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Slate Auto will start taking orders for its low-cost EV on June 24
Slate Auto, an EV startup backed by Jeff Bezos and Mark Walter, will begin accepting orders for its low-cost electric vehicle on June 24, with deliveries expected later this year. The price remains undisclosed, but the vehicle is anticipated to start in the mid-$20,000 range. Over 160,000 reservations have been made, and Slate recently raised $650 million in Series C funding to support its production.
Key points
- Slate Auto is starting to take orders for its electric vehicle on June 24.
- First deliveries are expected later in the year.
- The starting price of the EV is still undisclosed but expected to be in the mid-$20,000 range.
- Over 160,000 potential customers have made refundable $50 reservations.
- The company raised $650 million in Series C funding, totaling about $1.4 billion to date for production and shipping.
- Slate Auto hired a new CEO, Peter Faricy, to address challenges in converting reservations to actual sales.
Why it matters
- The rise of low-cost EVs aligns with increasing consumer demand as the market for electric vehicles expands.
- Previous EV startups faced obstacles converting interest into sales, which is a recurring challenge.
- Slate's funding strategy mirrors trends in the EV industry where major tech figures invest heavily in innovative transportation solutions.
Slate Auto aims to disrupt the electric vehicle market with a low-cost offering and strong reservations, backed by significant financial resources, yet success depends on overcoming conversion challenges and establishing production reliability.