Jeff Bezos is reportedly backing a Michigan-based all-electric mobility startup, Slate Auto, with a purpose of growing an inexpensive single-cab EV truck to tackle the likes of Tesla Inc. (NASDAQ:TSLA) and Rivian Automotive Inc. (NASDAQ:RIVN).
What occurred: A report printed by TechCrunch shared that the corporate is backed by Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos. The report stated that Slate Auto has introduced in individuals from the likes of Ford Motor Co. (NYSE:F), Harley-Davidson Inc. (NYSE:HOG), and Normal Motors Co. (NYSE:GM).
Slate Auto has set a goal of growing a “low-cost” $25,000 single-cab EV truck, and plans to enter the manufacturing section by late 2026.
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As information of the Bezos-backed startup hit the wires, a publish on social media platform Reddit within the r/whatisthiscar subreddit surfaced, which showcased what appeared like a small EV truck in darkish gray being transported on a flatbed truck. The truck options spherical headlights, upright B-pillars, and metal wheels.
What is that this automobile?byu/discostranger09 inwhatisthiscar
It was later confirmed that the truck was Slate Auto’s idea automobile. In accordance with the report, the corporate is seeking to manufacture its autos in a plant in Indianapolis, Indiana. The design of Slate Auto’s idea automobile is considerably paying homage to the old-school Ford Ranger.
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Why it issues: The information is available in at a time when the US auto sector is coping with a 25% import tariff levied by the Donald Trump administration, a lot to the criticism of stakeholders inside the auto trade.
Goldman Sachs analyst Mark Delaney forecasts a troublesome interval for the auto sector within the U.S. because of the tariffs. Delaney identified that Rivian could face dangers from decreased U.S. EV coverage assist.
EV vans within the U.S. from the likes of Tesla, GM, Ford, and Rivian at the moment retail within the approximate value vary of $47,000 – $105,000. Nonetheless, an inexpensive EV truck will surely broaden the sector’s enchantment and will doubtlessly disrupt the section as properly.
EV firms want to launch cheaper variants of their EV vans in a bid to broaden the product’s enchantment, with Tesla most just lately releasing an RWD, long-range variant of its Cybertruck.
