Move over, Elon Musk? Jeff Bezos is backing a Tesla competitor. The Troy, Michigan-based startup, called Slate Auto, is quietly building a small electric pickup truck, to be priced around $25,000, Tech Crunch reported.
The stealthy EV startup raised an initial $111 million in 2023, and has more recently closed a Series B round. In addition to Bezos, backers include Mark Walter of Guggenheim Partners and Thomas Tull, who also invested in Re:Build Manufacturing, the Bezos-backed startup that spun out Slate Auto.
Bezos’ other company, Amazon, also owns a major stake in EV maker Rivian, which has a contract to deliver 100,000 electric delivery vans to the online retailer by 2030.
Sweet spot
Sales of electric cars and light vehicles in the US grew by 11% in this year’s first quarter, even as overall auto sales were flat. Tesla sales dropped by 9% in the US and 13% globally, as Musk’s government cost-cutting efforts invited widespread protests. GM and Ford have seen brisk sales from Ford’s $40,000 Mustang Mach-E and GM’s Chevy Equinox EV, which sells for around $35,000 and has a range of more than 300 miles.
Slate Auto expects to begin production in Indiana by 2027 for its low-cost electric pickup. It’s aiming for a sweet spot in the market: Tesla last week launched a lower-cost Cybertruck – with a sticker price of $70,000.
