GM has released final pricing and range details on the upcoming Chevy Equinox EV, which will be available to order later this year. For many years, the automaker has been positioning the Equinox as the great equivalent, affordable with enough range to be everyone's first electric car. Now we have the numbers to see if those promises are true or not.
The single-motor, front-wheel-drive 1LT model of the Equinox EV, which will be the first model available to customers, will start at $34,995 and have an EPA-estimated range of 319 miles. That's certainly more than the “about $30,000” that GM has long promised would be the starting price for the Equinox.
That's more than the “about $30,000” GM had long promised
But it also doesn't take into account the Equinox's eligibility for a $7,500 federal tax credit, which the automaker says will be available to customers at the point of purchase. Applying the tax credit reduces the starting price of the base model to $27,495.
Of course, there are a lot of factors to determine whether someone qualifies for the tax credit, including household income requirements and annual tax liability. The Equinox EV itself may eventually lose eligibility depending on where its battery materials are processed. GM spokeswoman Kelly Van Meel said the company was only sharing 2024 eligibility at this time.
After the 1LT model, prices start to rise. Here's how GM says it will break down for each trim level (all prices include $1,395 destination charge):
GM also released lineup details about the upcoming all-wheel-drive version of the Equinox EV — but not the price. With the extra engine adding to the total weight, the dual-motor all-wheel-drive model will get an EPA-estimated range of 285 miles. Each version will eventually have the option to upgrade to all-wheel drive (AWD).
Overall, it looks like the Equinox will be very competitive when it finally arrives. GM originally said the models would begin arriving at dealerships in 2023, but that was delayed to 2024 as a result of weak demand for electric vehicles and an auto workers' strike last year.
GM said the Equinox EV will outperform other entry-level models in its class, including the Tesla Model Y, Hyundai Ioniq 5, Nissan Ariya, Volkswagen ID.4 and Volvo EX30. That may be true, but there are also plenty of used electric cars on the market now — Hertz sells dozens of affordable used Tesla Model 3s, for example — that are likely more attractive to budget-conscious shoppers.
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