GM bets on electric Equinox to kick-start ‘massive adoption’ of EVs

on Sep9
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GM CEO Mary Barra discusses new electric Chevy Equinox and EV production plans

DETROIT – General Motors’ second chance at establishing itself as a mass-market leader in all-electric vehicles is expected to begin next year with the arrival of the Chevrolet Equinox EV.

The all-electric crossover is scheduled to go on sale in the U.S. next fall, starting at around $30,000 – a price level many automakers haven’t been able to achieve as the cost to build electric vehicles and the batteries needed to power them continues to rise.

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GM executives expect the 2024 Equinox EV, officially unveiled Thursday, to become a high-volume seller for the Detroit automaker, as it transitions to exclusively offer electric cars and trucks by 2035.

2024 Chevrolet Equinox EV 3LT


“We think this is our big opportunity here to really start to get a massive adoption, and we have that expectation with the price; the volume that we expect to do,” Scott Bell, global vice president of Chevrolet, said during a media briefing. “This is a game changer for us and for the industry.”

Bell said Equinox EV production at GM’s Ramos Arizpe plant in Mexico will ramp up gradually in the coming years. The Equinox EV is expected to join electric versions of the Silverado pickup, Blazer SUV, and the less expensive and smaller Bolt EV and EUV models for Chevrolet.

GM CEO Mary Barra last year said the Detroit automaker can “absolutely” catch industry leader Tesla in U.S. sales of electric vehicles by 2025. Those plans include more than 1 million units of EV production capacity in China and North America, each, by that time.

Barra on Thursday told CNBC’s Phil LeBeau that the automaker expects to ramp up production of the Equinox EV far more quickly than its current EVs. She said the vehicle should be close to full production by the first quarter of 2024.

2024 Chevrolet Equinox EV 3LT


The automaker began production of battery cells this year through a joint venture with LG Energy Solution at a plant in Ohio, speeding up EV output. Two other U.S. plants battery plants are also under construction, with a fourth plant expected to be announced soon.

“It is a big year for us. … This battery plant that we have in Ohio is going to enable us to really start scaling because we’re going to have the cells being made in this country,” Barra said. “Next year’s a huge year. I can’t wait because we’re going to unleash the power of General Motors.”

Priced to sell?

The expected starting price of the Equinox EV at roughly $30,000 is less than half the $66,000-plus average transaction price of electric vehicles currently on sale, according to Cox Automotive. The price also brings the Equinox in line with gas-powered compact crossovers/SUVs at an average price of $35,300, according to the auto forecasting and research company.

“An electric Equinox is important to GM because it is a high-volume model in the most popular segment in the industry,” said Michelle Krebs, executive analyst at Cox. “We know from our studies that price of EVs is the No. 1 obstacle to EV adoption with range and charging infrastructure falling.

“Affordable EVs are critical to proliferating EVs.”

2024 Chevrolet Equinox EV 1LT


Equinox EV

2024 Chevrolet Equinox EV 1LT


The Equinox EV will feature better performance than its gas-powered namesake but falls shy of the performance of the Blazer EV, which starts at $45,000 and offers up to 557 horsepower and 648 pounds-foot of torque.

The interiors of the electric vehicles also are similar, including a 17.7-inch-diagonal infotainment touch screen that’s standard on the Blazer and optional on the Equinox.

GM reveals electric 2024 Chevrolet Blazer EV

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