Slate Auto Unveils $24,950 Electric Pickup: The Cheapest New Truck in the US

Slate Auto launched preorders Wednesday for an electric pickup starting at $24,950, the cheapest new truck available in the United States. According to CEO Peter Faricy, the vehicle will be gross margin positive from day one, with deliveries expected to begin in the fourth quarter of this year.

Why is the Slate Auto EV priced so low?

The $24,950 price point stems from a “stripped down” design philosophy. According to company specifications, the truck features crank windows and lacks a built-in modem or connectivity. Speakers are listed as an optional add-on rather than a standard feature.

To cut costs, Slate uses injection-molded composite body panels wrapped in vinyl. This replaces traditional paint. The company offers over 100 wrap colors for less than $500 each. This approach avoids the expensive painting processes used by traditional automakers.

What are the technical specifications of the truck?

The vehicle utilizes an exclusively rear-wheel-drive powertrain. It produces 181 horsepower and 195 pound-feet of torque. This setup provides a rated range of 205 miles on a single charge.

For utility, the truck offers a 2,000-pound towing capacity and a 1,550-pound payload. While these figures are modest compared to heavy-duty electric trucks, the company says they are adequate for the light-duty work the vehicle is designed to handle.

How does Slate Auto plan to achieve profitability?

CEO Peter Faricy, a former Amazon Marketplace vice president, told CNBC that every vehicle sold will be gross margin positive from the first unit. Faricy projects the company will reach positive EBITDA and free cash flow by 2027.

The company identifies its break-even point at approximately 80,000 vehicles per year. To reach this, Slate is investing roughly $400 million into a former printing plant in Warsaw, Indiana. The facility currently produces three trucks per day by hand, but the company plans to shift to standard production by August to reach a capacity of 150,000 vehicles annually.

How does Slate compare to other EV startups?

Slate is adopting a low-cost, direct-to-consumer model that contrasts sharply with other EV ventures. Rivian, for example, reported losing more than $3.5 billion in 2025 despite delivering 42,247 vehicles. Similarly, Lucid has implemented two rounds of workforce cuts totaling 18 percent in four months.

While Rivian and Lucid targeted the premium market, Slate is targeting the entry-level segment. This shift in strategy aims to avoid the “premium trap” where high production costs exceed the demand for luxury electric trucks.

What risks could delay delivery?

The most immediate hurdle is federal vehicle validation and certification. Slate has not disclosed its current progress in this regulatory process. Without these certifications, the company cannot legally deliver trucks to customers, which puts the Q4 delivery timeline at risk.

Market demand for two-door vehicles is another uncertainty. According to data from Ford’s Bronco launch, only 10 percent of buyers chose the two-door configuration over the four-door. Slate is betting that its low price and $5,000 SUV conversion kit will offset this consumer preference.

Financial backing remains a strength. The startup has raised $1.5 billion across three rounds, including a $650 million Series C led by TWG Global. Other investors include General Catalyst, Slauson and Co, and the family office of Jeff Bezos, though Bezos’s board representative left the company in May.

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