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A new auto startup is launching with a made-in-America EV that with federal tax credits will cost just $20,000. Backed by Jeff Bezos and Eric Schmidt, Slate Auto says that affordable price is possible because of its pared-down, basic model that can then be customizedand even transformed from a truck into an SUV.Slate Auto has been in stealth for almost three years, says CEO Chris Barman, who worked as a Chrysler executive until 2017. Based in Michigan, Slate spun out of Re:Build Manufacturing, a company cofounded by Jeff Wilke, former CEO of Amazons worldwide consumer business. Slate purports to be rekindling American industry with a suite of U.S. industrial businesses, from batteries to composite manufacturing. (Barman is employee number two at Slate; the company now has more than 400 employees.)Recently, concept vehicles wrapped in ads for fake businesses began appearing on California streets. The company is officially launching today, with refundable vehicle reservations open now for $50. In recent days, the company has put some of its prototype vehicles on California streets, showcasing the possible configurations that will be available.When baby drives you crazy, we drive them to sleep, read one ad for a faux company called CryShare, wrapped around a two-door, boxy SUV. The included website, rockabyerides.com, went to a sign-up page that read Whats a Slate? Be the first to find out. Another vehicle with a hatchback cap was covered in ads for cat therapy sessions, and a third, a pickup truck, with ads for a fake human taxidermy service.[Photo: Slate]The unique marketing campaign was meant to be unlike any traditional vehicle unveiling. We want to look at things very differently than what traditional automotive has done and what traditional automotive is providing to a consumer, Barman says. That ethos also applies to the design of the Slate Truck, intended as a basic platform that can be accessorized by any customer.[Image: Slate]A blank slate The Slate Truck will begin as a two-door, two-seat electric pickup, with crank windows and no infotainment system. New cars today can come with lots of built-in featureslarge screens, heated seats, and so onbut to design Slate, Barman says, it was about What are really the essentials that should go into a vehicle in order to bring it down to a price point that is affordable?Customers will be able to be pick from more than 100 accessories to add on for an extra costeverything from cup holders to a center console to a single roof crossbar to power windows. Since many people use their phones for music and navigation, the company eliminated the infotainment system to cut costs. Instead, theres an accompanying app (at no charge) that drivers will be able to use when in the vehicle. If someone wants a radio in their Slate, its been designed so that one could be easily installed.Barman says Slate wants to change the typical process in which a buyer goes to a new- or used-car lot and picks a car, and then has to acceptand pay forall the features it comes with. Weve decoupled that and said to the owner of the vehicle: You choose. You choose if you want a radio. You choose if you want to have heated seats. You choose what you want the color to be, she says. We are putting the power back into the hands of the consumer, so we give them this blank slate, and then they decide. [Image: Slate]The Slate Truck will have exterior panels that are composite, rather than sheet metal. When using sheet metal, companies must have machines that stamp out the pieces; Slates composite panels will be made using injection molds. That means the company doesnt have to invest in a stamping operation or a paint shopwhich can run $400 million or more for automakers, Barman says. It also means the EV isnt limited to a few colorways. Instead, drivers could put a wrap on it in any color they want. Slate envisions offering customers a wrap kit of die-cut pieces as well as instructional videos so they will be able to do it themselves (the Slate Truck was also designed without any external hardware so that wraps can be applied more easily). Or, the company will offer to prewrap the vehicle before delivery; it plans to have a network of partners in neighborhoods across the country that will be able to perform the installation for customers. (The wrapped vehicles that appeared with fake ads were a nod to this customization element.) [Image: Slate]Slate will offer two EV battery options: The standard comes with a range of 150 miles, but customers will be able to upgrade to a battery with an estimated 240 miles of range. The body of the EV will also be alterable, going from a two-door pickup to a five-seat SUV, with upgrades. Barman notes that customers could even do those changes over time, rather than when they first purchase the vehicle.Maybe when [someone] first buys it, theyre single or just married, and after a few years they have a family, they can convert it, she says. And in doing that, it would cost them maybe $5,000 to make that change. But they dont have to sell their vehicle and buy a completely new one. Its a very cost-effective way to allow the vehicle to grow with them as their life changes. [Image: Slate]Offering an affordable EV made in AmericaThose upgrades would add to the EVs price. If a customer wants a longer-range battery, a wrap, and to turn the truck into an SUV, those adjustments would cost roughly $10,000. The basic version of the Slate Truck, after the federal EV tax credits are applied, comes to $20,000. Our passion is this mission to bring an affordable vehicle to the market for the many people who felt that they didnt have an alternative, Barman says. Slate Auto raised at least $111 million in a Series A funding round in 2023 (under the name Re:Car), according to a Securities and Exchange Commission filing. Bezos was among 16 investors in that round, TechCrunch previously reported, adding that Slate closed a Series B funding round last year but has yet to file the paperwork. Slate