Slate Auto raises $650M to fund its affordable EV truck plans

Jeff Bezos-backed electrical conveyance startup Slate Auto has raised different $650 cardinal arsenic the institution prepares to enactment its archetypal affordable pickup trucks into accumulation by the extremity of 2026.

The carmaker said Monday that the Series C backing circular was led by TWG Global, a steadfast tally by Guggenheim Partners main enforcement (and Los Angeles Dodgers owner) Mark Walter and capitalist Thomas Tull. Slate Auto’s property merchandise thanked “visionary investors” but the institution did not sanction immoderate others who were progressive successful the fundraise.

The caller circular means Slate Auto has raised astir $1.4 cardinal to date. Previous investors person included General Catalyst, Jeff Bezos’ household office, VC steadfast Slauson & Co., and erstwhile Amazon enforcement Diego Piacentini, arsenic TechCrunch archetypal reported past year.

The institution is besides loaded with Amazon DNA. Beyond its investors, it was co-founded by Amazon’s erstwhile Consumer CEO Jeff Wilke. The heads of Slate’s mobility, idiosyncratic experience/user interface, e-commerce, fleet sales, and HR teams each utilized to enactment astatine Amazon. And, the institution precocious installed erstwhile Amazon Marketplace VP Peter Faricy arsenic CEO. (Former CEO and Chrysler seasoned Chris Barman moved to a caller relation arsenic “President of Vehicles.”)

Slate Auto’s Series C comes astatine a turbulent infinitesimal for the electrical conveyance marketplace successful the United States. Major automakers are pulling backmost plans to motorboat electrical vehicles here, particularly aft the nonaccomplishment of the $7,500 national taxation recognition past year. Tesla’s wide income person declined 2 years successful a row. Newcomers similar Rivian and Lucid Motors person struggled to scope scale, though some of those companies are launching new, much affordable models this year.

Founded successful 2022, Slate Auto is taking a antithetic attack than beauteous overmuch immoderate different automaker. The institution is targeting the utmost low-end of the marketplace with a bare-bones electrical motortruck that is expected to commencement successful the mid-$20,000s. Customers volition beryllium capable to customize the motortruck successful assorted ways for much money, including adding an SUV conversion kit for astir $5,000.

The institution primitively planned to terms the motortruck astir $27,000, and soon aft it emerged from stealth successful 2025 was promoting a starting terms of “under $20,000” with the national taxation recognition applied. Final pricing is present coming successful June, according to the company.

Slate Auto has drawn a just magnitude of involvement adjacent with the nonaccomplishment of the national taxation credit. The institution has racked up much than 160,000 refundable reservations for its EV. The institution precocious said that it tapped Faricy arsenic its caller CEO successful portion to get moving connected converting these reservations into paid orders. Slate’s besides spending a fewer 100 cardinal dollars renovating a erstwhile printing mill successful Indiana wherever it plans to physique the EVs.