There's a new electric pickup truck coming to town, and it costs less than a base model Toyota Camry. Slate Auto, the Jeff Bezos-backed startup, just announced pricing for its no-frills electric truck: $24,950. That's not a typo. And it's a direct challenge to the likes of Tesla (TSLA), Rivian (RIVN), General Motors (GM), and Ford (F).

Originally, Slate wanted to hit under $20,000. But the expiration of the $7,500 federal EV tax credit made that impossible. So they settled on $24,950, which still undercuts every other electric pickup on the market by a wide margin. The company is calling it "the most affordable truck in America."

What You Get for $25K

The Slate Truck is, by design, basic. It's a two-seater with a 205-mile range. But it's not a stripped-down golf cart. Standard features include heat and A/C, airbags, a backup camera, keyless entry, a locking frunk, and a NACS charger. You also get latch systems for securing cargo.

If you want more, there are over 200 accessories available, with 80% priced under $500. The most notable add-on is a $5,000 conversion kit that transforms the two-seat pickup into a five-seat SUV and back again. So you can have a work truck during the week and a family hauler on weekends.

Orders require a non-refundable $300 deposit, and customization is needed to complete the order. The company previously collected 180,000 reservations based on a $50 refundable deposit, and now it's hoping to convert those into real sales.

Production will happen in Warsaw, Indiana, at a plant with an annual capacity of 150,000 units. Vehicles can be picked up or delivered once completed.

The Profitability Puzzle

Here's where Slate Auto is doing something different. Most EV startups — and even some legacy automakers — have sold electric vehicles at a loss. Lordstown Motors went bankrupt. Fisker followed. Lucid and Rivian have burned through cash. Even Ford put its F-150 Lightning on hold after initial success.

Slate's CEO, Peter Faricy, told CNBC that every Slate Truck produced will be gross margin positive. That's a bold claim for a vehicle priced under $25,000. "It's an ambitious goal," Faricy said. "No other automotive company has been able to do that before. So it's ambitious."

The company aims to achieve positive free cash flow and EBITDA by 2027. Faricy said 80,000 deliveries per year would be the break-even point. That's a fraction of what Tesla or Ford sells, but it's a realistic target for a startup.

The Bigger Picture

Slate Auto has raised significant capital and is backed by Jeff Bezos and Los Angeles Dodgers owner Mark Walter. The company's focus on margins from the start is a refreshing change in an industry where "sell at a loss, make it up on volume" has been the default strategy.

As for going public, Faricy isn't ruling it out, but he's in no rush. "We're going to constantly take a look at what our options are. Certainly, going public will be one. 2027 is probably too soon, in my book."

So for now, Slate is staying private, building its truck, and hoping that a $25,000 price tag is enough to lure buyers away from the Cybertruck, the R1T, and the F-150 Lightning. It's a long shot, but if anyone can pull it off, it might be the company that's willing to keep things simple.