Slate raises $650 million to make its budget electric truck

Slate Auto, the EV startup backed by Jeff Bezos, raised $650 million to fund its effort to build an affordable electric pickup truck expected to start in the mid-$20,000s. The company plans on delivering its first EV later this year.

The Series C round was led by TWG Global, headed by Guggenheim Partners founder and LA Dodgers owner Mark Walter and financier Thomas Tull. Slate didn’t disclose its latest investors, but both Walter and Tull were investors in Re:Build Manufacturing, a Bezos-owned company from which Slate spun off last year. The company also didn’t disclose its latest valuation, but was at $1.2 billion as of January 2025, according to Bloomberg.

“Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget, ” said Slate CEO Peter Faricy in a statement. “We can’t wait for our future customers to preorder their Slate Trucks beginning in June.”

Slate says its received 160,000 reservations for its first EV, the minimal, modular Slate Truck, first revealed last year. The two-seater electric truck comes without paint, power windows, a radio, or even an infotainment system. Instead, Slate will offer a range of accessories and add-ons, including a kit that transforms the truck into a five-seater SUV, that allows owners to customize their truck to their liking. The company is expected to release the final retail price of its truck in June 2026.

The truck will be produced at Slate’s $400 million factory in Warsaw, Indiana. The company says it aims to create “over 2,000 jobs” in Kosciusko County, and contribute up to $39 billion to the state’s economy over 20 years.