Enter Slate, a new company backed by Amazon CEO Jeff Bezos and two investment funds. On Thursday, company executives unveiled an inexpensive, spartan electric truck that comes at a critical time for U.

Slate Auto, backed by Jeff Bezos, unveils a $20K electric truck that converts into an SUV, with deliveries set for late 2026.

Slate Auto, an electric vehicle startup backed by Amazon CEO Jeff Bezos, unveiled its inaugural truck the company says starts at a price of $20,000 for the most bare-bones version, a lower price than competitors including Elon Musk’s Tesla vehicles.