In this article, we will be taking a look at the 15 cheapest electric cars & SUVs for 2024. But first, let’s take a closer look at the current state of the electric vehicle market.
Overview of the Electric Vehicle Market
The electric vehicle (EV) market is playing a vital role in the global transition to sustainable transportation. Rising consumer interest in eco-friendly transportation options has led to a surge in demand for electric vehicles. According to the International Energy Agency (IEA) EV sales have been growing rapidly, reaching nearly 14 million units in 2023, 95% of which were in China, the US, and Europe. In the US, sales of electric cars increased by over 40% in 2023 to reach a sales share of about 10% of the total vehicle market. The share of electric cars in global vehicle sales has also increased significantly, rising from around 4% in 2020 to 18% in 2023. This momentum is expected to continue through 2024. In the first quarter of 2024, more than 3 million electric cars were sold, representing an increase of about 25% compared to the same period in the previous year.
Car manufacturers around the world are shifting their product focus and investment towards electric vehicles. This strategic shift is driven by the growth in EV sales. General Motors Company’s (NYSE:GM) EV sales in the US surged in the second quarter of 2024, with deliveries reaching 21,930 units. This marks a 40% increase year-over-year and a 34% rise from the previous quarter. In the first half of 2024, General Motors Company (NYSE:GM) delivered a record total of 38,355 electric vehicles. Ford Motor Company (NYSE:F) also saw impressive EV sales growth, with deliveries jumping 61% in Q2 to 23,957 units. The car manufacturer’s EV sales for the first half of 2024 totaled 44,180 vehicles.
Tesla, Inc. (NASDAQ:TSLA), one of the most valuable electric car companies in the world, delivered approximately 444,000 vehicles in the second quarter of 2024, marking a 14% increase from the previous quarter. Despite being down nearly 5% from the same period in 2023, this figure exceeded most analysts’ expectations.
In one of our previous articles about the largest automotive markets in the world, we discussed that China is heavily investing in EV production and Chinese manufacturers are emerging as major global players. These companies are disrupting the automotive market, both domestically and internationally, by offering affordable and technologically advanced EVs. However, on July 4, Bloomberg reported that the European Union has imposed additional tariffs of up to 37.6% on Chinese electric vehicles, on top of the existing 10% duty. This move is aimed at protecting the EU’s domestic automotive industry, which the bloc claims is facing unfair competition from Chinese EVs that benefit from government subsidies. The tariffs will currently be provisional while the EU continues its investigation into China’s support for its EV manufacturers. This decision is seen as a major blow to China’s electric vehicle exports, as the EU is a crucial overseas market for the country’s EV industry. The tariffs could lead to higher prices for EVs in the European market, potentially impacting affordability for consumers.
On July 8, Reuters reported that China’s BYD Company Limited (SHE:002594), Tesla, Inc.’s (NASDAQ:TSLA) rival and the largest EV producer in the world, has agreed to build a car factory in Turkey. The company will invest about $1 billion in the factory, which will have an annual capacity of 150,000 electric and hybrid vehicles. Additionally, BYD Company Limited (SHE:002594) intends to establish a research and development center at the site focused on sustainable mobility technologies. It is important to note that Turkey is in a customs union with the European Union, which allows vehicles manufactured in Turkey to be exported to the EU without incurring tariffs.
Rivian: The Next Big Player in the EV Market?
Rivian Automotive Inc. (NASDAQ:RIVN) is an American electric vehicle manufacturer and automotive technology company. The company develops and builds technologically advanced and innovative products and accessories with the goal of accelerating the global transition to zero-emission transportation. RIVN is one of the best EV stocks to buy for the long term.
