Slate Auto pulls $650M

Slate Auto said Monday it raised $650 million as it pushes to put a low-price electric pickup into production in 2026. (techcrunch.com) The Series C round was led by existing investor TWG Global, the investment firm run by Mark Walter and Thomas Tull, and Slate said it now has more than 160,000 reservations. TechCrunch reported the new raise brings Slate’s total funding to roughly $1.4 billion. (techcrunch.com) Reuters reported Slate announced the funding on April 13 and said it was gearing up to deliver its first vehicles in late 2026. Slate’s own release said the money will carry the company into “the next stages of production this year.” (usnews.com, prnewswire.com) Slate is trying to sell a simpler electric truck than the ones that have dominated the market so far: a two-seat pickup with fewer built-in features and a starting price in the mid-$20,000s. The company has said final pricing will come in June. (techcrunch.com) That pitch lands as electric vehicle sales in the United States have slowed and federal tax-credit assumptions have become less reliable for low-cost models. TechCrunch reported Slate had earlier promoted a price below $20,000 with the federal credit applied, but is now emphasizing a mid-$20,000 sticker price. (techcrunch.com) The truck is designed to be modular, meaning buyers can add parts later instead of paying for everything up front. Slate’s website pitches the vehicle as a pickup that can be changed into other formats, and TechCrunch reported one add-on is an SUV conversion kit priced around $5,000. (slate.auto, techcrunch.com) Slate is building its factory in Warsaw, Indiana, on the site of a former printing plant. The company says trucks will start rolling off that line later in 2026, and local reporting last year said the project was tied to plans for more than 2,000 jobs. (slate.auto, newsnowwarsaw.com) The company also changed leaders a month before this fundraise. Slate named former Amazon executive Peter Faricy chief executive on March 9, replacing Chris Barman as the startup moved from prototype stage toward turning reservations into paid orders. (techcrunch.com) The next test is not whether Slate can attract attention. It is whether a startup with 160,000 refundable reservations, a retooled Indiana factory, and $650 million in fresh cash can turn a cheap electric truck into an actual 2026 delivery line. (prnewswire.com, slate.auto, techcrunch.com)