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The entry-level Ioniq hybrid undercuts the Toyota Prius by approximately $2,500.

Hyundai has announced US-market pricing for the new Ioniq Hybrid and Electric.

The hybrid model will start at $23,035 (including $835 freight) for the entry-level 'Blue' trim. Notably, the price undercuts the basic 2017 Toyota Prius by more than $2,500.

Hyundai's new hybrid is also competitive against the Prius in terms of fuel efficiency. The Blue trim boasts an EPA city/highway/combined rating of 57/59/58 mpg, compared to the Prius' 54/50/52 mpg benchmark.

The Ioniq Electric starts at $30,335, with 124 miles of range on a fully charged battery. The price is on par with the Nissan Leaf, which offers 107 miles of range. Both fall short of the Chevrolet Bolt's 238-mile rating, though the Bolt commands a premium of around $7,500.

Hyundai has promised to offer an EV with at least 200 miles of range sometime next year, reaching 250 miles by 2020. In the meantime, the company will launch a plug-in hybrid with 31 miles of electric range by the end of the year.