Historically, pickup trucks did the best in a barebones config. That would be my guess. And as an anecdote, it's the first I've been attracted to. I hate sedans. It can also be configured as an SUV. I will never buy a sedan. There are probably fleet buyers who will like them too. It isn't just a consumer market. There are a ton of municipal work trucks that dont need to be as much truck as they are. Something like a cheap Slate is probably appealing. Parts delivery, etc.

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For me the question is more about how small it is, not how large. If anything, that's where I'd agree with you. The American truck market consistently says it wants the Slate but doesn't actually buy those types of trucks, which is exactly why no one makes them anymore. So I think you're kind of right, except they'd be competing with an already well established market. There practically is no market alternative for what they've made. Only time will tell how that works out, but I can't emphasize enough that it's the only new vehicle I've been excited about since like 2013, and the first time ever for an EV.