The electric Chevrolet Equinox EV from General Motors was revealed Thursday

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The cheapest compact electric SUV on the market will probably be the Chevrolet Equinox EV from General Motors, with a starting price around $30,000, the company’s CEO and chairwoman Mary Barra revealed on “CBS Mornings” Thursday. (The average electric vehicle available today has a base sticker price of about $47,500). It will be a car for 2024. “We think this vehicle is going to really change people’s minds about electric vehicles,” Barra said. Despite having the same name, the Equinox EV shares very little with the gasoline-powered small SUV. It is almost three inches wider than the gas model and slightly shorter. It has no front trunk. Instead the area under the hood holds electronics equipment and the front electric motor.

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The cheapest version will be the so-called Blazer 1LT with a single 210 horsepower engine powering only the front wheels. The 2LT and sportier-looking RS will have either the 300-mile range or all-wheel-drive with up to 280 miles of range. The company has “seen a lot of challenges” in regard to the supply chain, like a semiconductor shortage and COVID-19 impacts. The automaker began production of battery cells this year through a joint venture with LG Energy Solution at a plant in Ohio. “That’s the very strategic portfolio that we’ve been developing,” Barra also declared. GM executives expect the 2024 Equinox EV, officially unveiled Thursday, to become a high-volume seller for the Detroit automaker.