Move over, Elon Musk? Jeff Bezos is backing a Tesla competitor. The Troy, Michigan-based startup, called Slate Auto, is quietly building a small electric pickup truck, to be priced around $25,000, according to Tech Crunch. The stealthy EV startup raised an initial $111 million in 2023, and has more recently closed a Series B round. In addition to Bezos, backers include Mark Walter of Guggenheim Partners and Thomas Tull, who also invested in Re:Build Manufacturing, the Bezos-backed startup that spun out Slate Auto.
Sales of electric cars and light vehicles in the US grew by 11% in this year’s first quarter, even as overall auto sales were flat. Tesla sales dropped by 9% in the US and 13% globally, as Musk’s government cost-cutting efforts invited widespread protests. GM and Ford have seen brisk sales from Ford’s $40,000 Mustang Mach-E and GM’s Chevy Equinox EV, which sells for around $35,000 and has a range of more than 300 miles.
Slate Auto expects to begin production in Indiana by 2027 for its low-cost electric pickup. It’s aiming for a sweet spot in the market: Tesla recently launched a lower-cost Cybertruck with a sticker price of $70,000. The new Michigan-based EV start-up hopes to launch the first budget electric pickup in 2026, starting at $25,000.
Readers of my column are well aware of my skepticism around electric trucks. In June of 2023, I wrote that the options available then — notably, Ford’s F-150 Lightning — cost significantly more than their gas-powered equivalents and yet suffered severe range degradation when the weather got cold or they were towing or hauling any meaningful load. Initially, sales were fine if underwhelming, but Lightnings have since become stagnant inventory on dealer lots, with truck buyers preferring the reliable, internal combustion option.
Rivian is successful, but the SUV version of their R1 has consistently outsold the R1T pickup version — and most of those are bought as lifestyle vehicles anyway. Meanwhile, the Cybertruck’s attention hasn’t translated to sales, and it will likely never be available for the $40,000 starting price initially promised. There have been a range of start-ups trying to make ultra-compact trucks — utilizing the benefits of an electric “skateboard” chassis to put a full-size truck-bed in a compact vehicle — but this is a tricky business, and none of them have succeeded so far.
Telo Trucks is promising but still in the prototyping stage, and though Canoo was able to sell a few trucks to commercial clients, they couldn’t make a solid business. In January, I wrote that the company was “Cool But Probably Doomed;” shortly after, the company filed for bankruptcy. However, news has emerged this week about a different EV truck company, funded in part by one of the world’s wealthiest men, trying a new strategy.
Though details are slim, Slate Auto was brought to the public through a TechCrunch report detailing that it’s been quietly operating in stealth since 2022, with at least $111 million in Series A funding. The goal is ambitious: building a compact $25,000 electric pickup, entering production by the end of next year. That would make it almost $20,000 less than Telo hopes to sell its EV trucks for, and right in line with gas-powered competitors like Hyundai’s Santa Cruz and Ford’s Maverick.
Shortly after this, someone in Los Angeles posted a picture to the r/whatisthiscar Subreddit of a new EV truck prototype, which TechCrunch confirmed is likely one of the concept vehicles that Slate has been showing investors. Ordinarily, I wouldn’t say too much about a concept like this, but if they intend to start selling trucks by the end of next year, then this version would have to be close to the final production truck. If so, it’s a promising first look.
Rather than reinvent the compact pickup, this is a classic design dialed down to its simplest, least expensive form. At the front, you have a plastic-shroud grill and round headlights, reminiscent of the Ford Bronco and 2000s Range Rover, and the body a slightly lower version of a classic compact truck design, with an upright, faux-wrap-around windshield. Also, this is a two-door regular-cab truck, unlike any other compact truck available on the US market, and it’ll be interesting to see if this will be the only variant of this model or if a crew cab version will be released with it, too.
Will this be a success? It has better odds than its competitors. Compact trucks are used primarily for short, urban trips — often between various jobs — thus, neither towing nor range limitations are problems for interested commercial customers. It’s also a far more reasonable buy for the average city-living customer who wants an EV truck. It’s not too large, not too expensive — and therefore shouldn’t drive off the same depreciation cliff as other EVs — and has rugged, retro styling, made popular with the G-Class and Bronco.
Its success will depend on Slate hitting their targets — coming out next year and starting at $25,000 — and convincing customers that they’ll still be around to provide warranty support. However, if they still plan to launch this by the end of 2026, we should hear more information about Slate’s truck soon.
