Slate Auto, an EV startup, has raised $700 million to date, including a Series A round of over $100 million in 2023 with investors like Jeff Bezos and Slauson & Co.
Why it matters: Slate Auto aims to provide affordable, reliable, and customizable electric vehicles that are domestically manufactured, addressing the significant gap between vehicle affordability and availability.
The details:
- Slate Auto’s CEO, Chris Barman, has over 20 years of experience at Chrysler, leading vehicle line programs and collaborating with companies like Waymo.
- The company’s electric truck, named Blank Slate, is set to hit the market in late 2026 with a price point of $25,000, significantly lower than most internal combustion cars and existing EV trucks.
- The Blank Slate is a small, bare-bones, two-seater truck that is highly customizable, allowing customers to modify its color, number of seats, electronics, and overall appearance themselves.
- Slate Auto’s approach focuses on providing the essentials needed in a vehicle, such as air-conditioning and safety features, while cutting costs by utilizing multipurpose parts and excluding built-in infotainment systems.
Automotive expert Sandy Munro believes the affordable, modular nature of the truck will appeal to tinkerers and DIY enthusiasts.
What they’re saying:
- “There’s a large population that prefers driving themselves over relying on AI or autonomous systems. Our focus is on providing an affordable vehicle, so there are no plans for self-driving capabilities.” – Chris Barman, CEO of Slate Auto
- “We aim to create an affordable vehicle that meets the latest safety standards and offers customization. We want to give consumers a reliable, budget-friendly alternative to costly new and high-mileage used vehicles.” – Chris Barman, CEO of Slate Auto
The other side: The Slate Truck faces competition from vehicles like the Ford Maverick, which starts at around $29,000 and includes more conventional features like four doors and a touch-screen infotainment system.
What’s next: Slate Auto has already garnered substantial interest, with 100,000 reservations for its electric truck. The company’s success will depend on its ability to generate excitement for its vision of simple, DIY-friendly electric trucks and deliver on its promise of affordability and customization.