Slate Auto, an electric vehicle startup backed by Jeff Bezos, has secured an additional $650 million to gear up for the production of its first affordable pickup trucks by late 2026. The Series C funding round was led by TWG Global, managed by Mark Walter and Thomas Tull. Though Slate Auto expressed gratitude towards its “visionary investors,” no other contributors were specified.
This funding round brings Slate Auto’s total raised to approximately $1.4 billion. Previous supporters include General Catalyst, Bezos’ family office, Slauson & Co., and former Amazon executive Diego Piacentini. Founded by ex-Amazon Consumer CEO Jeff Wilke, Slate Auto’s leadership includes several former Amazon executives. Recently, Peter Faricy, former Amazon Marketplace VP, was appointed CEO as Chris Barman transitioned to “President of Vehicles.”
This investment comes during a challenging period for the U.S. electric vehicle market as major automakers pull back on EV launches following the elimination of a $7,500 federal tax credit. Tesla’s sales have decreased for two consecutive years, and newcomers Rivian and Lucid Motors face scaling difficulties, despite new affordable models set to launch this year.
Established in 2022, Slate Auto is aiming for the low-end market with its basic electric truck, anticipated to begin in the mid-$20,000 range. The truck will offer customization options, including an SUV conversion kit for around $5,000. Initially priced at around $27,000, the company previously hinted at a starting price of “under $20,000” with the federal tax credit. Final pricing details are expected in June.
Despite the loss of the federal tax credit, Slate Auto has garnered significant interest, securing over 160,000 refundable reservations. The new CEO, Faricy, aims to convert these reservations into sales. Slate Auto is also investing a few hundred million dollars to renovate a former printing factory in Indiana for EV production.