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US Electric Vehicle Market Heats Up with Price Cuts: A Look at the Competition

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Price cuts for battery electric vehicles (BEVs) continue in the US market. According to Kelley Blue Book, the average price of new BEVs in the first quarter of 2024 fell 9% compared to the same period last year. For this reason, models with lower prices than gasoline vehicles appear one after another, depending on the segment. BEVs from Tesla, Hyundai, and Kia are priced lower than the Toyota Camry or RAV4. These are all long-range models.

Bloomberg Green analyzed the 2024 Hyundai Ioniq 6 as the cheapest electric vehicle among the models in its segment. Hyundai’s Ioniq 6 is about 25% lower than the average price of electric vehicles in the US market, which is $47,000, and has a driving range of 361 miles. The Ioniq 6 starts at $37,500, but this is the standard range (240 miles) model. The SE model with 361 miles starts at $42,500.

The analysis found that Hyundai Motor Company and Tesla’s electric vehicles are 37% lower than Toyota’s and BMW’s gasoline models in the same segment, so the gap is widening.

Boston Consulting Group also analyzed that Hyundai’s Ioniq 6 appeared to be the only electric vehicle that met potential buyers’ median price, driving range, and charging goals. In the case of lease sales, the Ioniq 6 is said to be priced at $243 per month, which is much cheaper than the Toyota Camry, which costs $346 per month.

The Tesla Model 3 lease price is $399 per month, much lower than the BMW 3 Series lease price of $581. Tesla’s Model Y lease price is also $399 monthly, cheaper than the BMW X3’s $629 monthly.

Hyundai Motor Company’s 2024 KONA EV is considered the cheapest electric vehicle in the US market, starting at $33,000. Of course, the lease price is much lower than the gasoline model’s.

The recently launched Chevrolet Equinox EV can also be ordered at the entry-level (1LT) starting at $34,995 this year. After the $7,500 federal tax credit, this model’s price drops to $27,495.

Following Europe, where Chinese electric vehicles are leading the price competition, price cuts for electric vehicles are becoming a trend in the US market, where there are no Chinese vehicles.

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