Cheaper Electric Vehicles Coming Despite High Battery Costs

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.

The latest came Thursday from General Motors, a Chevrolet Equinox small SUV with a starting price somewhere around $30,000 and a range-per-charge of 250 miles (400 kilometers). You can get range of 300 miles (500 kilometers) if you pay more.

GM won’t release the exact price of the Equinox EV until closer to the date it goes on sale, about this time next year. But the SUV is at the low end list of prices for electric vehicles sold in the U.S., where the average cost of an EV is around $65,000.

Hitting a price around $30,000 and a range per charge close to 300 miles is key to getting mainstream buyers to switch away from gasoline vehicles, industry analysts say.

“You’re kind of at that sweet spot,” said Ivan Drury. “You’re basically at the price point that everyone is clamoring for.”