Ford Motor Company‘s (NYSE:F) decision to halt production of the electric F-150 Lightning has rattled the EV sector, raising fresh doubts about demand for battery-powered pickup trucks. But a Michigan startup backed by Amazon founder Jeff Bezos is betting the market isn't dead yet—pointing to 150,000 reservations as evidence that demand may still be intact.
Slate Hits 150,000 Reservations
Slate Auto took the electric vehicle market by storm earlier this year with promises of an electric pickup truck starting at $20,000, with additional features available as add-ons.
The vehicle surpassed 100,000 reservations two weeks later, with consumers placing a $50 refundable deposit to secure their place in line for the pickup truck, which is expected to start deliveries by the end of 2026.
Slate Auto has now surpassed 150,000 reservations, according to CEO Chris Barman.
Barman was recently featured in a Q&A video with questions from reservation holders. The Slate CEO answered questions like if the company plans on launching self-driving features, as reported by TechCrunch.
Slate's 150,000 reservation milestone comes around seven months after hitting 100,000.
The ending of the $7,500 federal EV tax credit in September led to Slate Auto changing their $20,000 starting price to the vehicle starting in the mid-$20,000 range. This could mean a starting price closer to $25,000, with prices ranging from $30,000 to $40,000 when some basic features are added.
Slate Auto has raised around $700 million through Series A and Series B funding through 2024, according to Newsweek. Bezos Expeditions, the firm that manages Bezos's personal investments, invested in the company, along with General Catalyst and TWG Global.
Read Also: Tesla Co-Founder Takes On Elon Musk, Jeff Bezos With Plans For $41,000 Electric Truck
Slate Vs. Tesla Vs. Ford
The latest reservation figure is good news for Slate, but it may also be misleading relative to other automotive companies’ historical data. Tesla Inc (NASDAQ:TSLA), for example, charged a non-refundable $1,000 deposit for the Cybertruck.
Third-party estimates predicted Tesla had over one million reservations for the Cybertruck before Tesla began deliveries.
With a goal of producing 150,000 pickup trucks at an Indiana factory by the end of 2027, Slate will likely need to have more than 150,000 reservations and customers or it could run out of early demand within a year or two.
With Ford exiting the electric pickup market and pivoting to hybrid and gas-powered vehicles, Slate Auto could have a significant opportunity to quickly bring its truck to market and capture sales from consumers seeking affordable electric pickup trucks.
The Cybertruck came with higher prices than initially anticipated, and demand has reached a point of limited growth.
Tesla CEO Elon Musk once had a goal of selling 250,000 Cybertrucks annually. The vehicle sold an estimated 38,965 units in 2024 and is on pace to sell around 20,000 units in 2025.
A report from Cox Automotive showed the F-150 Lightning as the bestselling electric pickup truck in the United States in the third quarter. Here were the top five electric pickup trucks by sales:
- F-150 Lightning (Ford): 10,005 units, +39.7% year-over-year
- Cybertruck (Tesla): 5,385 units, -62.6% year-over-year
- Silverado (Chevrolet): 3,940 units, +97.5% year-over-year
- Sierra (GMC): 3,374 units, +771.8% year-over-year
- R1T (Rivian): 2,378 units, +13.1% year-over-year
Among major electric pickup trucks, Tesla’s Cybertruck was the only one to see a sales decline in the third quarter. With the F-150 Lightning out of the equation and the Cybertruck’s sales slipping, Slate Auto could be positioned to capture approximately 15,000 units in the U.S. each quarter, in addition to the customers it already has lined up.
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