Jaguar estimates the I-Pace will get 240 mile EPA range. The Model 3 LR gets 310 official and 334 according to EPA (Tesla voluntarily lowered it).
The Model 3 full options is 59.500 US Dollars ex VAT (this also includes the full self driving option). This translates to about 68.000 Euro incl. VAT (based on relationship between Model S prices in USD and EUR).
The entry level I-Pace starts at 80.330 Euro incl. VAT. The entry level lacks among others, the following functions and stuff that comes with the full option Model 3:
- Leather seats, heated seats
- Electric folding side mirrors
- High speed emergency braking
- Adaptive cruise control (TACC)
- Heated front windshield + wipers
- Blind spot assist
- DAB+
- Homelink
- Glass roof (The I-Pace comes standard with solid roof)
These options will easily add 5.000-10.000 Euro to the price, maybe even more if you choose the expensive seats with special leather. Maxed out, the I-Pace costs about 117.000 Euro incl. VAT.
In summary, no I don't think the I-Pace is a competitor to the Model 3. I do however like the car and hope it will be successful in making a transition to electric cars.