Chevrolet Equinox EV Confirmed With Stunningly Low $30k Price Tag
GM is quickly driving down EV development costs to the point where the new Chevrolet Equinox EV will be as affordable as ICE.
As most are aware, there are a few barriers keeping current ICE vehicle owners from making the switch to an EV – range anxiety, lack of infrastructure, and chiefly, cost, to name a few. That last one is a real sticking point for most, especially those that simply can’t afford to pay a premium just to purchase an electric vehicle. Luckily, automakers are working to drive down costs, and we’re starting to see promises of EVs with price tags of $30k and less. That will soon include a Chevrolet Equinox EV as well, according to a recent report from GM Authority.
According to the report, General Motors President Mark Reuss confirmed that a Chevrolet Equinox EV was in development during a recent investor presentation. While Reuss declined to reveal when this new model will launch, he did disclose that it will utilize GM’s Ultium battery and drivetrain technology and that it will be priced around $30,000 – a stunningly low number by today’s standards.
Currently, EV shoppers on a budget have little to choose from in this price range – essentially just the Chevrolet Bolt EV and Nissan Leaf, which are both considerably smaller with less cargo space than the ICE-powered Equinox, a compact, five-seat crossover. And when you couple in current federal tax incentives (and perhaps more generous future incentives currently in discussion), that price could potentially drop to the low $20k range, which would make it an absolute bargain – even by ICE vehicle standards.
The ICE-powered Equinox currently features a base price of just over $25k, so customers won’t be paying a big premium to go electric, regardless. GM is able to pull off this impressive feat thanks to the fact that the electrified version will ride on its flexible Ultium platform, which will underpin a wide variety of future models including the Cadillac Lyriq, GMC Hummer EV SUV and pickup, and the self-driving Cruise Origin.
The same goes for GM’s Ultium batteries and drive systems, which provide a wide array of power and range options. It’s a decidedly old-fashioned approach to driving down development and production costs that automakers have used for over a century, but perhaps ironically, will now be employed to make the electric vehicle affordable and obtainable for the masses.
Photos: General Motors