- General Motors Co GM joint plans to launch an electric Chevrolet SUV priced around $30,000 to appeal to cost-conscious buyers, The Wall Street Journal reports.
- The move comes as prices for other EV models have soared.
- Soaring lithium and nickel prices forced automakers to raise electric vehicle prices.
- peer Tesla Inc TSLA studied the establishment of a lithium refinery on the Texas Gulf Coast to ensure its supply in the face of increasing demand for electric vehicles, Reuter reports.
- GM’s electric Chevy Equinox will go on sale in fall 2023 and claims a combined range of 300 miles on a single charge.
- The gas-powered Equinox, a compact SUV, is GM’s #2 best seller in the US, behind the Chevy Silverado pickup.
- US car buyers have paid significantly higher prices for electric vehicles in the face of an influx of new listings, with few choices under $35,000.
- “We wanted to get to the heart of the market,” said Doug Houlihan, executive engineer responsible for the Equinox electric program. “The more volume we can get, the lower price we can get.”
- GM’s higher-end models will likely go well beyond $40,000.
- The debut of the Equinox follows that of GM recall his last affordable EV offering, the Chevy Bolt, due to battery burn issues. GM then slashed Prices to boost sales.
- of Volkswagen AG VWAGY The ID.4 electric costs from around 37,500 US dollars. Kia’s EV6 and Toyota Motor Corp TM bZ4X has a base price of just over $40,000, while Tesla’s Model 3 sedan starts at around $47,000.
- Price promotion: GM shares traded up 1.06% to $40.93 on the last check Friday premarket.
- Photo via Wikimedia Commons
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