Honda Prologue and Chevy Equinox drive EV incentives to record levels in October
As the incentives and discounts pile up, electric vehicle prices often rival, or even undercut, comparable gas models. With new models, like the Honda Prologue and Chevy Blazer EV rolling out, incentives surged to record highs in October as automakers look to fend off the incoming competition and draw in buyers.
EV incentives hit record levels in October
According to the latest Kelley Blue Book data, the average transaction price (ATP) for a new EV in the US was $56,902 in October.
The number is down from the $57,580 average EV price in September but still 0.9% higher than a year ago.
Meanwhile, EV incentives were drastically higher in October at 13.7% of ATP, more than doubling from a year ago (5.6% in October 2023) and up from 11.6% last month. The higher discounts are helping drive down EV prices, making them more affordable.
Incentives on electric cars have climbed throughout the year as new models roll out in key segments.
The KBB report notes several EV models, including the Honda Prologue and Chevy Equinox EV, are battling for market share in the midsize SUV segment.
In October, the ATP for midsize SUVs was $48,977, within 1% of the industry average of $48,623. With incentives, both the Prologue and Equinox EV can be bought for less than that.
According to estimates, the average transaction price for EV leader Tesla fell to $56,705, but it was still over 10% higher than last year.
The lower prices last month were likely due to Tesla’s Cybertruck ATP falling below $100,000 for the first time. In October, the Cybertruck ATP was $98,495.
Meanwhile, others, like GM and Honda, are proving that the right EV, at an affordable price, will attract buyers.
| 2025 Chevy Equinox EV trim | Starting Price | EPA-estimated Range |
| LT FWD | $34,995 | 319 miles |
| LT AWD | $40,295 | 307 miles |
| RS FWD | $45,790 | 319 miles |
| RS AWD | $49,090 | 307 miles |
The $35,000 Chevy Equinox EV LT model is now available, which is expected to drive even higher demand next year. And that’s before the $7,500 tax credit. With it included, prices could drop to as low as $27,500. GM calls the electric Equinox “the most affordable EV in the US with 315+ miles range.”
Electrek’s Take
According to Rho Motion, the North American EV market continues expanding. Through the first ten months of the year, sales are up 9% from October 2023.
New EV models, like Chevy’s Equinox and the Honda Prologue, are fueling the growth. GM has built over 120,000 Equinox, Blazer, and Honda Prologue EV models at its Mexico facility this year. The electric Equinox is leading the charge with 50,000 units alone.
According to the US Department of Treasury, drivers saved over $2 billion in upfront costs on clean vehicle purchases in 2024.
Ready to check out Chevy and Honda’s electric SUVs for yourself? We can help you get started. You can use our links below to find deals on the Chevy Equinox EV and Honda Prologue at a dealer near you.
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Slate Auto, a new EV startup backed by Jeff Bezos, has poached a key Tesla manufacturing leader to build its electric pickup truck factory in Indiana.
Napoleon Reyes is a US Marine from Indiana who got a degree in mechanical engineering from Purdue after leaving the force.
He then worked a few years at Subaru and Wabash before joining Tesla’s manufacturing team at the Fremont Factory in 2020.
There, he became part of the Model Y production ramp and was quickly promoted to lead the Model Y General Assembly in Fremont in 2022.
Reyes led Model Y GA, one of the most critical parts of vehicle manufacturing, for more than a year before being promoted again to lead new pilot processes at the factory.
Most recently, he led the launch of the general assembly line for the Model Y refresh.
The new engineering manager announced this week that he is leaving Tesla to join Slate:
A bit late on the post but after nearly 5 years working at Tesla in Fremont, I made the difficult decision to leave the Company and move closer to home with my family. It was an incredible experience being part of multiple line expansions and multiple Model Y program launches. Leading and managing the Model Y Refresh launch for GA in Fremont this year tested me professionally however we ultimately succeeded due to our amazing cross functional team collaboration. It’s been an absolute pleasure working with such great people, and I will forever be proud and thankful for everything we accomplished together.
I will be taking on a new role as Senior Manager, Plant Vehicle Engineering at Slate Auto in Warsaw, In.
Slate emerged from stealth mode earlier this year to unveil a new type of electric pickup truck featuring modular customization and an affordable price.
The company raised over $700 million through two rounds of investments from several different investors, including Jeff Bezos. It is currently raising more, which basically guarantees that it will be able to reach production.
The startup acquired a former printing plant in Warsaw, Indiana. It is currently converting to manufacture its electric pickup with a team from legacy automakers and also several former engineers and leaders from Tesla.
Rich Schmidt, an early Tesla manufacturing director, is the head of manufacturing.
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Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
Source: USPTO
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Environment
Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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