Slate Auto drops ‘under $20,000’ pricing after Trump administration ends federal EV tax credit

In a significant shift that could redefine its market strategy, Slate Auto, the electric vehicle (EV) startup famously backed by Jeff Bezos, has ceased advertising its forthcoming pickup truck with an “under $20,000” starting price. This pivotal change comes in the wake of the Trump administration’s tax cut bill, which is set to eliminate the crucial federal EV tax credit of $7,500 in September, a key incentive Slate had factored into its initial pricing.

Since emerging from stealth mode in April, Slate Auto had prominently highlighted its aggressive pricing, with the promise of an all-electric pickup truck accessible for less than $20,000, explicitly contingent on the federal tax credit. This pricing was a cornerstone of their market entry, with the language visible on their official website as recently as yesterday, according to the Web Archive.

The impending legislation, expected to be signed into law by President Trump on July 4, effectively removes a substantial financial incentive that was integral to Slate’s vision of an ultra-affordable EV. This development presents a considerable challenge to the nascent company’s ambitious goal of democratizing electric vehicle ownership.

While Slate Auto has yet to disclose the precise starting price of its vehicle without the federal incentive, a spokesperson for the company declined to comment on the pricing adjustment. At its launch event, the startup opted not to reveal an exact figure, leaving consumers in anticipation of the true cost.

Production of the Slate Auto pickup truck is not slated to begin until late 2026 at the earliest. The company’s business model emphasizes high customizability, suggesting that the base model, even if offered, might not be the primary choice for most buyers. Nevertheless, the initial sub-$20,000 promise was a powerful draw, generating significant interest and reservations following its high-profile April launch event.

During the launch, company executives underscored their commitment to affordability. Jeremy Snyder, Chief Commercial Officer, stated, “The auto industry has driven prices to a place that most Americans simply can’t afford. But we’re here to change that.” Echoing this sentiment, CEO Chris Barman added, “We are building the affordable vehicle that has long been promised but never been delivered.”

The cessation of the federal EV tax credit forces Slate Auto to re-evaluate its pricing strategy, potentially impacting its competitive edge in a rapidly evolving EV market. The industry will be closely watching to see how this Bezos-backed venture adapts its promise of an affordable electric future in light of new economic realities.