Named Slate, this new company intends to introduce an affordable $25,000 price point for electric vehicles in the pickup market. It seems they also have significant financial support from a prominent investor.
High-priced new vehicles have become quite common. Particularly striking is the cost of newly introduced electric cars. Might an emerging U.S.-based electric vehicle company alter this situation?
As revealed by a scoop from TechCrunch's Sean O'Kane The aim of Slate Auto is to emerge from "stealth mode" shortly with an electric pickup truck targeting a compelling price point of approximately $25,000. This new automaker has this as their objective.
Starting a completely new automobile business is not a simple task, however, according to reports, Slate seems to have secured at least one highly affluent backer: Amazon creator and board leader Jeff Bezos.
Which originated in another enterprise linked with Bezos called Slate, Re:Build Manufacturing "Since its establishment in 2022, it has been functioning discreetly," according to the technology news outlet. The company has attracted talent away from Ford, General Motors, Stellantis, and Harley-Davidson, and potential investors could include LA Dodgers proprietor Mark Walter and business magnate Thomas Tull.
As per the narrative, Slate’s inaugural offering will be a two-seater electric pickup truck that draws comparisons to the Ford Model T and the classic Volkswagen Beetle. The company's website currently provides no details about the product itself, offering just a site to subscribe for updates. When contacted, a representative from Slate chose not tocomment on this matter. InsideEVs .
TechCrunch it was reported that the firm secured over $111 million in Series A financing, with Bezos participating. This billionaire, who founded Amazon, is similarly the proprietor of the Washington Post And the Blue Origin aerospace company is reportedly based in Michigan, manufacturing vehicles close to Indianapolis, Indiana, with a design facility in California.
Beyond that, no further information about the Slate truck is currently accessible. However, should the company proceed with its plans shortly, it would mark the debut of the first new electric vehicle start-up in the U.S. market possibly since Fisker Inc.'s entry. The downfall of that business last year highlights the numerous challenges confronting the automotive start-up sector. Despite this, new entrant Rivian claims it's heading towards a lucrative year in 2025 and Lucid boasts its own well-funded investors Producing automobiles is challenging—especially when the economy is unpredictable, as the potential hazards are at their peak.
Meanwhile, the electric vehicle sector is quickly evolving and becoming more sophisticated. leaning towards more budget-friendly options Those times are over when an electric vehicle firm could debut with a highly exclusive car priced above six figures. Today’s purchasers prioritize cost-effectiveness. Should Slate be able to leverage established investments in battery technology, forge solid partnerships for components such as electric motors, and truly “disrupt traditional automotive design,” as mentioned earlier, it might stand a chance at achieving success.
We'll provide more details as soon as they become available.
Contact the author: patrick.george@insideevs.com
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