EV leases sub-$400/month: Ioniq 6, Solterra, Niro, Mini, more
Pricing pressure from Tesla, increased EV supply, IRA Tax credit, and the looming model year changeover have spurred legacy automakers to continue sweetening incentives on their electric vehicles. Now there are six factory lease offers on EVs with an average monthly cost of under $400 before tax and license, which is a price point that rivals factory lease terms of low-priced ICE vehicles that include the Toyota Corolla LE, Chevy Equinox LT, and Honda HR-V LX.
Keep in mind, the lease tax “loophole” which allows vehicles/households not eligible for the $7500 IRA tax credit, are available on all vehicles regardless of income. Some folks are using the “1-day lease” to take advantage of these where they buy out their lease almost immediately thus enabling the federal tax credit on all EVs without stipulations. Ask about this at your local dealer.
1. 2023 Nissan LEAF: $289/month, S: $355/month
At $289/month for 36 months with $2679 to start, Nissan’s LEAF S lease is currently the cheapest factory lease offer on an electric vehicle, but as one might expect, its low cost does come with concessions. Capable of traveling 149 miles on a full charge and accelerating from zero to 60mph in 7.4 seconds, this front-wheel-drive 5-passenger hatchback with 24 cubic feet of cargo space is a bit short on range and performance compared to most EVs. However, the good news for folks who can’t live with those shortcomings is that we did find a few dealers in California advertising lease terms on the 226-mile range LEAF SV Plus that undercut the factory LEAF S lease offer.
We also found a number of dealers in several states that are discounting the SV Plus deep enough to dip its effective lease cost to well under $400/month. With a 226-mile range and zero to 60mph time of 6.8 seconds, a dealer-discounted LEAF SV Plus can provide range and spunk that rivals other EVs mentioned here, and as a bonus, includes higher-trim appointments typically not included on base models such as 360-degree camera coverage, larger wheels and tires, navigation, and intelligent driver assist technology. Dealers with discounts of over $3000 on a LEAF SV Plus include Gettel Nissan in Florida, Glendale Nissan and Nissan of Van Nuys in the Los Angeles area, and Bob Bell Nissan in Maryland. Check for Nissan LEAF deals near you.
2. 2023 Hyundai Ioniq 6 SE Standard Range – $362/month
Hyundai’s recent mid-month improvements to Ioniq 6 SE lease offers are huge. For example, the average monthly cost to lease the rear-wheel-drive 149-horsepower Ioniq 6 SE Standard Range plunged by over $100, now at a very attractive $229/month for 36 months with $5005 due at inception. The Standard Range is good for 240 miles on a full charge, should reach 60mph from a standstill somewhere between eight and nine seconds, and can carry 11.2 cubic feet of cargo in its trunk. But there’s one problem – the Standard Range configuration of this 5-passenger sedan is hard to find; we estimate that it accounts for less than a half percent of all Ioniq 6 sedans in dealer stock. So out of twenty Ioniq 6 that are sitting at a dealership, most will probably be equipped with the higher priced SEL trim, and maybe one will be a Standard Range SE. We didn’t have any luck finding one in California or the New England area, but we did find one at Koons Woodbridge Hyundai in Virginia and another at Hyundai of Wesley Chapel in Florida.
For those that can squeeze another $68 out of their monthly budget, the Ioniq 6 SE Long Range sedan is a bit more available than the Standard Range and leases at $299/month for 36 months, $4999 at signing, which works out to an effective cost of $430/month. Yeah, it blows our $400/month threshold, but get this – that two or three bucks more per day is good for another 121 miles of range (361 miles total) and shaves the sedan’s zero to sixty time down to a quick 6.2 seconds. Look for a Hyundai Ioniq 6 SE in your area.
3. 2023 Hyundai Kona Electric SE – $373/month
Hyundai’s current 2023 Kona Electric SE lease offer of $269/month for 36 months with $3999 due at signing is a real bargain, considering that the front-drive, five-passenger 4-door crossover goes 258 miles on a full charge and sprints from zero to 60mph in 6.4 seconds. Its 19 cubic feet of cargo capacity behind the rear seats is on the smaller side for a crossover, but the rear seats do fold flat to provide a very usable 45 cubic foot volume.
We didn’t find any dealer lease offers that improve on the factory terms, but we did spot two retailers – McDonald Hyundai in Colorado and Werner Hyundai in Florida – that are offering discounts on a Kona Electric SE that should translate into lower lease payments. Unfortunately, dealer inventory seems to be dwindling as today’s Kona gives way to the next-generation 2024 Kona, which will be larger in all three dimensions and will offer a choice of battery capacity. Which sounds great, except that it looks like someone beat the rear end of it with an ugly stick. With any luck, the open wounds at each corner of its lower back will heal up in time for a mid-cycle refresh. Bottom line – if you prefer the style of the 2023 model over 2024, act fast before they’re all gone. Find a Hyundai Kona Electric at a dealership near you.