told Fast Company that the Walter Group, led by Mark Walter, CEO of Guggenheim Partners, is also an investor.The EV tax credits offer a total of $7,500 back for vehicles that meet specific requirements like being manufactured in the U.S. Though President Trump has said he wants to get rid of the EV tax credits, they are currently still in place. Barman says Slate hopes they remain available to allow more individuals access to its EV. But if the federal credits do go away, she says, We have a very affordable vehicle priced in the mid $20,000s, so its attractive and very competitive at that price point. [Image: Slate]The average price of a new car purchased in the U.S. is above $49,000, according to Kelley Blue Book. The average price of a new EV is even higher, at $55,500. While markets like China have been able to build ultra-affordable EVs, some as low as $10,000, those options havent been available for car buyers in the U.S. (though automakers have said that theyre working on affordable options). With a $50,000 new car, consumers can expect a monthly payment of around $900, Barman says. Even used vehicles, at an average $27,000, can come with monthly payments that exceed $500. Consumers should aim to spend no more than 10% of their monthly take-home pay on car expenses, per Market Watch, but for a new $48,000 car, that means making at least $96,000 a year to afford the $800 monthly payment. In 2023, only 40% of U.S. households made more than $100,000. Barman says monthly payments for a Slate Truck will average $300 to $400.[Image: Slate]Slate Auto will build a factory somewhere in the Midwest, in order to be located near the automotive supply center, but its still assessing specific locations. We really are focused on reindustrializing America, Barman says. (Some car parts will still have to be purchased from abroad because they are not made domestically at alllike the manual window cranks.) Slate will sell direct to consumer through its website, and the truck will be delivered near customers homes; the company plans to set up a nationwide service network as well. Slate plans to bring its EV to market and into consumer hands by the fourth quarter of 2026.
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E-Commerce
The Fast Company Impact Council is an invitation-only membership community of leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual dues for access to peer learning, thought leadership opportunities, events and more. For anyone following the headlines about African fintechs over the last few years, it must have felt like a wild ridefrom buzzing highs to plunging lows, and everything in between. But beneath these surface narratives, a more interesting story is emerging. This will be the year the focus on African fintech shifts from valuations to delivering value, and the process is already underway. Sustainable practices take center stage Fintech funding in Africa dropped by 37% from 2022 to 2023. The downward trend persisted in 2024, with funding in the first half of 2024 falling from $864 million to $419 million, a 51% decrease versus the same period in 2023. This funding downturn has forced fintechs to reassess their models, moving away from growth-at-all-costs towards sustainable business practices that emphasize real-world solutions and long-term viability. Now, fintech companies must focus on building resilient, profitable businesses that can thrive without relying on constant infusions of venture funding. Take Nigeria’s emerging direct debit solutions worth over $13 billion in 2023, according to the Central Bank of Nigeria. This isn’t a speculative bet on one of the many technology trends. Instead, these are practical innovations that help businesses in the country stabilize cash flow and simplify recurring payments for consumers. The focus on solving real problems rather than securing the next investment round signals a maturing ecosystemone that prioritizes longevity over hype. Technology that matters The shift isnt happening in a vacuum. African consumers are more selective than evertheyre not just mobile-first but mobile-native. They expect frictionless digital experiences comparable to global platforms, but with local relevance. This is forcing fintechs to focus on what truly works. Artificial intelligence plays a role in this transformation, but not in the way many predicted. Fintechs are using AI to enhance fraud detection, automate compliance, and personalize financial servicespractical applications that build trust and drive adoption. Similarly, blockchain is proving valuable beyond speculation. Instead of chasing volatile cryptocurrencies, fintechs are leveraging blockchain to improve cross-border payments, cutting costs, and speeding up remittances. With Africa receiving over $100 billion in annual remittances, these innovations have a direct, meaningful impact. When traditional transfer fees eat into crucial remittances, blockchain’s ability to reduce costs and increase speed isn’t just a technical achievement, it’s a tangible improvement in people’s lives. The new success metrics The combination of consumer-driven demand and practical innovation is reshaping how success is measured in African fintech. The next wave of investment won’t be driven by hype or viral success stories. Instead, investors are looking for sustainable growth and profitability over inflated valuations. They are looking for products that address fundamental pain points rather than trend-driven solutions as well as operational efficiency and strong regulatory compliance. As we enter a new cycle where reality replaces hype, 2025 will mark a turning point for African fintech. The most successful companies wont be those chasing the biggest headlines but those solving simple, essential problems exceptionally well. This isnt the end but merely the beginning of a more mature, impactful, and enduring era. The revolution may be quieter than expected, but its impact will be deeper than ever imagined. Olugbenga GB Agboola is founder and CEO of Flutterwave.
