Fortune Editors Broad strokes

The new $25,000 configurable electric truck from Slate Autos, photographed at its launch event in Long Beach, Calif. on April 24, 2025. (Photo: Andrew Nusca/Fortune)

Ever wonder what an electric truck would look like if it was branded AmazonBasics?

Michigan-based Slate Auto, which is in fact backed by Amazon founder Jeff Bezos, unveiled its first vehicle in Long Beach, Calif. on Thursday night in a buzzing aircraft hangar packed with people.

There’s one model (blank). One trim level (basic). A footprint—175 in. in length, less than a Toyota Corolla—that’s nothing like today’s steroidal pickup trucks. A price point ($25,000) that’s half as much as the average price of a new car in the U.S.

Want to customize it? Its paintless composite panels are designed for vehicle wraps. Expecting a new member of the family? It’s made to be reconfigured into an SUV at or after sale. Prefer to use your phone or tablet for infotainment? You’ll have to, because it has none by design.

The Slate, as its maker calls it, is an ode to techie first principles—a minimum viable product for the automotive category.

“We looked at what the auto industry was doing and pivoted,” said head of engineering Eric Keipper, a veteran of General Motors, Chrysler, and Karma.

The electric vehicle is also, thanks to its assembly in the U.S. state of Indiana and its low price point, a product especially suited to the current poli-economic climate.

“This truck will be made in the USA as part of our commitment to reindustrialize America,” said CEO Chris Barman, another Chrysler veteran.

Slate says the truck will begin shipping in the fourth quarter of 2026; new vehicle reservations are $50. That’s about the price of an AmazonBasics tarp to cover over your old wheels, in case you were wondering. —AN

If the economy is heading into a downturn, Google hasn’t felt it—at least not until March 31.

The internet search giant reported strong Q1 results on Thursday that sent its stock up as much as 5% after hours as its key advertising and cloud businesses delivered healthy growth. 

But those results apply to the period before the Trump-triggered global trade war began in earnest.

Google executives didn’t let on about the business conditions they’re currently experiencing, despite analysts’ questions. (“We wouldn’t want to speculate about potential impacts,” chief business officer Philipp Schindler said.)

Still, the company’s strong Q1 report card—along with the news that it would bump up its dividend by a penny a share and repurchase another $70 billion of stock—was more than enough reason for investors to celebrate.

Google grew its topline 12% year-over-year in Q1 to $90.2 billion, beating the average analyst expectation of $89.2 billion, while earnings per share came in at $2.81 versus the $2.01 expected by Wall Street. 

Revenue from ads on video site YouTube grew 10% from the prior year to $8.9 billion, while Google’s cloud business increased 28% to $12.3 billion.

As for AI, Google re-affirmed its previously announced plan to spend $75 billion in capital expenditures for its cloud and AI infrastructure this year, signaling that it remains bullish on the business. —Alexei Oreskovic

On Thursday, Intel’s new CEO dispelled hope for a quick solution to the chipmaker’s problems.

“There are areas we need to improve and there are no quick fixes,” Lip-Bu Tan warned during his first earnings call as chief executive.

Tan didn’t come to the call armed with a detailed turnaround plan. But he did give some broad strokes of what he thinks will help get Intel back on track. 

Tan said that he would slash operating expenses, including $500 million this year, to a total of $17 billion. Next year, the company expects to reduce those expenses to $16 billion. 

Capital spending, which includes any new factories, is slated to be cut by $2 billion this year, to $18 billion. 

Meeting those goals will require job cuts, Tan said, part of what he called a push to eliminate bureaucracy and speed up decision making. 

Earlier this week, news reports said the company would cut 20% of its workforce. But on Thursday, there was no confirmation about the scope of the layoffs.  

“We need to fundamentally transform our culture and the way we operate,” Tan said.

One analyst on the call tried to press Tan about how long he thought his turnaround would take: One year? Two? More? 

He deflected. “There is no quick fix,” Tan said, “as you describe.” —Verne Kopytoff