Slate Auto appoints new CEO ahead of commercial launch

On March 9, U.S. electric vehicle (EV) startup Slate Auto appointed Peter Faricy as its new CEO to prepare for the company’s commercial launch. Faricy, a former Amazon Marketplace VP, replaces former CEO Chris Barman. Barman is staying with the company and transitioning to the role of President of Vehicles to focus on the upcoming commercial launch of the vehicles, while Faricy prepares the company for production.

The company first came to light on April 8, when TechCrunch published a story revealing its existence. Prior to this public disclosure, Slate Auto had operated in secret for three years in Troy, Michigan. The startup is developing an ultra-cheap, customizable electric pickup truck. The company has developed the EV to have modular capabilities, featuring “Transformer-like” customization. The base version of the truck offers 150 miles of range and is designed without paint, power windows, or a main infotainment screen, allowing customers to customize the vehicle’s overall silhouette and seating.

Initially, Slate Auto announced the truck would be available for under $20,000, a price point that factored in a $7,500 federal EV tax credit. However, after the federal EV tax credit was set to end, the company removed the “under $20,000” pricing language from its website. The starting price of the electric pickup truck is around $25,000. To manufacture the vehicles, Slate Auto identified a former printing plant in Warsaw, Indiana as its factory location. The company plans to utilize this 1.4 million-square-foot facility for its vehicle production.

The startup has secured funding from investors including Jeff Bezos and Mark Walter. Slate Auto’s 2023 funding round included at least 16 investors, with Slauson & Co. participating as an investor in both that initial round and the company’s Series B (a specific stage of venture capital funding). Despite broader industry headwinds, the company has seen consumer interest. After making its debut at an April 24 launch event in Long Beach, California, the company surpassed 100,000 refundable reservations within two weeks. The company later surpassed 150,000 total refundable reservations for its vehicles, which require a $50 reservation fee.

Why it matters

Slate Auto represents a high-stakes attempt to scale an ultra-low-cost, customizable EV in the U.S. market. Under the leadership of a former Amazon executive, the company is navigating the transition from prototype to commercial production amid shifting federal tax incentives.