Electric vehicles can get incredibly expensive. Many electric SUV models start above $40,000. Electric small cars can have starting prices above $30,000. EVs are more expensive than internal combustion engine vehicles because they use complex powertrain systems that are more expensive to produce (for now). The federal electric vehicle tax incentive exists to help automakers sell EVs and help consumers buy them. Did the revised incentive just make the 2024 Chevrolet Equinox EV the most affordable new electric SUV?

How much does the 2024 Chevy Equinox EV cost after tax credits?

The 2024 Chevrolet Equinox EV is expected to start around $30,000 with the 1LT base model. It’s eligible for a $7,500 federal electric vehicle tax incentive. Some consumers could get the Chevy Equinox EV for as low as $22,500 after the tax credit is redeemed. Of course, taxes and fees will raise the electric SUV’s price.

A starting price of close to $22,500 following a federal electric vehicle tax incentive redemption would technically make the Chevy Equinox EV the most affordable small electric SUV in the industry. The most affordable subcompact electric SUV is the Chevrolet Bolt EUV. It starts at $27,800.

General Motors is working hard to make an impact in the electric vehicle space. The American automaker already produces several electric vehicles across its portfolio of brands. It may not be in the lead in terms of sales, but GM is taking different approaches to making its EVs more appealing than rivals. Affordability will ultimately be a huge factor in why consumers choose a Chevrolet electric vehicle over a competitor.

The Chevy Equinox’s federal electric vehicle tax credit eligibility is a huge advantage for the American automaker. Chevrolet is effectively disrupting the small electric SUV vehicle segment with the arrival of its new EV.

What we know about the Chevrolet Equinox EV thus far

According to The Drive, the Chevrolet Equinox EV is larger than the gas-powered Equinox. Scott Bell, the Vice President of Chevrolet calls the Equinox EV “an EV for everyone.” It’s a compact electric SUV that Chevy hopes will compete with popular small electric SUVs like the Ford Mustang Mach-E and Hyundai Ioniq 5.

The 2024 Chevy Equinox EV 1LT FWD base model has an estimated 250 miles of standard driving range (which is great compared to rivals). The Equinox EV’s eAWD configurations get an estimated 280 miles of driving range. It has a maximum estimated driving range of 300 miles using its most capable battery pack. It will be available in five configurations: the 1LT, 2LT, 2RS, 3LT, and 3RS.

Is the 2024 Chevy Equionox EV a good SUV?

The base model 2024 Chevrolet Equinox EV 1LT FWD makes 210 horsepower and 242 lb-ft of torque. It has more range than many of its rivals. Based on the new EV’s specs, it’s a great SUV. That being said, the Equinox EV has yet to hit dealerships. Until it is tested and proves reliable, it’s too early to give Chevrolet’s newest small electric SUV a stamp of approval. Will the 2024 Chevy Equinox EV be the most successful GM EV yet?