The e-bike market has multiple tiers/segments. This is not priced to compete with brands like Rad Power Bikes, Lectric, or Aventon. It's likely going to compete with brands like Tern, Benno, Gazelle, Trek, etc.
edit: ask yourself why the median new car in the US sells for over $50k when you can easily find cars for less than half that price.
I find it hard to imagine what the overlap between this and e.g. ebikes from Trek, though. Besides the price of course... It's an entirely different product.
edit: ask yourself why the median new car in the US sells for over $50k when you can easily find cars for less than half that price.