Comparing something closer, the Model 3 Performance is significantly cheaper than the BMW M3.
I recall the old (pre2021 facelift) Model 3 Performance either beat or performed very competitively to its various petrol competitors (M3, C63, RS5, Guilia QF, etc.) while being significantly less expensive.
Would be interesting how the facelifted Model 3 Performance fares against the new hog-nose G80 BMW M3/4. Or the upcoming 4cylinder+electricmotor C63AMG.
Now people complain that the Model 3 doesn't have the "soul" to be a true driver's car of course.