Bezos-backed EV startup Slate Auto said it has raised $650 million in a Series C funding round as it pushes toward production of its first affordable electric pickup truck. The company said the new capital will support the next stage of manufacturing and help it deliver vehicles in late 2026.
Slate has pitched its truck as a lower-cost option in an EV market still struggling with affordability. The startup says its base vehicle will start in the mid-$20,000 range, with buyers able to add features at extra cost.
Slate said investment firm TWG Global led the Series C round. The company has not publicly disclosed its valuation.
The company says the funding will help it stay on schedule and move into the next phase of production this year. Public reporting also says Slate plans to begin customer preorders in June 2026.
Slate is entering the EV market at a difficult moment. The loss of federal tax breaks has hurt overall demand for battery vehicles, even as higher fuel prices linked to Middle East tensions have nudged some consumers toward electric cars.
To stand out, Slate is betting on price. Reports say the company’s truck will ship in a basic configuration, allowing buyers to customise it later through add-ons rather than paying for everything up front.
Slate says it will build the trucks at a factory in Warsaw, Indiana. The company expects to invest nearly $400 million in the plant as it ramps up production.
The company also says it has already taken more than 160,000 bookings for the vehicle. Those early reservations give Slate a stronger launch narrative as it prepares to enter a competitive EV market.
The new round gives Slate a significant cash boost at a time when many EV startups face slower demand and tighter investor scrutiny. A successful launch would test whether a simpler, lower-priced electric truck can win over buyers who have resisted more expensive EV models.
For now, the company has secured fresh capital, a factory plan and strong early interest. The next challenge will be turning those reservations into actual sales once preorders open and deliveries begin.
