GM’s new electrical SUV has been formally licensed to launch in Korea. The Chevy Equinox EV will struggle for a place in opposition to Hyundai’s IONIQ 5 on its house turf.
Chevy Equinox EV to problem Hyundai IONIQ 5 in Korea
Earlier this yr, GM revealed plans to launch 4 new automobiles to spice up its presence in Korea. Two can be electrical fashions, together with the Chevy Equinox EV and Cadillac Lyriq.
The Lyriq formally went on sale in Korea in July, its first Ultium-based EV to hit the market. GM’s luxurious SUV begins at 106,960,000 gained, or roughly $80,000. The costs embody tax advantages.
Powered by a 102 kWh battery, the Cadillac Lyriq will get as much as 305 miles (491 km) driving vary in Korea. Within the US, the Lyriq begins at $58,590 with an EPA-est 314 miles vary.
It appears to be like like GM is making ready to launch its second Ultium EV in Korea. In keeping with a put up on Korea’s Autospy, the Chevy Equinox EV has accomplished its certification forward of its official launch.
The certification revealed that Chevy’s electrical SUV has a driving vary of as much as 300 miles (483 km) in Korea. Within the metropolis, the electrical Equinox has an vitality effectivity of 5.1 km/kWh.
Chevy’s Equinox EV will rival the Hyundai IONIQ 5. Hyundai’s new IONIQ 5 refresh, with an even bigger (84 kWh) battery, will get as much as 301 miles (485 km) vary.
At 191″ lengthy, 77″ vast, and 65″ tall, the Equinox EV can also be about the identical dimension because the IONIQ 5 (186″ lengthy x 76″ vast x 62″ tall).
The certification didn’t specify costs, however the most cost-effective 2024 Equinox EV (2LT FWD) within the US begins at $43,295. The promised $35,000 Equinox will launch as a 2025 mannequin. Since it will likely be imported, the electrical SUV is predicted to begin at a barely greater value in Korea.
In the meantime, Hyundai simply launched lower-priced IONIQ 5, IONIQ 6, and Hyundai Kona Electrical trims in its house market.
The IONIQ 5 “E-Worth” trim begins at simply 47 million gained, or round $35,200, with as much as 299 miles (368 km) vary.
With the brand new electrical SUV anticipated to launch in Korea by the tip of the yr, can GM tackle Hyundai on its house turf?
Electrek’s Take
Hyundai Motor, together with Kia and Genesis, accounted for over 90% of domestically made automotive gross sales in Korea final yr. GM Korea held a 2.7% share.
GM hopes new electrical fashions, just like the Cadillac Lyriq and Chevy Equinox EV, will help enhance the model in Korea.
Within the US, Hyundai Motor Group (together with Kia and Genesis) topped Ford and GM to grow to be the second-largest EV model behind Tesla. In keeping with Motor Intelligence, Hyundai’s share of the US EV market reached 10%, outpacing Ford (7.4%) and GM (6.3%).
With its huge Hyundai Metaplant opening in Georgia later this yr, Hyundai is doubling down on the US, its most necessary market.
Hyundai’s new 2025 IONIQ 5 would be the first constructed on the facility, whereas its three-row IONIQ 9 SUV will debut later this yr.
Whereas the American automaker launches new fashions in Korea to realize market share, Hyundai is increasing on GM’s house turf.
