Slate Auto Reaches 100,000 Refundable Reservations in Only Two Weeks

Innovative electric vehicle startup Slate Auto has amassed over 100,000 reservations for its budget-friendly, customizable electric pickup truck, as reported by the company to TechCrunch.

Slate reached this impressive milestone over the weekend, just a fortnight after debuting the truck at an event in Los Angeles and emerging from stealth mode. The company plans to price the truck below $20,000 once the $7,500 federal EV tax credit is applied, with production scheduled to take place at a former printing facility in Warsaw, Indiana, as first reported by TechCrunch.

“We are sincerely thankful for the overwhelming response from America to Slate’s brand launch and our truck introduction,” said Jeremy Snyder, Slate’s chief commercial officer, in a statement to TechCrunch. “We are excited to see what the future holds.”

Achieving 100,000 reservations in such a short span showcases considerable interest in Slate since the truck’s announcement, though there’s no guarantee these reservations will translate into actual sales. The company only requires a refundable $50 deposit from prospective buyers to secure their reservation for the truck.

Other EV startups have previously touted high reservation figures yet failed to live up to those claims. For example, Fisker filed for bankruptcy after delivering only a few Ocean SUVs, despite at one time claiming over 60,000 reservations. Similarly, Lordstown Motors faced legal action from the Securities and Exchange Commission (SEC) for misleading investors about “pre-orders” for its electric pickup truck and ultimately filed for bankruptcy while settling with the SEC.

Slate has ambitious goals with its truck, which can also be transformed into an SUV for a currently undisclosed price. The company intends to manufacture up to 150,000 vehicles by the end of 2027 at its Indiana facility, with backing from notable investors, including Jeff Bezos (through his family office, Bezos Expeditions), Guggenheim Partners CEO Mark Walter, and venture capital firm General Catalyst.