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Slate Auto, a startup backed by Jeff Bezos, has secured $650 million in a Series C funding round led by TWG Global as it prepares to launch its first electric pickup trucks later this year. The company is aiming to compete in the EV market with a focus on affordability, positioning its trucks in the mid-$20,000 price range before optional extras.
Why it matters
Slate’s lower-cost approach could appeal to buyers facing ongoing cost-of-living pressures, potentially disrupting the EV market that has seen reduced government incentives and softened demand, although rising fuel prices are helping sustain interest in electric alternatives.
The details
Slate says it has already attracted more than 160,000 reservations and plans to build its vehicles at a new facility in Warsaw, backed by an expected $400 million investment.
- Slate Auto plans to launch its first electric pickup trucks later this year.
The players
Slate Auto
A startup aiming to compete in the EV market with a focus on affordability.
Jeff Bezos
The founder of Amazon, who is backing Slate Auto.
TWG Global
The lead investor in Slate Auto’s $650 million Series C funding round.
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The takeaway
Slate Auto’s strategy of offering electric pickup trucks at a mid-$20,000 price point could disrupt the EV market and appeal to buyers facing cost-of-living pressures, potentially shaking up the industry’s current landscape.
