Slate Auto Hits 100K Refundable Reservations in Just 2 Weeks
▼ Summary
– Slate Auto has received over 100,000 reservations for its customizable, low-cost electric pickup truck within two weeks of its launch.
– The truck is priced below $20,000 after applying the federal EV tax credit and will be manufactured in a former printing plant in Indiana.
– Slate’s chief commercial officer expressed gratitude for the strong public response and optimism about the company’s future.
– Reservations require a $50 refundable deposit, but past EV startups have struggled to convert high reservation numbers into actual sales.
– Slate aims to produce 150,000 vehicles annually by 2027, backed by investors like Jeff Bezos and Guggenheim Partners CEO Mark Walter.
Slate Auto’s electric pickup truck has generated massive consumer interest, surpassing 100,000 refundable reservations within two weeks of its official debut. The startup achieved this milestone shortly after unveiling its customizable, budget-friendly EV at a Los Angeles event, signaling strong market demand for affordable electric vehicles.
Priced below $20,000 after federal tax credits, the truck aims to disrupt the EV market by offering an accessible alternative to higher-priced competitors. Production is slated for a repurposed printing facility in Warsaw, Indiana, with plans to manufacture up to 150,000 vehicles annually by 2027.
Jeremy Snyder, Slate’s chief commercial officer, expressed gratitude for the overwhelming response, calling it a testament to the brand’s potential. However, while the reservation numbers are impressive, industry observers caution that preorders don’t always translate into actual sales. The company requires only a $50 fully refundable deposit, making it easy for consumers to secure a spot without financial risk.
The EV startup landscape is littered with cautionary tales. Fisker and Lordstown Motors previously touted tens of thousands of reservations but ultimately struggled with production and sales, leading to financial turmoil. Regulatory scrutiny has also intensified, with Lordstown facing SEC charges over misleading preorder claims before filing for bankruptcy.
Despite these challenges, Slate has secured backing from high-profile investors, including Jeff Bezos’ Bezos Expeditions, Guggenheim Partners CEO Mark Walter, and venture firm General Catalyst. The company also plans to offer an SUV variant of its truck, though pricing details remain undisclosed.
With ambitious production targets and strong financial support, Slate is positioning itself as a serious contender in the competitive EV market. Whether it can convert reservations into sustained success will depend on execution—a hurdle many startups before it have failed to clear.
(Source: TechCrunch)
