Electric Vehicles by Slate Auto Soon to Hit Local Streets
The U.S. electric vehicle (EV) market is facing a slowdown in growth, with affordability concerns playing a significant role. However, a new player is set to enter the scene, aiming to shake things up and offer a more budget-friendly option.
Slate Auto, a startup developing battery-electric vehicles, has recently secured at least $111 million in Series A financing. The company, which was founded in 2022, is backed by Jeff Bezos, Mark Walter, and Thomas Tull, among others.
At the helm of Slate Auto is Chris Barman, who has been the CEO since 2023. Barman brings over 25 years of experience from Chrysler to the table. The chief commercial officer of Slate Auto, Jeremy Snyder, boasts a decade of experience from Tesla, where he was instrumental in sales and business development.
Rodney Copes, executive chairman of Slate Auto, brings 20 years of experience from Harley-Davidson, where he held several executive roles. Ryan Green, the chief financial officer, previously served as CFO at Rivian and held financial leadership positions at Harley-Davidson.
Slate Auto's first vehicle, a battery-electric pickup, is expected to be announced this week. The base model, reportedly named the "Blank Slate," is expected to have a starting price of around $25,000, making it one of the most affordable EVs on the market.
The vehicle is designed to be adaptable to different body styles quickly, indicating a modular approach to EV design. Slate Auto has trademarked the phrase, "We Built It. You Make It."
While Tesla, under sales and financial stress due to global boycotts and protests, has delayed its "affordable" EV, the Trump Administration is trying to roll back subsidies and regulations aimed at driving EV sales.
Meanwhile, other automakers are also making strides in the affordable EV market. Kia has started the first European production of a BEV (Battery Electric Vehicle) model, and Chevrolet plans to relaunch the Bolt as the "most affordable" EV on the market, suggesting a price below $30,000. Honda aims to introduce a sub-$30,000 EV in North America by 2026.
Slate Auto is headquartered in Troy, MI, and has a design studio in Long Beach, CA. It plans to establish a production plant in Indiana. The company was initially known as "Re: Car" and was a project within Re:Build Manufacturing, a domestic manufacturing incubator co-founded by Jeff Wilke.
Jeff Bezos's involvement in Slate Auto is confirmed through his family office, as Melinda Lewison, who manages Bezos's family office, is listed as a director on Slate Auto's filings with state and federal agencies.
Prototype vehicles from Slate Auto, wrapped with branding for fictitious companies, have been seen on the streets of Venice, CA, hinting at the company's imminent entry into the market. As the EV market grapples with affordability issues, Slate Auto's affordable pickup could be a game-changer.
Stay tuned for more updates as Slate Auto prepares to unveil its first vehicle this week.
