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Hyundai Ioniq 6 prices in the US undercut Tesla Model 3 but the new EV subsidy question remains

The Ioniq 6 is cheaper than a RWD Model 3 but with slightly shorter range (image: Hyundai)
The Ioniq 6 is cheaper than a RWD Model 3 but with slightly shorter range (image: Hyundai)
Hyundai revealed a surprise 54kWh battery option for its new Ioniq 6 and the US prices for all of the electric sedan's trims, battery, and motor options. The base Ioniq 6 AWD model costs nearly US$5,000 less than the equivalent Tesla Model 3, for instance, before any EV tax credits.

Hyundai priced the cheapest Ioniq 6 at just US$41,600, less than the base Tesla Model 3 which now starts at US$42,990. It, too, is a RWD version with a new 53-kWh battery option that gives it an EPA range estimate of 240 miles, falling short of the cheapest Model 3's 272 miles on a charge of its 58-kWh LFP battery. While the Ioniq 6 has a more inspiring design, both exterior and interior, the base Model 3 qualifies for the US$7,500 of federal new EV subsidy for now, at least until the Treasury issues its guidelines for tax credit on electric vehicles whose batteries aren't made in the US next month.

By the time Hyundai releases the base Ioniq 6 this summer in "limited quantities," though, both it, and the  Model 3 may be left without federal subsidies as the Tesla's battery is made by China's CATL, while the Ioniq 6 pack is assembled in South Korea. This could give the cheapest Ioniq 6 a fighting chance, but the higher trims of Hyundai's 2023 electric sedan are also priced very well:

  • Hyundai Ioniq 6 RWD Standard Range price: $41,600, 240 miles, 149HP rear motor
  • Hyundai Ioniq 6 RWD Long Range price: $45,500, 361 miles, 225HP rear motor
  • Hyundai Ioniq 6 SE AWD Long Range price: $49,000, 316 miles, 320HP dual motor AWD
  • Hyundai Ioniq 6 SEL RWD (20-inch wheels) price: $47,700, 305 miles, 225HP rear motor
  • Hyundai Ioniq 6 SEL AWD (20-inch wheels) price: $51,200, 270 miles, 320HP dual motor AWD
  • Hyundai Ioniq 6 Limited RWD (20-inch wheels) price: $52,600, 305 miles, 225HP rear motor
  • Hyundai Ioniq 6 Limited AWD (20-inch wheels) price: $56,100, 270 miles, 320HP dual motor AWD

On the other hand, the base AWD model with 77-kWh battery pack can go as far as the Model 3 Performance that sells for US$53,990, but costs nearly five grand less than Tesla's EV. The Ioniq 6 is also built on Hyundai's dedicated e-GMP platform which allows for faster 800V, 350kW charging that can top up its battery to 80% in less than 20 minutes. The cheapest Ioniq 6 will be shipping in the summer, while the rest of the trims will start appearing at US dealerships as soon as this spring.

Get the Lectron V2L Adapter for Hyundai Ioniq 5 in Amazon

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> Expert Reviews and News on Laptops, Smartphones and Tech Innovations > News > News Archive > Newsarchive 2023 02 > Hyundai Ioniq 6 prices in the US undercut Tesla Model 3 but the new EV subsidy question remains
Daniel Zlatev, 2023-02-22 (Update: 2023-02-22)