The Hyundai IONIQ 6, a leading electric car contender for the 2023 CleanTechnica Car of the Year award in the USA and Europe, faced disappointment due to new 2024 rules excluding certain battery locations, like China, from the US EV tax credit. Despite being considered one of the best electric cars on the market, it did not qualify for the government incentive. In response, Hyundai has introduced its solution by offering a $7,500 discount, termed Retail Bonus Cash, across all versions of the 2024 Hyundai IONIQ 6.
This move allows consumers to benefit from a significant price reduction, making the base IONIQ 6, originally priced at $42,450, available for $34,950. Although the base MSRP saw a recent increase of about $4,000, the discount compensates, creating an attractive proposition for potential buyers.
While the absence of the $7,500 US EV tax credit may be disappointing, Hyundai’s discount enhances the car’s competitiveness in the market. The Tesla Model 3, a dominant force in the US EV market, starts at $38,990 for the base model. With the IONIQ 6 effectively priced at $34,450 after the discount, it holds a $4,500 cost advantage. The base Model 3 offers a slightly higher range of 272 miles compared to the IONIQ 6’s 240 miles. However, Hyundai’s realistic range estimates and commendable charging speed, as independently tested by Edmunds, contribute to its appeal.
While factors such as tech, luxury, and space differ slightly between the two models, the pricing advantage introduced by Hyundai makes the conversation more intriguing for consumers. The move is anticipated to boost sales for the Hyundai IONIQ 6, presenting a compelling option in the expanding non-Tesla battery electric vehicle (BEV) market. With nearly 4,000 sales in the 4th quarter, the IONIQ 6 stands as a significant competitor to the Tesla Model 3, which recorded approximately 47,000 sales during the same period. The ongoing developments in the electric vehicle market make the Hyundai IONIQ 6 an increasingly attractive choice, and its sales performance in the 1st quarter of 2024 will be closely watched.
