Even though battery costs are rising, auto companies are rolling out more affordable electric vehicles that should widen their appeal to a larger group of buyers.
Despite high gas prices, a vehicle shortage is putting the brakes on what should be an EV boom and pushing buyers to search for workarounds.Auto industry analysts say that if the Equinox makes efficient use of interior space with plenty of cargo and passenger room, and if it is styled similar to current gas-powered small SUVs, it should be a hit in the most popular segment of the U.S. auto market. About 20% of all new vehicles sold in the U.S. are compact SUVs.
A $30,000 EV that checks all of the boxes is just a little above the price of a comparable small gas-powered SUV. The Toyota RAV4, the top seller in the segment and the top-selling vehicle in the U.S. that isn’t a pickup, starts at just over $28,000. The only EVs with starting prices under $30,000 now are versions of the Nissan Leaf and Chevrolet Bolt. Both are smaller than a typical gas-powered compact SUV. The Mini Cooper Electric, Mazda MX-30 and Hyundai Kona Electric are in the $30,000s, according to Edmunds.
GM may find it difficult to keep the Equinox price around $30,000, largely because minerals such as lithium, copper, cobalt and nickel that are key components of batteries have been rising fast. There’s a finite number of mines and increasing demand as nearly all automakers introduce new EVs.For California consumers thinking about going electric, the Inflation Reduction Act could tilt the math in favor of nabbing that new Model 3 or F-150 Lightning sooner than later.
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