Hyundai has introduced a cash rebate on the 2023 Ioniq 6 SE and SEL trims in an effort to bring down the price to compete with Tesla's cheaper offerings. The discount brings the starting price of the Hyundai Ioniq 5 to just US$36,600. The rebate only applies to cash offers, but Hyundai still offers a US$7,500 incentive discount on lease deals. The price cut makes the Ioniq 6 cheaper than the Tesla Model 3 — as long as you ignore the federal tax rebates, that is.