4. 2023 Kia Niro EV Wind – $387/month
Kia’s second-generation Niro EV has a starting MSRP that’s over $40K, but that shouldn’t dissuade shoppers that are open to leasing it. For about $20 to $30 more per month than the aging LEAF S or Kona Electric SE, you can lease a freshly designed EV with a competitive 253-mile range that scoots to 60mph in 6.7 seconds.
The base “Wind” version of this front-wheel drive crossover that seats five and carries 23 cubic feet of payload behind the rear seats comes standard with a host of amenities typically reserved for higher-cost trim levels, such as navigation, heated front seats, intelligent driver assistance, and wireless phone charging, which further adds to its value proposition. We found two dealers – Bob Johnson Kia in NY and Lee Johnson Kia in the state of Washington – with lease terms that improve on the factory lease offer. Check for Kia Niro EV deals in your locale.
5. 2023 Mini Electric Hardtop – $393/month
After a $70 cut from its monthly payment and a 10% reduction in its drive-off, the Mini Electric Hardtop’s new lease terms now stand at $299/month for 36 months and $3599 to start. As such, it remains the cheapest EV lease available from a premium brand.
With its kart-like handling and 0-60mph time of 6.1 seconds, the Mini is certainly the most athletic of the sub-$400/month electrics mentioned here. However, this front-drive, two-door four-seater is only able to travel 110 miles on a full charge and carries just 8.7 cubic feet behind its rear seats. For those that can live within the confines of its short range and limited interior space, the Mini is simply a delight to drive, and its timeless looks will continue to draw smiles long after its battery warranty expires. Find a Mini Electric Hardtop near you.
6. 2023 Subaru Solterra Limited – $399/month
Subaru has been whittling away at their Solterra lease offer throughout the summer, and by September they managed to reduce its effective cost to well under $500/month. For October, Subaru took an axe to last month’s $2899 drive-off, leaving just the first $399 monthly payment to start a 36-month lease term. As a result, the Solterra is currently the only all-wheel-drive electric vehicle that can be leased for under $400/month before adding tax and license. This five-passenger crossover that carries 29 cubic feet of cargo behind the rear seats can sprint from standstill to 60mph in a respectable 6.5 seconds, is good for 228 miles on a full charge, and true to its Subaru outdoorsy all-terrain heritage, sports 8.3 inches of ground clearance.
We found a number of Subaru dealers advertising a Solterra Premium at over $2000 off MSRP, including Hello Subaru of Valencia in the Los Angeles area, Herb Gordon Subaru in Maryland, Hanlees Subaru in Napa, and Sport Subaru South in Florida. A discount of that magnitude should reduce the average monthly cost of a lease closer to $350/month before tax and license. Look for Subaru Solterra deals in your area.
Honorable Mention: 2023 VW ID.4 Pro RWD – $449/month
Volkswagen’s ID.4 Pro is a five-passenger crossover that, in rear-wheel-drive configuration, travels up to 275 miles on a full charge, adequately accelerates from zero to 60mph in 7.6 seconds, and can fit 30.3 cubic feet of cargo behind its rear seats.
It’s worth mentioning here because it’s relatively easy to find VW dealers advertising discounts north of $2000, which should translate to an average monthly cost of less than $400/month on a 36-month lease. Plus, compared to the other EVs covered in this article, the ID.4 Pro appears to have the highest quantity in dealer stock, which is probably why it’s not hard to find attractive deals on it. Find the best deal on a VW ID.4 in your locale.
Honorable Mention: 2023 Toyota Prius Prime SE – $314/mo (NY/NJ/CT), $398/mo (CA)
The new-for-2023 third-generation Prius Prime is a still plug-in hybrid, so it’s only listed as an Honorable Mention. But why even mention it at all? Well, have you seen the latest Prius Prime? Much improved, in many ways. First of all, we no longer have to squint until our eyes are completely shut to enjoy looking at it. In fact, automotive enthusiast publications have described its exterior by using words such as “stylish”, “attractive”, “fantastic”, and even “sexy”. The word I’d use? Stunning. In a good way, of course, particularly from the three-quarter rear angle.
