Chips & Hardware
Slate Auto opens preorders for $24,950 electric truck
Slate Auto has opened preorders for its electric truck, which starts at $24,950, as the startup aims to capture the underserved low-end vehicle market in the U.S.
The price reveal comes more than a year after Slate Auto emerged from stealth. On Wednesday, Slate Auto officially opened preorders for its electric truck, revealing a starting price of $24,950. The startup also announced pricing for the SUV version of the vehicle, which will start at $29,950. Alongside the pricing announcement, the company has boosted the estimated range of its base model to around 205 miles, up from a previous estimated range of 150 miles. To achieve this range increase, Slate Auto abandoned plans for a larger 240 mile battery pack. To assist owners with vehicle maintenance and conversion, the company also introduced “Slate University,” a how-to video series.
This aggressive pricing strategy positions the startup to compete directly in the low-end United States vehicle market, which currently has few affordable options. Slate Auto’s pricing undercuts several existing and upcoming competitors in the U.S. market:
- Chevrolet Bolt: Starts at around $29,000
- Nissan Leaf: Starts at around $32,000
- Ford electric truck: Priced at $30,000 and due in 2027
The company plans to sell directly to customers, bypassing traditional dealerships in a sales model similar to other electric vehicle manufacturers like Tesla, Rivian, and Lucid Motors. To support its distribution, Slate Auto has granted online used car retailer Carvana a warrant—defined as a financial instrument giving the right to purchase shares. This move suggests a potential partnership between the two companies to collaborate on selling the low-cost truck. Mark Walter, the CEO of Guggenheim Partners and a major shareholder in Carvana, is also one of Slate Auto’s investors.
To fund these ambitious goals, Slate Auto has raised around $1.4 billion in total funding across its investment rounds. The company’s cap table includes high-profile backers such as billionaire Jeff Bezos, Guggenheim Partners, General Catalyst, Slauson & Co., and former Amazon executive Diego Piacentini. The startup’s launch comes during a shifting regulatory environment in the United States. Recent policy changes have removed the $7,500 federal EV tax credit, prompting many major automakers to delay or shelve their electric vehicle plans in the U.S. market.
Why it matters
The aggressive pricing positions Slate Auto to capture the lowest end of the U.S. new car market, which currently lacks affordable gas and electric options.