Slate Auto, a newly launched EV startup, has announced that it has secured over 100,000 reservations for its affordable, customizable electric pickup truck, as confirmed to TechCrunch.

The company achieved this milestone just over two weeks after unveiling the truck at an event in Los Angeles, California, and emerging from stealth mode. Slate has stated that the truck’s price will start below $20,000, factoring in the $7,500 federal EV tax credit, and plans to manufacture the vehicles at a former printing plant in Warsaw, Indiana, as initially reported by TechCrunch. The company had previously unveiled the truck and announced plans for the Indiana production facility.

According to Jeremy Snyder, Slate’s chief commercial officer, “We are truly humbled by America’s response to Slate’s brand launch and the launch of our truck. We are excited for what the future holds.”

The rapid accumulation of 100,000 reservations serves as an indicator of the significant interest in Slate since the truck’s reveal. However, it is essential to note that these reservations do not necessarily guarantee sales, as prospective buyers are only required to pay a refundable fee of $50 to secure their place in line to order the truck.

It is worth recalling that other EV startups have previously reported substantial reservation numbers, only to fail to meet expectations. For instance, Fisker filed for bankruptcy after selling only a few thousand Ocean SUVs, despite initially claiming over 60,000 reservations. Similarly, Lordstown Motors faced charges from the Securities and Exchange Commission (SEC) for misrepresenting the number of preorders for its electric pickup truck and ultimately filed for bankruptcy, settling with the SEC.

Slate has ambitious plans for its truck, which can also be converted into an SUV for an undisclosed price. The company aims to have a production capacity of up to 150,000 vehicles by the end of 2027 at its Indiana factory. Slate is supported by prominent investors, including Jeff Bezos (through Bezos Expeditions), Guggenheim Partners CEO Mark Walter, and VC firm General Catalyst, as it works to achieve its goals.