An electric vehicle startup backed by Amazon founder and billionaire Jeff Bezos plans to develop a $25,000 electric truck for the small but rapidly expanding EV truck segment. At just $25,000, this electrified truck would be the cheapest electric truck and one of the cheapest electric vehicles on the U.S. market.
Most experts and consumers agree that electric vehicles are far too expensive, especially compared to gas-powered cars of similar size, power, and mileage. The average consumer can’t afford to purchase an electric car, even with various government subsidies, and the current administration’s vow to eliminate the federal EV tax incentive will likely push even more buyers away from EVs.
Electric trucks were designed to tap into America’s love for pickups, but their prohibitively high prices have made them unattainable for the average American truck enthusiast. Slate Auto, an electric truck startup with major backers, could finally achieve what carmakers like Rivian and Ford have so far failed to do: create an electric truck for the masses.
TechCrunch reports that Slate was founded in 2022 and has spent the past couple of years attracting some of the auto industry’s top talent. Slate has reportedly poached employees from General Motors, Harley-Davidson, Ford, and Stellantis. In addition to Jeff Bezos, the startup is also backed by billionaire executive Thomas Tull and LA Dodgers owner Mark Walter.
According to TechCrunch, the startup’s first product will be a two-seat electric truck similar in spirit to the original Volkswagen Beetle and the Ford Model T. However, a Slate spokesperson declined to comment to InsideEVs, and the startup’s website did not offer any information on the vehicle.
TechCrunch also reported that Slate had raised at least $111 million in Series A funding. The firm is reportedly based in Michigan, has a design studio in California, and is manufacturing vehicles near Indianapolis, Indiana. Unfortunately, there are no additional details available about the two-seater electric truck from Slate.
If reports about the Bezos-backed EV truck startup are accurate, the firm could deliver a major shock to America’s nascent electric vehicle industry. Slate would also be the first electric vehicle startup to emerge in the American market since Fisker Inc., which was also backed by a billionaire but ultimately filed for bankruptcy in 2024.
Fisker’s failure highlighted the challenges EV startups face in the U.S. automotive market. Even with significant financial backing, startups often struggle to build manufacturing pipelines from the ground up, compete with legacy automakers, and achieve profitability.
However, if Slate can capitalize on the rising demand for affordable EVs, it could succeed where others have failed. The startup could redefine the electric truck market, offering Americans an affordable, functional EV while restoring faith in the potential of well-funded electric vehicle startups.
Slate enters the EV space at a time when existing players like Mullen Automotive Inc. (NASDAQ: MULN) have identified their niches and are working to increase their market share. As these firms consolidate their positions, American automakers could dominate the domestic market as import tariffs make it harder for foreign-made EVs to access the market.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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