Slate Auto Aims to Revolutionize Affordable EV Market with Minimalistic Design
Startup Slate Auto, backed by Jeff Bezos, faces the loss of a federal tax credit, challenging its plan to offer affordable electric vehicles. The company targets young consumers with its minimalist design and cost-effective approach to overcome market hurdles and provide a sub-$20,000 EV pickup.
Michigan-based startup Slate Auto, supported by Amazon founder Jeff Bezos, is grappling with the expiration of a federal tax credit, complicating its mission to deliver affordable electric vehicles. Despite raising $700 million and securing over 100,000 reservations, the company confronts a challenging U.S. EV market.
Slate Auto relies on its minimalist vehicle design to attract younger consumers seeking budget-friendly options in the electric vehicle segment. The startup's vision includes a sub-$20,000 electric pickup, but the withdrawal of a $7,500 tax break could deter potential buyers, especially as battery costs remain high.
CEO Chris Barman expressed confidence in Slate's strategy to provide a cost-effective solution, with a simplified design reducing production costs. The company foresees its vehicle filling a gap left by competitors like Tesla, aiming to capitalize on the demand for more honest, modular vehicles.
(With inputs from agencies.)
Google News