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Bezos-Backed EV Startup Hits 150,000 Reservations as Ford Bows Out of Electric Trucks

MarketDash Editorial Team
13 hours ago
Slate Auto has racked up 150,000 reservations for its budget electric pickup truck, betting that Ford's exit from the EV market creates an opening for affordable alternatives. But can refundable $50 deposits translate into real sales?

When Ford Motor Company (F) announced it was pulling the plug on its electric F-150 Lightning, it sent ripples through the EV world. The move raised uncomfortable questions about whether anyone actually wants battery-powered pickup trucks. But Slate Auto, a Michigan startup with backing from Amazon founder Jeff Bezos, thinks the naysayers have it wrong. Their evidence? A growing pile of 150,000 reservations.

The Reservation Race Heats Up

Slate Auto burst onto the scene earlier this year with an audacious pitch: an electric pickup truck starting at $20,000, with features available as add-ons. It was the kind of price point that made people do a double-take, and the reservations started pouring in. Within two weeks, the company hit 100,000 reservations from customers willing to put down a $50 refundable deposit to hold their spot in line.

Now, according to CEO Chris Barman, that number has climbed past 150,000. Barman recently appeared in a Q&A video answering questions from reservation holders about topics like potential self-driving features, according to TechCrunch. The milestone comes about seven months after the company crossed the 100,000 threshold.

There's a catch, though. That attractive $20,000 starting price? It's gone. When the $7,500 federal EV tax credit disappeared in September, Slate adjusted its pricing to the mid-$20,000 range. Translation: expect something closer to $25,000 base, with prices climbing to $30,000 or $40,000 once you add basic features.

Still, for a startup, the momentum is impressive. Slate has raised approximately $700 million through Series A and Series B funding rounds in 2024, according to Newsweek. Bezos Expeditions, which manages Bezos's personal investments, participated alongside General Catalyst and TWG Global. The company aims to start deliveries by the end of 2026.

How Real Are Those Reservations?

Here's where things get interesting. Slate's 150,000 reservations sound impressive, but context matters. Tesla Inc. (TSLA) charged a non-refundable $1,000 deposit for its Cybertruck, and third-party estimates suggested the company had over one million reservations before deliveries began. Slate's $50 refundable deposit represents a much lower barrier to exit.

Slate plans to produce 150,000 pickup trucks at an Indiana factory by the end of 2027. If those reservations hold firm, the company could sell through its entire early production run quickly. But if conversion rates disappoint, they might find themselves scrambling for customers within a year or two.

The competitive landscape offers both opportunities and warnings. Ford's exit from electric pickups creates space, but Tesla's experience with the Cybertruck shows how tricky this market can be. CEO Elon Musk once projected 250,000 annual Cybertruck sales. Reality check: the vehicle sold an estimated 38,965 units in 2024 and is tracking toward just 20,000 units in 2025. And remember, the Cybertruck launched at prices higher than initially promised, which didn't help demand.

The Market Slate Is Entering

A Cox Automotive report from the third quarter reveals what the electric pickup landscape actually looks like. The F-150 Lightning led the pack with 10,005 units sold, up 39.7% year-over-year. Tesla's Cybertruck came in second with 5,385 units, but sales were down 62.6% year-over-year. Chevrolet's Silverado grabbed third with 3,940 units, up 97.5%, followed by GMC's Sierra at 3,374 units, up a staggering 771.8%. Rivian's R1T rounded out the top five with 2,378 units, up 13.1%.

Notice the pattern? The Cybertruck was the only major electric pickup to see sales decline in the third quarter. With the F-150 Lightning now exiting production and Cybertruck sales sliding, there's theoretically room for a new player. If Slate can actually deliver an affordable electric truck on schedule, capturing around 15,000 units per quarter in the U.S. market doesn't seem unreasonable.

The question is whether Slate can convert those refundable deposits into actual sales when the time comes. Plenty of startups have impressive reservation numbers that evaporate when customers need to write real checks. But with Ford retreating and Tesla struggling to maintain momentum, the timing might just work in Slate's favor. Sometimes the best strategy is simply showing up when your competitors are walking away.

