GM’s (GM) Chevrolet finally offered up more details on pricing for its upcoming Equinox EV—and it will indeed target the lower end of the market, which has had very few offerings.
In the fall GM said the entry level Equinox EV would sell for about $35,000, now Chevrolet has confirmed that dealer ordering is expected to start soon, Chevy says the entry level Equinox EV in 1LT FWD (front wheel drive) trim will start at $34,995, with availability in the fall. Destination fees: an additional $1,395, however.
GM also said it expects the Equinox EV to have an EPA 319 miles of range (FWD), which is a considerable figure when compared to other cheaper EV offerings like the Nissan Leaf (XX) and Chevy’s other stablemate, the now discontinued Bolt.
Full trim levels and pricing for the Equinox EV will be as follows, not including destination charges:
-
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
The fully loaded 3RS is priced at a reasonable $46.800. But it’s the base model starting at below $35k that’s very compelling in a market with slim offerings in the entry level EV space. Plus, GM has confirmed the the Equinox EV does qualify for the federal EV tax credit of $7,500, meaning it could be had for as little as $27,495, not including destination, and with the possibility of layering on additional state EV tax incentives.
The big question? How much money iwill GM make (or not make) on the Equinox. GM has said it intends to achieve low, single-digit profitability [EBIT EV margin] in 2025—and that leveraging its Ultium battery platform across all its EV models will help lower costs.
GM is also pursuing a different strategy than its rival Ford. GM intends to offer EVs in the entry level, midsize, truck, and luxury crossover and SUV product categories. Ford (F) CEO Jim Farley revealed, following the company’s latest earnings report, that it intends to only pursue the lower end of the EV market with a cheaper, Gen-2 EV, and the higher end with trucks and full size vans. That means it will abandon the middle of the market.
Tesla is also aiming to have a cheaper next-gen offering, reportedly targeting a $27,000 entry level EV, that will debut in 2025.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here
Read the latest financial and business news from Yahoo Finance
Daniel Miller is a sports fanatic who lives and breathes athletics. His coverage spans from major league championships to local sports events, delivering up-to-the-minute updates and in-depth analysis for sports enthusiasts.
