Slate Auto, the electric vehicle startup backed by Jeff Bezos, has successfully raised $650 million in funding to support its mission of creating an affordable electric pickup truck. The company aims to offer the truck at a starting price in the mid-$20,000s, making it accessible to a wider range of consumers. With plans to roll out its first electric vehicle later this year, Slate Auto is making significant strides in the EV market.
The recent Series C funding round was led by TWG Global, with prominent figures such as Mark Walter and Thomas Tull at the helm. Both Walter and Tull were investors in Re:Build Manufacturing, a company owned by Bezos, from which Slate Auto emerged as a spin-off last year. While the exact valuation of Slate Auto following the funding round was not disclosed, reports indicate that the company was valued at $1.2 billion as of January 2025.
CEO Peter Faricy expressed enthusiasm about the funding, stating that it will propel Slate Auto into the next phase of production. He emphasized the company’s commitment to delivering the electric pickup truck on schedule and within budget. Preorders for the Slate Truck are set to begin in June, offering customers the opportunity to secure their own electric vehicle from the company.
Slate Auto has already garnered significant interest, with 160,000 reservations received for its first EV, the Slate Truck. This minimalist and modular electric truck is designed to be customizable, with options for accessories and add-ons to tailor the vehicle to individual preferences. By forgoing features such as paint, power windows, and a radio, Slate Auto is able to offer a more affordable base model while allowing customers to personalize their truck with additional features.
The company is set to unveil the final retail price of the Slate Truck in June 2026, providing further details on the cost and customization options available to consumers. With strong investor backing and a growing customer base, Slate Auto is poised to make a significant impact in the electric vehicle market with its innovative approach to affordable and customizable electric trucks.