The world’s second-richest man, Jeff Bezos ($202 billion), is taking on the wealthiest man, Elon Musk ($310 billion), in a race for electric vehicle (EV) sales. This development occurs when Musk’s Tesla Inc. (NASDAQ: TSLA) is vulnerable after one of the toughest quarters in its history.
24/7 Wall St. Key Points:
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Tesla Inc. (NASDAQ: TSLA) is vulnerable after one of the toughest quarters in its history.
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A new, affordable electric pickup backed by Jeff Bezos is set to launch.
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What Is Slate?
Bezos is a backer of Slate, which will launch a $20,000 to $25,000 pickup. Its first pickup is targeted to be launched next year.
The pickup will be made in Indiana and can be modified with what it calls “kits,” which allow buyers to convert it into an SUV. The kits can be added elsewhere. Slate will offer two batteries. One will have a range of 150 miles. The other will have a range of 240 miles. Each is below the range of the most popular EV pickups. Tesla’s Cybertruck has a range of 320 to 350 miles. The Ford F-150 Lightning has a range of 300 miles. Each is much larger than the Slate product and much more expensive, with base prices of well over $60,000.
Electdrive reports that the Slate pickup is inexpensive because it will not use large stamping presses and will have spartan interiors.
Several of Slate’s executives used to work at Bezos’s Amazon, but Bezos’s presence as an owner has been kept quiet.
A low price may not help Slate be successful, although that is what its chief executive is counting on. “We are building the affordable vehicle that has long been promised but never been delivered,” CEO Chris Barman commented. The EV pickup field is crowded, although not at a bargain basement price.
A Cautionary Tale
A cautionary tale about EV pickups is that of the deeply troubled EV pickup company Rivian Automotive Inc. (NASDAQ: RIVN). It has lost billions of dollars, and its stock price has cratered over 90% in the past five years. Granted, its EV pickups are expensive, and it delivered only 8,640 vehicles in the first quarter.
Finally, the market for EVs in the United States has slowed significantly. This is due in large part to the number of chargers available and vehicle range.
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