Slate Auto changes CEO months ahead of affordable EV launch

Slate Auto, the EV startup backed by Jeff Bezos, appointed Peter Faricy as CEO ahead of its affordable electric truck launch, replacing Christine Barman who becomes President of Vehicles. The company previously targeted a starting price under $20,000, now aiming for the mid-$20,000 range due to tax credit changes. Faricy's experience at Amazon Marketplace is seen as crucial as the firm prepares to convert 160,000 preorders into orders.

Key Points

• Slate Auto has appointed Peter Faricy as CEO, replacing Christine Barman who is now President of Vehicles.
• The company aims to launch an affordable electric truck, initially targeting a price under $20,000, now shifted to the mid-$20,000 range due to lost federal EV tax credits.
• Slate Auto currently has about 160,000 refundable preorders and is preparing to convert them into vehicle orders.
• Faricy's experience from Amazon Marketplace was noted as critical for the company's upcoming launch.
• Slate Auto was originally a secretive project named re:Car within a manufacturing incubator in Massachusetts.

Relevance

• The electric vehicle market is rapidly evolving, with several manufacturers focusing on affordability due to changing government incentives.
• The background of leadership from Amazon underlines the increasing crossover between tech and automotive sectors as companies try to innovate in EV space.
• The shift in pricing strategy highlights the challenges new entrants face in developing competitive electric vehicles amidst regulatory changes.

Slate Auto's leadership change reflects a strategic pivot as it moves closer to launching its affordable electric truck, underscoring the importance of experience in navigating the evolving EV market.