Slate Auto, an electric vehicle startup, secured $650 million in Series C funding to accelerate the production of its budget-friendly electric pickup truck. The company expects the vehicle to enter the market with a starting price in the mid-$20,000s.
TWG Global led the latest funding round. The investment firm is headed by Mark Walter, owner of the LA Dodgers, and financier Thomas Tull. Both investors previously backed Jeff Bezos’ Re:Build Manufacturing, the company from which Slate spun off last year.
While Slate did not disclose its new valuation, Bloomberg reported the startup was valued at $1.2 billion in January 2025. The company intends to begin vehicle deliveries later this year.
"Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget," Slate CEO Peter Faricy said in a statement. "We can’t wait for our future customers to preorder their Slate Trucks beginning in June."
Modular design and Indiana manufacturing
The minimalist approach focuses on reducing manufacturing complexity and cost. By omitting standard features like power windows and radio systems, Slate aims to keep the entry price low enough to compete with traditional internal combustion engine pickups.
The company’s first model, the Slate Truck, features a minimal and modular design. The two-seater electric truck currently lacks paint, power windows, a radio, and an infotainment system.
Slate plans to offer a variety of accessories and add-ons to allow for customization. This includes a specific kit that transforms the two-seater into a five-seater SUV.
The company has already recorded 160,000 reservations for the vehicle. Slate expects to release the final retail price for the truck in June 2026.
Production will take place at Slate’s $400 million factory in Warsaw, Indiana. The company aims to create more than 2,000 jobs in Kosciusko County through this facility.
The connection to the Bezos-owned Re:Build Manufacturing ecosystem provides Slate with established manufacturing expertise. Slate estimates the manufacturing operations will contribute up to $39 billion to the Indiana economy over the next 20 years.
