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Slate Auto crosses 100,000 refundable reservations in two weeks
Slate Auto, a new EV startup, has surpassed 100,000 refundable reservations for its low-cost electric pickup truck just two weeks after its launch. Priced below $20,000 after tax credits, the company plans to manufacture the vehicles in Indiana. Despite this interest, past reservations by other EV companies did not always lead to sales, prompting caution.
Key points
- Slate Auto gained over 100,000 reservations in two weeks.
- The pickups will start under $20,000 after a $7,500 tax credit.
- Production is planned at a former printing facility in Warsaw, Indiana.
- The reservation fee is $50 and fully refundable.
- Past EV companies struggled to convert reservations into actual sales, with examples of Fisker and Lordstown Motors encountering bankruptcy.
Why it matters
- The surge in reservations reflects ongoing consumer interest in affordable EVs.
- Slate's approach aligns with 2025 IT trends focusing on sustainability and electric vehicle infrastructure.
- Questions around the validity of pre-orders resonate with industry concerns about transparency and commitments among EV startups.
While Slate Auto's preliminary success showcases strong market interest, the industry's history of unfulfilled promises cautions against over-optimism; the focus will need to shift towards ensuring actual vehicle production and sales.