Tesla has become a global benchmark in the world of electric cars. Under the leadership of Elon Musk, the brand has grown by leaps and bounds and has consolidated its position as a market leader. Its models, technology, and strategy have set trends for more than a decade.
However, a new player has decided to enter this field with force. It is an ambitious investment backed by Jeff Bezos that could change the rules of the game. The upcoming competition promises to be intense and threatens to shake the foundations of the empire built by Elon Musk.
Slate Auto: Bezos's big Bet
Jeff Bezos has been secretly investing in Slate Auto, an electric vehicle brand based in Michigan. This company was created in 2022 under the umbrella of Re:Build Manufacturing, another firm owned by the founder of Amazon. Since then, it has been working under the radar but with a solid structure and a clear strategy, according to TechCrunch.
Slate Auto has managed to assemble a team with experience in some of the most important brands in the automotive sector. Among the hired profiles are former employees of Ford, General Motors, Stellantis, and Harley Davidson.
Financially, the company has raised $111 million in a Series A investment round and another $500 million in a Series. Thanks to the backing of influential figures like Mark Walter, owner of the Los Angeles Dodgers, and Thomas Tull, the main investor of Re:Build.
With these resources, the company plans to start producing electric vehicles next year. The chosen location would be a plant in Indianapolis. Everything indicates that Bezos isn't improvising but has structured a serious project with aspirations to compete on a large scale.
A business model opposite to Tesla's
Unlike Tesla, which has opted for exclusive design and high prices, Slate Auto wants to access the mass market. Its strategy focuses on producing affordable models that reach a broader audience. The first vehicle they intend to launch is a two-seater electric pickup truck, with an estimated price below $25,000.
This approach could make a significant difference, as competitive prices remain one of the barriers to the mass adoption of electric cars. To increase its revenue, the company also plans to sell accessories and personalized clothing related to its vehicles. It has even registered the slogan "We Build It, You Make It."
The arrival of Slate Auto could pose a real challenge for Tesla, which has so far had almost undisputed leadership in the sector. With Bezos at the helm and a well-funded proposal, Elon Musk will have to prepare for a new stage of direct competition. The future of the electric market becomes more interesting than ever.