2024 Hyundai Ioniq 6 undercuts Tesla Model 3 by more than $9,000

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New incentives can make the 2024 Hyundai Ioniq 6 much cheaper than the newly updated Tesla Model 3, according to CarsDirect.

A dealer bulletin shows that all versions of the 2024 Ioniq 6 are eligible for $7,500 in “retail bonus cash”—a rebate that can essentially be applied only to purchases, and not with Hyundai’s current low-interest financing, CarsDirect notes. But for those purchasing rather than leasing, the rebate drops the Hyundai’s base price from $38,615 to $31,115.

2024 Hyundai Ioniq 6

On the other hand, the revised Model 3, internally called the Highland, arrives soon in the U.S. and starts at $40,380 including destination. Updates include refreshed styling, more convenience features, and what Tesla claims is a quieter cabin.

Hyundai and sibling brand Kia combined now rank second in EV sales after Tesla, meaning the two Korean brands are ahead of other established automakers like Ford and General Motors. So it appears that the company wants to stay very competitive on price. Hyundai already gave the Ioniq 6 a $4,100 price cut for 2024, versus 2023. The Ioniq 6 does not qualify for the $7,500 federal EV tax credit, but neither do the two Model 3 Highland variants released so far.

2024 Hyundai Ioniq 6

2024 Hyundai Ioniq 6

The Ioniq 6 is one of the best new EVs of the past year—and a Green Car Reports Best Car To Buy 2024 finalist. Although the base model achieves just 240 miles of range, the SE RWD Long Range gets a 361-mile range—better than any Model 3 variant.

Hyundai has also stepped up the start of production at its Georgia EV Metaplant to fall 2024, an earlier target than the 2025 timeline originally discussed. The automaker has said that up to 300,000 EVs annually will be made at the plant—so it may be stoking demand to get to that point.

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