Slate Auto is leading the charge in the electric vehicle movement. They recently unveiled plans to develop an all-electric, under-$20k pickup truck! The company introduced its product at an industry event in April 2023, promoting affordability as the main focus. Early this year, the Trump administration made the controversial decision to eliminate the federal electric vehicle (EV) tax credit. This reversal has led the company to reconsider its approach to pricing.
Slate Auto’s co-founder and CEO, Chris Barman, made it clear that the startup’s heart is in affordability. He said, “We’re building the affordable vehicle that’s been promised for decades but never materialized.” This mission shines a light on the larger trend of escalating automotive expenses. As a consequence, it is becoming more challenging for Americans to afford new vehicles.
Slate Auto also anticipated that the federal EV tax credit would reduce the purchase price of their vehicle by $7,500. Unfortunately, this important credit will lapse in September 2023. This change presents huge financial hurdles for the company and would-be customers. Jeremy Snyder, the chief commercial officer of Slate Auto, had thoughts on the industry’s aggressive pricing. As he put it, “The auto industry has pushed prices to a point that most Americans just can’t pay.”
Yet, for all these challenges, Slate Auto has received nearly $3M in interest less than a year after its launch. And within a matter of two weeks, the company announced that it had surpassed 100,000 refundable reservations for its full-size electric pickup truck. This early demand is good news, as it reflects a clear consumer appetite for more affordable electric vehicles.
Slate Auto describes its product as “analog” and “decidedly anti-Tesla,” aiming to attract buyers who may be seeking alternatives to mainstream electric vehicle offerings. Production wouldn’t begin until the end of 2026, at the earliest. This delay makes one fear that current interest will not hold up over that period of time.
Backed by high-profile investors including Jeff Bezos, Slate Auto aims to carve out its niche in the competitive EV landscape. The firm deftly maneuvers the sometimes-choppy waters of production schedules and shifting federal policy tides. Yet despite these setbacks, it is still committed to its mission of bringing an affordable electric vehicle to American consumers.
