Auto company receives 100,000 refundable reservations in two weeks

EV startup Slate Auto has achieved a remarkable feat by amassing over 100,000 reservations for its customizable and affordable electric pickup truck. The company disclosed this achievement to TechCrunch, reaching this milestone within just two weeks after officially revealing the truck at a launch event in Los Angeles.

One of the key selling points of Slate’s electric truck is its price point, which is expected to fall below $20,000 after factoring in the $7,500 federal EV tax credit. Slate plans to produce these vehicles at a refurbished printing plant located in Warsaw, Indiana, a detail initially reported by TechCrunch.

In response to the overwhelming success of the truck’s launch, Slate’s chief commercial officer, Jeremy Snyder expressed gratitude for the enthusiastic reception, stating, “We are truly humbled by America’s response to Slate’s brand launch and the launch of our truck. We are excited for what the future holds.”

Although the company has rapidly accumulated reservations, it remains to be seen how many of these will convert into actual sales. Slate requires potential buyers to place a mere $50 reservation fee, which is fully refundable. This strategy has been adopted by various EV startups in the past, some of which overpromised and underdelivered. Fisker, for instance, declared over 60,000 reservations but eventually went bankrupt with minimal sales. Similarly, Lordstown Motors faced SEC charges for misleading investors about the number of preordered electric pickup trucks.

Despite these cautionary tales, Slate has ambitious plans for its vehicle, which can be converted into an SUV, albeit at an undisclosed price. The company aims to ramp up production to 150,000 vehicles by 2027 at its Indiana facility. Notably, Slate has attracted significant support from prominent investors like Jeff Bezos, CEO of Bezos Expeditions, Mark Walter of Guggenheim Partners, and General Catalyst, a venture capital firm.

In conclusion, Slate Auto’s successful launch of its electric pickup truck and the subsequent surge of reservations illustrate the growing interest in affordable and eco-friendly transportation options. However, the company must now focus on translating these reservations into actual sales and living up to the high expectations set by its impressive start in the EV market.