GM looks to continue gaining ground in the competitive EV market

General Motors (GM) wants to supplant Tesla with an all-electric vehicle that will be one of the most affordable vehicles on the market, priced around $30,000.

The Detroit-based automaker will debut the Chevrolet Equinox EV SUV in fall 2023.

With the cheaper price tag, GM expects the 2024 Equinox EV to be its top seller as it aims to offer only electric cars and trucks in its lineup by 2035.

“We think this is our big opportunity here to really get massive adoption and we have that expectation with the price, the volume that we’re anticipating,” Chevrolet global vice president Scott Bell said during a media briefing where the Equinox EV was announced. “This is a game changer for us and for the industry.”

GM will have one of the lowest-priced electric vehicles in the industry — less than half the average cost of electric vehicles on the market.

According to Cox Automotive and as noted by CNBC, the average price of an electric vehicle in the market today is over $66,000, which is the biggest stumbling block for car buyers. Cheaper electric cars could be a key catalyst in attracting suspicious consumers.

While GM also makes the budget Chevy Bolt EV, it has been beset with issues that have plagued the manufacturer. A series of battery fire recalls were issued for the electric car, costing GM $2 billion.

Sales of the Chevy Bolt, which launched in December 2016, never reached exciting levels for GM as annual sales have yet to hit 25,000 units, CNBC noted.

The Equinox EV will feature GM’s next-generation Ultium electric vehicle platform and will offer up to 300 miles of range, depending on the model and battery pack. The horsepower of the EV will also range from the vehicle variant, with an expected 210 horsepower and 242 foot-pounds of torque being developed in the standard front-wheel drive model.

“The Equinox EV is an electric vehicle for everyone,” said Bell. “It’s an affordable game changer that offers an uncompromised experience with more features that won’t change your daily routine — except stop at the gas station.”

The Equinox EV will be produced at GM’s Ramos Arizpe plant in Mexico, with capacity expansion expected in the coming years and full production expected by the first quarter of 2024, CNBC said.

GM’s electric vehicle lineup also includes the Chevy Silverado pickup truck and Blazer SUV, as well as the Bolt models.

As of 1:20 p.m. ET Thursday, shares of GM were trading at $40.14, down 4 cents, or 0.11%.

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Fry Electronics Team

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