Tesla’s Founders Are Backing The Anti-Cybertruck - Forbes

What the report says

Forbes reported that Tesla’s original founders, Marc Tarpenning and Martin Eberhard, are backing TELO, a San Carlos, California-based electric vehicle startup developing a compact pickup positioned as a contrast to Tesla’s Cybertruck. TELO’s MT1 is described as roughly the size of a MINI Cooper, with a starting price of $41,520, and the company is based in the same Silicon Valley office park where Tesla was headquartered when it introduced the Roadster two decades ago.

According to Forbes, TELO plans a cautious production rollout rather than immediately pursuing mass manufacturing. CEO and cofounder Jason Marks said the company aims to build an initial 500 vehicles, then move toward a 5,000-vehicle annual run rate after about a year. The startup has raised about $27 million, including a $20 million round last September backed by Tarpenning’s Spero Ventures and Eberhard. TELO is not building its own factory at the outset; it plans to contract body production to Michigan-based Schwab Industries and complete battery and component installation in San Carlos.

Forbes said TELO is targeting first deliveries by the end of 2026 or early 2027, pending plans that include crash testing later this year. The MT1 is expected to come in two range versions: a base model with 260 miles per charge and a $45,500 long-range version rated at 350 miles, with a higher-performance dual-motor option raising the price to about $50,000.

The investment matters because it shows two key figures from Tesla’s founding era supporting a smaller, niche-focused EV strategy at a time when the U.S. market is seeing more experimentation beyond conventional crossovers and large pickups. Forbes also noted that both founders see room for new entrants offering distinctive, compact electric vehicles.