Today, General Motors announced updated pricing details for the Chevrolet Equinox EV. The company confirmed that the base model, the Equinox EV 1LT, will have a starting price of $34,995, which is higher than GM’s initial pledge of a $30,000 base model. However, there is some positive news regarding federal tax credits to help offset this increase.
While GM stated that orders will soon open for most models, the base variant will be available for booking later in 2024, though an exact date hasn’t been specified. GM anticipates that the Equinox EV 1LT will become the most budget-friendly electric car in the U.S. offering over 300 miles of range.
Here are the Manufacturer’s Suggested Retail Prices (MSRP) for the other Equinox EV variants, including destination charges but excluding taxes, title, and dealer fees:
- 1LT FWD starting at $34,995 (available later in 2024)
- 2LT FWD starting at $43,295
- 2RS FWD starting at $44,795
- 3LT FWD starting at $45,295
- 3RS FWD starting at $46,795
Additionally, the Equinox EV qualifies for a $7,500 federal tax credit. With this credit, eligible purchasers could potentially acquire the Equinox EV 1LT for as low as $27,495 and the 2LT for $35,795, as stated by GM today.
It’s important to note that the Equinox EV AWD has achieved an EPA-estimated range of 285 miles, although prices for AWD models have not yet been disclosed.
If GM can maintain reliability and deliver on the promised range for the base Equinox, it could pose a significant challenge to competitors like the Tesla Model Y, Hyundai Ioniq 5, Volkswagen ID.4, and the Volvo EX30, provided the company can meet demand and produce EVs at scale.
The Equinox EV has faced several delays. GM CEO Mary Barra explained in her Q3 2023 earnings letter that the company needed to adjust EV production in North America to protect pricing, adapt to slower demand growth, and implement efficiency improvements to lower production costs and increase profitability.
Performance-wise, the FWD Equinox EV models have an electric motor that produces 213 horsepower, but the AWD models have two motors that together provide 288 horsepower. The AWD accelerates from 0 to 60 miles per hour in 5.9 seconds, compared to 7.9 seconds for the former.
Production of the Equinox EV is currently underway at GM’s Ramos Arizpe assembly plant in Mexico, with deliveries slated to commence by mid-2024.
GM’s pricing announcement for the Equinox EV coincides with significant developments in the lower end of the EV market. Tesla’s upcoming EV, internally referred to as “Redwood,” is positioned as an affordable mass-market vehicle expected to debut in 2025.
Ford also made headlines last week by unveiling a “super talented skunkworks team” that has covertly been developing a low-cost EV platform separate from the main Ford operation for the past two years.