In March, Rivian Automotive Inc. (NASDAQ:RIVN) introduced its new midsize platform, which underpins R2 and R3 product lines. The R2 is a five-seat SUV that features a distinctive Rivian design and practical features like a powered rear glass hatch and flat-folding seats for cargo and camping. The R3 is a midsize crossover that promises strong performance, off-road capability, and ample passenger and storage space. R3X is a performance variant of R3, boasting enhanced capabilities for both on-road and off-road driving. The company has focused on cost-efficient manufacturing and design to price the R2 starting at around $45,000. R3 will be priced below R2, making these new models more accessible to a wider customer base. Built on Rivian’s all-new midsize platform, R2 and R3 have been engineered to provide exceptional performance, range, and cost efficiency. This platform incorporates innovative design elements that consolidate and eliminate components. The use of high-pressure die castings, a structural battery pack that also serves as the floor, and simplified closure systems are some of the key features that contribute to enhanced efficiency and cost-effectiveness.
In its Q1 2024 earnings report, Rivian Automotive Inc. (NASDAQ:RIVN) reported that the company exceeded its first-quarter delivery targets and successfully completed a major plant retooling upgrade. During the first quarter, the electric vehicle manufacturer produced 13,980 vehicles and delivered 13,588 units to customers. The company also announced the transition to a new zonal network architecture, which significantly reduced the number of electronic control units in its vehicles by approximately 60%, resulting in substantial cost savings. Rivian Automotive Inc. (NASDAQ:RIVN) is making steady progress and the completion of the plant retooling upgrade positions the company to enhance production efficiency and meet growing customer demand for its innovative electric vehicles.
On June 25, Rivian Automotive Inc. (NASDAQ:RIVN) and Volkswagen AG (ETR:VOW3) announced their intention to form a joint venture to develop advanced electrical architecture and software for their future electric vehicles. German automaker Volkswagen AG (ETR:VOW3), one of the biggest car manufacturers by revenue, will invest up to $5 billion in US electric vehicle maker Rivian Automotive Inc. (NASDAQ:RIVN). The partnership aims to combine the companies’ complementary strengths to accelerate software development and reduce costs. Rivian Automotive Inc. (NASDAQ:RIVN) will contribute its expertise in zonal hardware design and integrated technology, which will serve as the foundation for the joint venture’s software-defined vehicle (SDV) platform. This investment and collaboration is expected to help Rivian Automotive Inc. (NASDAQ:RIVN) reduce costs related to vehicle components and materials. However, both automakers aim to achieve greater cost efficiencies in their EV programs by leveraging Rivian’s innovative zonal electrical architecture and software expertise to enhance the technological capabilities of future electric vehicles. Both companies plan to launch EVs benefiting from this joint venture in the coming years. RJ Scaringe, CEO of Rivian Automotive Inc. (NASDAQ:RIVN), told Reuters that the investment will provide Rivian with the financial resources it needs to bring its more affordable and compact R2 SUV models to market in early 2026, as well as fund the development of its upcoming R3 crossover vehicles.
Investments in EV technology and manufacturing are expected to drive significant growth in the EV market. This joint venture underscores the industry’s push towards more advanced, software-centric electric vehicle architectures.
Now that we have discussed what’s going on in the EV market, let’s take a look at the cheapest electric cars & SUVs for 2024.
Photo by Michael Fousert on Unsplash
Methodology
In this article, we compiled a list of the 15 cheapest electric cars & SUVs for 2024. To collect data for our list of the cheapest electric vehicles available, we analyzed rankings of the cheapest electric vehicles on Car and Driver, InsideEVs, U.S. News & World Report, and TrueCar Inc. (NASDAQ:TRUE). We shortlisted electric cars and SUVs that were featured in at least two of these four rankings. We then ranked the 15 cheapest electric cars & SUVs based on their Manufacturer’s Suggested Retail Price (MSRP). This methodology allowed us to objectively determine the 15 cheapest electric cars and SUVs for 2024.
The Manufacturer’s Suggested Retail Price (MSRP) for each vehicle was obtained directly from the manufacturer’s official website. Please note that MSRP is subject to change over time. The prices listed reflect the data available on the collection date of July 4, 2024.
