2026 Chevy Equinox EV Price Drops Are Out Of Control
While General Motors announced a refocus on plug-in hybrids last month, CEO Mary Barra was adamant that electric vehicles remain the future for the Detroit automaker. However, that future is too distant for many GM dealers. Based on online listings, dealers have cut thousands of dollars off the $36,795 base price for new 2026 Chevrolet Equinox EVs. It's a sign that dealers want these vehicles off their lots.
It should be reiterated that this isn't an outlier listing at a single dealership. According to listings on Cars.com, dealerships in 16 states have slashed at least $10,000 off the base price. It's not only the dealers taking drastic measures to move crossovers out the door. Electrek reported on Monday that Chevrolet offer $10,000 in additional incentives for the Equinox. While the federal EV tax credits ending may impact sales, it's an extreme move to sell off already produced cars. The direction is startling considering that the Equinox was the third-best-selling EV in the United States, only behind Tesla's Model Y and Model 3.
GM's workers paid a steep price for management's ambitious EV plans
GM's push to move its EV inventory is part of a pullback into its electrification plans. The automaker wrote off $6 billion in electric vehicle investments. Of that total, $4.2 billion was spent settling with suppliers. GM signed deals with companies that planned to upscale as the manufacturer increased EV production to meet projected market demand. However, GM had to scale back when that demand didn't materialize. GM's workforce paid the steepest price as the company indefinitely laid off 1,200 workers at its Factory Zero assembly plant last October.
This isn't the first time that a brand-new GM electric vehicle model sold at a steep discount by dealers. When the 2024 GMC Hummer EV couldn't find its way off lots last year, dealers began offering staggering $40,000 discounts. The sales figures were simply not high enough to continue full production at GM's Factory Zero assembly plant. Admittedly, the price tag falling from $140,295 to $99,647 still wouldn't have been enough to convince most people to buy the electric behemoth.