Slate Opens Pre-Orders for its $24,950 Bare-Bones Electric Pickup Truck

Electric vehicle startup Slate Auto believes it can overcome the challenges that have plagued many EV startups by offering an affordable, highly customizable electric vehicle with a starting price of $24,950. The Michigan-based company, backed by Amazon founder Jeff Bezos and Los Angeles Dodgers controlling owner Mark Walter, says every vehicle it produces will generate a positive gross margin.

Slate CEO Peter Faricy recently told CNBC that the company aims to achieve positive free cash flow and earnings before taxes, depreciation, and amortization by 2027. He acknowledged the ambitious nature of the goal, noting that no automotive company has accomplished such a feat before, but said ambitious targets are necessary to build a successful business.

Faricy believes Slate can succeed because of its simplified product lineup, customer-focused strategy, and lower break-even point of approximately 80,000 vehicles annually. That figure is slightly more than half of the company’s planned annual production capacity of 150,000 vehicles at its assembly plant in Warsaw, Indiana, which is currently under development while prototype vehicles continue to be built.

Slate’s flagship vehicle is a two-seat electric pickup truck designed with minimalism in mind. It features crank windows, optional speakers, and can be converted into a five-passenger SUV for an additional $5,000. The vehicle offers an estimated 205 miles of driving range, 181 horsepower, and 195 lb-ft of torque. While its performance does not match premium electric pickups, it aligns with other vehicles in its price range.

Slate operated in stealth mode until unveiling its first vehicle in April 2025. At the time, the company advertised a starting price below $20,000, but that figure included a $7,500 federal EV tax credit that is no longer available. Since its launch, the startup has raised more than $1.3 billion through three funding rounds, with investments led by Mark Walter’s TWG Global and an earlier Bezos-affiliated funding round.

Faricy said the company continues to raise capital as it prepares for customer deliveries later this year, with production expected to ramp up and deliveries beginning in the fourth quarter of 2026. Although he did not rule out taking Slate public in the future, he said 2027 would likely be too early, emphasizing that the company wants to focus on successfully launching and scaling its operations first.

Slate has received more than 180,000 reservations for its vehicles. While reservations required a refundable $50 deposit, official orders will require a $300 nonrefundable down payment. Company executives expect the SUV version to account for 60% of sales, even though the pickup serves as the base model. Its starting price is roughly half the average cost of a new vehicle sold in the United States, according to Cox Automotive data.

Customization is central to Slate’s business model. Every vehicle will leave the factory in the same configuration to simplify manufacturing before customers personalize them with accessories and different body styles, including fastback and squared-off SUV designs that resemble vehicles such as the Jeep Wrangler. The company spent more than three years developing the concept after executives Chris Barman and Eric Keipper established the product roadmap.

Slate’s vehicles feature injection-molded composite exterior panels and extensive do-it-yourself customization options. Unlike many modern vehicles, Slate has eliminated built-in connectivity features, large infotainment screens, and traditional navigation systems. Drivers will instead use their own smartphones or tablets for music, navigation, and entertainment. A small display in front of the driver provides essential information such as speed, range, and warning indicators.

The company also eliminated traditional automotive paint. The exterior panels are designed to be wrapped with vinyl film, removing the need for an expensive paint shop. Slate plans to offer more than 100 standard wrap colors for under $500, while customers will have the option to create virtually any color or design they choose. The company will launch with more than 175 accessories, with over 80% priced below $500, including roof racks, stereos, and lighting accessories.

Slate continues to hand-build vehicles while gradually incorporating automation into its manufacturing process. The company currently produces about three vehicles per day and plans to transition to normal production operations by the fourth quarter. It must still complete federal testing and certification requirements covering range, safety, and other performance standards.

The company faces significant challenges in addition to broader EV market uncertainty. Its two-door body style is highly unusual in the U.S. market, where consumers generally prefer four-door trucks and SUVs. Ford reported that only 10% of Bronco sales last year were two-door models, while small pickups such as the Ford Maverick and Hyundai Santa Cruz are offered exclusively with four doors. Slate executives have not ruled out adding four-door vehicles in the future, but their immediate focus remains on the two-door pickup and SUV.

The vehicles will also be available exclusively with rear-wheel drive rather than all-wheel drive or four-wheel drive systems. Slate is expected to compete against a growing number of affordable gasoline and electric pickups, including future products from Ford and Stellantis.

Like Tesla and Rivian, Slate will sell directly to consumers instead of using traditional franchised dealerships. Faricy believes this approach will reduce costs and allow the company to maintain greater control over the customer experience as it attempts to establish itself in the competitive EV market.