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Buying an electric car with at least 300 miles of range is getting more affordable than ever. Several automakers, including Hyundai, Kia, and Tesla, are now offering long-range EVs (those with at least 300 miles range) that are cheaper to buy than the average gas-powered car in the US.

Electric vehicle prices have fallen significantly in the US after a series of aggressive price cuts led by Tesla over the past few years.

According to the latest Kelley Blue Book data, average transaction prices for a new EV were down 9% in the first quarter compared to Q1 2023. With lower prices, EVs hit a major milestone as several long-range models are now cheaper than the average gas car.

Hyundai, Kia, and Tesla models with at least 300 miles of range cost less than popular gas cars like the Toyota Camry or Rav4.

When leasing, the gap is even more significant, with Hyundai and Tesla EVs as much as 37% lower than similar models from Toyota and BMW.

A new Bloomberg Green analysis shows the 2024 Hyundai IONIQ 6 is the most affordable EV. Hyundai’s IONIQ 6 was the cheapest EV, with a price tag about 25% lower than the national average ($47,000) and up to 361 miles range.

long-range-eV-prices
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

Long-range EV prices fall below gas cars

The IONIQ 6 starts at $37,500, but that’s for the standard-range (240 mi) model. The SE model, with up to 361 miles range, starts at $42,500.

Hyundai’s IONIQ 6 was found to be the only EV that met potential buyers’ median price, range, and charging targets, according to a recent report from Boston Consulting Group. Buyers are looking for fast charging in under 20 minutes, at least 350 miles range, and an affordable price (under $50K).

Hyundai-long-range-EV-prices
(Source: Boston Consulting Group)

At just $243 per month, the IONIQ 6 is significantly cheaper to lease than the Toyota Camry, which costs $346 per month.

Tesla’s Model 3 was the next closest to hitting the marks. The 2024 Tesla Model 3 starts at $38,990, while the Long Range AWD model starts at $47,740 with up to 341 miles range.

Model Type Lease Price Per Month
Hyundai IONIQ 6 EV $243
Toyota Camry Gas $346
Tesla Model 3 EV $399
BMW 3 series Gas $581
Hyundai IONIQ 5 EV $258
Toyota Rav4 Gas $340
Tesla Model Y EV $399
BMW X3 Gas $629
Most affordable long-range EV lease price deals vs gas cars (Source: Bloomberg Green)

At $399 per month, Tesla Model 3 lease prices are well below the BMW 3 series at $581 per month. Tesla’s Model Y, at $399 per month, is also cheaper than BMW’s X3, at $629 per month.

Hyundai’s upgraded 2024 Kona EV is one of the most affordable vehicles on the market, starting under $33,000. Hyundai Kona EV lease prices are even lower than the gas-powered model.

Hyundai-Kona-electric-cheaper
2024 Hyundai Kona electric (Source: Hyundai)

Several new long-range, affordable EVs are also hitting the market. After kicking off deliveries last month, Chevy’s Equinox EV is reaching customers.

GM claims the electric Equinox EV is the “most affordable EV” in its class with over 300 miles range. The Chevy Equinox EV (2LT) starts at $43,295, but the entry-level (1 LT) will be available to order this year starting at $34,995.

long-range-EV-prices
2024 Chevrolet Equinox EV 1LT (Source: Chevrolet)

With the $7,500 federal tax credit included, Equinox EV prices could fall to as low as $27,495. Several automakers like Hyundai and Kia are passing the EV tax credit on through leasing until US production begins.

Are you ready to drive off in a new electric car? Now may be the time to start shopping with some of the lowest prices yet. You can use our links below to find deals on Tesla, Hyundai, and Chevy EVs at a dealer near you today.

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Lectric Ebikes may be launching a new XP 4 this week, and it could change everything

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Lectric Ebikes may be launching a new XP 4 this week, and it could change everything

Lectric Ebikes appears to be preparing for a major new product launch, teasing what looks like the next evolution of its wildly popular folding fat tire electric bike. Based on the clues, it looks like a new Lectric XP 4 could be inbound.

In a social media post released over the weekend, the company shared a minimalist graphic reading “XP4” along with the message “Tune in 5.6.2025 9:30AM PT.” That date – this Tuesday – suggests we’re just hours away from the big reveal of the Lectric XP 4.

If true, this would mark the next generation of the most successful electric bike in the U.S. market. The current model, the Lectric XP 3.0, has become an icon of accessible, budget-friendly electric mobility. Starting at just $999, the XP 3.0 offers a foldable frame, fat tires, a 500W motor, a rear rack, lights, and hydraulic brakes – all packed into a highly shippable design that arrives fully assembled. It’s the kind of package that has helped Lectric claim the title of best-selling e-bike brand in the U.S. for several years in a row.

With the XP 3.0 still going strong, the teaser raises plenty of questions. Will the XP 4.0 be a modest update or a major leap forward? Could we see new features like torque-sensing pedal assist, a location tracking option, or upgraded performance? Or is Lectric preparing a more comfort-oriented variant, maybe even with upgraded suspension or even more accessories included standard?

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The teaser image, which features stylized stripes in grey, blue, and black, may hold some clues. One theory is that the colors represent new trim options or component upgrades. Another possibility is that Lectric is preparing multiple variants of the XP 4.0 – perhaps targeting commuters, adventurers, and off-road riders with purpose-built versions. We took the liberty of a bit of rampant speculation late last year, so perhaps that’s now worth a revisit.

At the same time though, Lectric’s penchant for launching new models at unbelievably affordable prices has never run up against such strong pricing headwinds as those posed by uncertainty in the current US-global trade war fueled by rapidly changing tariffs for imported goods.

lectric xp 3.0 hydraulic
Previous versions of the Lectric XP e-bike line have seen sky-high sales

Whatever the case, Lectric’s knack for surprising the industry with high-value, customer-focused e-bikes means expectations will be high. The brand has built a loyal following by delivering reliable performance at a price point that few can match, and any major update to the XP lineup is likely to ripple across the market.

As a young and energetic e-bike company, Lectric is also known for throwing impressive parties around the launch of new models. It looks like I may need to hop on a red-eye to Phoenix so I can see for myself – and so I can bring you all along, of course.

Be sure to tune in Tuesday at 9:30AM PT to see what Lectric has in store – and you can bet we’ll have all the details and first impressions as soon as they drop.

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

Logo of the Organization of the Petroleum Exporting Countries (OPEC)

Andrey Rudakov | Bloomberg | Getty Images

U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.

U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.

The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.

The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.

Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.

Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.

“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.

Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.

Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.

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Chicago plans more, and more equitable public charging as EV sales climb

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Chicago plans more, and more equitable public charging as EV sales climb

Electric vehicles’ share of the market continues to climb in America’s second city, with BEV registrations up more than 50% in the first quarter of 2025 compared with the same period last year. Great news, but charging hasn’t up – but a new plan from Chicago Department of Transportation aims to build up enough infrastructure for the city to keep up.

In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.

Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.

“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”

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Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.

“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”

The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.

The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”

Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.

Electrek’s Take

Chicago Drives Electric | ComEd Press Conference
ComEd press conference at Chicago Drives Electric, 2024; by the author.

I hate to sound like a bed-wetting liberal here, guys, but Chicago is getting EVs absolutely right with big utility incentives on both vehicles and infrastructure, a governor willing to stand behind smart environmental policy, and a solid push for more and better infrastructure in the areas where they’ll do the most good. They’re even thinking of the children.

Here’s hoping more cities follow suit.

SOURCE: ComEd, via Smart Cities Dive; featured image by EVgo.

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