General Motors (GM) is set to make its mark in South Korea’s electric vehicle (EV) market with the Chevy Equinox EV, officially certified for launch. The new electric SUV will face tough competition from Hyundai’s Ioniq 5, one of the leading EVs on its home turf.
GM has been ramping up its presence in Korea, revealing plans earlier this year to introduce four new models, two of which are electric. The first, the Cadillac Lyriq, went on sale in July, marking GM’s debut Ultium-based EV in the Korean market. Priced at 106,960,000 won (approximately $80,000), the luxury electric SUV offers a range of up to 305 miles (491 km) in Korea.
The Chevy Equinox EV is GM’s second Ultium EV entering the market. Recently completing its certification in Korea, the Equinox EV boasts a driving range of up to 300 miles (483 km) and energy efficiency of 5.1 km/kWh in city driving. These figures place it in direct competition with Hyundai’s refreshed Ioniq 5, which offers up to 301 miles (485 km) with its larger 84 kWh battery.
In terms of size, the Equinox EV, measuring 191 inches long, 77 inches wide, and 65 inches tall, is closely matched with the Ioniq 5, which is 186 inches long, 76 inches wide, and 62 inches tall.
Although pricing details for the Korean market have not yet been revealed, the 2024 Equinox EV starts at $43,295 in the U.S. The much-anticipated $35,000 model is expected to launch in 2025, and the price in Korea will likely be slightly higher due to import costs. Meanwhile, Hyundai has introduced more affordable options for the Ioniq 5, with the “E-Value” trim starting at 47 million won (around $35,200) in Korea, providing up to 299 miles (368 km) of range.
