Long-range EVs now cost less than the average new car in the US
automotive industry has entered a fiercely competitive phase in the electric vehicle transition, and it’s producing an intriguing result for US car buyers: the first long-range EVs that are cheaper to buy than the average gas-powered car.
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At least three manufacturers — Tesla, Hyundai-Kia and General Motors — now offer EVs with more than 300 miles (480 kilometers) of range for less than the cost of the average new vehicle sold in the US, according to an analysis by Bloomberg Green. The most affordable is Hyundai’s 2024 Ioniq 6, which comes with 361 miles of range and a price tag that's 25% below the national average of roughly $47,000.
Over the past six months, competition between US auto brands has taken on a Squid Game vibe, as pressure rises to make EVs affordable and attract a new wave of buyers. Customers have become more savvy about battery range, charging speeds and charger accessibility, and are rejecting vehicles that don’t justify the sticker price — something automakers have started to acknowledge.
Affordability is key
The industry has begun “a challenging period, very chaotic, very Darwinian,” Carlos Tavares, chief executive officer of Stellantis NV, told investors at a Bernstein conference last week.
Stellantis, which has been slow to offer electric models in the US, will launch a $25,000 electric Jeep
