GM has been one of the major car manufacturers that were very optimistic about their chances of overtaking Tesla as the leader in the electric vehicle (EV) market. Two years ago, many believed that GM would achieve this by 2025, given the significant amount of money the company invested in its EV strategy. However, GM has since scaled back its ambitions as its investment in the Ultium EV platform did not yield the desired results. As a result, GM has only produced a limited number of Ultium-based EVs, with the majority of its sales still coming from the aging Chevrolet Bolt EV/EUV.
In 2024, GM will no longer rely on the veteran Bolt EV for sales, and instead, the Ultium models will need to take over. While GM has a range of EV models to accomplish this, it has not yet produced them in significant quantities. The Chevrolet Equinox EV was the most promising of these models, with an expected price of around $30,000. If Chevrolet had offered the Equinox EV at this price, GM would not have had to worry about discontinuing production of the Bolt EV.
However, in December, Chevrolet announced that its most affordable EV would have a slightly higher price, starting at $34,995. Although this represents a more than 16% increase, the Equinox EV still seemed attractive. However, Chevrolet stated that the first variant to be released “in early 2024” would be the more expensive 2RS trim, starting at $48,995. At this price, GM’s most affordable EV would have struggled, especially considering that the Tesla Model Y starts at $42,990.
It seems that GM has finally recognized this issue, and Chevrolet has adjusted its sales strategy for the Equinox EV. Instead of releasing the 2RS trim first, the base version 1LT will be launched in the coming months. This allows GM to boast about offering the most affordable EV with a range of 319 miles at a price of $34,995. GM has also announced that the Equinox EV will be eligible for a $7,500 tax credit, effectively reducing the starting price to $27,495.
The other Equinox EV variants are currently listed as “coming soon” on the Chevrolet website, with lower prices than those announced in December. The highest-priced trim, the 3RS, starts at $46,795. Meanwhile, the 2RS is priced at $44,795 instead of the previously announced $48,995. The other trims, 2LT and 3LT, are priced at $43,295 and $45,295, respectively. It’s important to note that these prices are for the front-wheel drive (FWD) variants and include a $1,395 destination fee, but do not include taxes and additional dealer fees.
The FWD variants of the Equinox EV have an EPA-rated range of 319 miles (513 km). Chevrolet also offers all-wheel drive (eAWD) variants for each trim, with an estimated EPA range of 285 miles (459 km). This puts the Chevrolet Equinox EV in a competitive position in terms of range, especially considering that the Tesla Model Y rear-wheel drive (RWD) version has a range of 260 miles (418 km), while the Long-Range all-wheel drive (AWD) variant can go 310 miles (510 km) on a single charge. Now, the key for Chevrolet is to be able to mass-produce the Equinox EV.
According to the Source autoevolution.com