General Motors unveiled an electric sport utility vehicle Thursday with a starting price tag of $30,000, positioning the model for consumers priced out of the growing segment.
The 2024 Equinox EV, which will be available in fall 2023 has a starting price of $30,000, less than half the average price of EVs now available in the market.
"We are at a turning point where EVs will be the mainstream choice for the next generation of customers and Equinox EV will lead this charge for us," said GM Chief Executive Mary Barra.
The launch is part of an aggressive EV build-out strategy by the auto giant amid a gradual industry-wide shift towards emission-free vehicles, which includes battery plants and massive investment under its Ultium banner.
"With the flexibility of GM's Ultium Platform, we are bringing to market vehicles at nearly every price point and for every purpose."
The gasoline version of the Equinox was GM's second most popular vehicle in 2021 after the Chevrolet Silverado, a pickup truck.
GM described the model as part of the "compact SUV segment," where it will be "the most affordable EV in its class," the company said in a news release.
However, GM's initial affordable EV offering, the Chevy Bolt, suffered from recalls due to battery problems.
GM had previously disclosed that the Equinox would be intended for middle-income consumers, saying in January the vehicle would start at $30,000 at an event to launch the electric Silverado.
The average price of a new electric vehicles was nearly $67,000, according to a July 2022 Kelly Blue Book estimate.