Hyundai's low-cost, long-range sedan is shaping up to be a major pain for Elon Musk
Hyundai revealed the pricing of its new Ioniq 6 electric sedan.
It will start at $41,600 for a model with 240 miles of range.
For $45,500, buyers can get an impressive 361 miles of range, more than Tesla's Model 3 offers.
Hyundai knocked it out of the park with the Ioniq 5, its popular electric SUV that looks straight out of science fiction.
The Korean brand's next project, the Ioniq 6, looks just as cool while offering significantly more of that sweet, sweet driving range that electric-car buyers crave. It also undercuts the Ioniq 5 in price, Hyundai announced on Tuesday, starting at $41,600 before options and fees.
More importantly, the Ioniq 6 sedan's impressive specs and newly revealed pricing show it's shaping up to be one of the strongest rivals to Tesla's Model 3.
The Ioniq 6 can travel a whopping 361 miles on a full charge (according to its EPA rating) if you select the rear-wheel-drive Long Range trim, which costs $45,500. That gives it one some of the best range for your buck on the market. The cheapest model comes in at 240 miles.
By comparison, the $42,990 Model 3 promises 272 miles of range, while the more expensive Long Range model is rated for 358, just shy of the Hyundai's max. One kink: Teslas will qualify for federal tax credits, while Hyundais generally won't.
In a world where potential electric-vehicle buyers are most put off by high prices and the daunting prospect of running out of range, the Ioniq 6 excels in both areas. The average EV sold for $58,725 in January.
Tesla has historically been the go-to for buyers who want the longest-range vehicles, but rivals like Hyundai, Mercedes, BMW, and Polestar are hot on its heels. Amid the mounting competition, Tesla slashed its prices last month in a bid to keep up market share.
The Ioniq 6 hits Hyundai dealerships this spring.
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