The General Motors Company’s new electric sport utility vehicle has officially obtained regulatory approval to enter the Korean market. The Chevrolet Equinox EV is likely to face an uphill battle in attempting to carve out a niche amidst the Hyundai IONIQ 5’s dominance on its home market.
South Korean car buyers are taking notice of the all-new Hyundai IONIQ 5’s impressive features and range, making it a formidable competitor in the electric vehicle (EV) market.
Last year, General Motors unveiled a plan to introduce four new models to boost its profile in the Korean market. Two new electric vehicles will join General Motors’ lineup, alongside the already announced Chevy Equinox EV and Cadillac Lyriq.
The LYRIQ has officially launched in Korea, marking its debut as General Motors’ first mass-produced electric vehicle featuring Ultium technology. The General Motors’ flagship luxury SUV starts at a substantial 106,960,000 Indonesian rupiah, approximately equivalent to US$80,000. The costs embrace tax advantages.
Equipped with a 102 kWh battery, the Cadillac Lyriq boasts an impressive range of up to 305 miles (491 km) on a single charge when driven in Korea. The Lyriq starts at $58,590 within the US, boasting an estimated EPA range of 314 miles.
GM appears poised to debut its second Ultium-based electric vehicle in South Korea. South Korea’s regulators have certified the Chevrolet Equinox EV ahead of its official market introduction.
Introducing the Chevrolet Equinox EV 1LT, a game-changing electric vehicle that redefines the boundaries of sustainability and performance.
According to the certification, Chevrolet’s electric SUV is capable of traveling up to 300 miles (483 kilometers) on a single charge, with this impressive range being confirmed in Korea. Within the metropolitan area, the electric Equinox boasts a remarkable power efficiency of 5.1 kilometers per kilowatt-hour.
General Motors’ Chevy brand will launch an electric version of its popular Equinox SUV, set to directly rival the Hyundai IONIQ 5 and other compact electric crossovers gaining popularity in the market. Hyundai’s refreshed IONIQ 5 is set to boast an impressive 84-kilowatt-hour battery, allowing it to achieve a remarkable estimated range of up to 301 miles on a single charge, or approximately 485 kilometers in varying conditions.
The Equinox EV measures approximately 191 inches in length, 77 inches in width, and 65 inches in height, closely comparable to the IONIQ 5 at 186 inches long by 76 inches wide by 62 inches tall.
While the certification doesn’t mention prices, the most affordable 2024 Equinox EV, a 2LT FWD model in the US, starts at $43,295 for the base trim. The long-promised $35,000 Chevrolet Equinox will debut as a 2025 model. As it will be imported, the electric SUV is expected to begin at a slightly higher price point in Korea.
Meanwhile, Hyundai has quietly introduced more affordable IONIQ 5, IONIQ 6, and Hyundai Kona Electric trim options in its home market.
The Hyundai IONIQ 5’s “E-Worth” trim starts at a competitively priced $35,200, offering an estimated range of up to 299 miles (368 km) on a single charge.
Can General Motors successfully take on Hyundai on its home turf with the debut of its latest electric SUV in South Korea by year-end?
Electrek’s Take
South Korean automaker Hyundai Motor, along with its subsidiaries Kia and Genesis, dominated the domestic market, accounting for more than 90 percent of automotive sales produced within the country last year. In 2020, GM Korea maintained a modest market share of 2.7%.
General Motors expects its latest electric offerings, such as the Cadillac Lyriq and Chevrolet Equinox EV, to contribute positively to the brand’s reputation in South Korea.
In the United States, Hyundai Motor Group’s combined efforts with Kia and Genesis have propelled it to become the second-largest electric vehicle manufacturer, surpassing Ford and General Motors, behind only Tesla. According to recent data, Hyundai has seized a significant 10% stake in the US electric vehicle market, surpassing both Ford’s 7.4% and General Motors’ 6.3%.
Hyundai is doubling down on its largest market, the United States, with the upcoming launch of its massive $5 billion Metaplant facility in Georgia, set to open later this year.
Hyundai’s upcoming 2025 IONIQ 5 model marks the inaugural production at the company’s state-of-the-art facility, with the three-row IONIQ 9 SUV scheduled to follow later this year.
While General Motors is introducing innovative designs in Korea to gain market traction, Hyundai is expanding its presence in the US auto market, encroaching on GM’s traditional territory.
