The EV startup Slate Auto is releasing a significantly more affordable electric truck than the Tesla Cybertruck.

Analysts wonder if this new truck will further deter drivers from the Tesla brand and remove Elon Musk from the top executive spot in the electric vehicle industry.

What’s happening?
As TheStreet reported, Tesla stock has recently declined by over 27%. Now, one of the company’s most important markets is becoming crowded with new, more affordable options that Tesla has yet to deliver.

Tesla has experienced difficulty selling its futuristic Cybertrucks, which are priced at around $70,000. It has also been unable to offer more affordable EVs in the $25,000 range.

However, Slate Auto electric trucks start at $25,000 and drop below $20,000 after EV tax credits.

Slate, which Amazon founder Jeff Bezos backs, plans to produce 150,000 units annually by late 2027 or early 2028.

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Industry experts warn that Elon Musk and Tesla may be running out of time to save the brand and restore its previous popularity and sales.

TheStreet called Slate’s electric truck an anti-Tesla product and referenced a TechCrunch review that compared it to a Cybertruck: “It’s affordable, deeply customizable, and very analog. It has manual windows, and it doesn’t come with a main infotainment screen.”

Why are EV market shifts important?
Despite Musk’s announcement that he plans to cut back on working with the Department of Government Efficiency, Tesla’s stock is still a concern for investors. This is bad news for Musk and Tesla but not necessarily for the rest of the EV industry and consumers.

EV market shifts signal changes in consumer behavior, government policies, and technological innovations. Tesla seems to have left a gap in the market for other EV makers to step in and offer affordable electric vehicles without the political stigma.