The 2024 Hyundai Ioniq 6 gets a significant price cut in its sophomore model year.

According to a pricing sheet released by Hyundai, the base SE Standard Range now starts at $38,615—$4,100 lower than the 2023 model—with the mandatory $1,115 destination charge, which is unchanged from the previous model year. This version has a single-motor rear-wheel drive powertrain and a 53-kwh battery pack that affords 240 miles of range.

2024 Hyundai Ioniq 6

The SE starts at $43,565 for 2024, representing a $3,050 price cut from 2023. It has the 77.4-kwh pack shared with all other Ioniq 6 trim levels, giving it the longest range at a 361 miles. That tops the Tesla Model 3 Long Range.

The base SE isn’t as efficient as the single-motor version with the larger pack, and it has less power, but to some buyers, keeping the battery small means a lower environmental impact and smaller carbon footprint. A study published earlier this year found that smaller batteries could reduce lithium demand—and the environmental damage caused by lithium mining—while maintaining current U.S. levels of car ownership.

2024 Hyundai Ioniq 6

SEL and Limited models start at $46,365 and $51,265, respectively. That’s $2,450 less than the 2023 models. A dual-motor all-wheel drive powertrain is a $3,500 option on the big-battery SE, as well as the SEL and Limited trim levels. That’s unchanged from the 2023 model year. Dual-motor models produce 320 hp, compared to 225 hp for large-battery single-motor models and 149 hp for the base SE with the smaller pack.

The Ioniq 6 likely remains the closest rival to the Tesla Model 3, and now it’s closer on price. Today’s Model 3 in the U.S. starts at $40,630, but it’s eligible for a $7,500 EV tax credit that the Hyundai doesn’t qualify for.