GM’s new electric SUV has been officially certified to launch in Korea. The Chevy Equinox EV will fight for a position against Hyundai’s IONIQ 5 on its home turf.
Chevy Equinox EV to challenge Hyundai IONIQ 5 in Korea
Earlier this year, GM revealed plans to launch four new vehicles to boost its presence in Korea. Two will be electric models, including the Chevy Equinox EV and Cadillac Lyriq.
The Lyriq officially went on sale in Korea in July, its first Ultium-based EV to hit the market. GM’s luxury SUV starts at 106,960,000 won, or roughly $80,000. The prices include tax benefits.
Powered by a 102 kWh battery, the Cadillac Lyriq gets up to 305 miles (491 km) driving range in Korea. In the US, the Lyriq starts at $58,590 with an EPA-est 314 miles range.
It looks like GM is preparing to launch its second Ultium EV in Korea. According to a post on Korea’s Autospy, the Chevy Equinox EV has completed its certification ahead of its official launch.
The certification revealed that Chevy’s electric SUV has a driving range of up to 300 miles (483 km) in Korea. In the city, the electric Equinox has an energy efficiency of 5.1 km/kWh.
Chevy’s Equinox EV will rival the Hyundai IONIQ 5. Hyundai’s new IONIQ 5 refresh, with a bigger (84 kWh) battery, gets up to 301 miles (485 km) range.
At 191″ long, 77″ wide, and 65″ tall, the Equinox EV is also about the same size as the IONIQ 5 (186″ long x 76″ wide x 62″ tall).
The certification didn’t specify prices, but the cheapest 2024 Equinox EV (2LT FWD) in the US starts at $43,295. The promised $35,000 Equinox will launch as a 2025 model. Since it will be imported, the electric SUV is expected to start at a slightly higher price in Korea.
Meanwhile, Hyundai just introduced lower-priced IONIQ 5, IONIQ 6, and Hyundai Kona Electric trims in its home market.
The IONIQ 5 “E-Value” trim starts at just 47 million won, or around $35,200, with up to 299 miles (368 km) range.
With the new electric SUV expected to launch in Korea by the end of the year, can GM take on Hyundai on its home turf?
Electrek’s Take
Hyundai Motor, including Kia and Genesis, accounted for over 90% of domestically made car sales in Korea last year. GM Korea held a 2.7% share.
GM hopes new electric models, like the Cadillac Lyriq and Chevy Equinox EV, can help boost the brand in Korea.
In the US, Hyundai Motor Group (including Kia and Genesis) topped Ford and GM to become the second-largest EV brand behind Tesla. According to Motor Intelligence, Hyundai’s share of the US EV market reached 10%, outpacing Ford (7.4%) and GM (6.3%).
With its massive Hyundai Metaplant opening in Georgia later this year, Hyundai is doubling down on the US, its most important market.
Hyundai’s new 2025 IONIQ 5 will be the first built at the facility, while its three-row IONIQ 9 SUV will debut later this year.
While the American automaker launches new models in Korea to gain market share, Hyundai is expanding on GM’s home turf.