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Taking on Elon Musk-run Tesla, Automaker GM has announced a mass-market electric car that will cost just $30,000.

Called the 2024 Chevrolet Equinox EV, the car will have an estimated range of 480 kms and will go on sale next year.

"We are at a turning point where EVs will be the mainstream choice for the next generation of customers and Equinox EV will lead this charge for us," said Mary Barra, Chair and CEO of General Motors.

"With the flexibility of GM's Ultium Platform, we are bringing to market vehicles at nearly every price point and for every purpose," Barra said in a statement late on Thursday.

With a starting price of around $30,000 on the 1LT model, the Equinox EV plugs Chevrolet into the critical compact SUV segment and is expected to be the most affordable EV in its class.

It rounds out an electrified portfolio that covers major segments, including full-size trucks (Silverado EV), midsize SUVs (Blazer EV) and compact SUVs (Bolt EV and Bolt EUV).

"Chevrolet is now positioned to offer a wide array of EVs," said Scott Bell, vice president of Chevrolet. "We know truck and SUV customers better than anyone and we've channeled that insight and experience into our new EVs."

Chevrolet said it is committed to making the EV transition seamless, with support such as available navigation and route planning through the MyChevy app, which helps locate and plot routes to charging stations.

"The Equinox EV has the range to take you where you want to go, the spaciousness for your passengers and gear, and technology to do it all comfortably and confidently," said Bell.

The 2024 Chevrolet Equinox EV will be available in fall 2023, starting with a limited edition 2RS model.