Nissan (NSANY) unveiled its all-new electric car the Leaf at an event in Japan on Tuesday evening.

At a starting price of under $30,000, Nissan's new ride offers quite the bang for its buck. 

Nissan North America chairman Jose Munoz told TheStreet in an interview the car's low price is a reflection of the company's manufacturing prowess. 

To be sure, the Leaf joins several other automakers vying for a piece of Tesla's (TSLA) - Get Report electric car business.

"With the launch of the Tesla Model 3, the new BMW i3 and now the new Nissan Leaf, suddenly car shoppers have several compelling reasons to give an EV a try," Edmunds Executive Director of Industry Analysis Jessica Caldwell said in a recent note.

She added that automakers are increasingly trying to give drivers the feel of future models, which the Leaf can do. The Leaf's autonomous technology ProPILOT Assist will give "mainstream car buyers an early sense of the kinds of technology" they can expect from future EV models.

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And the Leaf boasts another feature consumers will be attracted to, affordability.

"If the range goes up and the price remains the same, the new Nissan Leaf will continue to offer one of the least expensive and practical ways to own a pure electric car," Caldwell said. "It will be enough to get the attention of most mainstream EV shoppers."

Plus, the new electric model from Nissan will benefit from the expansion within the EV market, which this year grew to its largest market share ever, Caldwell noted.

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