Building an electric vehicle that’s affordable, customizable, and actually something people want to drive has become the holy grail of the modern car industry. Slate Auto, a startup in the EV world, has been generating plenty of hype over the past few months by claiming it can deliver exactly that.

But beneath the viral videos and slick promises, the reality is a back-to-basics vehicle that skips many modern comforts and might not end up costing much less than a Ford Maverick. And according to one Stellantis executive, Slate’s wallet-friendly image could unravel pretty quickly.

Read: Slate Shakes Up EVs With $28,000 Pickup That Turns Into An SUV

The startup has adopted a novel approach with its EV. Known simply as The Truck, as the company wants buyers to name their pickups, all of Slate’s vehicles will leave the factory looking exactly the same. Shoppers will then be able to select options and special features to make their Slate stand out.

Want it to resemble more of an SUV? Just check the box for the optional roof. Want an exterior wrap or speakers for the optional audio system? Those are on the list too. Just check the boxes and build it out from there. Slate says pricing will start under $28,000, or around $20,500 after applying the $7,500 federal EV tax credit.

However, as part of the Trump administration’s proposed One Big Beautiful Bill Act, this incentive could be phased out after 2026. In practice, it might disappear even sooner, by the end of 2025, since it would only apply to vehicles from automakers that have sold fewer than 200,000 EVs.

Kuniskis Reacts

Ram chief executive Tim Kuniskis thinks that prices of the Slate electric truck will be much higher than advertised. “I think it’s super interesting,” he told CNBC. “The idea behind it, we’ve talked about that idea a million times. Now, what’s it going to actually transact at in the marketplace … when people start to option them up, it’s not going to be $20,000. It’s going to be $35,000, and by the time you get to $35,000, you’re in midsize truck territory.”

Kuniskis has a point. The starting price of the Slate may be compelling, but it’s important to note that it lacks many of the features you’d expect from a modern car. It doesn’t have an infotainment system, there are no speakers, and there are manual window winders. Option in some of those things, like Bluetooth speakers, and the price will rise. Once the tax credit is gone, the Slate may not seem so appealing.

Affordability Still Elusive

“Slate is an example of why and how hard it is to produce a cheap EV,” iSeeCars auto analyst Karl Brauer told CNBC. “They are producing an electric vehicle with only two seats, 140-mile range, manual windows, no touch screen, and it’s still $27,500 … To me, it’s not a competitive vehicle at that point.”

For now, Slate is chasing a compelling idea of an EV that’s simple, customizable, and affordable. But unless costs stay low without the help of government incentives, it risks becoming yet another example of how tough it really is to build an electric car for the everyman.