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 nan institution prepares to put its first affordable pickup trucks into accumulation by nan extremity of 2026.

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

The caller information intends Slate Auto has raised astir $1.4 cardinal to date. Previous investors person included General Catalyst, Jeff Bezos’ family office, VC patient Slauson & Co., and erstwhile Amazon executive Diego Piacentini, arsenic TechCrunch first reported past year.

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

Slate Auto’s Series C comes astatine a turbulent infinitesimal for nan electrical conveyance marketplace successful nan United States. Major automakers are pulling backmost plans to motorboat electrical vehicles here, particularly aft nan nonaccomplishment of nan $7,500 national taxation in installments past year. Tesla’s wide income person declined 2 years successful a row. Newcomers for illustration 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 different attack than beautiful overmuch immoderate different automaker. The institution is targeting nan utmost low-end of nan marketplace pinch a bare-bones electrical motortruck that is expected to commencement successful nan mid-$20,000s. Customers will beryllium capable to customize nan motortruck successful various ways for much money, including adding an SUV conversion kit for astir $5,000.

The institution primitively planned to value nan motortruck astir $27,000, and soon aft it emerged from stealth successful 2025 was promoting a starting value of “under $20,000” pinch nan national taxation in installments applied. Final pricing is now coming successful June, according to nan company.

Slate Auto has drawn a adjacent magnitude of liking moreover pinch nan nonaccomplishment of nan 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 build nan EVs.