Slate Auto Exceeds 100,000 Reservations

Slate Auto Surpasses 100,000 Reservations for Electric Pickup

The emerging electric vehicle manufacturer, Slate Auto, has confirmed to TechCrunch that it has accumulated over 100,000 reservations for its uniquely customizable and affordable electric pickup truck.

This significant milestone was achieved over the recent weekend, a little over two weeks following the company’s public debut and the truck’s unveiling in Los Angeles, California.

Production and Pricing Plans

Slate has announced that the truck’s price will begin under $20,000 after the application of the $7,500 federal EV tax credit. The company intends to manufacture the vehicles at a repurposed printing facility located in Warsaw, Indiana, as was initially reported by TechCrunch.

“We are genuinely grateful for the enthusiastic reception from across America following Slate’s launch and the introduction of our truck,” stated Jeremy Snyder, Slate’s chief commercial officer, in a communication to TechCrunch. “We anticipate a promising future.”

Reservations and Potential Sales

The rapid accumulation of 100,000 reservations demonstrates considerable interest in Slate’s offering. However, it’s important to note that these reservations do not automatically equate to confirmed sales.

Currently, potential buyers are only required to submit a $50 refundable deposit to secure their position in the order queue.

Lessons from Other EV Startups

Numerous other EV startups have previously announced substantial reservation numbers that ultimately did not materialize into equivalent sales figures.

For example, Fisker filed for bankruptcy after selling only a few thousand Ocean SUVs, despite initially reporting over 60,000 reservations.

Similarly, Lordstown Motors faced charges from the Securities and Exchange Commission (SEC) for misrepresenting the number of “preorders” received for its electric pickup truck. Lordstown Motors also ultimately filed for bankruptcy and reached a settlement with the SEC.

Future Goals and Backing

Slate has ambitious plans for its truck, which can be converted into an SUV for an as-yet-undisclosed cost.

The company projects a production capacity of up to 150,000 vehicles annually by the end of 2027 at the Indiana manufacturing plant.

Slate is supported by prominent investors, including Jeff Bezos (through Bezos Expeditions), Mark Walter, CEO of Guggenheim Partners, and the venture capital firm General Catalyst.