Chevy’s Equinox Makes Family SUVs Electric
General Motors is introducing an electric version of its best-selling Chevrolet Equinox SUV with a base price of around $30,000 aimed at families who want an EV but can’t afford one.
Why is this important: A relatively affordable SUV that runs on electrons, not gasoline, could open the floodgates for EV adoption in the United States, a market so far dominated by 60,000 Teslas.
“Having a vehicle in this size class, at this price, with at least 250 to 300 miles of range – there’s not even anyone around,” says Sam Abuelsamid, head of e-mobility research at Guidehouse Insights.
- For example: the average transaction price for a comparable Tesla SUV, Model Y, is $68,079, according to Kelley Blue Book. Ford’s Mustang Mach-E sells for an average of $59,693.
Details: The 2024 Equinox will be available in a variety of trim levels, with the base 1LT model starting at around $30,000 per GM.
- It will have a range of up to 300 miles, depending on battery size. All-wheel-drive versions will have slightly less range.
- The Equinox will also be available with Super Cruise, which provides hands-free driving on 400,000 miles of compatible roads in the United States and Canada.
The mid-size Equinox is the last in an EV blitz from GM, which includes the Chevrolet Silverado electric pickup, Blazer SUV and Bolt EUV crossover, as well as the Cadillac Lyriq SUV and GMC Hummer.
- The Equinox will arguably be GM’s most important electric vehicle, as it sits squarely in the heart of the US market.
Yes, but: The Equinox will not go on sale for another year and the first versions will be more sophisticated models. The base $30,000 Equinox is expected to be available in early 2024.
- Plus, it remains to be seen if GM can deliver on its value promise.
- Soaring inflation and widespread supply chain constraints have driven up the prices of electric vehicles, which rely on expensive batteries containing nickel, cobalt and lithium.
What they say : “We have every intention of building and selling the vehicle that will start in this price range,” Scott Bell, Chevy’s vice president of worldwide sales, told reporters during a virtual press briefing.
The big picture: All segments of the vehicle market are going electric: cars, SUVs, vans and delivery vans.
- Jeep announced Thursday its launch four all-electric SUVs by the end of 2025, including a Wrangler-inspired Jeep Recon and a premium midsize Wagoneer S. A smaller Jeep Avenger is intended for the European market.
- Also Thursday, Rivian and Mercedes-Benz announced a joint venture build electric commercial vans.
The bottom line, summed up in a statement from GM CEO Mary Barra: “We are at a turning point where electric vehicles will be the primary choice for the next generation of customers, and Equinox EV will lead that charge for us.”