The M3 and Bolt do compete on price, with the Tesla offering much more, just in terms of warranty, superchargers, etc...Bolt and M3 are not competitors other than being EV 200+mi range. Different buyer demographic.
Bolt competes with Honda Fit. It's a subcompact FWD hatchback.
M3 competes with BMW 3, Audi A4 Quattro, MB C, Acura TLX SH-AWD, Lexus IS, etc. It's an entry level RWD or AWD luxury car.
What exactly is all that stuff in the Bolt? Tesla fits everything between the axles.
If you need a 200 mile electric car sooner, than the Bolt would be the choice.