New automobiles have gotten more and more costly, and the worth of latest electrical automobiles (EVs) is even steeper. Nevertheless, a brand new American EV startup could also be aiming to alter this development.
Slate Auto, as reported by TechCrunch’s Sean O’Kane, is a brand new automaker that’s making ready to emerge from “stealth mode” with an electrical pickup truck priced round $25,000.
Beginning a brand new automobile firm is a major problem, however Slate seems to have strong monetary backing, together with assist from Jeff Bezos, the founder and govt chairman of Amazon.
Slate originated from one other Bezos-affiliated enterprise referred to as Re:Construct Manufacturing and has been working quietly since its institution in 2022. The startup has attracted expertise from main automotive firms akin to Ford, Basic Motors, Stellantis, and Harley-Davidson. Extra traders could embody Mark Walter, the proprietor of the LA Dodgers, and billionaire Thomas Tull.
The startup’s first product is anticipated to be a two-seat electrical truck that pulls comparisons to the Ford Mannequin T and the unique Volkswagen Beetle. At present, the corporate’s web site doesn’t present particulars concerning the truck, solely providing a sign-up portal for information updates. A spokesperson for Slate declined to remark when approached by InsideEVs.
Based on TechCrunch, Slate has secured no less than $111 million in Collection A funding, which incorporates Bezos’ funding. The corporate relies in Michigan, builds automobiles close to Indianapolis, Indiana, and has a design studio in California.
Particulars concerning the Slate truck stay sparse, but when the corporate does launch quickly, it might be the primary EV startup to enter the U.S. market since Fisker Inc. The failure of Fisker final 12 months highlights the varied challenges confronted by automotive startups. Whereas Rivian claims it’s on monitor for profitability by 2025 and Lucid Motors advantages from its rich traders, creating automobiles is a posh job, significantly within the present unsure financial local weather.
Nonetheless, the EV market is evolving and shifting in the direction of extra inexpensive fashions. The period the place EV firms may start with unique, high-priced automobiles is behind us; at this time’s customers prioritize affordability. If Slate can leverage diminished battery growth prices and safe robust partnerships for parts like electrical motors, and actually “problem the established order of auto design,” it could succeed on this aggressive panorama.
We’ll present extra updates as they develop into out there.
For inquiries, please contact the creator at patrick.george@insideevs.com.
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