Automotive State of The Union

VinFast Goes Full Franchise, Slate Reveals $20K EV

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Episode #1028: Today we talk about VinFast ditching direct sales for a full franchise model, Slate launching a no-frills EV pickup that’s shaking things up under $20K, and the growing movement toward skills-based hiring over college degrees.


Show Notes with links:

  • VinFast is officially out of the direct-to-consumer game in California, shifting gears to focus solely on franchised dealers across the U.S. The pivot comes as the Vietnamese EV maker wrestles with rising costs, sliding U.S. registrations, and mounting losses.
    • VinFast is closing all 15 of its company-owned California showrooms in favor of a full franchise model.
    • The brand currently has 38 dealer locations either open or on the way across 16 states.
    • U.S. EV registrations dipped to just 367 in Jan–Feb 2025, an 18% year-over-year decline.
    • The VF 8 accounted for 321 of those, while the three-row VF 9 saw just 46.
    • The company posted a $3.18B net loss in 2024; despite revenue growth, operating costs surged.


  • After months of mystery and speculation, Slate, the American EV startup backed by Jeff Bezos, has made its first big move—introducing an all-electric, highly customizable pickup that ditches luxury frills for practicality and affordability.
    • Slate is taking a “clean slate” approach by skipping high-end trims and focusing on accessibility.
    • It will be built in the U.S., comes with over 100 optional accessories, and starts below $20,000 after federal incentives.
    • The flagship model is modular, converting from a 2-seat pickup to a 5-seat SUV with optional flat-pack kit.
    • The interior is stripped-down with HVAC knobs, crank windows and a universal phone mount—your OS, your way.
    • Specs include a 52–84 kWh battery, 150 kW RWD motor, 8-second 0-60, and up to 240 miles range.
    • Slate will sell directly to consumers with a $50 reservation; first deliveries are slated for Q4 2026.
    • CEO Chris Barman says: “The definition of what’s affordable is broken. Slate exists to put the power back in the hands of customers who have been ignored by the auto industry.”

Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.

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Paul J Daly:

Jeff, good morning, Friday, feeling april 25 This is the automotive State of the Union. I'm Paul Jay Daly. It's Kyle Mountsier Today we're talking about Vin fast. Remember them, slate, the other car company by Jeff Bezos. And conversation of skills over degrees. And just like old school days, you and I are gonna rock it out of this show and go right into the All Things Used Car Show. Whoa, remember this place clubhouse?

Kyle Mountsier:

That's crazy. I to be really clear. I had gotten rid of the app because I was like, I can't do it anymore, but I've downloaded the clubhouse app again because apparently the community there is still thriving, bro, you still that's community. That's what happens when you build community. You know, David

Paul J Daly:

Long has done an amazing job. Just cultivate cultivating community is like a very old garden, right? It takes long. How do you get those Can I buy those plants? You can't buy those plants. You can only grow those plants and cultivate them over years. That's right, that's right, that's all.

Unknown:

You can't buy those planes. You can't buy them at Home Depot. You can't look that strong. Yeah, no,

Paul J Daly:

no, I love it. You can't, you can't look agenda is live for ASOTU CON dealer. Tickets are coming in like crazy. Now I'm so excited watching all the people that are going to be there in person. You should be there in person, because we're going to talk about all the topics. We're going to get all the best practices, we're going to get all the mindset shifts, and the innovators who are doing the progressive things that you need to learn from and you need to share with, because I think it's the obligation of innovators to also share what they're doing.

Kyle Mountsier:

Yeah, I like the thing that's so amazing to me is it's not just the people on the stages are events that are doing the amazing things, no, like, no, no, no. You hear these questions and conversations in the halls that someone actually asked us we were talking to Joe Overby. We watch out for our podcast with him coming out. But the thing that like as we talk about it more, I'm like, No, the speed of conversation, the Speed of Trust that happens in an event when you start with the why of being there is incredible. And so I would say, like, that's the opportunity. It's the chance to rub shoulders with Phil Gill, it's the chance to rub shoulders with Patrick a bad with Dan banister, with Jeff Ramsey. And go, what are you working on? What are you working on? How are you You know, and and all the industry partners. Because what I love is like, when you get together like that, it doesn't matter what type of business you're running, it's just that we're all running businesses to further the performance of the retail, auto industry, of the industry,

Paul J Daly:

and the performance, not just the financial performance, but the cultural performance, the community performance, the job trajectory performance. So you should go to ASOTU con.com Get your tickets now, get your flights now, because you know the auto industry, until you're in the month that it's in, you don't think about it, but the next month is only a few days away, so just do it now. Save yourself a couple bucks on flights and make sure you're going to join us in just a few weeks from now. Let's talk about some news. Vin fast, remember, then they are officially out of the direct consumer game. Do we have the applause button? I don't think we have it anymore. In California, they're getting out there Shifting gears to focus solely on franchise dealers across the US. Can't say we don't do so the pivot off comes as Vietnamese EV maker wrestles with rising costs, sliding us registrations and mounting losses, they're closing all 15 of their company owned California showrooms in favor of a full franchise model. They currently have 38 dealer locations, either open or on the way across 16 states. US EV registrations dipped to just 367 Wait, that's not right. Oh, of the VIN fast, they only registered 367 cars January and February, which is an 18% year over year decline. The VF eight accounted for 321 of those, so just about all of them, while the three row VF nine saw just 46 the company posted a $3.18 billion net loss. 2024, despite revenue growth, their operating costs surge. So they're getting in, getting into the dealer game. Now, I mean,

