Tesla’s stock slumped amid signals of fresh competition in the electric truck market.

Rivian — a Michigan-based startup that has bagged investment rounds led by Amazon and Ford of $700 million and $500 million, respectively — said over the weekend that its electric pickup slated for release this fall will be priced lower than it had initially announced.

The base model of the Rivian RIT pickup, which will go 230 miles on a charge, will now sell for $61,500, down from $69,000. Now, the mid-range version of the R1T pickup, which will be able to go 300 miles on a charge, will sell for $69,000 according to founder RJ Scaringe.

First deliveries of the Rivian pickup are scheduled for late 2020.

Tesla’s upcoming Cybertruck — whose bizarre, futuristic look has spurred doubts about its ability to compete with more conventional designs — will start at $39,900 for the base model with a 250-mile range.

The Cybertruck’s price stretches as high as $69,900 for the most souped-up version. It isn’t expected to hit the road, however, until at least late 2021, with the deluxe version coming out in 2022 at the earliest.

Tesla CEO Elon Musk was spotted in a Cybertruck prototype on a California highway over the weekend, and retweeted a video that a fellow driver took of him waving to the camera from the passenger seat.

Rivian’s Scaringe told Reuters on Saturday there have been so many preorders for the company’s electric truck that “customers aren’t going to get the cars as fast as they like because there’s such a long queue.”

Also on Monday, General Motors said it was investing $2.2 billion in its Detroit-Hamtramck assembly plant, where it will be building an electric pickup of its own. The plant will be idled beginning next month for a retrofit and will begin cranking out vehicles late next year.

GM had previously announced that it would invest $7.7 billion in its American factories over the next four years. The renovated Detroit factory will add 2,200 new jobs when it reopens.

Shares of Tesla were down as much as 3.6 percent Monday morning, but rebounded slightly and were down 1.5 percent in the afternoon, at $556.74.