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15 December 2025
By Tom Libby
The 2025 Chevrolet Equinox and its 2024 EV sibling are showing impressive performance in the US auto market. Here are some of the key factors why.
In the US auto market, the launches of the 2024 Equinox EV and the re-designed 2025 Chevrolet Equinox gasoline model are noteworthy for three reasons:
The new Equinoxes are competitive from several perspectives. The 2024 Equinox EV offers a competitive range of 319 miles, and it comes with contemporary technology including numerous ADAS features and a 17.7-inch display. Perhaps most important, though, the new Equinox EV is one of the most affordable EVs available (more on this later).
The gasoline-powered 2025 Equinox (carried over from 2024), the fourth generation of this nameplate, offers more contemporary and sophisticated styling than its predecessor. It also features a well-integrated and more high-tech interior than its predecessor, with two digital displays and numerous ADAS features as standard equipment.
As these new Equinoxes gain traction in the market, two metrics working in their favor include the high number of Equinoxes on US highways and the strong loyalty of these owners to both the model and the Chevrolet brand.
As illustrated in the table below, the percent of Chevrolet Equinox households that returned to market in the first nine months of 2025 and acquired another Equinox is 42%, the highest model loyalty industry-wide across 412 eligible models. Furthermore, Chevrolet’s automotive brand loyalty of 57.8% as of September 2025 CYTD is the third highest across all brands after Tesla and Ford, excluding exotic brands. This is relevant because returning Chevrolet households—with any Chevrolet nameplate in the garage—have a significant propensity to migrate to an Equinox.
Equinox is the #1 model acquired by return-to-market Bolt, Impala and Volt households; it also ranks as the #2 or #3 choice for return-to-market buyers from seven and six other models, respectively. These ranks are impressive given that 412 models had at least one retail registration during this time period.
The two Equinoxes are also being assisted by competitive pricing. The table below indicates that the average monthly payment on a loan for the 2025 Chevrolet Equinox gasoline model falls in the middle of the range segment-wide; the Equinox payment also is below that of the two segment leaders, CR-V and RAV4.
In the affordable EV space, the 2024 Equinox EV has the second-lowest average monthly payment, with only the Solterra coming in lower. One reason consumers have been reluctant to commit to electric vehicles is their high prices relative to either gasoline- or hybrid-powered vehicles; Equinox appears to be well-positioned to address the affordable EV issue.
Two metrics based on S&P Global Mobility new vehicle registration data suggest the new Equinoxes thus far have been successful in improving Chevrolet’s position in the Compact Utility Segment. First, as shown below, Equinox’s conquest/defection ratio, which measures conquests—or households coming into the brand from competitors—divided by defections—households defecting from Equinox to competitors—has shown substantial improvement since the launch of the new Chevrolets.
This ratio had been below 1.0, indicating net outflow, every month except one from May 2020 through August 2024. However, since September 2024—two and four months after the introductions of the gasoline and electric versions, respectively—this ratio has been greater than 1.0 every month.
astly, these new Chevrolets are resonating with consumers at a greater rate, relative to the competition, when compared to the performance of the prior version (model year 2023 and before). The line chart below, illustrating shares of segment for the ten leading compact utilities, points out that these models’ shares of segment were relatively steady from mid-2023 through mid-2024, but Equinox’s share began to rise starting in September 2024, the same month when its conquest/defection ratio began to improve and shortly after the launch of the new versions.
Not displayed is the fact that in September 2025, Equinox surpassed CR-V when looking at total new registrations, which include fleet deliveries. Excluding fleet, the two Asian models maintained their leadership positions.
Going forward, Equinox will continue to play a major role for Chevrolet. It most likely will continue to rank #2 among all Chevrolets in retail deliveries, trailing only the Silverado. Also, importantly, Equinox and its stable mates, including Trax and Trailblazer (and the upcoming new Bolt), give Chevrolet a robust portfolio at the lower end of the market based on price, an important advantage given the escalating transaction prices industry-wide.
But there will continue to be challenges; Equinox does not yet offer a hybrid propulsion system, a popular system at the moment and one offered by many of its competitors including the CR-V and RAV4. And, a new RAV4 (available only as a hybrid) is now entering the market, only adding to that model’s momentum.
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With advanced tools for market share analysis, trend identification, sales forecasting, and competitor benchmarking, OEMs can optimize sales, inventory management, and targeted marketing strategies.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.