Indiana-built EVs target affordability amid growing demand
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Photo: Courtesy of Slate Auto
Used electric vehicles are flying off dealer lots as pinched car buyers hunt for budget-friendly options.
Why it matters: Soaring demand has led to a rare phenomenon — used EVs rising in value, rather than depreciating.
- But Slate Auto, which is building modular electric trucks in the Hoosier state, believes there's room in the market for an EV designed from the ground up to be affordable and customizable.
By the numbers: Used EV sales rose 10.1% from a year ago in July, according to Cox Automotive, as more off-lease vehicles and trade-ins expand the pool of available electric cars.
- Recurrent, a research firm specializing in the used EV market, says used EV prices rose 5.1% from January through June, with vehicles priced below $20,000 gaining 9.4%.
- Affordable picks are especially hot. A 2023 Chevrolet Bolt that averaged $17,718 in January was going for $21,204 in June — a nearly 20% increase.
- Meanwhile, gas prices remain high, giving consumers more reason to consider an EV.
Zoom in: Slate is taking reservations now for the electric trucks they're building at a re-industrialized factory in Warsaw, with an announced investment of nearly $400 million and plans to create more than 2,000 jobs.
- Each Slate starts fairly blank with a simple two-seat electric pickup and lets owners change it over time.
- An SUV kit can turn it into a five-seat vehicle, while other kits can create different body styles or add cargo capacity.
- Slate says its truck will start at $24,950, before taxes, fees and options.
Between the lines: The interior tech is intentionally simple. For example, the Slate has no built-in infotainment screen.
- Instead, owners use their phone or add a tablet, Bluetooth speaker or other accessories.
- Traditional physical controls replace touchscreens for functions such as heating and air conditioning. Slate says the approach reduces cost and avoids technology becoming outdated.
- The base vehicle uses a single rear-mounted electric motor and a 52.7-kWh battery that can be charged from 20% to 80% in under 30 minutes, and has an estimated range of about 205 miles.
What they're saying: Customization is core to the business model. The company's marketplace will offer over 200 accessories with more than 80% priced below $500.
- Owners can add things such as roof racks, audio equipment and seat covers, or even change the vehicle's exterior with wraps.
- "Slate gives customers the freedom to buy only what they need today and personalize their vehicle as their needs change tomorrow," Slate CEO Peter Faricy said in a statement.
What's next: Slate is still in pre-production. The company expects its first deliveries in the fourth quarter of 2026, and specifications remain subject to change.
- Last week, the company shared a clip of its latest prototype builds, saying production is "ahead of schedule."
What we're watching: Whether Slate can make its unusual approach work at scale.
- The company is betting consumers would rather start with a simpler, cheaper vehicle and add features as they need them than pay upfront for technology and equipment they may never use.
Cox Automotive is owned by Cox Enterprises, Axios' parent company.