September 14, 2022
The race to electrify among automakers is heating up, with automotive companies from around the world pledging to invest billions of dollars into developing new electric vehicle lines. But one factor still stands in the way of mass electric vehicle adoption: EVs are too expensive for the average consumer. Even with state and federal EV subsidies, electric cars are a lot more expensive than the average internal combustion engine (ICE) car.
As such, automakers have been striving to make their electric offerings as affordable as possible. General Motors, which plans to launch 30 new EV models by 2025, has made one of the first attempts to develop an affordable, mass-market EV. The Detroit, Michigan-based company recently revealed a new electric sports utility vehicle (SUV) that is expected to be the most affordable compact electric SUV on the market when it goes into production next year.
Dubbed the Chevrolet Equinox EV, the SUV will cost around $30,000, making it among the most affordable electric vehicles in all categories. This price will admittedly be for the base version with no additional features. The price is not inclusive of EV tax credits as well, although GM doesn’t qualify for EV tax credits and it is unclear if the automaker will be eligible for the credits under new rules.
Only one 2022 mass-market EV costs less than the Chevrolet Equinox EV; the Nissan Leaf has a base price of $28,500 and is eligible for the $7,500 tax credit. Given that there are only a couple more EVs in the low- to mid-$30,000 range, GM’s $30,000 electric SUV could attract a significant number of customers, especially when you consider America’s love for large vehicles, which has led a number of automakers to turn their attention to electric SUVs.
Unlike most other electric vehicles, the Chevrolet Equinox EV will not feature a front trunk, or “frunk.” Rather, the space where a combustion engine would have been will be occupied by the front electric motor and electronics equipment. General Motors designers and engineers decided to save the time and money that would have been spent developing a space for these components beneath the front trunk and spend it on maximizing the cabin experience.
The most affordable version of the Chevrolet Equinox EV will be called the Blazer lLT. It will be powered by a single 210 horsepower engine and will have a range of about 250 miles.
As companies such as Kandi Technologies Group Inc. (NASDAQ: KNDI) work on developing superior EV battery systems, the prices of electric vehicles are likely to go down even more as the uptake of these vehicles increases at scale.
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