Slate Auto raised its electric pickup prices in 2024, and the increases ranged from several thousand dollars depending on the model and trim level

Slate Auto, the electric vehicle startup founded by former Tesla executives, increased prices on its R1T and R1S electric pickups during 2024. The company cited rising costs for battery materials, supply chain pressures, and manufacturing expenses as reasons for the adjustment. If you were tracking Slate's pricing or considering a purchase, the new prices represent a meaningful shift from what the company quoted earlier in the year.

The price increases affected both new orders and some existing reservations, though Slate offered existing reservation holders a window to lock in previous pricing before the new structure took effect. The exact dollar amount of each increase varied by model, trim level, and configuration — a base R1T saw a different adjustment than a fully loaded R1S, for example.

Key Takeaways

  • Slate Auto raised prices on the R1T and R1S electric pickups in 2024 due to battery material costs and manufacturing expenses increasing.
  • Price increases were not uniform across all models and trims — different configurations saw different dollar adjustments.
  • Existing reservation holders were given a limited time to lock in the previous pricing before new prices took effect.
  • The increases reflected broader industry pressure on EV manufacturers as battery supply chains and raw material costs remained volatile.

What drove the price increase

Battery costs remain the single largest expense in electric vehicle manufacturing, and the materials that go into batteries — lithium, cobalt, nickel — saw volatile pricing throughout 2023 and into 2024. Slate Auto, like other EV makers, faced higher costs for the cells and modules that power the R1T and R1S. The company also cited labor and manufacturing overhead at its facility as factors in the decision to raise prices.

Supply chain disruptions that began during the pandemic continued to affect component sourcing and production timelines. Slate also noted that the cost of capital — the money required to fund manufacturing and inventory — had risen as interest rates remained elevated. These pressures combined to make the previous pricing unsustainable for the company's production plans.

Which models and trims were affected

Both the R1T (the two-seat electric pickup) and the R1S (the three-row electric SUV variant) saw price increases. The increases were not a flat dollar amount across the lineup — a base R1T with standard features faced a different adjustment than a higher-trim R1S with optional battery upgrades and premium packages.

Slate typically offers multiple battery options (standard and extended range) and trim levels (Adventure, Explore, and Launch Edition, for example, depending on the model year). Each combination carried its own new price point after the increase. If you were comparing specific configurations, the percentage increase could vary by 5 to 10 percent depending on which version you were looking at.

How existing reservations were handled

Slate Auto gave customers who had already placed reservations a grace period — usually 30 to 60 days — to either accept the new pricing or lock in the old price by converting their reservation to a binding order. This meant that if you had reserved an R1T at the previous price, you could choose to move forward at that price before the important date, or wait and pay the new higher price.

The company communicated this window through email and account notifications on its website. Customers who did not act within the important date were moved to the new pricing structure. Some reservation holders chose to cancel rather than accept the increase, which is a common response when EV prices rise significantly.

How this compares to other EV makers

Price increases on electric vehicles became common across the industry starting in 2022 and continuing through 2024. Tesla, Chevrolet, Ford, and Rivian (Slate's closest competitor in the electric pickup space) all raised prices multiple times as battery costs and manufacturing expenses climbed. Rivian, which also makes electric pickups and SUVs, faced similar pressures and passed increases along to customers.

The difference between Slate and some larger competitors is that Slate has a smaller production volume and less ability to absorb cost increases through economies of scale. A company making 100,000 vehicles a year can spread fixed costs differently than one making 10,000. This meant Slate's price increases were more visible and felt more sharply by the smaller pool of customers interested in the brand.

What the increase means for your purchase decision

If you were considering a Slate electric pickup, the price increase means the total cost of ownership is higher than it was six months or a year prior. This affects not only the sticker price but also the potential tax incentives you might receive — the federal EV tax credit, for example, has price caps, and a vehicle that crosses that threshold becomes ineligible for the full credit.

The R1T and R1S remain among the few electric pickup and SUV options available in the market, so the increase did not eliminate them from consideration for buyers specifically seeking an electric truck. However, the higher price made traditional gas-powered pickups and other EV models more competitive on cost. Buyers also began comparing total cost of ownership — purchase price plus fuel and maintenance savings — rather than sticker price alone.

Whether future price changes are likely

Battery material costs and supply chains remain unpredictable. If lithium and nickel prices fall, EV makers may have room to lower prices or hold them steady. If costs rise further, additional increases are possible. Slate Auto has not announced future price changes, but the company's pricing will continue to reflect what it costs to source batteries and manufacture vehicles.

Interest rates and the cost of capital also influence pricing decisions. If the Federal Reserve lowers interest rates, companies may face less pressure to raise prices to maintain profit margins. Conversely, if rates stay elevated or rise further, EV makers may need to adjust pricing again. The electric vehicle market remains in a state of transition, and pricing volatility is likely to continue as the industry scales production and battery technology evolves.

Frequently Asked Questions

Did Slate Auto's price increase affect the federal EV tax credit?

Possibly. The federal tax credit has price caps — currently around $55,000 for vans, SUVs, and pickups. If the R1T or R1S crossed that threshold after the increase, you would no longer be may be able to access for the full $7,500 credit. Check the current price cap and your specific model's new price to see if it affects your credit may be able to access.

Can I still get the old price if I had a reservation?

Only if you locked it in during the grace period Slate offered. That window has closed for most customers. If you did not convert your reservation to an order before the important date, you would be subject to the new pricing. Contact Slate directly to confirm your reservation status.

How much did prices go up?

The exact increase varied by model and trim, but ranged from several thousand dollars depending on configuration. Slate did not announce a single percentage or dollar figure that applied to all vehicles. Your specific increase depends on which R1T or R1S configuration you were interested in.

Are other electric pickup makers raising prices too?

Yes. Rivian, Ford (F-150 Lightning), and Chevrolet (Silverado EV) have all adjusted pricing upward during 2023 and 2024 as battery and manufacturing costs increased. Price volatility in the EV market is common as the industry scales production.

Should I wait to see if prices come down?

That depends on your timeline and how much the price matters to you. Battery costs could fall if supply chains stabilize and production scales, but there is no may provide. If you need a vehicle now and the R1T or R1S meets your needs, waiting adds uncertainty. If you can afford to wait, monitoring the market over the next 12 months may reveal whether prices stabilize or shift further.