Kyle Mountsier:

here's the thing, like, do you want to be a real estate company or No, dealers are being great at real estate. Is a great head and they're great at management, and they're great at buying wholesale cars to drive your revenue up. And they don't want to keep them around, so they sell them, right? Like,

Paul J Daly:

oh, that's just, that's so model

Unknown:

kind of where you Lord

Paul J Daly:

of standard business thinking of like, oh, well, it's expensive to have a dealer network. It's like, actually, it's expensive to not have a dealer network. And I think, Oh God, right now. I mean, they're finding out right now. They didn't find it out right now.

Unknown:

Yep. Segue, we are run

Paul J Daly:

to another after months of mystery and speculation. Slate, Slate auto, the American EV, startup. You probably haven't heard of it much. We talked about a little here on the show. Back to. Jeff, backed by Jeff Bezos, has made its first big move, introducing the all electric, highly customizable pickup that ditches luxury frills for practicality and affordability. Look at the picture that thing. It looks like it's unbelievable. It looks like it belongs in Roblox. It does look like something

Unknown:

from Roblox, but it is tiny. Look at that thing. It's tiny drive

Paul J Daly:

one slate is taking a clean slate approach by skipping high end trims, focusing on accessibility. It will be built in the US. Comes with over 100 optional accessories and starts below$20,000 I said that again, starts below $20,000 the flagship model is module. You're gonna see these in high schools everywhere. The flagship model is modular, converting from a two seat pickup to a five seat SUV with an optional flat pack kit. It's stripped down HVAC knobs, crank windows and a universal phone knob. I hate to say this, I think they're actually doing something for our children with the crank windows. That's exactly right. Oh my gosh. Tell them.

Unknown:

Tell them what it used to feel like to get

Paul J Daly:

nowhere going. Uh, specs includes a 52 to 84 kilowatt battery, 150 kilowatt rear wheel drive motor, eight seconds, zero to 60 and up to 240, miles an hour range as a comparison, small f1 50 lightning, I'll be like 4.50 to 60, so I can still beat him in a race. Slate will directly sell to consumers. Here we go with a$50 reservation fee. First delivery slated for 20 q4 2026 so we got 18 months. Chris, CEO, Chris barman, says the definition of what's affordable is broken. Slate exists to put the power back in the hands of customers who have been ignored by the auto industry.

Kyle Mountsier:

Yeah. I mean, they're they obviously have to come strong with this. This is, it is a really interesting play. We've seen other manufacturers come into the market. Actually, Chris fatigue is commenting on LinkedIn right now saying, Amazon racing to the bottom to take the Scion market share. It actually, you know, like the box the old XD right has, it kind of has some of, like, the the vibe of that. But again, like you said, like high school college students, you know, it's a great opportunity. And Americans love to accessorize. They want to tell you what they want on their car, instead of being demand of what that is. 100 optional accessories, like, you're gonna

Paul J Daly:

be tricky to build, but, I mean, you can ask all the other ones. But, I mean, maybe they figured, I don't

Unknown:

think it is. Amazon has a delivery network for accessories. Oh yeah,

Paul J Daly:

but they gotta get them installed. I guess if they're not factory installed, and you have to install Amazon company. But our third story, this reminds me, just talk about this for another minute. So this is where I think Amazon could crush I think, yeah, they buy tick tock, and then they just do a full influence or play on these cars, and they sell millions of them at that price point. Like, dude, that's a wild proposition that could that. I mean, good night. I mean, tick tock costs a couple pennies, but, yeah, but like

Kyle Mountsier:

tick tock shopping network drives without a doubt, Gen X, without a doubt. Z. I mean, you

Paul J Daly:

think of the large at that purchase. I mean, you think about it. And if they've, gosh, they know people's shopping behavior, they're basically they know their credit. They could finance these things at 20k and that's almost like credit card level financing. Oh, man, they might have a thing. It's kind of silly. I don't appreciate the swipe at the auto industry, though. But

Kyle Mountsier:

also, Fin fast tried it too, and we see what the

Paul J Daly:

funny dichotomy of this has a ton of money too. Amazon has a little more brand penetration into every household in the

Unknown:

US, yeah. But this is backed by Jeff Bezos. This isn't an Amazon company. That's true.

Paul J Daly:

And you think that's true, and you think about it this way, they also were gonna like open grocery stores everywhere. Didn't work. Hopefully they survived because they had a brand, the bookstore thing failed, Barnes and Nobles expanding bookstores now. So, not so easy. Not not easy. No, not easy. Well, we're heading over in the clubhouse, all things used cars. Listen, go to ASOTU CON com, get your tickets, be with us, and if you can't do that, or even if you can't, head over to clubhouse, all things used cars. We'll see you there in just a couple minutes. Talk to you tomorrow.

Unknown:

You

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Kyle Mountsier

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Paul J Daly

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