Bezos Vs. Tesla Vs. Rivian Stock? Company Backed By Amazon Founder Can Turn $20K EV Truck Into SUV

Both Rivian Automotive RIVN and Tesla Inc TSLA have new, more affordable electric vehicles on the horizon and that could be what's needed to fight off a new EV startup backed by Amazon.com founder Jeff Bezos.

What Happened: Michigan-based startup Slate Auto has been unveiling concept versions of its electric pickup truck over the past few weeks and held an event on Thursday that highlighted more details of the company's future.

Slate Auto refers to its base model as the "Blank Slate" model, according to a TechCrunch report. The company has trademarked "We Built It. You Make It" and the concept versions might explain why.

The startup, which counts Amazon.com founder Bezos as an early investor, may use a marketing strategy of highlighting how the company's model can transform from an electric pickup truck to an SUV, creating two vehicles in one.

Called a "Transformer-like vehicle" by TechCrunch, the new vehicle could quickly catch the attention of new vehicle shoppers looking for either an electric pickup truck or an electric SUV.

One auto journalist wrote that the truck "is unlike any new vehicle I've ever seen, not just in my decade as a car journalist, but in my entire lifetime."

On Thursday, the unveiling of the Slate Auto truck showed how basic the customizable vehicle is, with TechCrunch reporting the vehicle has manual windows and no infotainment screen.

Also showcased at Thursday's event was how the vehicle can go from a two-seater pickup to a five-seater SUV. The company said buyers could complete this transformation themselves with "no mechanics certification required."

Another key detail from the unveiling event was the price, with the first Slate Auto truck model expected to cost under $20,000 with federal EV tax credits. The truck is expected to be available by the end of 2026. Buyers could customize the vehicle with add-ons that would elevate the starting price.

Slate will offer around 100 different accessories at launch that can personalize the base model, along with "starter packs" of basic accessories. The base version has an estimated range of 150 miles, with an option to upgrade to a larger battery with 240 miles of range.

"We are building the affordable vehicle that has long been promised but never been delivered," Slate Auto CEO Chris Barman said at the event.

Why It's Important: Traditional automakers and electric vehicle companies have launched models with many tech-focused bells and whistles inside and outside.

Rivian CEO RJ Scaringe has argued for years that the electric vehicle sector needs more sub-$50,000 vehicles. Now an upcoming competitor could have the right idea by starting basic and letting customers choose their options.

With a starting price point of under $20,000, the Slate vehicle could be considerably cheaper than other electric pickup trucks, like the ones below, with starting prices from Kelley Blue Book.

F-150 Lightning: $57,090
Chevrolet Silverado EV: $75,195
R1T: $71,700
Cybertruck: $82,235

Ford Motor Co F could also be impacted by Slate Auto, with the F-150 Lightning ranking eighth for overall U.S. EV market share in the first quarter and sixth in 2024.

The Cybertruck ranked 10^th among all EVs in the U.S. in the first quarter and was fifth in 2024.

Rivian did not have a top 10 vehicle in the first quarter, with its SUV, the R1S, ranking 10^th in 2024 with 26,934 units sold.

Rivian had total deliveries of 51,579 vehicles in 2024 and hopes its next models dramatically increase that figure in the future.

While Slate Auto is only a startup and has not delivered any vehicles, the company's early pricing and customizable features could scare other electric vehicle manufacturers.

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