Tesla, Chevy show off electric cars at North American International Auto Show


At the North American International Auto Show in Detroit, Tesla isn't the only automaker showing off electric cars, reports CBS News correspondent Dean Reynolds.

The all-electric Chevy Bolt may only be a concept car at the auto show, but General Motors is determined to add it to the already mass-produced Volt hybrid.

Other car companies, like BMW, are hot on its heels searching for alternatives to gasoline powered automobiles.

But at a time when the price at the pump is plunging, is there much of an incentive to buy electric?

Elon Musk, the founder of the Tesla Motors, said the price of gasoline at any one time is irrelevant. The trend is toward electric and he said it's a good sign his competitors are following suit.

"I don't see it as a competitive threat because I think all cars will go electric," Musk said.

CNET editor-at-large Brian Cooley said Musk has to welcome the competition.

"He cannot move the American car-buying public, I don't think, to be really embracing electric cars in the kind of scale he needs to make a successful business without the help of his enemies," Cooley said.

Tesla's road trip to join the car conversation has been anything but smooth: in 2013 two Tesla models burst into flames; the company has fought production delays; and a the Model S price tag of over $70,000 has been a tough sell for some.

This year Tesla sold only 33,000 Model S cars. By 2020, Musk said he hopes to sell 500,000 cars annually with several different models to choose from.

And he believes it's his way or the highway. When Musk was asked if he saw something from the competition he might want to emulate, he paused, and said, 'No.'