GM Targets Budget Friendly Buyers With Latest EV Offering

General Motors Co GM shared plans to release an electric Chevrolet SUV priced around $30,000 to tap the cost-conscious buyers, the Wall Street Journal reports.
The move comes as prices soared on other EV models.
The surging lithium and nickel prices forced the automakers to bump the EV prices.
Peer Tesla Inc TSLA explored setting up a lithium refinery on the gulf coast of Texas to secure its supply amid surging demand for EVs, Reuter reports.
GM's electric Chevy Equinox will go on sale in the fall of 2023 and claims a total driving range of 300 miles on a single charge.
The gas-powered Equinox, a compact SUV, is GM's No. 2 seller in the U.S., behind the Chevy Silverado pickup truck.
U.S. car shoppers have been paying sharply higher EV prices amid an influx of new entries, with few choices below $35,000.
"We wanted to get into the heart of the market," said Doug Houlihan, the executive engineer in charge of the electric Equinox program. "The more volume we can get, the lower we can get the price."
GM's higher-end models are likely to go well beyond $40,000.
The Equinox's debut follows GM's recall of its last affordable EV offering, the Chevy Bolt, over problems with battery fires. GM subsequently slashed its prices to boost sales.
Volkswagen AG's VWAGY ID.4 electric starts around $37,500. Kia's EV6 and Toyota Motor Corp's TM bZ4X have base prices of just over $40,000, while Tesla's Model 3 sedan starts at around $47,000.
Price Action: GM shares traded higher by 1.06% at $40.93 in the premarket on the last check Friday.
Photo via Wikimedia Commons