Slate is betting Americans want less car for less money

• Slate’s pitch: US drivers lacked affordable analog EV options. His no-frills truck costs $24,950.

• The average new car in the US costs more than $50,000. But sales are still increasing.

• Giant auto companies were once teasing cheaper EV options, but few were able to bring them to market.

Tiny old trucks are having a moment on the internet.

Drive long enough and you’ll see that drivers dream of a simpler time: truck interiors less screen and didn’t attempt to costume it like a luxury apartment.

This nostalgia has created some surprising internet stars. kei trucks – Small, slow pickups from Japan that shoppers can bring to the US if they are over 25 – garnered cult following via social media fan pages. The same goes for decades-old American subcompact trucks, like the ’90s era Ford RangersChevy S-10s and Toyota Tacomas.

But while small pickups are causing a ton of excitement online, there are only two cute models that still carry that fresh-car smell: the Ford Maverick and the Hyundai Santa Cruz (and the Hyundai reportedly doesn’t). I missed this world so much).

This is where Slate sees an opening.

Jeff Bezos-backed startup It told Business Insider this week that its small electric pickup will start at $24,950. The company’s claim: They can make a profit by building for forgotten customers who don’t want a giant truck with a giant screen and huge monthly payments.

Low price, few amenities

Slate has the proportions of small trucks that the car internet continues to romanticize.

It extends just 14.6 feet from bumper to bumper. That’s a foot shorter than the ’90s Ford Ranger and a foot shorter than the 2026 Ford Ranger.

There is also return energy on the technical specifications page.

To lower the base price, Slate stripped out features that have become standard in modern American cars. The base truck has manual crank windows, two doors, two seats, no infotainment screen, and no speakers for music.

Executives even debated whether to include air conditioning before ultimately deciding to add it to the production vehicle.

For some old-school car lovers, that may be part of the appeal. Slate isn’t making a consumer-facing AI offering and is wading into endless fights. Inclusion of Apple CarPlayor turning air conditioning controls into a digital touchscreen maze. Drivers control fan speed with analog buttons and dials.

Instead, shoppers can add more to their truck once it’s delivered through Slate’s accessories catalog. This includes SUV and second row seat kits, $50 door-mounted armrests.

Do Americans want cheaper cars?

Despite the Internet’s obsession with small trucks and Slate’s low-price claim, the data suggests Americans aren’t exactly punishing automakers. economic new car options.

The average transaction price for a new vehicle this spring was $50,900, up 3.3% since December, according to CarGurus data shared with Business Insider. The firm said there are now more vehicles priced under $35,000 on dealer lots with prices above $50,000.

And Americans continue to rapidly snap up big, expensive cars. The $122,000 Cadillac Escalade and the $84,000 Toyota Sequoia spend an average of 30 days on dealership lots before finding a buyer, CarGurus said. The industry average is normally around 60 days.

So far, higher prices have not slowed industry-wide demand.

On Friday, J.D. Power and GlobalData released their monthly U.S. sales forecasts. They expect Americans to buy more than 1.3 million new vehicles in June, up 3.6% from the same month last year.

We almost had other cheap electric vehicles…

Slate is entering a market that giant automakers have repeatedly tried to crack.

For years, auto companies have been promoting lower-cost EVs that could bring electric driving to more American buyers. Tesla’s the long-promised $25,000 car it was never the clean-sheet vehicle Elon Musk once described it as. Nissan planned a cheaper version of the new Leaf, but abandoned that trim after launch. Chevrolet has brought back the sub-$30,000 Bolt, but it’s a limited-time return. Volvo targets $35,000 Base price for EX30it later increased prices following tariff pressure. It discontinued the model in March.

And while few car companies have produced a cheap new EV, even fewer have made a profit on their electric cars. Old automobile manufacturers took a billion-dollar loss as demand fell below expectations.

Slate says you can avoid this trap. The company told CNBC that every truck it sells will be profitable from the start. The company also told Business Insider that more than 10,000 people placed $300 non-refundable pre-orders within the first four hours of the website launching, before anyone had a chance to test drive the truck.

Potential rivals are still coming for Slate. Ford is working on a lower-cost EV platform that could eventually produce a truck (with power windows, no less) in the Slate’s pricing territory. Rivian’s smaller R3 could move the company closer to the mid-$30,000 range, but that vehicle is still years away.

This leaves Slate in a lonely situation. It’s not the only company pursuing a cheaper EV, but it’s the only one that’s sure to make money right away.

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