US electric vehicle startups are turning to cheaper models, slowing down production ramp-up plans, and laying off employees to cope with a decline in demand. Tesla, Rivian Automative, Lucid Group, Fisker, and Nikola are all making adjustments to navigate this challenging market. Despite the slowdown, EV startups continue to innovate and find new ways to compete with traditional gasoline-powered vehicles and inexpensive EVs from China.