An electric truck priced under $20,000 sounded almost too good to be true. And, as it turns out, it was. When startup Slate Auto initially announced its all-electric pickup, the promise of sub-$20,000 pricing grabbed attention across the U.S. EV market.

But the company may have overlooked a key political shift: President Donald Trump’s campaign pledge to eliminate the so-called EV mandate, which signaled that the federal tax credit was on shaky ground. So, when it was confirmed the credit would be scrapped on September 30, it came as no surprise that Slate walked back its pricing commitment, stating the EV will instead be priced in the “mid-twenties.”

Read: Slate’s Affordable Electric Truck Just Got A Whole Lot More Expensive

Despite the adjustment, Slate isn’t backing away from its optimism. The new automaker still remains confident in the Blank Slate’s appeal. According to chief executive Chris Barman, it appeals to five very-specific groups of buyers. If Slate is to establish itself as a legitimate player in the EV space, then it’d better hope that these five groups do indeed buy it.

Strong Reservations, Cautious Optimism

In a recent interview with Sherwood News, Barman shared that Slate has already racked up 100,000 refundable reservations for the EV. A large portion of those, he said, are from “everyday Americans for whom it’s just an affordable vehicle and a lot of utility and value for the money.”

Additionally, Slate says it’s received plenty of interest from young professionals, who have “either just finished trade school or are just out of college.” According to Barman, they are “looking for value for the money” and love the customization element of the truck.

Who Else Is Buying?

New drivers are also showing the Blank Slate love. Backed by funding from Jeff Bezos, the vehicle is emerging as a practical option for younger drivers looking to buy their first car. According to Barman, parents “like the fact that there are only two passengers, it doesn’t have an infotainment for distraction, and it has really high safety standards.”

An interesting demographic where the Blank Slate is proving itself to be appealing is among “contemporary seniors.” Barman describes these as semiretired or retired individuals interested in an EV, but wanting a simpler driving experience than most other EVs. She added, “the fifth type that we see is a lot of people who are just auto enthusiasts. They want to just be able to trick it out.”

Of course, high reservation numbers don’t always translate into actual sales. Tesla’s experience with the Cybertruck showed how early enthusiasm can taper off. For Slate, the real test will come when production starts and deposits need to turn into deliveries, especially for early birds who were under the impression that prices would start from around $20,000.

Slate made a splash with an affordable, electric pickup that was slated to cost less than $20,000 after federal incentives. However, that’s no longer the case as the company has quietly updated their website to say the “Blank Slate is expected to be priced in the mid-twenties.”

The company went on to say the “price is subject to change” and “does not include taxes, fees, and accessories.” While the latter is to be expected, Slate’s revised statement suggests we can expect a price hike of around $5,000. That makes the truck far less appealing as the bigger and better equipped Ford Maverick begins at $28,145.

More: Slate Shakes Up EVs With A Pickup That Turns Into An SUV And Costs Less Than $20,000

Slate hasn’t publicly addressed the change, but it appears to be tied to President Trump’s signing of The One Big Beautiful Bill into law. The sprawling piece of legislation includes everything from a tax deduction on auto loan interest to funding for a “Golden Dome” missile defense system.

It also cut funding for solar and wind facilities as well as the clean vehicle credit. The latter will be phased out on September 30, 2025 instead of December 31, 2032. This applies to both new and used vehicles.

Photos Slate Auto

While the changes are brief – just one line for the previously-owned clean vehicle credit – they’ll have a huge impact on electric vehicles as consumers will no longer get a discount of up to $7,500. This means prices will likely rise, while demand could fall.

It’s not hard to see why as it would be easy to live with a few tradeoffs for less than $20,000. However, at around $25,000, things get a little more complicated.

That being said, the Slate truck will have a rear-mounted motor producing 201 hp (150 kW / 204 PS) and 195 lb-ft (264 Nm) of torque. It will be powered by 52.7 and 84.3 kWh battery packs, which deliver ranges of approximately 150 and 240 miles (241 and 386 km). Customers can also expect a leisurely 0-60 mph (0-96 km/h) time of around eight seconds and a top speed of 90 mph (145 km/h).

H/T to TechCrunch

Building an electric vehicle that’s affordable, customizable, and actually something people want to drive has become the holy grail of the modern car industry. Slate Auto, a startup in the EV world, has been generating plenty of hype over the past few months by claiming it can deliver exactly that.

But beneath the viral videos and slick promises, the reality is a back-to-basics vehicle that skips many modern comforts and might not end up costing much less than a Ford Maverick. And according to one Stellantis executive, Slate’s wallet-friendly image could unravel pretty quickly.

Read: Slate Shakes Up EVs With $28,000 Pickup That Turns Into An SUV

The startup has adopted a novel approach with its EV. Known simply as The Truck, as the company wants buyers to name their pickups, all of Slate’s vehicles will leave the factory looking exactly the same. Shoppers will then be able to select options and special features to make their Slate stand out.

Want it to resemble more of an SUV? Just check the box for the optional roof. Want an exterior wrap or speakers for the optional audio system? Those are on the list too. Just check the boxes and build it out from there. Slate says pricing will start under $28,000, or around $20,500 after applying the $7,500 federal EV tax credit.

However, as part of the Trump administration’s proposed One Big Beautiful Bill Act, this incentive could be phased out after 2026. In practice, it might disappear even sooner, by the end of 2025, since it would only apply to vehicles from automakers that have sold fewer than 200,000 EVs.

Kuniskis Reacts

Ram chief executive Tim Kuniskis thinks that prices of the Slate electric truck will be much higher than advertised. “I think it’s super interesting,” he told CNBC. “The idea behind it, we’ve talked about that idea a million times. Now, what’s it going to actually transact at in the marketplace … when people start to option them up, it’s not going to be $20,000. It’s going to be $35,000, and by the time you get to $35,000, you’re in midsize truck territory.”

Kuniskis has a point. The starting price of the Slate may be compelling, but it’s important to note that it lacks many of the features you’d expect from a modern car. It doesn’t have an infotainment system, there are no speakers, and there are manual window winders. Option in some of those things, like Bluetooth speakers, and the price will rise. Once the tax credit is gone, the Slate may not seem so appealing.

Affordability Still Elusive

“Slate is an example of why and how hard it is to produce a cheap EV,” iSeeCars auto analyst Karl Brauer told CNBC. “They are producing an electric vehicle with only two seats, 140-mile range, manual windows, no touch screen, and it’s still $27,500 … To me, it’s not a competitive vehicle at that point.”

For now, Slate is chasing a compelling idea of an EV that’s simple, customizable, and affordable. But unless costs stay low without the help of government incentives, it risks becoming yet another example of how tough it really is to build an electric car for the everyman.