Slate Auto, the innovative electric vehicle startup supported by notable figures like Jeff Bezos and Mark Walter, has announced that it will begin accepting orders for its budget-friendly electric vehicle on June 24. This move comes ahead of anticipated deliveries later this year.
In a recent communication to potential buyers, the company encouraged early reservations to secure a delivery window ahead of those who wait. While the exact starting price of the vehicle remains undisclosed, Slate had previously indicated that it would reveal final pricing this June.
Emerging from stealth mode in April 2025, Slate Auto aims to create a low-cost, customizable vehicle. Initially, the startup suggested that the base model would be priced "under $20,000," factoring in a federal tax credit. However, changes in legislation have led to uncertainty regarding this pricing, with the company now hinting at a starting point in the mid-$20,000 range.
The concept of a straightforward EV, featuring basic amenities like hand-crank windows and minimalistic design, has struck a chord with consumers. Since its unveiling last year, over 160,000 individuals have placed refundable $50 reservations, showcasing significant interest. However, converting these reservations into actual sales poses a challenge, as demonstrated by various EV startups in recent years.
To address this conversion challenge, Slate appointed a new CEO, Peter Faricy, in March. Faricy, a former Amazon Marketplace vice president, brings valuable experience to the company, which has seen several leadership roles filled by ex-Amazon executives.
To support its ambitious plans, Slate has secured substantial funding, closing a $650 million Series C round in April. To date, the company has raised approximately $1.4 billion, much of which is believed to have come from Walter's financial firm, TWG Global. While Bezos was involved in the initial funding, his ongoing participation in later rounds remains unclear, especially following the recent departure of his family office manager from Slate's board.
This proactive approach by Slate Auto not only highlights the growing demand for affordable electric vehicles but also signifies a shift in the automotive landscape towards more accessible options. As the company gears up for its launch, the future of electric mobility seems poised for exciting transformations.
