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 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).
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.
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.
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.
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The Windsor, Ontario utility says it’s driving towards a more sustainable future after adding a dozen new electric vehicles to its fleet – including a state-of-the-art, 55-foot Terex electric bucket truck.
Based on a Class 7 (33,000 lb. GVWR) International eMV Series BEV, the Terex EV takes the eMV’s 291 kWh battery and adds the Terex Optima 55-foot aerial device and HyPower SmartPTO system to create a fully electrified utility service vehicle that can do anything its diesel counterparts can do while offering better, safer working conditions for utility crews.
“We’ve got 12 EVs,” said Gary Rossi, president and CEO, Enwin Utilities. That number represents fully 10% of the utility’s entire vehicle fleet. “Our centerpiece is our electric 55-feet bucket truck. It’s very quiet,” continues Rossi. “So (the truck) allows us, our crews, to communicate better. It’s not as loud in the community when they’re doing repairs in someone’s backyard.”
That notion is echoed by Terex, itself. The company says its HyPower SmartPTO (power take off), which replaces a mechanical PTO, avoids a loud idling engine while reducing workers’ exposure to toxic exhaust fumes.
“It’s all about building Windsor’s future and literally plugging into the battery factory down the road that is being constructed and showing that Windsor is a leader on this front,” says Drew Dilkens, Mayor of Windsor. “I don’t own an internal combustion engine vehicle,” adds Mayor Wilkins. “I only own two electric cars. My wife and I, we made the change starting in 2019 and I can’t see myself ever going back.”
CTV News Windsor
Enwin says its commitment to clean energy extends beyond its vehicle fleet. The company recently unveiled a massive MW solar rooftop net metering facility at its Rhodes Drive headquarters with over 3,000 solar panels. The site, one of Canada’s largest solar installations, generates enough clean electricity to power 300 homes annually.
Built by Damen Shipyards and the first fully electric tugboat to be deployed in the Middle East, the new RSD-E Tug 2513 Bu Tinah put in its record-breaking performance took place at Khalifa Port during ADIPEC, the world’s largest energy conference.
The RSD-E Tug 2513 is based on the already efficient hull design of the standard, diesel-powered RSD Tug 2513, but its new, fully electric propulsion arrangement enables it to offer zero emissions operations in situations where oil or fuel leakage would be – let’s say especially bad.
But, while the “clean” aspect of all-electric operation is obvious, its Guinness World Record of performance shows that the Damen RSD-E Tug 2513 is up to whatever task its owners put to it.
“This Guinness World Record achievement demonstrates that the transition to alternative energy does not come at the cost of performance,” explains Maritime & Shipping Cluster, AD Ports Group, Captain Ammar Mubarak Al Shaiba. “We are very proud that the first electric tug in the Middle East is also making waves on a global level with this accolade and the fact that in parallel it is improving the sustainability of our operations alongside cost efficiencies in terms of overall fuel saving is extremely important. This vessel is now a key component of our Marine Services fleet and our electrification strategy.”
To earn its record, the the Damen RSD-E Tug 2513 Bu Tinah recorded an average high peak bollard pull of 78.2 tonnes (about 86 ‘Murican tons). The record-setting tugboat can undertake a minimum of two towage operation on a single charge, and can be recharged on a marine DC fast charger in just two hours.
US President-elect Donald Trump speaks during a meeting with House Republicans at the Hyatt Regency hotel in Washington, DC on November 13, 2024.
Allison Robbert | AFP | Getty Images
President-elect Donald Trump on Saturday selected Liberty Energy CEO Chris Wright to serve as the next energy secretary of the United States.
Liberty Energy is an oilfield services company headquartered in Denver with a $2.7 billion market capitalization. The company’s stock gained nearly 9% on Nov. 6 after Trump won the U.S. presidential election, but its shares have since pulled back.
Wright serves on the board of Oklo, a nuclear power startup backed by OpenAI CEO Sam Altman that is developing micro reactors.
Wright will also serve on Trump’s Council of National Energy, the president-elect said Saturday. The council will be led by Trump’s pick for Interior Secretary, North Dakota Gov. Doug Burgum.
Wright has denied that climate change presents a global crisis that needs to be addressed through a transition away from fossil fuels.
“There is no climate crisis and we’re not in the midst of an energy transition either,” Wright said in a video posted on his LinkedIn page last year. “Humans and all complex life on earth is simply impossible without carbon dioxide. Hence the term carbon pollution is outrageous.”
“There is no such thing as clean energy or dirty energy,” Wright said. “All energy sources have impacts on the world both positive and negative.”
Trump described Wright as a “leading technologist and entrepreneur in the energy sector.”
“He has worked in Nuclear, Solar, Geothermal, and Oil and Gas,” the president-elect said in a statement Saturday.
“Most significantly, Chris was one of the pioneers who helped launch the American Shale Revolution that fueled American Energy Independence, and transformed the Global Energy Markets and Geopolitics,” Trump said.
The U.S. has produced more crude oil than any other country in history, including Russia and Saudi Arabia, since 2018, according to the Energy Information Administration.