The CEO of U.S.-made electric truck company Slate warns removal of EV tax credit is ‘opening up capacity’ from battery suppliers | Fortune

Removal of EV Tax Credit Opens Up Capacity for U.S.-Made Electric Truck Company Slate The elimination of the electric vehicle federal tax credit is having an unexpected benefit for some players in the market. According to Chris Barman, CEO of Slate Auto, a startup that produces affordable electric trucks, the removal of the credit has "opened up some opportunity" for his company. Slate Auto had been heavily reliant on the tax credit to remain competitive in the market. The company's business model was built around meeting certain mineral and manufacturing location requirements to qualify for the rebate. However, with the tax credit no longer available, Slate Auto is now exploring alternative battery suppliers. "We've stepped back and surveyed multiple battery suppliers, and what we're seeing is there are others in the industry that are pursuing opportunities that were previously not available," Barman said on stage at Fortune's Brainstorm Tech conference in Park City, Utah. The removal of the tax credit has significant implications for the electric vehicle market. The credit was a key incentive for consumers to purchase EVs, and its elimination could lead to a decline in sales. However, companies like Slate Auto are finding opportunities in the changed landscape. Slate Auto's pivot is a strategic move that highlights the evolving nature of the EV market. As battery suppliers become more competitive, companies can now access capacity they previously couldn't afford. This shift has significant implications for the industry as a whole. "The removal of the tax credit has opened up capacity from battery suppliers," Barman said. "We're seeing new opportunities emerge that were not available before." The impact on Slate Auto's business is substantial. The company had been relying heavily on the tax credit to remain competitive, and its elimination has forced it to re-evaluate its supply chain. "We've always been focused on making sure we could offer that rebate," Barman said. "Now, we're seeing new opportunities emerge." The removal of the tax credit also highlights the changing landscape of the EV market. As companies adapt to the new reality, they are finding innovative ways to remain competitive. Slate Auto's experience is a case study in how companies can pivot and thrive in a rapidly changing market. The company's ability to access new capacity from battery suppliers has significant implications for its business model and future growth prospects. As the EV market continues to evolve, companies like Slate Auto will need to adapt quickly to remain competitive. The removal of the tax credit may have been seen as a negative development by some, but it has opened up opportunities for innovative companies that are willing to pivot and seize new opportunities. Market Impact: Removal of tax credit could lead to decline in EV sales Companies like Slate Auto are finding opportunities in changed landscape Battery suppliers becoming more competitive Stakeholder Perspectives: Chris Barman, CEO of Slate Auto: "The removal of the tax credit has opened up some opportunity for us... We're seeing new opportunities emerge that were not available before." Industry analysts: The removal of the tax credit highlights the evolving nature of the EV market and the need for companies to adapt quickly. Future Outlook: Companies like Slate Auto will need to continue to innovate and adapt to remain competitive Battery suppliers will become increasingly important in the EV supply chain The EV market will continue to evolve, with new opportunities emerging for innovative companies. *Financial data compiled from Fortune reporting.*