Slate Auto raised $650 million in a Series C funding round on Monday to accelerate the production of its low-cost electric pickup trucks. The round was led by TWG Global, an investment firm managed by Guggenheim Partners CEO Mark Walter and investor Thomas Tull.
The infusion of capital brings the company’s total funding to approximately $1.4 billion. Previous backers include General Catalyst, Slaus and Co., and Jeff Bezos’ family office.
Founded in 2022, the startup aims to enter the extreme low-end of the EV market. The company plans to launch a bare-bones electric truck with a starting price in the mid-$20,000s by the end of 2026.
Customers can customize the vehicle through various add-ons, such as an SUV conversion kit priced at roughly $5,000. While the company previously teased a price point under $20,000 with federal tax credits, Slate Auto says final pricing will be announced this June.
Amazon leadership driving expansion
The startup maintains deep ties to Amazon, having been co-founded by former Amazon Consumer CEO Jeff Wilke. The company recently appointed former Amazon Marketplace VP Peter Faricy as CEO to help convert more than 160,000 existing reservations into paid orders.
Many of the company's leadership roles across mobility, e-commerce, and HR are held by former Amazon executives. Former CEO Chris Barman has transitioned into a new role as President of Vehicles.
Slate Auto is currently investing several hundred million dollars to renovate a former printing factory in Indiana. This facility will serve as the primary production site for the upcoming electric models.
This fundraising succeeds despite a cooling U.S. electric vehicle market. Major automakers have recently scaled back EV plans following the loss of the $7,500 federal tax credit, and competitors like Tesla have seen recent declines in overall sales.
