Particle.news
Download on the App Store
11 ARTICLES
·
6d ago

Slate Auto Raises $650 Million to Build Ultra-Low-Cost Modular EV Truck

The raise gives the Bezos-backed startup cash to move from buzz to paid orders.

Slate Auto test electric pickup trucks and SUV's sit in the startup's beta production facility in Orion Township, Michigan, U.S., June 6, 2025. REUTERS/Rebecca Cook/File Photo
Slate's pitch includes a bare-bones truck with a mid-$20,000 base price that customers can customize.
A grey Slate truck
Image

Overview

  • Slate Auto, which raised $650 million Monday in a Series C led by TWG Global, says the cash funds its next production phase and brings total financing to about $1.4 billion.
  • Final pricing and paid preorders open in June, with first customer deliveries targeted for late 2026 according to the company.
  • The launch product is a bare-bones two-seat electric pickup expected to start in the mid-$20,000s, with 150 or 240 miles of range and add-ons like a $5,000 SUV conversion kit sold after delivery.
  • Production is planned at a retooled former printing plant in Warsaw, Indiana, where Slate expects to invest roughly $400 million and create over 2,000 jobs.
  • Slate reports more than 160,000 refundable reservations and put Amazon veteran Peter Faricy in as CEO in March to convert interest into orders in a tough EV market without the $7,500 tax credit, leaning on a low-part-count design and unpainted panels to cut factory costs.