Slate Auto’s radically simple electric truck starts at $24,950

Slate Auto, the electric vehicle startup supported by billionaire Jeff Bezos, has announced the competitive starting price of its electric truck, set at $24,950. This price does not include additional costs such as taxes, title, license, registration, government fees, destination charges, documentation fees, or any optional equipment. Pre-orders for the truck commenced on Wednesday, marking a significant milestone for the company. In a notable upgrade, Slate has increased the estimated range of its base model from 150 miles to approximately 205 miles. This aggressive pricing strategy, which is about half the average cost of new cars in the U.S., positions Slate to attract consumers in the lower segment of the automotive market, where affordable gas and electric options are scarce. The Chevrolet Bolt, with a starting price of around $29,000, and the Nissan Leaf, starting at approximately $32,000, are among Slate's closest competitors in the EV market. Slate's announcement comes over a year after the company revealed itself from stealth mode, during which it has progressively outlined its basic yet transformative electric vehicle. The truck initially operates as a two-seater pickup but can be converted into a five-seater SUV, with the SUV version starting at $29,950. The company has emphasized that this conversion can be facilitated by professionals or even the owners themselves. On Wednesday, Slate introduced some of its 'Slate University' instructional videos, designed to assist customers with everything from the SUV conversion to adding headlight coverings. The truck, while customizable, features a minimalist design with hand-crank windows and no infotainment system. All orders begin with a standard gray composite material, devoid of paint options, as the company intends to allow buyers to order customizable wraps for their vehicles. This approach could significantly reduce costs associated with traditional factory painting, which can be financially demanding. Slate has indicated that it will not utilize conventional dealerships, opting instead for a direct-to-consumer sales model, similar to companies like Tesla and Rivian. Recently, reports emerged that Slate Auto has provided online used car retailer Carvana with a warrant to purchase its shares, hinting at a potential collaboration to market the budget-friendly truck. Carvana has also announced plans to expand into new car sales, signaling a shift in its business strategy. Slate has long aimed to produce a vehicle reminiscent of Ford's Model T or Volkswagen's Beetle, with a target starting price around $25,000. However, the journey towards these ambitious goals has faced challenges, particularly with recent policy shifts during the second Trump administration that have relaxed emissions standards and eliminated a $7,500 federal EV tax credit. Consequently, many established automakers have postponed or abandoned their plans for new EV models in the United States. Despite these hurdles, Slate has successfully raised approximately $1.4 billion through three significant funding rounds as it strives to fulfill its vision. While the company has maintained a level of confidentiality regarding its investors, it is known to include notable names such as General Catalyst, Bezos' family office, VC firm Slauson & Co., and former Amazon executive Diego Piacentini.