As auto costs rise, will the US miss the golden age of electric vehicles?

Shifting demands and political ideology have left the industry vulnerable to global competition from cheap Chinese cars

Earlier this month, an intriguing new Detroit-based electric vehicle startup hit the market – Slate Auto, a Jeff Bezos-backed venture offering something US buyers rarely see these days – a pick up truck billed as “affordable”.

Its base price is $24,950, making it one of the lowest-cost autos in the US market and close to half the price of the average new vehicle. But as the US contends with sharply rising auto costs, even Slate may be getting left behind in the global electric vehicle (EV) transition. The global EV industry is entering a golden age powered by cheap Chinese cars that can be bought for as little as $10,000.