Slate Auto Raises $650 Million to Produce Affordable Electric Pickup Truck

Slate Auto secured $650 million in a Series C funding round led by TWG Global.

“The electric pickup startup Slate Auto starts the week off well”

Ars Technica

The round brings Slate's total funding to roughly $1.4 billion.

Ars Technica

Jeff Bezos also participated according to sources familiar with the deal.

The capital will fund a $400 million investment to repurpose a factory in Warsaw, Indiana.

Over 160,000 customers have deposited a refundable $50 reservation for the truck.

CEO Peter Faricy said the funding will enable Slate to reach the next stages of production on time and on budget.

Slate Auto is targeting the extreme low-end of the market with a bare-bones electric pickup.

The truck will be assembled from just 600 parts, a tenth the amount of normal pickup trucks.

Business Insider

The body panels are plastic and unpainted, eliminating the need for stamping or a paint shop.

Each truck will be built in the same blank configuration: two doors, manual windows, and no infotainment or touchscreens.

Customers can customize post-purchase with colorful body panels or a $5,000 SUV conversion kit.

Slate's head of interior design said, People are really looking for an affordable and adaptable vehicle.

Slate Auto plans to invest nearly $400 million to reindustrialize an idled printing plant in Warsaw, Indiana.

“This morning, Slate Auto announced it has closed a Series C funding round after raising enough capital to continue development into its next stage of EV production in the US”

Electrek

The project is expected to create over 2,000 jobs and contribute up to $39 billion to Indiana's economy over 20 years.

Online preorders begin in June 2026, with first customer deliveries scheduled for late 2026.

Slate is partnering with RepairPal's network of over 4,000 service centers.

The company will offer access to Tesla Superchargers via a standard NACS port.

The repurposed factory investment highlights a pragmatic approach to cost control.

Slate Auto is entering an increasingly crowded market for lower-cost electric vehicles.

Electric vehicles made up about 5.8% of new car sales in the first quarter of 2026.

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The funding round puts Slate into a high-stakes phase where investors expect it to turn reservations into sales.

Over the past decade, several EV startups have filed for bankruptcy.

Even the survivors are still working toward profitability.