Slate Auto to open EV preorders and reveal pricing on June 24

Slate Auto, an electric vehicle (EV) startup, will officially announce pricing and begin accepting non-refundable preorders for its vehicle on June 24. The company sent emails to prospective buyers on Thursday, encouraging them to make a reservation ahead of the preorder launch. This transition marks a shift from the initial reservation phase to active sales, as the company prepares for its first deliveries late this year. The move represents a key milestone for the company, which originally came out of stealth in April 2025.

The company is changing its fee structure as it moves closer to production:

• Reservation fee: Prospective buyers previously made a refundable $50 reservation.
• Preorder fee: Starting next month, customers must pay a non-refundable $300 preorder fee to secure a “delivery window before non-reservers.”

The pricing strategy for the vehicle has also shifted. Slate Auto previously touted that the base version of its EV would start at under $20,000 when factoring in a $7,500 federal tax credit. However, following the elimination of that tax credit, the company has indicated that the base version of the EV will start in the mid-$20,000 range.

To support its production and launch efforts, Slate Auto has secured significant financial backing. The company closed a $650 million Series C funding round—which represents a late-stage funding round—in April, meaning it has raised roughly $1.4 billion to date. To guide the company through this commercial launch, Slate Auto named Peter Faricy, a former Amazon executive, as its new CEO in March. Amazon is also the former employer of other members of the company’s leadership.

The primary operational hurdle for the startup is converting its large pool of prospective buyers into actual paying customers. More than 160,000 potential customers have made refundable $50 reservations since the company came out of stealth in April 2025. While the concept of a low-cost, customizable vehicle has generated significant consumer interest, converting early reservations into firm, non-refundable preorders has historically proven to be a difficult challenge for new electric vehicle entrants.

Why it matters

Slate Auto is attempting to convert more than 160,000 reservation holders into customers for its low-cost, customizable electric vehicle. Successfully managing this transition is a critical test for the startup, as converting early interest into firm sales has historically been a major hurdle for new entrants in the electric vehicle market.