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E-Commerce
The Fast Company Impact Council is an invitation-only membership community of leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual dues for access to peer learning, thought leadership opportunities, events and more. Im not one to jump on every shiny new tool just because its trending. Some tech tools, gadgets, and software have transformed my life for the better (like the Meta Quest), and some ventures did not fare so well (I will ignore Apple Watchs reminders to stand until the end of time). But AI? Its different. AI isnt in the same league as the other tech you know and love. This is not just another tool, its a shift in how we think, create, and operate. At Quantious, weve dedicated the past few years to learning everything there is to know about AI, and weve embraced it not as a crutch, but as a catalyst. As a longtime agency owner, I know the importance of finding ways for my team to work smarter, faster, and more creatively. So, heres why I encourage my employees to use AI every day. 1. AI allows us to be better creatives We keep up with the newswe know some are saying that AI will kill creativity and make us dumber. At Quantious, we prefer to give our employees ownership to explore firsthand how AI tools can fuel fresh ways of thinking and offer new angles. Our designers leverage AI while prototyping, our copywriters lean on it to work through creative blocks, and our strategists use it to analyze massive amounts of data effortlessly. Through experimentation and education on responsible AI practices, were seeing that AI isnt replacing our creative instincts, its sharpening them. Were breaking through limits, unlocking ideas we never considered, and pushing creative boundaries in our work like never before. 2. AI keeps us at the top of our game AI is only going to get more advanced, more complex, and more intelligent. By weaving AI into our daily processes now in ethical and responsible ways, were future-proofing our team and staying ahead of the curve. AI literacy will soon be table stakes for business leaders and employees looking to stay at the top of their game. Were already bridging the gap between awareness and applied proficiency, a goal organizations must embrace to remain competitive. Most importantly, were cultivating a workplace culture that thrives on change instead of fearing change. We prioritize ongoing training, fostering a culture where our teams feel empowered to experiment with AI, and excited to discuss tips, tricks, and findings. This isnt just a valuable mindset to haveits our edge. That said, our team knows better than to fully rely on AI tools. Weve asked ChatGPT to pull trending news articles, to which it created fake URLs to nonexistent stories. Were not just using AI, were understanding its quirks, its limitations, and how its evolved over time. 3. AI supports remote (and hybrid) work Quantious is fully remote, with employees worldwide, so staying aligned and organized is crucial to our success. We now generate advanced spreadsheet formulas in minutes to streamline our workflows, saving our teams countless hours. We get AI-generated meeting note summaries after internal meetings, a simple yet effective way to document our company procedures and keep everyone in the loop. AI has made our remote work more productive, seamless, well-documented, and so much more. Weve crossed a thresholdAI has redefined teamwork, and theres no going back There are endless AI tools that can help you do everything from managing tasks to improving your public speaking skills. Without taking the time to learn about these tools, youll never know what youre missing out on. At the end of the day, AI is just another tool. How we use it is what counts most. Encouraging my team to explore AI is not about replacing talent or even working smarter, not harder (though Im not against the latter). Its about cultivating a positive workplace culture alongside a team full of curious, adaptable, and continuous learners. My team and I refuse to sit on the sidelines while the industry evolves. Instead, were here to shape how it grows. Lisa Larson-Kelley is founder and CEO of Quantious.
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