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Bezos-Backed EV Startup Hits 150,000 Reservations as Ford Bows Out of Electric Trucks

MarketDash Editorial Team
13 hours ago
Slate Auto has racked up 150,000 reservations for its budget electric pickup truck, betting that Ford's exit from the EV market creates an opening for affordable alternatives. But can refundable $50 deposits translate into real sales?

When Ford Motor Company (F) announced it was pulling the plug on its electric F-150 Lightning, it sent ripples through the EV world. The move raised uncomfortable questions about whether anyone actually wants battery-powered pickup trucks. But Slate Auto, a Michigan startup with backing from Amazon founder Jeff Bezos, thinks the naysayers have it wrong. Their evidence? A growing pile of 150,000 reservations.

The Reservation Race Heats Up

Slate Auto burst onto the scene earlier this year with an audacious pitch: an electric pickup truck starting at $20,000, with features available as add-ons. It was the kind of price point that made people do a double-take, and the reservations started pouring in. Within two weeks, the company hit 100,000 reservations from customers willing to put down a $50 refundable deposit to hold their spot in line.

Now, according to CEO Chris Barman, that number has climbed past 150,000. Barman recently appeared in a Q&A video answering questions from reservation holders about topics like potential self-driving features, according to TechCrunch. The milestone comes about seven months after the company crossed the 100,000 threshold.

There's a catch, though. That attractive $20,000 starting price? It's gone. When the $7,500 federal EV tax credit disappeared in September, Slate adjusted its pricing to the mid-$20,000 range. Translation: expect something closer to $25,000 base, with prices climbing to $30,000 or $40,000 once you add basic features.

Still, for a startup, the momentum is impressive. Slate has raised approximately $700 million through Series A and Series B funding rounds in 2024, according to Newsweek. Bezos Expeditions, which manages Bezos's personal investments, participated alongside General Catalyst and TWG Global. The company aims to start deliveries by the end of 2026.

How Real Are Those Reservations?

Here's where things get interesting. Slate's 150,000 reservations sound impressive, but context matters. Tesla Inc. (TSLA) charged a non-refundable $1,000 deposit for its Cybertruck, and third-party estimates suggested the company had over one million reservations before deliveries began. Slate's $50 refundable deposit represents a much lower barrier to exit.

Slate plans to produce 150,000 pickup trucks at an Indiana factory by the end of 2027. If those reservations hold firm, the company could sell through its entire early production run quickly. But if conversion rates disappoint, they might find themselves scrambling for customers within a year or two.

The competitive landscape offers both opportunities and warnings. Ford's exit from electric pickups creates space, but Tesla's experience with the Cybertruck shows how tricky this market can be. CEO Elon Musk once projected 250,000 annual Cybertruck sales. Reality check: the vehicle sold an estimated 38,965 units in 2024 and is tracking toward just 20,000 units in 2025. And remember, the Cybertruck launched at prices higher than initially promised, which didn't help demand.

The Market Slate Is Entering

A Cox Automotive report from the third quarter reveals what the electric pickup landscape actually looks like. The F-150 Lightning led the pack with 10,005 units sold, up 39.7% year-over-year. Tesla's Cybertruck came in second with 5,385 units, but sales were down 62.6% year-over-year. Chevrolet's Silverado grabbed third with 3,940 units, up 97.5%, followed by GMC's Sierra at 3,374 units, up a staggering 771.8%. Rivian's R1T rounded out the top five with 2,378 units, up 13.1%.

Notice the pattern? The Cybertruck was the only major electric pickup to see sales decline in the third quarter. With the F-150 Lightning now exiting production and Cybertruck sales sliding, there's theoretically room for a new player. If Slate can actually deliver an affordable electric truck on schedule, capturing around 15,000 units per quarter in the U.S. market doesn't seem unreasonable.

The question is whether Slate can convert those refundable deposits into actual sales when the time comes. Plenty of startups have impressive reservation numbers that evaporate when customers need to write real checks. But with Ford retreating and Tesla struggling to maintain momentum, the timing might just work in Slate's favor. Sometimes the best strategy is simply showing up when your competitors are walking away.