Despite the bumps received last week after Elon Musk’s earnings announcement, Tesla (TSLA)) We are still facing a difficult battle. This week, stocks have fallen and kicked off, suggesting that stocks could be short-lived.
Many investors were pleased with the announcement that Musk is planning to cut work with Government Efficiency (DOGE), and the market responded well despite the ambiguity of Musk’s statement. Now, a few days later, the hype appears to have already cooled down.
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TSLA stock still has a significant position, falling more than 27% since the start of the year (YTD). Given the company’s disappointing first quarter revenue report, the company needs to show investors that it can turn things around.
Unfortunately for Tesla, one of its main markets is even more crowded. One of Musk’s biggest rivals is a new venture that means very bad news.
As Tesla’s revenues revealed, the company has many issues selling its cars. The electric vehicle (EV) market remains strong, but consumer sentiment towards Tesla has significantly undermined global growth due to widespread backlash from Musk’s political affiliation.
One product that has proven difficult to move is CyberTruck. Musk hyped Tesla’s future pickup truck as the company prepares to roll it out. However, as TheStreet recently reported, the photos show Tesla is storing shocking amounts of vehicles in the parking lot, and apparently they are unable to sell them.
Related: Key Analysts believe Tesla and Elon Musk are running out of time
Currently, the electric truck market has key players who are already competing with Musk in multiple ways. Amazon founder Jeff Bezos is helping a rapidly growing EV startup called Slate Auto, advertising customizable electric pickups with price tags that are significantly lower than CyberTruck.
Founded in 2022, the startup has been arrested by Sheen with many head-turned splashes, which have been operating in stealth mode until this year, including a mask. Currently, the cheapest CyberTruck costs around $69,990, while Slate’s electric trucks start at just $25,000 and cost under $20,000 with EV tax credits.
Slate CEO Chris Barman is a mechanical engineer who spent most of her career at Chrysler, helping the company expand multiple businesses. She believes the team is uniquely positioned to create affordable electric trucks where other companies cannot emphasize innovative modeling and design work.
“By the end of 2027 or early 2028, we’re watching [producing] 150,000 units a year,” she said.
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If Slate can do this successfully, the company is pulling out what Musk couldn’t achieve. Tesla’s CEO spent years bullying a $25,000 vehicle just to scrap last year’s initiative, disappointing many consumers who wanted to own a Tesla.
Now, one of his rivals is taking a big step towards beating him into the market.
For years, experts have speculated that which companies should be considered as “Tesla Killers” or the most capable company to abdicate Musk as the leader in EV races.
Related: Experts Alarms on Elon Musk’s Missing Tesla Plan
Many experts have proposed Libian as a possible candidate, pointing out the sophisticated tracks and trendy SUVs from EV startups. But now, Slate is in a great position to rival both companies as they prepare to deploy visually appealing electric trucks at a much lower price tag than either company.
As TechCrunch points out, the slate pickup is a stark contrast to CyberTruck. “It’s affordable, deep customizable and very similar,” the outlet reports. “There is a manual window and the main infotainment screen is not included.”
It adds that the vehicle can even transform from a pickup truck into an SUV with more seats.
The fact that Bezos invested in a company that produces anti-Tesla products suggests he remains committed to defeating Musk. His space exploration company, Blue Origin, Already a rival SpaceX. He is currently preparing to compete with Musk in the EV market.
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