The automotive industry has entered a fiercely competitive phase in the electric vehicle transition, and it’s producing an intriguing result for U.S. car buyers: the first long-range EVs that are cheaper to buy than the average gas-powered car.
At least three manufacturers — Tesla, Hyundai-Kia and General Motors — now offer EVs with more than 300 miles of range for less than the cost of the average new vehicle sold in the U.S., 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.
