Over on the blue oval camp, a bare minimum spec Ford Mustang Mach-E is $48,195. This would go head-to-head with the Model 3 in the same price range. However, if you were to look at the Hyundai camp, you'll see that the 2023 model Ioniq 5 starts from $42,745. Already, there's quite a difference between this one and the Ioniq 5. For the difference in price, you could even opt for the higher tier trims and get more "bang for your buck," as they say.
Furthermore, the 2023 Chevy Bolt's net price for the standard edition is $26,595. Now, we're not comparing the technology and performance between a Model 3 and a Chevy Bolt, because that's not the purpose. But at the end of the day, what modest-income families will see is the price. And while probably everyone with the American Dream in mind would love to own a Tesla, it's out of reach for many households. This is where the non-luxury EVs come in to satisfy the demand.
Moreso, this is the main reason why sources say Tesla's hold on the market will be challenged as time passes, and people are becoming more and more interested in electric cars. However, the sub-$50,000 price range isn't the only place that Tesla has to worry about. Because the more luxury EVs appear, the more they'll take a bite out of the market share.
And it's no joke with new EV models from the likes of Rivian, Lucid, BMW, Polestar, Mercedes-Benz, or even Ford with the F-150 Lightning, GMC with the Hummer, and Chevy with the Silverado EV. Although, these last three might compete more with the Cybertruck, than any other Tesla model.