A $25,000 electric pickup gets closer: Slate Auto wins Michigan backing

Michigan approves up to $5 million in funding for Slate Auto, which is preparing to launch its $25,000 electric pickup by the end of 2026.

American startup Slate Auto has been approved for a grant of up to $5 million from the state of Michigan. The funds will go toward expanding the company's headquarters in the city of Troy as the startup prepares to launch its electric pickup by the end of 2026.

In return, Slate has pledged to create nearly 400 jobs in corporate, engineering and design roles. The minimum wage on offer is set at $43 per hour. The company currently employs roughly 325 people in Michigan, and investment in the headquarters expansion will come to about $10.4 million.

Slate's flagship product is a two-seat electric pickup that converts into a four-seat SUV. The company says it has logged more than 150,000 reservations. The expected starting price is around $25,000, which would make it one of the most affordable electric pickups on the US market.

The base version of the Slate Truck will get a rear-mounted electric motor producing 201 hp and a 52.7 kWh battery with a stated range of 241 km. An 84.3 kWh battery is also planned, with an estimated range of 386 km.