(CNN)Audi revealed its new Q4 E-Tron electric SUV Wednesday -- the company's cheapest electric model, with a starting price of $45,000.

With US federal electric vehicle tax credits, that means it should effectively cost $37,500 in its least expensive version. That's slightly less than a Tesla Model 3 sedan and much less than a Tesla Model Y SUV. (Tesla vehicles are not currently eligible for federal tax credits.) While there are more luxury electric crossovers entering the market few, so far, cost nearly as little as the Q4, which is priced similarly to the Ford Mustang Mach-E. The Volvo XC40 Recharge, for instance, costs almost $9,000 more to start.

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