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It’s no secret that the initial EV push in the United States is over. Consumers searching for the latest innovation in electric driving have gotten their fill, and now, more discerning customers remain. This means automakers must focus on value and delivery, which could be exactly where the new Chevy Equinox EV fits in. GM is pinning its hopes on the Equinox EV and on an electric vehicle turnaround.

Has GM really fallen off the EV wagon?

2023 was a record-setting year for electric vehicle sales in the United States, which makes it difficult to top. Although many automakers expected EV sales to continue their meteoric rise, things have cooled off.

GM topped the expected quarterly revenue for the first quarter of 2024, but EV sales have slid compared to last year. Some of this decline is the result of the phasing out of the Chevy Bolt EV, but it’s a problem across the entire industry.

Still, GM has certainly not fallen off the wagon and seems poised for an impressive EV comeback.

Down, but not out

The GM market share of EVs for the first quarter of 2023 was 8.4%,compared to only 6.2% for the same period this year. This shows a significant drop, but most of that could be due to the loss of the Bolt EV, which forces customers into higher-priced GM EVs.

Enter the Chevy Equinox EV. This new Equinox brings the affordable compact electric vehicle back to the GM lineup. In addition to being affordable, it’s larger than either Bolt model, which makes it much more practical.

Blue 2024 Chevy Equinox EV parked in front of a house by the beach.
2024 Chevy Equinox EV | Chevrolet

How affordable is the Chevy Equinox EV?

Currently, the most affordable version of this Chevy EV is the 2LT trim, which starts at $43,295. Deduct the federal EV tax credit from this figure, and you’ll get an electric SUV for $35,295.

Later in the year, the 1LT trim will arrive, with a starting price of $34,995. Apply the $7,500 tax credit, and this trim will be in Bolt territory and cost less than $30,000.

GM is ready to break out of “production hell”

GM CEO Mary Barra had a few snippets that signal positivity and hope for the rest of 2024. She hopes the automaker is finally exiting what she calls “production hell” and that 2024 will be the “year of execution.”

With the affordable Chevy Equinox EV leading the charge, she might be right. Of course, GM has several other EVs joining this compact electric SUV, including the Chevy Blazer EV, Chevy Silverado EV, Cadillac Escalade IQ, Cadillac Celestiq, and Cadillac Optic. The Cadillac Lyriq is already carving a place in the luxury EV world.

Source: Electrek