Elon Musk gets devastating news as the ‘anti-Tesla’ catches on

Tesla stock may have surged recently, but that doesn’t mean it’s all good news for Elon Musk. On the contrary, negative headlines are still piling up as the company falters.

Once known as the undisputed leader of the electric vehicle (EV) sector, Tesla has struggled since the year started, largely thanks to Elon Musk’s polarizing actions. Even after the CEO announced he would be stepping back from his role at the so-called Department of Government Efficiency (DOGE), share prices haven’t garnered any sustainable momentum.

Recently, Tesla revealed that its sales in China are down more than 8% on a year-over-year (YOY) basis while demand for battery electric vehicles (BEVs) continues to rise. This indicates that the company’s share of an important market is slipping at a highly vital time.

Now Tesla has more bad news from the U.S., as a new rival celebrates a major milestone.

The ‘anti-Tesla’ is coming for Musk’s market share

Less than two weeks ago, news broke that Tesla had an unexpected new rival, a startup backed by Amazon founder Jeff Bezos. Slate Automotive had been quietly pioneering low-cost electric pickup trucks for years, but has finally entered the market with a splash.

The company produces customizable electric pickup trucks with the traditional design at a sticker price of only $25,000. This low price decreases even more with the federal EV tax credit.