You get a lot more car with the Model 3 than with the Bolt. Not only do you save $2,000, but you get somewhat better performance, better looks[1], access to Tesla's excellent fast-charging network[2], and excellent active safety systems. If you're willing to pay the extra $5,000 to activate it, you can get Autopilot, which is a game-changer for long highway drives.

Chevy seems to agree with this assessment, planning for an annual production of around 50,000 units.

[1] Subjective, I know, but I think I've yet to see anyone say the Bolt looks better.

[2] You have to pay an extra $750 just to get fast charging enabled in a Bolt, and it only gives you access to CCS chargers, which suck pretty hard as a network currently and are significantly slower.