It shouldn't be a competition, but it is
Pricing details aren't yet finalized for the 2017 Bolt, but when they are, it's expected to have an MSRP under $37,500, which means that, after federal credits, you can pick one up for less than 30 grand. That's a full 20% cheaper than the Model 3, Tesla's cheapest offering out for pre-order, immediately putting it in a different consumer category.
Not only that, but its very ethos varies considerably from the Model 3: whereas the Tesla is a sport sedan that stakes its claim on being stylish-yet-green, the Bolt's a more practical car by nature, filling the needs of as wide a swath of the market as GM's engineers could realistically reach. These two shouldn't be direct competitors.