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15 Cheapest Electric Cars & SUVs for 2024
15. 2024 Toyota bZ4X
Manufacturer’s Suggested Retail Price: $43,070
The 2024 Toyota bZ4X is an all-electric compact SUV that ranks among the 15 cheapest electric cars & SUVs for 2024. Powered by an electric motor producing up to 201 horsepower and 196 lb-ft of torque, the Toyota bZ4X XLE base model delivers an estimated range of 252 miles. It comes equipped with a 12.3-inch touchscreen display as well as wireless Apple CarPlay and Android Auto compatibility. The 2024 Toyota bZ4X features a wide range of safety and convenience features, including Toyota Safety Sense 3.0, Pre-Collision System with Pedestrian Detection, Blind Spot Monitor, Front and Rear Parking Assist with Automatic Braking, and Anti-theft System with Immobilizer. The 2024 Toyota bZ4X has a starting MSRP of $43,070.
14. 2024 Kia EV6
Manufacturer’s Suggested Retail Price: $42,600
The Kia EV6 is an all-electric crossover SUV that ranks among the cheapest electric vehicles for 2024. The Light RWD base model produces up to 167 horsepower and 258 lb-ft. of torque. The 2024 Kia EV6 Light RWD trim level delivers an estimated range of 232 miles. The vehicle comes equipped with a 12.3-inch touchscreen display with navigation, wireless Apple CarPlay and Android Auto compatibility, and a suite of advanced driver assistance technologies including Highway Driving Assist, Lane Keeping Assist, Parking Distance Warning, and Forward and Blind Spot Collision-Avoidance Assist. The 2024 Kia EV6 has a starting MSRP of $42,600.
13. 2024 Chevrolet Equinox EV
Manufacturer’s Suggested Retail Price: $41,900
The 2024 Chevrolet Equinox EV is an all-electric compact SUV that ranks among the cheapest electric cars with the longest range. The Equinox EV delivers an estimated driving range of up to 319 miles. It comes equipped with a large 17.7-inch diagonal advanced color LCD display with Google built-in compatibility. It also boasts an impressive range of safety technologies, including Forward Collision Alert, Rear Park Assist, Rear Pedestrian Alert, and Lane Keep Assist with Lane Departure Warning. The 2024 Chevrolet Equinox EV has a starting MSRP of $41,900.
12. 2024 Hyundai IONIQ 5 SE Standard Range
Manufacturer’s Suggested Retail Price: $41,800
The 2024 Hyundai IONIQ 5 SE Standard Range is an all-electric compact crossover SUV that ranks 12th on our list of the cheapest electric cars & SUVs for 2024. Powered by a Permanent Magnet Synchronous Motor that produces 168 horsepower, the IONIQ 5 SE Standard Range delivers an estimated driving range of 220 miles per full charge. It comes equipped with a 12.3-inch touchscreen display with navigation, wireless Apple CarPlay and Android Auto compatibility, and a suite of advanced driver assistance features including Forward Collision-Avoidance Assist, Highway Driving Assist, and Navigation-based Smart Cruise Control. The 2024 Hyundai IONIQ 5 SE Standard Range has a starting MSRP of $41,800.
11. 2024 Ford Mustang Mach-E
Manufacturer’s Suggested Retail Price: $39,995
The 2024 Ford Mustang Mach-E is an all-electric SUV that ranks among the cheapest electric cars & SUVs for 2024. The “Select” base model is available with either a rear-wheel-drive or all-wheel-drive configuration, delivering up to 264 horsepower and 387 lb-ft of torque. The 2024 Ford Mustang Mach-E Select trim delivers an estimated driving range of up to 250 miles. The vehicle comes equipped with a 15.5-inch touchscreen display, 360-degree camera, and wireless Apple CarPlay and Android Auto compatibility. The 2024 Ford Mustang Mach-E has a starting MSRP of $39,995.
