Electric vehicle startup Slate Auto has closed a $650 mn Series C round as it pushes toward production of low-cost electric pickup trucks by late 2026.
The company, backed by figures including Jeff Bezos, has now raised about $1.4 bn in total, a sign investors still see room for a different EV play even as the wider market turns messy.
TWG Global led the round. The firm is run by Mark Walter and Thomas Tull. Slate said the new capital will support final development work ahead of customer deliveries, with production still on schedule and within budget.
The timing matters. The US electric vehicle market has turned volatile, with large automakers pulling back from earlier EV targets. Rivian and Lucid have both faced pressure as they worked to reach scale. Slate’s latest raise points to a separate bet, one built around demand for cheaper electric vehicles rather than premium models.
Slate is going after the lower end of the market with a vehicle expected to start in the mid-$20,000s. T
hat puts it far below the average price of a new vehicle in the US and targets one of the clearest barriers to wider EV adoption. The company plans to announce the final retail price in June 2026.
Its truck is built on a platform designed for heavy personalisation after purchase. One optional conversion kit turns the standard two-seat pickup into a five-seat SUV. Buyers get a vehicle they adapt later instead of paying upfront for every configuration.
The leadership team includes former Amazon executives, including co-founder Jeff Wilke and newly appointed chief executive Peter Faricy. Faricy’s immediate task is hard and pretty blunt: turn more than 160,000 refundable reservations into firm sales.
Production will take place at a repurposed factory in Warsaw, Indiana. Slate says the project fits its plan to reindustrialise American manufacturing.
The company is investing nearly $400 mn in the site, which is expected to create more than 2,000 jobs and add to the state economy over the next 20 years.
Slate is also building out the ownership side before launch. The company has partnered with RepairPal and its network of more than 4,000 service centres across the US, giving customers access to warranty repairs and accessory installation. For a new car brand, that sort of support isn’t optional.
Charging access is part of the pitch too. Slate plans to equip its trucks with a standard NACS port, giving drivers access to Tesla’s Supercharger network.
That move cuts one of the biggest hurdles for EV buyers, especially those still nervous about charging coverage and convenience.
