Chris Barman, the CEO of Slate Auto, is on a mission to provide affordable electric vehicles to everyday Americans. With his extensive background at Chrysler, Barman is leveraging his expertise to embark on a new venture that could revolutionize the electric vehicle market. Slate Auto has recently unveiled an ambitious plan to launch a new electric pickup truck priced at just $25,000, which could potentially drop below $20,000 with applicable tax credits. This bold move comes at a time when the average cost of a new car in the United States is close to $50,000, making affordable options increasingly scarce for many consumers.

In an exclusive interview with Business Insider, Barman emphasized the pressing need for safe, reliable, and reasonably priced transportation. "Theres a massive population of people out there when it comes to safe, reliable, affordable transportation; there just really arent many alternatives for them," she stated. The introduction of Slates new truck could address this significant gap in the market, a gap that major players like Tesla have yet to fill. Although Elon Musk has teased the possibility of a $25,000 Tesla model, there is no set timeline for its release.

The stakes are high, as the average price of electric vehicles (EVs) in the U.S. currently stands at approximately $59,000. Electric pickups are particularly pricey, with models like the Ford F150 Lightning, Rivian R1T, and Tesla Cybertruck often exceeding $100,000. Slates introduction of a truck that meets a significantly lower price point could provide a much-needed solution for consumers seeking economical electric options.

The Slate Truck, which will come equipped with a minimum of 150 miles of range, is expected to claim the title of the most affordable new electric vehicle and pickup truck in the U.S. market. Barman, who joined Slate as CEO in May 2022, is a mechanical engineer with a rich history in product development at Chrysler, culminating in her role as Vice President of Electrical and Electronics at Fiat-Chrysler Automotive. Her personal connection to basic, accessible vehicles is evident as she recalls her first car, a 1984 Ford Ranger. "It was basic transportation, but I loved the freedom it gave me to go places and do things," said Barman, highlighting her commitment to making reliable transport accessible.

During the design phase of the Slate Truck, Barman and her team prioritized affordability without compromising on essential functions. For instance, while the vehicle comes with a key fob for convenience, the design process included deliberations on whether to include basic features like a manual key, which could lower costs but may cause inconvenience. "Thats just an example of how we went through system by system and talked about, and were really thoughtful about what it means to get the cost out of the vehicle," Barman elaborated.

Slate's innovative business model revolves around offering a base model that serves as a "blank slate," allowing consumers the flexibility to choose add-ons and customizations when their budgets allow. "It gives freedom of choice to the owner of what accessories they would want to put on the vehicle, either at the time of purchase or over time, depending on their budget," Barman explained. This flexible approach allows owners to start with a basic truck, equipped with manual windows and no radio, and gradually enhance their vehicle with features that suit their evolving needs, such as color wraps or upgraded infotainment systems.

Furthermore, the company offers a unique kit that allows the truck to be transformed into a five-passenger SUV. As families grow, owners can adapt their vehicle without needing to invest in a completely new car, thus saving money and generating additional revenue for Slate from existing customers. This model stands in stark contrast to traditional practices within the automotive industry, where ownership often leads to a cycle of trading vehicles in for new models.

In an era when cars are becoming increasingly complex and expensive, Slate Auto is one of the few companies promoting a DIY approach to vehicle maintenance and upgrades. By adopting a direct sales strategy, Slate eliminates the need to maintain a dealership network, which often relies on service departments for profitability. Barman noted that the upgrade processes for Slate vehicles will be designed to be user-friendly, with plans to launch "Slate University," a series of instructional videos aimed at guiding owners through the upgrade process, from installing power windows to adding rear seats and airbags for the SUV kit.

As for production, the Slate truck is expected to be manufactured in a yet-to-be-named facility in the Midwest, with customer deliveries slated to begin at the end of 2026. Barman expressed a desire to revitalize communities by potentially re-industrializing shuttered facilities for this initiative. Interested customers can currently place reservations for the Slate Truck with a fully refundable deposit of $50.