10. 2024 Volkswagen ID.4 Standard
Manufacturer’s Suggested Retail Price: $39,735
The 2024 Volkswagen ID.4 Standard ranks among the top 10 on our list of the cheapest electric cars and SUVs for 2024. This all-electric crossover SUV produces 201 horsepower and delivers an estimated range of up to 206 miles. The ID.4 Standard comes equipped with an impressive infotainment system that features a 12-inch touchscreen navigation system, and a range of advanced driver assistance technologies including Adaptive Cruise Control, Dynamic Road Sign Display, and Blind Spot Monitor. Safety features include Advanced Airbag Protection System, Electronic Stability Control, Brake Assist System, and Anti-theft Immobilizer. The 2024 Volkswagen ID.4 Standard has a starting MSRP of $39,735.
9. 2024 Kia Niro EV Wind
Manufacturer’s Suggested Retail Price: $39,600
The 2024 Kia Niro EV Wind is a compact all-electric crossover SUV that ranks among the cheapest electric SUVs available in the market. Powered by a permanent magnet synchronous motor and producing 201 horsepower and 188 lb-ft of torque, the vehicle offers an estimated range of up to 253 miles on a full charge. The Niro EV Wind comes equipped with a 12.3-inch touchscreen display and wireless Apple CarPlay and Android Auto compatibility. It also boasts a range of safety features, including Forward Collision-Avoidance Assist, Lane Keeping Assist, and Blind Spot Warning. The 2024 Kia Niro EV Wind has a starting MSRP of $39,600.
8. 2024 Nissan ARIYA
Manufacturer’s Suggested Retail Price: $39,590
The 2024 Nissan ARIYA is one of the cheapest electric SUVs in 2024. The vehicle’s range and performance vary by trim level. The Nissan ARIYA Engage FWD base model delivers a range of 216 miles. It comes equipped with a 12.3-inch touchscreen display, a virtual personal assistant (VPA), and wireless Apple CarPlay integration and Android Auto compatibility. Safety features include Nissan’s ProPILOT Assist with Navi-link, Forward Collision Warning, Automatic Emergency Braking with Pedestrian Detection, and Blind Spot Warning. The 2024 Nissan ARIYA has a starting MSRP of $39,590.
7. Fisker Ocean Sport
Manufacturer’s Suggested Retail Price: $38,999
The Fisker Ocean Sport is an all-electric SUV that ranks 7th on our list of the cheapest electric cars & SUVs for 2024. Powered by a single-motor front-wheel-drive powertrain, it delivers an estimated driving range of 231 miles. The Ocean Sport features a 17.1-inch central touchscreen display, a digital rearview mirror, a power liftgate, and front heated seats. With a starting MSRP of $38,999, the Fisker Ocean Sport offers a compelling balance of performance, range, and affordability.
6. Tesla Model 3
Manufacturer’s Suggested Retail Price: $38,990
The Tesla Model 3 is an all-electric sedan that offers impressive performance and range. It delivers an estimated range of 341 miles on a single charge. The Tesla Model 3 offers an impressive infotainment system. Rear passengers also have access to an 8” touchscreen with climate controls and entertainment. Safety features include Lane Assist, Collision Avoidance Assist, Speed Assist, and Cabin Camera. The Tesla Model 3 has a starting price of $38,990. It is one of the cheapest long-range electric cars.
5. 2024 IONIQ 6 SE Standard Range
Manufacturer’s Suggested Retail Price: $37,500
The 2024 IONIQ 6 SE Standard Range is a sleek and efficient all-electric sedan that ranks among the top 5 on our list of the cheapest electric cars & SUVs for 2024. It is available in rear-wheel-drive (RWD). Powered by a 111 kW (149 hp) electric motor, the vehicle delivers an estimated 240 miles of range. The 2024 IONIQ 6 SE Standard Range comes equipped with a 12.3-inch touchscreen display with navigation and wireless Apple CarPlay and Android Auto compatibility. Safety features include Blind-Spot Collision Warning, Parking Distance Warning, Driver Attention Warning, Lane Following Assist, and Smart Cruise Control with Stop & Go. With a starting MSRP of $37,500, the 2024 IONIQ 6 SE Standard Range is a compelling option for those seeking a premium electric sedan experience at an affordable price point.
