Slate Auto CEO Says $24,950 EV Truck Will Turn a Profit

Slate Auto CEO Peter Faricy told CNBC on Thursday that the electric vehicle startup's debut truck, priced at $24,950, will be gross margin positive on every single unit the company produces — a bold claim in an industry where even established automakers have struggled to make EVs profitable.

Faricy's comments signal a pivotal moment for the fledgling company, which is positioning its bare-bones electric pickup as an affordable alternative in a market dominated by far more expensive electric trucks. The startup is also targeting positive cash flow in the coming year, a milestone that would sharply distinguish Slate from a long line of EV challengers that burned through capital before delivering a single vehicle.

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Achieving per-unit profitability at such a low price point would be a significant engineering and manufacturing feat. Most EV manufacturers have historically subsidized early production losses, betting on volume and battery cost declines to eventually make the math work. Slate appears to be betting it can crack that equation from the start, though the company has yet to begin mass production.

The startup's strategy hinges on keeping the vehicle intentionally simple — stripping away features that add cost without proportionally adding value for its target buyer. That minimalist philosophy, combined with an aggressive price, is designed to open the electric truck market to a broader swath of American consumers who have been priced out by competitors offering trucks that frequently exceed $50,000.

Whether Slate can execute on Faricy's promises will be closely watched by investors and industry analysts alike. Continue reading at US Top News and Analysis.