Slate Auto announced on Monday that it has closed a $650 million Series C funding round — which gave the Bezos-backed EV startup the capital to push its pickup truck into production before the end of 2026.
American conglomerate TWG Global led the round, continuing its support of the Michigan-based company.
The investment firm — run by Guggenheim Partners chief executive Mark Walter alongside investor Thomas Tull — first backed Slate in 2024 and also led the company’s $590 million Series B round late that year.
TWG focuses mainly on financial services and insurance, while also holding significant investments in sports and technology — including teams like the Los Angeles Dodgers (owned by Walter) and Chelsea FC, as well as tech companies such as Palantir.
Slate did not name other participants in the Series C.
The new round brings Slate‘s total funding to roughly $1.4 billion since its founding in 2022.
Previous backers include Jeff Bezos’s family office, General Catalyst, Slauson & Co, and former Amazon executive Diego Piacentini.
“Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget,” said CEO Peter Faricy. “We can’t wait for our future customers to preorder their Slate Trucks beginning in June.”
Faricy, an Amazon veteran, took over as chief executive in March — replacing Chris Barman, who moved into the role of President, Vehicles.
Barman said the company remains on track to hit its cost target.
“For nearly four years, Slate has remained laser-focused on the steps needed to develop our vehicle and reindustrialize our Warsaw Factory, and we will deliver Slate Trucks at nearly half the cost of the average new vehicle—as promised,” she added.
Reservations
Slate revealed it has taken more than 160,000 refundable $50 reservations for its pickup, up from roughly 150,000 in December.
The company plans to open paid preorders in June and confirm final pricing at the same time.
Slate‘s truck is a minimalist two-door electric pickup with a single rear-mounted 150-kilowatt motor, rear-wheel drive and no built-in infotainment system — a deliberate cost-cutting choice the company says keeps prices down and avoids obsolescence.
The “blank” vehicle is expected to start in the mid-$20,000s, with customers being able to add features after production, including an SUV conversion kit priced at around $5,000.
The startup originally advertised a sub-$20,000 starting price after incentives, but walked back that figure after the elimination of the $7,500 federal EV tax credit last September.
Start of Production
Slate is investing close to $400 million to retrofit a former LSC Communications printing plant in Warsaw, Indiana, where it plans to build up to 150,000 vehicles per year.
The company expects the site to create over 2,000 jobs in Kosciusko County and contribute up to $39 billion to Indiana’s economy over 20 years.
Slate ran prototypes through cold-weather validation in Houghton County, Michigan — slush pits and -11°F freeze chambers — and the vehicles came out operational.
The company plans to start production by year-end.
In an interview with InsideEVs earlier this year, Chris Barman said the body shop equipment is mostly installed, with general assembly machinery going in “in the coming weeks.”
The team was preparing to build the next prototypes in the spring, she added.
Outlook and Competition
In the same interview, Barman noted that Slate “aspires” to launch more vehicles after the pickup — expanding the brand’s public single-model marketing line.
Slate is currently focused on establishing its commercial infrastructure which includes dealer-free distribution, aftermarket partnerships and a direct-to-consumer sales model.
The company said it is already engaging with potential aftermarket parts suppliers and aims to have 4,000 service providers onboarded by the time the first truck reaches customers.
Slate will sell exclusively in the United States at launch, with first customer deliveries scheduled for late 2026.
Ford‘s universal EV platform — based on which the company will produce a compact four-door pick-up priced around $30,000 — is expected to compete with Slate.
The Detroit automaker has also set a target of launch by the end of 2026.
Ford‘s CEO Jim Farley has framed the upcoming model as its “most audacious project,” as the automaker aims for it to drive its EV business from 2027 onwards.
Late last year, the company cancelled production of its segment-leader, fully electric F-150 Lightning pick-up.
At the same time, it announced a $19.5 billion writedown tied to a restructure of its EV business, in the wake of policy changes in the United States.
Ford plans for its EV business to reach profitability in 2029.
