Everyone’s talking about Ford’s $30,000 electric pickup, but Slate Auto’s is only $24,950. And pre-orders are already here.
Despite the super-low price point, Slate CEO Peter Faricy is very confident that every vehicle will be gross-margin positive and that the company will have positive free cash flow by 2027.
“It’s an ambitious goal,” Faricy told CNBC. “No other automotive company has been able to do that before. So it’s ambitious. It’s going to take a lot of work. Nothing’s guaranteed in life, but you have to have ambitious goals if you want to achieve big things. That’s the big goal we’re shooting for.”
That’s because the Slate truck is extremely simple and bare bones.
How Slate makes its trucks so cheap
Due to the Slate truck’s simplicity, the company has a different cost structure and business model than other startups. The truck is so simple, in fact, that it has crank windows. In 2026. Every feature is an option that the $24,950 base model doesn’t include. You will also get just 205 miles of range and 181 horsepower.
Unlike most modern vehicles, Slate’s truck has no connectivity. There are no large screens, no software, no AI. Instead of an included infotainment system, drivers can use their own phone for navigation and music.
Another big adjustment: the exterior is not painted. Instead, Slate has wrapped the vehicles in a vinyl film, avoiding the costs of a paint shop.
Slate will start with 175 accessory options, which shows you just how much crap is stuffed into most pickup trucks. But this is part of Slate’s “radically simple” and “radically affordable” business plan. The reduced complexity during the production phase ensures they’re cheaper and faster to make. Sort of like China’s EVs.
“Whoever you are and whatever you like in life, you can now express that through your SUV or through your truck.” That’ll cost you extra, however.
For now, Slate’s truck is very unique in the American market. The cheapness and modularity is unlike anything else we’ve been getting. However, cheap trucks are coming, including Ford’s EV, Rivian’s R2, and even some unexpected brands getting in on the action.
But none will be as cheap and void of features as Slate. For better or worse.
