Jeff Bezos-backed electric vehicle startup Slate Auto has raised another $650 million as it prepares to produce its first affordable pickup truck by the end of 2026.
The automaker said Monday that TWG Global, a company controlled by Guggenheim Partners CEO and Los Angeles Dodgers owner Mark Walter and investor Thomas Tull, led the Series C funding round. Slate Auto’s press release thanked “visionary investors,” but the company did not name anyone else involved in the fundraising.
The new round means Slate Auto has raised about $1.4 billion to date. As TechCrunch first reported last year, previous investors have included General Catalyst, Jeff Bezos’ family office, VC firm Slauson & Co., and former Amazon executive Diego Piacentini.
The company also has Amazon DNA on board. In addition to being an investor, it was co-founded by Jeff Wilke, former consumer CEO of Amazon. The heads of Slate’s mobility, user experience/user interface, e-commerce, fleet sales, and HR teams all worked at Amazon. And the company recently named former Amazon Marketplace vice president Peter Faricy as CEO. (Former CEO and Chrysler veteran Chris Barman has moved into a new role: “President of Vehicles.”)
Slate Auto’s Series C launches at a tumultuous moment for the U.S. electric vehicle market. Major automakers are scrapping plans to launch electric vehicles here, especially after losing a $7,500 federal tax credit last year. Tesla’s overall sales have declined for two consecutive years. Newcomers like Rivian and Lucid Motors have struggled to scale, but both companies are releasing new, more affordable models this year.
Founded in 2022, Slate Auto is taking a different approach than other automakers. The company is targeting the ultra-low end of the market with its bare-bones electric trucks, which are expected to start in the mid-$20,000s. Customers can customize the truck in a variety of ways for more money, including adding an SUV conversion kit for about $5,000.
The company originally planned to price the truck at around $27,000, touting a starting price of “under $20,000” with federal tax credits available soon after it comes out of stealth in 2025. Final pricing is expected in June, according to the company.
Slate Auto earned significant interest despite losing federal tax credits. The company has secured more than 160,000 refundable reservations for its EVs. The company recently said it appointed Faricy as its new CEO, in part to work on converting those reservations into paid orders. Slate is also spending hundreds of millions of dollars to renovate a former printing plant in Indiana where it plans to produce EVs.
