GM’s new electric SUV has been officially certified to launch in Korea. The Chevy Equinox EV will fight for a position against Hyundai’s IONIQ 5 on its home turf.
Chevy Equinox EV to challenge Hyundai IONIQ 5 in Korea
Earlier this year, GM revealed plans to launch four new vehicles to boost its presence in Korea. Two will be electric models, including the Chevy Equinox EV and Cadillac Lyriq.
The Lyriq officially went on sale in Korea in July, its first Ultium-based EV to hit the market. GM’s luxury SUV starts at 106,960,000 won, or roughly $80,000. The prices include tax benefits.
Powered by a 102 kWh battery, the Cadillac Lyriq gets up to 305 miles (491 km) driving range in Korea. In the US, the Lyriq starts at $58,590 with an EPA-est 314 miles range.
It looks like GM is preparing to launch its second Ultium EV in Korea. According to a post on Korea’s Autospy, the Chevy Equinox EV has completed its certification ahead of its official launch.
Chevrolet Equinox EV 1LT (Source: Chevrolet)
The certification revealed that Chevy’s electric SUV has a driving range of up to 300 miles (483 km) in Korea. In the city, the electric Equinox has an energy efficiency of 5.1 km/kWh.
Chevy’s Equinox EV will rival the Hyundai IONIQ 5. Hyundai’s new IONIQ 5 refresh, with a bigger (84 kWh) battery, gets up to 301 miles (485 km) range.
Hyundai’s new 2025 IONIQ 5 Limited with a Tesla NACS port (Source: Hyundai)
At 191″ long, 77″ wide, and 65″ tall, the Equinox EV is also about the same size as the IONIQ 5 (186″ long x 76″ wide x 62″ tall).
The certification didn’t specify prices, but the cheapest 2024 Equinox EV (2LT FWD) in the US starts at $43,295. The promised $35,000 Equinox will launch as a 2025 model. Since it will be imported, the electric SUV is expected to start at a slightly higher price in Korea.
Chevy Equinox EV 1LT interior (Source: GM)
Meanwhile, Hyundai just introduced lower-priced IONIQ 5, IONIQ 6, and Hyundai Kona Electric trims in its home market.
The IONIQ 5 “E-Value” trim starts at just 47 million won, or around $35,200, with up to 299 miles (368 km) range.
With the new electric SUV expected to launch in Korea by the end of the year, can GM take on Hyundai on its home turf?
Electrek’s Take
Hyundai Motor, including Kia and Genesis, accounted for over 90% of domestically made car sales in Korea last year. GM Korea held a 2.7% share.
GM hopes new electric models, like the Cadillac Lyriq and Chevy Equinox EV, can help boost the brand in Korea.
In the US, Hyundai Motor Group (including Kia and Genesis) topped Ford and GM to become the second-largest EV brand behind Tesla. According to Motor Intelligence, Hyundai’s share of the US EV market reached 10%, outpacing Ford (7.4%) and GM (6.3%).
With its massive Hyundai Metaplant opening in Georgia later this year, Hyundai is doubling down on the US, its most important market.
Hyundai’s new 2025 IONIQ 5 will be the first built at the facility, while its three-row IONIQ 9 SUV will debut later this year.
While the American automaker launches new models in Korea to gain market share, Hyundai is expanding on GM’s home turf.
Ruth Porat, President & Chief Investment Officer of Alphabet & Google, speaks during the Reuters NEXT conference, in New York City, U.S., December 10, 2024.
Mike Segar | Reuters
Alphabet‘s Google will invest $25 billion in data center and artificial intelligence infrastructure over the next two years in states across the biggest electric grid in the U.S., the technology company said Tuesday.
Google will also spend $3 billion to modernize two hydropower plants in Pennsylvania to help meet the growing power demand from data centers and AI in the region, according to the company.
The refurbishment of the Pennsylvania plants is part of broader a framework agreement that Google signed with Brookfield Asset Management to purchase 3,000 megawatts of hydroelectric power across the U.S.
Google’s investments in the region comes as the PJM Interconnection is struggling to keep up with rising electricity demand from data centers and industry. PJM is the biggest electric grid in the nation, covering 13 states across the mid-Atlantic and parts of the Midwest and South. It includes the world’s largest data center market in northern Virginia.
President Donald Trump, White House Cabinet officials, tech and energy executives are meeting at Carnegie Mellon University in Pittsburgh on Tuesday to discuss AI investment in Pennsylvania.
Locals call him the “Bicycle hero,” but Texas man Evan Wayne says he’s just doing what he can to help his community after it was cut off due to the recent devastating and deadly flooding tragedy.
When the local Sandy Creek flooded following torrential rains in Texas, it destroyed the only bridge into one community. Residents were cut off from access to supplies, including everything from necessities like food, water, and medicine to basic comforts.
Although the bridge was impassable to cars, volunteers who quickly organized to help the stranded residents found that the damaged bridge could still be traversed on foot. Or in the case of Evan Wayne, it could be covered by an electric bike.
Evan joined hundreds of volunteers who answered the call of grassroots organizers by working together without any official capacity. While many started by hand-pulling garden carts of supplies uphill to reach the stricken community, Evan jury-rigged a trailer to an e-bike and took on as much of the load as he could, helping shuttle much-needed food and gear into the community over hundreds of round-trip journeys.
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“This was a dog trailer 48 hours ago. I had a hacksaw, hacked the top off, grabbed some bungee cords, and here we are,” explained Evan in an interview with CBS Austin, while waiting for the next load of gear to be stacked on his trailer.
In the first two days of the operation, he made around 100 round trips each day, shuttling food and water as well as critical rescue supplies. “Right now, I’m waiting on a couple of chainsaws that I’ll bring in for a crew that’s been going at it with handsaws so far.”
In addition to delivering needed supplies, Evan has often found himself moving something even more important: information. “I’ve flagged down medics. I’ve been the guy that goes between Austin EMT and STAR Flight because I’m quicker than cell phones sometimes, people don’t have signal a lot of the time.”
Evan quickly points out that he isn’t the only one helping. “I’ve got an e-bike, but other people are pulling carts. People are walking, people are carrying things. Everyone is doing what they can.” But there’s no doubt that his ability to carry more gear at higher speeds and make hundreds of round-trip journeys so far in and out of the stricken neighborhood has helped impact countless lives.
“This is all volunteers here. They’re just taking it upon themselves to get people where they need to go. I think there’s an umbrella company coming in, taking over tomorrow, but until they get here, people are just taking care of people, which is what you’ve got to do.”
E-bikes proving their worth in emergencies
While many people consider electric bicycles just another form of recreation, they’ve proven to be potent transportation alternatives after natural disasters worldwide.
Not only do their small and efficient batteries make performing hundreds of rescue trips like Evans’ possible, but recharging can be done simply and easily with a solar panel when electricity is out after a disaster. And when gas stations are out of fuel (or simply can’t pump it with the power grid down), e-bikes can keep running while gasoline-powered motorcycles or ATVs run dry.
Electric bicycle batteries have also proven to be a handy source of emergency power after hurricanes and other disasters, often helping owners keep their phones charged up for days to remain in contact with family or rescue services.
While most hope to never need theirs for emergency purposes, electric bicycles have proven their worth in countless disaster scenarios, adding benefits far beyond just alternative transportation, recreation, or fitness riding.
E-bikes can be kept running nearly indefinitely after natural disasters with access to solar recharging equipment
Image credits: CBS Austin (screenshots), used under fair use
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Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.
Handout | Via Reuters
Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.
The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.
In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”
In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.
Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.
Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.
Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.
PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.
While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.