Second of all, instead of lumbering from zero to sixty by tomorrow morning like its predecessor, the third-generation Prius Prime gets there in just 6.6 seconds, albeit with a squirt of dinosaur juice. Third, its electric-only range is much improved, now at 44 miles, versus the outgoing model’s 25 miles. And finally – here’s the kicker – for customers in New York, New Jersey, and Connecticut, Toyota’s regional lease offer of just $249/month for 36 months with $3999 due at signing would be at the top of this list by a wide margin if it included plug-in hybrids. So if you have friends and relatives who suffer from a persistent case of range anxiety that prevents them from abandoning their ICE in favor of a BEV, the 2023 Prius Prime could serve as a cheap gateway drug that eventually leads to a lifelong addiction to driving pure electrics. Just make sure you show them a picture of it before telling them it’s a Prius. Click here to help a friend or relative find a 2023 Prius Prime.
As always, check our Electric Vehicle Best Price Guide and Electric Vehicle Best Lease Guide for the best deals on EVs in the US.
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Toyota is doubling down on the “holy grail” of EV tech — all-solid-state batteries. Its first EV could arrive as soon as 2027, promising longer driving range, faster charging times, and more.
Toyota to launch its first all-solid-state battery EV in 2027
After announcing a new partnership with Sumitomo Metal Mining Co. to mass produce cathode materials for the new battery tech on Wednesday, Toyota said it aims “to achieve the world’s first practical use of all-solid-state batteries in BEVs.”
Toyota said that its new batteries could significantly enhance driving range, charging times, and output, potentially transforming the future of automobiles.
Compared to current liquid-based batteries, which use electrolyte solutions, Toyota’s all-solid-state batteries utilize a cathode, an anode, and a solid electrolyte. According to Toyota, the next-gen battery tech “offers the potential for smaller size, higher output, and longer life.”
Toyota aims to launch its first all-solid-state battery-powered EV in 2027 or 2028. The new development agreement moves it one step closer to bringing the new battery tech to market on a mass scale.
The two companies have been developing cathode materials for all-solid-state EV batteries since 2021, focusing on some of the biggest challenges in producing them at a mass scale.
Using Sumitomo Metal Mining’s proprietary powder synthesis technology, Toyota claimed to have developed a “highly durable cathode material” for all-solid-state batteries.
Sumitomo has been supplying cathode materials for electric vehicles for years, but it’s now working to introduce the newly developed tech, moving it toward mass production.
The new agreement comes after Toyota was granted a METI certification to manufacture the new batteries in Japan last September.
Toyota is collaborating with several partners in Japan, including oil giant Idemitsu Kosan, to introduce the new EV batteries to the market.
Idemitsu announced plans earlier this year to build a large-scale production plant for lithium sulfide, a raw material used in all-solid-state EV batteries. Once up and running, the plant will be capable of producing 1,000 metric tons of lithium sulfide annually. The company is also aiming to mass-produce all-solid-state batteries in 2027.
The new batteries are part of Japan’s plans to secure a domestic supply chain and reduce its reliance on China and South Korea. Toyota is among several companies in Japan that are investing a combined $7 billion (1 trillion yen) in domestic battery production.
Electrek’s Take
Will Toyota be the “world’s first” to put all-solid-state EV batteries to practical use? Others, including Mercedes-Benz, BMW, Volkswagen, and Honda, are also betting on the new technology.
Mercedes claimed to have put “the first car powered by a lithium-metal solid-state battery on the road” in February. Just last month, Mercedes drove an EQS, equipped with solid-state batteries, for nearly 750 miles (1,205 km).
Mercedes’ tech boss, Markus Schäfer, is already calling the new EV battery tech a “gamechanger” for electric vehicles. The company aims to bring solid-state batteries into series production by the end of the decade.
Meanwhile, CATL and BYD, which are already dominating the global battery market, aim to introduce the new battery tech around 2027.
SAIC MG launched the new MG4 in August, deeming it “the world’s first mass-produced semi-solid-state” electric vehicle.
Can Toyota compete? It has been promising to launch all-solid-state batteries for years now, but new alliances could help make it a reality. As for the “world’s first,” however, that may be a stretch.
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A recent tragic incident in Portland, Oregon, one of countless similar occurrences, is putting a spotlight on a less-discussed but very real threat to micromobility riders: the condition of our roads.
Earlier this month, a Portland husband and father tragically lost his life while riding an electric scooter along an otherwise innocuous local street. It was marked just 25 mph, but it wasn’t the road’s speed that was the issue, or even the car traffic, which is usually to blame for most riders’ deaths. According to reports, Randy Phelps was thrown from his scooter after hitting a pothole in the road. He spent nearly three weeks on life support before passing away. His organs went on to save the lives of three others.
The loss is heartbreaking – but sadly, not unique.
The pothole had been reported to the city many times, including by local residents and businesses located along the street. Just a few days after Phelps died, the city finally filled in the pothole.
We talk a lot about the dangers that cars pose to cyclists and scooter riders. And for good reason… they are far and away the leading cause of injuries and fatalities for micromobility users. But it’s time we start recognizing that crumbling infrastructure is another deadly factor.