4. 2024 Hyundai Kona Electric SE
Manufacturer’s Suggested Retail Price: $32,675
The 2024 Hyundai Kona Electric SE is a compact all-electric SUV that ranks among the cheapest electric cars & SUVs for 2024. The vehicle comes equipped with a 12.3-inch touchscreen display with navigation and wireless Apple CarPlay and Android Auto compatibility. The 2024 Hyundai Kona Electric SE offers a range of impressive safety features including Forward Collision-Avoidance Assist with Pedestrian Detection, Blind-Spot Collision Warning, Lane Keeping Assist, Safe Exit Warning, and Navigation-based Smart Cruise Control (NSCC) with Stop & Go. It is powered by a 99 kW (133 hp) electric motor and has an estimated driving range of 200 miles per full charge. The 2024 Hyundai Kona Electric SE has a starting MSRP of $32,675.
3. 2024 FIAT 500e
Manufacturer’s Suggested Retail Price: $32,500
The 2024 FIAT 500e ranks among the top 3 on our list of the cheapest electric cars and SUVs for 2024. This all-electric subcompact hatchback combines iconic Italian style with cutting-edge technology and it is available in a range of vibrant colors. It comes equipped with a 10.25-inch high-definition touchscreen display, wireless Apple CarPlay and Android Auto compatibility, and integrated Amazon Alexa connectivity. Safety features include Park Assist with 360° Parking Sensors, Intelligent Speed Assist with Traffic Sign Recognition, Drowsy Driver Detection, and Emergency Braking to avoid collisions. According to manufacturer estimates, the FIAT 500e delivers around 162 city miles and 149 combined miles of range on a single charge. It can reach a top speed of 94 mph. As one of the cheapest small electric cars, the 2024 FIAT 500e has a starting MSRP of $32,500.
2. 2024 MINI Electric Hardtop
Manufacturer’s Suggested Retail Price: $30,900
The 2024 MINI Electric Hardtop ranks second on our list of the cheapest electric cars & SUVs for 2024. This compact all-electric hatchback offers a variety of impressive features. It is powered by a 135 kW/181 horsepower electric motor, delivering a 0-60 mph time of 6.9 seconds and a top speed of 93 mph. The MINI Electric Hardtop has an estimated driving range of 114 miles per full charge. It comes with a standard Level 1 charging cable that allows you to charge at home using a regular 120V outlet, adding up to 4 miles of range per hour. For faster charging, a Level 2 wallbox can fully recharge the vehicle in about 4 hours, while 50 kW DC fast chargers can bring the battery from empty to 80% in just 36 minutes. With a starting MSRP of $30,900, the 2024 MINI Electric Hardtop is one of the cheapest small electric cars.
1. 2025 Nissan LEAF S
Manufacturer’s Suggested Retail Price: $28,140
The 2025 Nissan LEAF S tops our list of the cheapest electric cars and SUVs for 2024. This all-electric compact car is an excellent choice for those looking to make the switch to an affordable, eco-friendly electric vehicle. With a 110 kW AC synchronous electric motor and a 40 kWh lithium-ion battery, the LEAF S trim generates 147 horsepower and delivers a driving range of up to 149 miles. It comes equipped with a quick charge port that allows for fast charging. It offers a user-friendly infotainment system, featuring a 7″ multi-function information display. The 2025 Nissan LEAF S has a modern interior that is both spacious and practical. It is packed with advanced safety features, including Automatic Emergency Braking with Pedestrian Detection, Lane Departure Warning, Blind Spot Warning, and Rear Automatic Braking. It also boasts a number of other convenient features such as e-Pedal and Automatic Temperature Control. The 2025 Nissan LEAF S has a starting MSRP of $28,140.
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