Slate Auto’s Impressive Launch and Industry Challenges in the EV Market

Buzzy new electric vehicle startup Slate Auto has announced that it has received over 100,000 reservations for its customizable, low-cost electric pickup truck. This milestone was reached just over two weeks after the company’s debut from stealth mode, where the truck was unveiled at an event in Los Angeles, California. Priced to start below $20,000 after the federal EV tax credit of $7,500, Slate plans to manufacture the trucks at a former printing plant in Warsaw, Indiana, as reported by TechCrunch.
“We are truly humbled by America’s response to Slate’s brand launch and the unveiling of our truck,” said Slate’s chief commercial officer, Jeremy Snyder, in a statement to TechCrunch. “We are excited for what the future holds.”
The rapid accumulation of 100,000 reservations indicates significant interest in Slate’s offering, although it remains uncertain whether these reservations will convert into actual sales. Customers are only required to pay a refundable $50 deposit to secure their reservation for the truck.
Previous EV startups have faced challenges delivering on their reservation promises. For instance, Fisker declared bankruptcy after selling only a few thousand Ocean SUVs, despite claiming more than 60,000 reservations. Similarly, Lordstown Motors encountered trouble with the SEC over misleading claims regarding preorder numbers and ultimately filed for bankruptcy.
Slate has ambitious plans for its truck, which can also be adapted into an SUV for an undisclosed price. The company states it aims to produce up to 150,000 vehicles by the end of 2027 at its Indiana facility, backed by prominent investors including Jeff Bezos (through his family office, Bezos Expeditions), Guggenheim Partners CEO Mark Walter, and VC firm General Catalyst.