Potholes, cracks, unmarked trenches, and uneven pavement may go unnoticed or simply seem like minor annoyances to drivers in SUVs or pickup trucks. But to someone on an electric scooter or e-bike, they can be catastrophic. Especially at the typical speeds many of these vehicles travel, often between 15 to 28 mph (25 to 45 km/h), a sudden jolt or loss of control from hitting a deep pothole can easily send a rider flying.
Electric scooters are particularly vulnerable here. Commonly available with small 8 to 9-inch wheels, they simply don’t have the ability to roll over wide cracks or potholes that larger diameter wheels have. Instead, they tend to fall into them. Hitting a large pothole on a scooter can often end in an immediate crash. E-bikes usually fare better, with larger diameter wheels offering a bit more forgiveness. But even on a bike, deep pot holes or simply the wrong bump at the wrong angle can flip you over the handlebars or throw off your line, especially if you’re already navigating traffic or a narrow bike lane. And the edge of a pothole can easily puncture an underinflated bicycle innertube with a pinch flat, leading to loss of control at speed.
It’s part of why fat tire e-bikes – with their big, 3 or 4-inch wide tires – are so popular. Not only do they give a cushy ride, but they offer a layer of protection by rolling more smoothly over broken pavement and filling in small potholes instead of dropping into them. They’re not a magic solution, but they help on rougher roads.
I’ve recently been spending time on the new VMAX VX2 Hub e-scooter, which, by electric scooter standards, has relatively large 10-inch tires. They’re also tubeless, functioning closer to motorcycle tires. While 10 inches still isn’t huge, I tend to prefer these types of larger-wheeled scooters versus the small-wheeled budget options precisely for the extra safety that those larger tires offer.
Ultimately though, this isn’t just about tire width or diameter. This is about infrastructure. Many cities across the US have done a great job encouraging people to choose alternative forms of transportation. In fact, Portland is often seen as one of the most cycling-friendly cities in the country, and even there it took the death of a local rider to get a pot hole filled in.
It takes more than just encouraging people to switch from cars to scooters or bikes. It means they have a responsibility to maintain safe conditions for those users. That includes repaving cracked roads, filling potholes quickly, and keeping bike lanes clear and usable – not just painting lines and calling it a day.
And while I hope this doesn’t come across as victim-blaming, we riders also need to recognize that part of surviving on two wheels means riding defensively – not just against cars, but against the road itself. That might mean scanning ahead more actively, slowing down when visibility is poor or the pavement is suspect, and choosing routes with safer surfaces whenever possible. On one of my first e-bikes back in 2010, I turned my wheel from an O-shape into a D-shape while following too close behind a car to see a big pot hole in time, and that taught me a big lesson that I still remember 15 years later.
None of this is meant to place blame on riders. The responsibility is on cities to fix their roads. But until that happens — and while we push for it — we riders have to ride like our lives depend on it. Because often times, they do.
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Nvidia CEO Jensen Huang said Wednesday that demand is up huge this year as artificial intelligence models develop further from answering simple questions to complex reasoning.
“This year, particularly the last six months, demand of computing has gone up substantially,” Huang said on CNBC’s “Squawk Box.”
The CEO of the AI chip leader was answering a question about what investors ask him most about. Nvidia shares rose about 2% on Wednesday, helping to boost the Nasdaq Composite higher.
AI reasoning models are using exponential amounts of computing power but they are also seeing exponential amounts of demand because their results are so good, Huang said.
“The AIs are smart enough that everybody wants to use it,” the CEO said. “We now have two exponentials happening at the same time.”
“Demand for Blackwell is really, really high,” he said of Nvidia’s most advanced graphics processing unit. “I think we’re at the beginning of a new buildout, beginning of a new industrial revolution.”
Nvidia announced last month it will invest $100 billion in OpenAI‘s massive data center buildout. OpenAI is planning to build 10 gigawatts of data centers using Nvidia chips.
The scale of the AI industry’s plans have raised doubts about whether the leading companies can secure the power needed to fuel their ambitions. Ten gigawatts is equivalent to the annual power consumption of 8 million U.S. households, or New York City’s peak baseline summer demand in 2024.
When asked who is winning the AI race, Huang said the U.S. is “not far ahead” of China right now. Beijing is building out the power needed to support AI much faster than the U.S., the CEO said.
“China is way ahead on energy,” Huang said.
The artificial intelligence industry will need to build new power generation off the electric grid in order to move quickly to meet demand and insulate consumers from rising electricity prices, he said. Data centers should be outfitted with natural gas and then potentially nuclear power at some point in the future, the CEO said.
“We should invest in just about every possible way of generating energy,” Huang said. “Data center self-generated power could move a lot faster than putting it on the grid and we have to do that,” he said.
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