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

GM CEO Mary Barra discusses plans to produce new Chevy Equinox and EV electric vehicles

ADVICE – General Motors’ A second chance to establish mass-market leadership in all-electric vehicles is expected to begin next year with the arrival of the Chevrolet Equinox EV.

The all-electric crossover is expected to go on sale in the US next fall, starting from about 30,000 dollars — a price many automakers can’t reach as the cost of building electric vehicles and the batteries needed to power them continue to rise.

The GM CEO expects the 2024 Equinox EV, officially unveiled on Thursday, to become a big sell for the Detroit automaker, as it switch to exclusive offer electric cars and trucks by 2035.

2024 Chevrolet Equinox EV 3LT

GM

“We think this is our big opportunity here to really start getting widespread adoption, and we have that expectation given the price; the quantity that we expect to do,” said Scott Bell. , Chevrolet’s global vice president, said in a media briefing. . “This is a game changer for us and for the industry.”

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

GM’s CEO Mary Barra last year said automaker Detroit totally catchable industry leader Tesla to U.S. electric vehicle sales by 2025. Those plans included more than 1 million units of electric vehicle production capacity in China and North America, each, at the time.

Barra on Thursday told CNBC’s Phil LeBeau that the automaker expects to ramp up production of the Equinox EV much faster than its current EVs. She said the car will be close to full production in the first quarter of 2024.

2024 Chevrolet Equinox EV 3LT

GM

The automaker started making batteries this year through a joint venture with LG Energy Solution at a plant in Ohio, aiming to speed up EV production. Two other US battery plants are also under construction, with a fourth expected to be announced soon.

“It’s been a big year for us. … This battery plant that we have in Ohio will allow us to really start scaling up because we’ll have cells manufactured. in this country,” Barra said. “Next year is a great year. I can’t wait as we will unleash the power of General Motors.”

Pricing for sale?

The expected starting price of the Equinox EV is around $30,000, less than half of the $66,000-plus average transaction price of electric vehicles currently on sale, according to Cox Automotive. This price tag also makes the Equinox suitable for gasoline-powered compact crossovers/SUVs with an average price tag of $35,300, according to the automotive research and forecasting firm.

“An electric Equinox is important to GM because it’s the most popular segment high-volume model in the industry,” said Michelle Krebs, executive analyst at Cox. “We know from our studies that electric vehicle pricing is the number one obstacle to EV adoption with a decreasing range and charging infrastructure.

“Affordable electric vehicles are key to the rise of electric vehicles.”

2024 Chevrolet Equinox EV 1LT

GM

The Chevy Bolt, on sale in December 2016, is expected to be GM’s first affordable, mainstream EV, but its annual sales still not top 25,000 – a far cry from mainstream sales like the gas-powered Equinox at hundreds of thousands of units per year.

“The Bolt has enjoyed mild success but was never really intended as a mass EV model,” said Paul Waatti, industry analysis manager at AutoPacific. “Funky design and market positioning require a bit of buyer originality.”

The Equinox EV will enter a much larger market than the smaller Bolt models. The new crossover is powered by GM’s next-generation Ultium electric vehicle platform, which is expected to bring more technology and capabilities than the old battery technology of the Bolt models.

Equinox EV

2024 Chevrolet Equinox EV 1LT

GM

Equinox EV will have better performance than its gas-powered name but feeling apprehensive about the performance of the Blazer EV, Prices start at $45,000 and deliver up to 557 horsepower and 648 pound-feet of torque.

The interior of the electric car is similar, including a 17.7-inch diagonal infotainment touchscreen as standard on the Blazer and optional on the Equinox.

GM reveals electric Chevrolet Blazer EV 2024

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