“The definition of what’s affordable is broken,” said Slate CEO Chris Barman onstage at the startup’s launch event in April. This is truth. The average new vehicle MSRP in the U.S. is $48k. There is clearly a market of buyers waiting for reliable, cheap mobility on four wheels. 

If federal incentives remain, the base Slate truck — an electric, rear-wheel-drive, single-cab, two-door pickup — will cost $20k. Is Slate the truck to meet the moment for both consumers and fleets?

Let’s be clear — growing an independent electric automotive company to profitability is extremely hard. We got excited about Lordstown Motors, Fisker, Canoo, Lion Electric, Nikola, and Arrival. And does anyone remember Coda? I still have swag from each of them. 

Yet here we are again. 

But first, should I even trust myself? I wrote this blog defending Lordstown Motors against Hindenburg’s infamous short seller report. Lordstown went bankrupt 27 months later. I’ll still endorse my point on short seller investigations, but yes, I own that. Forgive us if this time, the coverage isn’t as breathless. 

How Slate Could Succeed

So, how will Slate succeed where others have failed? 

Slate makes a radically simple, American-made truck: one configuration, significantly fewer components, basic interior, analog controls, roll-up windows. No paint, no options or trim levels, no infotainment. One price. 

Instead of options, it’s about DIY accessorizing: roof rails, light covers, pre-cut vinyl wrap kits. Fleets can wrap a truck for Coachella and swap that out for new graphics for Stagecoach two weeks later. And you can turn the truck into an SUV. I saw Slate do the conversion twice, within an hour. 

Challenges Slate Will Face

A truck with fewer parts will be easier to repair, but growing a service network commensurate with sales is the bane of independent automakers. Stranding a fleet driver for even two days won’t cut it. Slate should consider a service loaner/rental program to keep fleets on the road. 

Slate’s base 52.7 kWh battery produces a top range of 150 miles. Accessorizing and cargo will add weight, and we all know how 150 miles becomes 110 miles in the wrong conditions.

This will exclude a segment of buyers. But just understand that Slate is not one size fits all. It aims for route-predictable use cases, like small business owners, contractors, delivery services, and municipal fleets, where range anxiety is minimal and TCO is critical.

Slate’s biggest competitor won’t be the F-150 Lightning or Chevy Silverado EV. It’s the Chevy Equinox EV, with its $33k base price, tons of utility, and General Motors’ backing and serviceability. 

Though the Slate truck is cheaper to start, upgrading to the larger battery with the 240-mile range will bring the price within Equinox’s, yet it still falls well short of Equinox’s range of over 300 miles. 

But then, Slate isn’t trying to be Equinox. It’s about low complexity, task-specific use, utility, and TCO over general-purpose comfort. 

Here’s perhaps the biggest caveat to date: I haven’t driven the truck yet, nor has there been any coverage of the truck’s performance. Handicapping Slate’s potential, this is perhaps the biggest “if” waiting to be resolved. 

Expectation, Disillusionment, Enlightenment

The startups that failed before Slate were in a different market. They were thrown gobs of venture capital, with firms looking to exploit this new technology that promised to transform the world. Those times were the “Peak of Inflated Expectations,” or Stage 2 in Gartner’s Hype Cycle. 

But the market just wasn’t ready. The charging infrastructure wasn’t in place, and everyone misread actual demand. Along with self-inflicted mistakes and overpromises, those startups were perpetually delayed in coming to market. The cash burn was never enough to keep the lights on. 

This market is different. Gartner’s Stage 3 is the “Trough of Disillusionment.” Ironically, it may be the best time to start a new EV company. The stupid money is gone, along with the stupid players (well, a lot of them, anyway). 

But it’s likely we’re exiting the Trough and entering Stage 4, the “Slope of Enlightenment,” where use cases work based on TCO and aren’t dependent on incentives or regulations. This is exactly Slate’s value proposition. 

So yes, we’ll root for another EV startup, again. Of course, fleet operators do not have to “root for” anything. They just need the product to work. It’s now up to Slate to come through for them.