Chevy Equinox EV Tops Non-Tesla Charts: Can GM Keep the Lead?

General Motors GM had a strong showing in the EV space last month, led by the Chevrolet Equinox EV. The electric SUV didn’t just have its best month ever—it became the top-selling non-Tesla EV in the United States. GM sold more than 19,000 EVs last month, and the Equinox EV accounted for nearly half of that, with over 8,500 units sold.

The Equinox EV seems to be hitting all the right notes in terms of range, price and charging. The Equinox EV offers over 315 miles of range, comes with fast-charging capability, and starts at under $35,000. After launching the more affordable LT variant last year, GM’s Chevrolet Equinox EV model has hit a sweet spot—offering buyers a feature-packed EV that doesn’t break the bank.

Even better, the Equinox still qualifies for the $7,500 federal EV tax credit, making the deal even more appealing for now, at least. The credit is scheduled to expire on Sept. 30 under Trump’s new tax bill signed last month. Until then, GM — and rivals like Tesla TSLA, Ford F and Honda HMC — are offering additional discounts to clear inventory while the incentive lasts.

The Equinox EV’s momentum is putting pressure on competitors. GM has sold roughly 36,000 Equinox EVs so far this year through July. Meanwhile, Ford sold 27,093 Mustang Mach-Es and Honda sold 22,635 Prologues in the same timeframe.

Chevrolet is now among the fastest-growing EV brands in the United States thanks to the Equinox. The model is even expected to finish the year as one of the top three best-selling EVs nationwide—right behind Tesla’s Model Y and Model 3. For context, Tesla still dominates EV sales, but it’s not the only game in town anymore.

GM CEO Mary Barra recently said that true demand for EVs will show itself once the tax credits disappear. But right now, with prices down and incentives still alive, consumers are jumping at the opportunity. And GM is clearly ready to meet that demand, with not just the Equinox, but also tax credit–eligible models like the Chevrolet Blazer EV, Silverado EV, Cadillac Lyriq and GMC Sierra EV.

Tesla may dominate the EV charts, but GM is making real noise of its own. With the Equinox EV leading the charge, it’s clear General Motors isn’t just catching up—it’s pulling ahead of rivals like Ford and Honda.

The Zacks Rundown on General Motors

Shares of General Motors have increased around 30% over the past year compared with the industry’s gain of 17%. 

From a valuation standpoint, GM trades at a forward price-to-earnings ratio of 5.49, way above the industry average. It carries a Value Score of A. 

See how the Zacks Consensus Estimate for General Motors’ earnings has been revised over the past 90 days.

GM stock currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

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This article originally published on Zacks Investment Research (zacks.com).

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