Slate Auto raises $650M

Slate Auto said Monday it raised $650 million to put its low-cost electric pickup into production before customer deliveries start in late 2026. (prnewswire.com) The Series C round was led by TWG Global, the investment firm run by Mark Walter and Thomas Tull, and brings Slate’s total funding to about $1.4 billion. (techcrunch.com (prnewswire.com)) Slate said it has logged more than 160,000 reservations, plans to open preorders in June 2026, and expects its first vehicles to reach customers in late 2026. (prnewswire.com) The company is trying to sell into a part of the electric vehicle market that few startups have reached: a pickup priced in the mid-$20,000s before add-ons. Reuters reported the truck starts as a “blank” model, with buyers paying extra for added features. (usnews.com) That price pitch lands as the United States electric vehicle market has become harder for newcomers. TechCrunch reported that major automakers have pulled back some electric vehicle plans after the federal $7,500 tax credit ended in 2025, while Rivian and Lucid are still working to scale cheaper models. (techcrunch.com) Slate’s truck is built around a single basic configuration that owners can modify after delivery, including a conversion from a two-seat pickup into a five-seat sport utility vehicle. Slate said final manufacturer’s retail pricing will be announced in June 2026. (prnewswire.com) The company plans to build the trucks in Warsaw, Indiana, where it said it expects to invest nearly $400 million in a retooled factory and create more than 2,000 jobs in Kosciusko County. (prnewswire.com) Slate also said its trucks will use the North American Charging Standard port and gain access to Tesla’s Supercharger network, while warranty and repair work will run through RepairPal’s network of more than 4,000 service centers. (prnewswire.com) The startup was founded in 2022, incubated inside Re:Build Manufacturing before spinning out in 2023, and has drawn backing from Jeff Bezos’ family office, General Catalyst, Slauson & Co., and former Amazon executive Diego Piacentini. (techcrunch.com (rebuildmanufacturing.com)) Slate changed leaders a month before this funding round, naming former Amazon Marketplace vice president Peter Faricy as chief executive while former chief executive Chris Barman moved to president of vehicles. The next test is whether 160,000 reservations turn into paid orders once pricing arrives in June. (techcrunch.com (prnewswire.com))