Jeff Bezos-backed electric vehicle startup Slate Auto has raised another $650 million as it prepares to start producing its first affordable pickup truck by the end of 2026.
The automaker announced Monday that the Series C funding round was led by TWG Global, a company run by Guggenheim Partners CEO Mark Walter (owner of the Los Angeles Dodgers) and investor Thomas Tull. Slate Auto’s press release thanked its “visionary investors,” but the company did not name anyone else involved in the financing.
The new round brings Slate Auto’s total raised to date to approximately $1.4 billion. As TechCrunch first reported last year, previous investors include General Catalyst, Jeff Bezos’ family office, VC firm Slauson & Co., and former Amazon executive Diego Piacentini.
The company also incorporates Amazon DNA. In addition to its investors, it was co-founded by former Amazon Consumer CEO Jeff Wilk. The heads of Slate’s mobility, user experience/user interface, e-commerce, fleet sales, and human resources teams all previously worked at Amazon. And the company recently appointed former Amazon Marketplace vice president Peter Faricy as CEO. (Former CEO and Chrysler veteran Chris Barman has moved into a new role as “president of vehicles.”)
Slate Auto’s Series C comes at a turbulent time for the U.S. electric vehicle market. Major automakers are backing away from plans to launch electric vehicles here, especially after losing a $7,500 federal tax credit last year. Tesla’s overall sales declined for the second year in a row. Startups like Rivian and Lucid Motors have struggled to scale, but both companies are launching new, more affordable models this year.
Founded in 2022, Slate Auto takes a different approach than most other automakers. The company is targeting a very low-end market with bare-bones electric trucks expected to start in the mid-$20,000s. Customers will be able to spend more money and customize their trucks in a variety of ways, including adding an SUV conversion kit for about $5,000.
The company originally planned to price the truck around $27,000, but shortly after it emerged from stealth in 2025, it advertised a starting price of “under $20,000” with federal tax credits. The company says final pricing will be announced in June.
Slate Auto has attracted considerable interest despite the loss of federal tax credits. The company has collected more than 160,000 refundable reservations for EVs. The company recently announced the appointment of Farici as its new CEO as part of its efforts to convert these reservations into paid orders. Slate is also spending hundreds of millions of dollars renovating a former printing plant in Indiana where it plans to make electric cars.
Source link
