Hyundai Cuts EV Lease Prices To Lowest Till Date At $229 Amid Growing Market Competition

South Korean automaker Hyundai HYMTF has announced a reduction in lease rates on its IONIQ 5 and IONIQ 6 electric vehicles (EVs), offering some of the lowest rates since their launch.

According to a report by Electrek on Monday, Hyundai is dropping the lease prices of these vehicles by $50 monthly, which now starts at approximately $229 per month, the lowest offer to date.

Details on Hyundai’s website show that the 2023 Hyundai IONIQ 6 SE standard range can be leased for as low as $229 per month with $5,006 due at signing. On the other hand, the IONIQ 6 SE is available for $299 per month, with $4,999 due.

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The IONIQ 5 SE is available for lease at $299 per month with $5,159 down, while the IONIQ 5 SEL can be leased at $414 a month with $5,005 at signing.

This price reduction comes in the wake of similar moves by Tesla Inc. TSLA, which recently lowered its Model 3 lease price by up to $100 to $329 with $5,524 down. Hyundai’s new prices ensure that the IONIQ 6 is now cheaper to lease per month than Tesla’s Model 3.

Hyundai’s electric vehicles have been gaining traction in the U.S. market, with the company setting a September record with EV sales soaring 203%. The company sold a record 11,665 IONIQ 5 electric SUVs in Q3, up 142% YOY.

The Korean automaker is also offering a new promotion to purchase or lease a 2023 IONIQ 5 or IONIQ 6, which includes a free ChargePoint L2 Home Flex EV charger and a $600 installation credit until the end of October.

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