When Tesla Motors announced in March it would build a new, all-electric car for the masses, it was a turning point for the company and CEO Elon Musk, whose previous foray into electric models cost six figures. Musk says his new sedan, the Model 3, will cost only $35,000 dollars and have a driving range of at least 200 miles on a single charge - a convergence of distance and price seen as the Holy Grail for the industry. While Tesla is still building a huge electric battery factory in Nevada, it has yet to put the Model 3 in production. General Motors CEO Mary Barra says GM will leapfrog Tesla by getting its own news all-electric sedan, the Chevy Volt, to market early next year with the same price and miles per charge. Will the increased competition and consumer choice elevate electric cars above their one percent of cars and trucks sold worldwide? NewsHour Weekend Special Correspondent John Larson reports.