Chevrolet’s New Equinox EV May be the Affordable Electric Vehicle the Market Needs

U.S. EV sales growth has slowed sharply this past year, high sticker prices getting much of the blame – especially for products delivering reasonable range. That could play out well for Chevrolet which has revealed that the new, base trim package of the Equinox will start at just $33,600 before in delivery fees – even while offering 319 miles per charge. Better yet, that’s just $26,100 thanks to federal tax credits.

When Chevrolet launched the new 2024 Equinox EV back in May it became the most affordable all-electric model in its line-up. But it wasn’t quite as affordable as promised, starting around $40,000 after factoring in delivery fees.

Now, Chevy is offering a version of the compact battery-electric vehicle less likely to break the budget – and yet offering far more range than other entry-priced models. The front-wheel-drive version of the 2025 Chevrolet Equinox EV comes in at $34,995 – or $33,600 MSRP plus $1,395 in delivery fees. But the deal looks even better when you realize the American-made crossover let’s buyers collect $7,500 in federal tax credits. And that brings its drive-off-the-lot price down to just $26,100.

The Equinox LT FWD package seems even more attractive when you consider that it yields an EPA-rated 319 miles per charge, 12 miles more than the LT AWD which carries a $38,900 sticker price.

A critical addition

The electric version of the familiar Equinox is a critical addition to the Chevy line-up. Compact SUVs make up the largest segment in the overall U.S. new vehicle market, accounting for more than one in four new vehicles sold so far this year. And they’re becoming a significant factor in the EV market, as well, as automakers bring out more of these affordable entries.

During the third quarter of 2024, “General Motors got back on track with a remarkable 60% jump in electric vehicle sales, driven by the growing popularity of its affordable Chevrolet Equinox EV,” Said Stephanie Valdez Streaty, director of industry insights at Cox Automotive.

Equinox has several things going for it, starting with a notably better range than many competing products and, as well as a reasonable price tag. The new Equinox EV LT FWD costs barely half of what the average EV went for last month.

A variety of trims

Equinox EV is offered in a variety of trim packages, from the new base, single-motor front-wheel-drive version to a sportier, twin-motor all-wheel-drive model. Four FWD packages are now available in U.S. showrooms. Other packages are in the works.

If you factor in that $1,395 delivery fee, here’s what the current 2025 Equinox EV line-up costs, and the range each trim is rated at:

• LT FWD starting at $34,995 – range 319 miles
• LT AWD starting at $40,295 – range 307 miles
• RS FWD starting at $45,795 – range 319 miles
• RS AWD starting at $49.090 – range 307 miles

Eligible buyers stand to receive $7,500 in federal tax credits up front – which can be applied as a downpayment.

Buyers can get an additional $1,500 in incentives on 2024 models.

To put things into perspective, the lowest-priced Volkswagen ID.4 Standard Range starts at $39,735 — before factoring in delivery fees and any possible tax credits — yet yields just 206 miles, according to the EPA. The Hyundai Ioniq 5 SE Standard-Range starts at $41,800 and delivers 220 miles. Tesla’s rear-drive Long-Range Model Y does beat Equinox EV at 320 miles, but it starts at $46,630.

More Affordable EV News

• First Drive: Chevrolet Equinox EV
• Jeep Promises $25,000 EV “Very Soon”
• Ford Slashes Prices Again on Mustang Mach-E

A game-changer

Chevy clearly hopes that Equinox EV will be, in brand chief Scott Bell’s words, “a game-changer.”

It’s off to a good start, the automaker selling 13,000 of the electric crossovers in the third quarter – before the base trim was available.

But the bow-tie brand is far from done targeting the low end of the EV market. While it pulled the old Bolt EV from production a year ago, it’s getting ready to bring out a new version, this time sharing the same Ultium platform and battery technology offered in the Equinox EV. Chevy officials are tight-lipped on details but they’ve made it clear that the next-generation Bolt will be the brand’s most affordable EV, likely starting closer to $30,000 – which should bring it in at a starting price below $25,000 after delivery fees and federal tax credits are factored in.