Deal | Hyundai Ioniq 6 takes Tesla Model 3 crown as affordable EV thanks to $7,500 incentive

The Tesla Model 3 has long held the crown as a value EV. It may not have been the cheapest EV around, but it offered a good balance between performance, price, and features — especially in the US, where the $7,500 IRA tax incentive brought the price down significantly. Now, Hyundai has introduced an incentive of its own, knocking $7,500 off the top of its sleek Ioniq 6 electric sedan and bringing the starting price down to a rather impressive $34,950 versus the Tesla Model 3's $38,990.

Hyundai is offering the $7,500 Retail Bonus Cash on all models of the 2024 Hyundai Ioniq 6, meaning prices now stack up as follows:

• Ioniq 6 SE: $34,950
• Ioniq 6 SEL: $37,750
• Ioniq 6 Limited: $42,650

These listed MSRPs are all for the RWD versions. For an AWD drivetrain, the price increases by $3,500. Hyundai's incentive will be available until January 31, after which prices will presumably return to normal.

While the Hyundai Ioniq 6 certainly has divided EV fans in the looks department, it's certainly proven to be a capable practical car, with the base SE RWD trim delivering 225 hp and 258 lbs.-ft of torque. The AWD drivetrains step performance up to 320 hp and 446 lb.-ft of torque.

Range is also decent, with an estimated EPA range of 361 miles (ca. 581 km) from the RWD SE trim, 316 miles (ca. 509 km) in the AWD SE model, 305 miles (ca. 491 km) from the RWD SEL and Limited versions, and 270 miles (ca. 435 km) from the AWD SEL and Limited trims.

For comparison, the base Tesla Model 3 RWD, which starts at $38,990 after losing the IRA tax incentive, delivers only 272 miles (ca. 438 km) of range, according to the EPA estimate, while the $45,990, AWD Model 3 Long Range delivers 341 miles (ca. 549 km) of range on a full charge. The performance between the Model 3 and the Ioniq 6 is similar, too, with Tesla claiming 0–60 mph times of 4.2 seconds in the AWD Model 3, while third-party testing puts the AWD Ioniq 6 versions at 4.3 seconds for the same sprint.

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