Slate Auto has raised $650 million in a Series C funding round as it gears up to bring its low-cost electric pickup truck to market by the end of 2026.
The round was led by TWG Global, founded by Mark Walter and Thomas Tull. While the company did not disclose additional participants, it acknowledged support from a group of long-term investors.
With this latest raise, Slate Auto has now secured approximately $1.4 billion in total funding. Previous backers include General Catalyst, the family office of Jeff Bezos, Slauson & Co., and former Amazon executive Diego Piacentini.
A Different Approach To The EV Market
Founded in 2022, Slate Auto is taking a distinctly different route compared to most electric vehicle manufacturers. Instead of targeting premium segments, the company is focused on building a highly affordable electric pickup truck, expected to start in the mid-$20,000 price range.
The base model is designed to be minimalistic, with customers able to customise features at an additional cost, including an SUV-style upgrade package.
Despite shifting market conditions and the removal of federal EV tax incentives in the U.S., Slate Auto has already generated strong demand, securing more than 160,000 refundable reservations.
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Deep Amazon Roots
The company’s leadership and structure reflect strong ties to Amazon. Slate Auto was co-founded by former Amazon Consumer CEO Jeff Wilke, and several key executives across product, mobility, and operations previously held roles at the tech giant.
More recently, Peter Faricy, a former Amazon Marketplace executive, took over as CEO. Meanwhile, industry veteran Chris Barman transitioned into a new role focused on vehicle development.
Navigating A Challenging EV Landscape
Slate Auto’s fundraising comes at a time of uncertainty in the U.S. electric vehicle market. Several automakers have slowed EV rollouts, while companies like Tesla, Rivian, and Lucid Motors continue to face scaling challenges.
Against this backdrop, Slate is betting that affordability and simplicity will unlock a broader segment of the market.
Preparing For Production
The company is currently investing heavily in manufacturing, including the redevelopment of a former industrial facility in Indiana where production will take place.
With strong reservation numbers and fresh capital in place, Slate Auto is now focused on converting early interest into confirmed orders and scaling production ahead of its planned launch.
About Slate Auto
Slate Auto is a U.S.-based electric vehicle startup focused on building affordable, customisable electric trucks. Founded in 2022, the company aims to make EV ownership more accessible by combining cost-efficient design with flexible upgrade options for consumers.
