New GM Electric SUV Aims To Lure Middle Class With $30K Price Tag

Mandatory Credit: Photo by Paul Sancya/AP/Shutterstock (13374310e)Chevrolet Equinox EV 3LT is shown in Warren, Mich.
Paul Sancya/AP/Shutterstock / Paul Sancya/AP/Shutterstock

Electric vehicles might be good for the environment, but they’re tough on the bank account. The average price paid for a new EV was just more than $66,000 in July, according to Kelley Blue Book. That’s roughly $18,000 higher than the overall average for new cars, which hit a record of $48,000 in July.

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Don’t despair just yet, though. If you’re a budget buyer in search of an affordable EV, here’s some good news: General Motors just introduced a new electric SUV that will sell for less than half of the average EV price.

The 2024 all-electric Chevrolet Equinox EV will have a starting price of about $30,000, which Chevrolet claims makes it the most affordable EV in its class. It’s also among the cheapest new EVs on the market, regardless of model.

Among 2022 model year mass-market EVs, only the Nissan Leaf is cheaper, with a base price $28,500, CNN reported. The Leaf also qualifies for a $7,500 federal tax credit. Other models in the low- to mid-$30,000 price range include Chevrolet’s own Bolt EV and Bolt EUV.

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“We are at a turning point where EVs will be the mainstream choice for the next generation of customers and Equinox EV will lead this charge for us,” GM CEO Mary Barra said in a press release. “With the flexibility of GM’s Ultium Platform, we are bringing to market vehicles at nearly every price point and for every purpose.”

The SUV’s features include a large infotainment screen, full suite of standard and available driver assistance technologies, and available Super Cruise hands-free driver assistance technology for compatible roads.

Chevrolet also has a gas-powered small SUV called the Equinox — its second-biggest seller behind the Silverado pickup — but the two versions will have little in common beyond their names and basic sizes, CNN noted. The Equinox EV is almost three inches wider than the gas model but slightly shorter when measured from the roof to the ground.

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Also, the Equinox EV will have no front truck, which sets it apart from other EVs. Instead, the front of the Equinox EV will hold electronic equipment and the front electric motor.

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Customers will also have access to Ultium Charge 360, which is designed to simplify the overall charging experience by providing access to more than 110,000 publicly available charging points in the U.S. and Canada.

If you’re looking for an inexpensive gas-powered car, check out GOBankingRates’ recent report on three new vehicles priced at less than $20,000: the Nissan Versa sedan, Mitsubishi Mirage and Kia Rio.

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
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