demanding," Wired said.

On the plus side, those looking to tap into Cadillac's pricey hybrid should be able to pick up the vehicle regardless of where they live. While Chevy first targeted its hybrid-electric vehicle to select regions, Cadillac is planning to roll out the ELR on a national scale.

That said, it remains to be seen who will pick one up. Chevy announced that it was dropping $5,000 off the price of the Volt back in August, which many speculated was the result of less-than-ideal sales based on Chevy's initial forecasts.

"We know we have to reduce costs," said General Motors CEO Dan Akerson in an April interview. "We've got to look at smart ways at getting it better positioned from a price perspective and that means we've got to take cost out of it."

Will the Cadillac ELR's luxury branding allow it to avoid a similar fate? We'll have to wait and see, while Cadillac simultaneously hopes that Tesla doesn't try to pour salt in the wound with a killer price cut of its own.

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