GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

Helping You Live Richer

by Experts

Millions of Readers

Slate Auto, a Michigan-based EV startup backed by Jeff Bezos, aims to disrupt the automotive market with its budget-friendly $25,000 electric pickup truck. Founded in 2022, the company plans to begin production in late 2026 at a repurposed Indiana factory.

With a minimalist design, modular customization and federal tax incentives potentially lowering prices below $20,000, Slate targets cost-conscious drivers seeking affordable, sustainable transportation. Below are five key ways this innovation could reduce ownership costs for everyday Americans.

Slate’s $25,000 base price stands out in a market where the average new electric vehicle costs about $59,000, according to Kelley Blue Book. The “Blank Slate” trim eliminates features like power windows and infotainment systems, prioritizing functionality over luxury. Buyers can apply federal tax credits to reduce the price to $17,500, making it cheaper than most gas-powered trucks.

This makes Slate’s pickup cheaper than most new gas-powered trucks, which typically cost $40,000 or more, according to MotorTrend.

Legacy automakers struggle to match this pricing due to complex manufacturing processes and higher profit margins. Slate’s focus on modular assembly and existing factory reuse slashes production expenses. This strategy mirrors Tesla’s early approach but targets budget-conscious drivers, making new EV ownership more accessible for many Americans.

Charging an electric vehicle can be much cheaper than filling up a gas tank, according to Kelley Blue Book calculations, but it depends on the price of gas and where you charge the EV.

For those who install a charger at home, upfront costs may be high, but over time, the electricity is likely to cost much less than gas. However, those exclusively using public charging stations — especially fast chargers — may not end up saving much, or even paying more.

Slate Auto plans to educate buyers on smart charging habits, which could help drivers save even more, TechCrunch reported. Lower energy costs can add up to significant savings over several years of ownership.

Electric vehicles have fewer moving parts than traditional gas-powered cars, leading to lower maintenance costs.

Slate’s design avoids oil changes, spark plug replacements and transmission repairs, which can save drivers hundreds each year. The pickup will use regenerative braking, which extends the life of brake pads and further reduces maintenance needs. Composite body panels are designed to resist rust and damage, helping drivers avoid costly repairs.

Slate also plans to offer online tutorials for simple do-it-yourself fixes, which could help drivers avoid expensive trips to the mechanic. Over a decade, these lower maintenance needs could save drivers thousands of dollars.

Slate’s modular approach lets buyers add only the features they want, avoiding the cost of unnecessary upgrades.

Instead of paying for expensive built-in options, drivers can choose from over 100 accessories, as per TechCrunch. For example, drivers can add a camper shell or extra storage only if they need it, which keeps the upfront price low. The pickup’s unpainted body panels can be wrapped for a custom look, which is much cheaper than a factory paint job.

This “build-as-you-go” model prevents drivers from overspending on unused technology. Over time, this can lead to significant savings compared to traditional vehicles with bundled upgrades.

Slate’s pickup is built with durability in mind, which could help it retain value over time. The body is made from composite materials that resist dents and scratches, helping the truck look newer for longer. Standardized battery packs and motors are designed for easy repairs, which could make used models more attractive to future buyers.

The modular design allows for upgrades, so owners can add new technology without buying a whole new vehicle.

Sources

• Kelley Blue Book, “How Much Does It Cost to Charge an Electric Car?“