Trump Vs. Bezos: How 'Big Beautiful Bill' May Wreck $20K EV Dream

by Chris Katje Benzinga Staff Writer

Zinger Key Points

Slate Auto is backed by billionaire Jeff Bezos as it pushes into the EV sector.
The end of the $7,500 federal tax credit could make things tough for new EV models to sell to consumers.
Up Next: Get 5 Dark Horse Stocks Wall Street Is Quietly Loading Up On

An electric vehicle company backed by billionaire Jeff Bezos is one of the companies that will be hurt by the ending of the $7,500 federal tax credit.

What Happened: The passage of the “Big Beautiful Bill” by Congress and President Donald Trump will end the $7,500 EV tax credit in months, eliminating one of the primary incentives for people when choosing to purchase an electric vehicle over a traditional automotive vehicle.

Slate Auto, which is backed by Amazon.com Inc founder Bezos, is building a customizable electric pickup truck that can also transform into an SUV. The vehicle comes with a bare-bones list of features, allowing customers to customize it the way they want.

The auto startup initially promised to have the pickup truck available for around $25,000, with a starting price of under $20,000, including the federal tax credit. The pricing was based on minimal features from consumers.

Slate Auto now lists the price as expected in the "mid-twenties" on their website, a change in language, as first reported by TechCrunch.

This means the vehicle will likely start at around $25,000 without much customization and could see most versions of the vehicle come closer to $30,000 to $40,000, based on features that many consumers are likely to choose.

Why It's Important: The Bezos-backed company is one of many electric vehicle companies, including Tesla Inc. TSLA, that the federal tax credit will hurt.

Tesla CEO Elon Musk has previously welcomed the end of the $7,500 federal tax credit, with analysts suggesting that the removal would hurt Tesla more than its competitors.

Many Tesla vehicle models were eligible for the $7,500 federal tax credit. Without the credit, consumers will now be expected to pay more if they choose to switch to an electric vehicle.

Slate Auto is accepting $50 fully refundable reservations ahead of a planned launch for late 2026 production. The company received over 100,000 reservations in two weeks and became a trending storyline in the auto space thanks to Bezos’s name, the simplistic design and customization, and the ability to convert from a pickup truck to an SUV.

Losing one of the key features of a vehicle starting at under $20,000 could take away some of the charm from Slate Auto. Outside of price, the company's customization is likely the biggest selling point, and it is the way the company differs from Tesla and other EV automakers.

The Slate Auto pickup truck, at its base price and with customization, will still be cheaper than the Cybertruck from Tesla and other electric pickup trucks, such as the F-150 Lightning from Ford Motor Company.

Bezos was one of several billionaires who attended Trump's presidential inauguration earlier this year. Trump was also invited to Bezos' recent Italian wedding, but chose not to attend due to a scheduling conflict.

While Bezos and Trump are friends, the “Big Beautiful Bill” — now signed into law — could hurt Slate Auto, the Bezos-backed EV startup

Read Next: