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EV Truck Startup Slate, Backed by Bezos, Raises $650 Million
Company Plans 2-Seater Pickup Priced in the Mid-$20,000s
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Slate Auto, the electric vehicle startup backed by Jeff Bezos, has raised $650 million to fund its effort to bring a mid-$20,000 electric pickup truck to the U.S. market by year-end.
TWG Global, headed by Guggenheim Partners founder Mark Walter and financier Thomas Tull, led the Series C funding, Slate said. A spokesperson declined to comment on the company’s current valuation, but it was about $1.2 billion at its fundraising in January 2025, according to Pitchbook. TWG first invested in Slate in 2024.
Slate, which named a new chief executive last month, wants to tap consumer demand for more affordable vehicles with a stripped-down, two-seater pickup that can go 150 or 240 miles on a single charge. That goal was challenged after Congresseliminated a $7,500federal tax credit for EVs last year that would have subsidized the cost of the vehicle.
“Maybe we get a tailwind because of oil prices, but we’re not dependent on oil prices, we’re not dependent upon any kind of government incentives,” CEO Peter Faricy said in an interview with Bloomberg Television on April 13. “We’re really customer focused.”
The Troy, Mich.-based startup has raised money even as established automakers havelost billionson electric car investments and more mature EV players like Rivian Automotive Inc. and Lucid Group Inc. have struggled to turn aprofit. Harbinger Motors, which makes electric chassis for commercial fleet vehicles, managed to raise funds in November from companies including FedEx Corp. and RV maker Thor Industries Inc.
Slate will announce its truck’s exact retail price when it begins taking online orders in June. It says more than 160,000 people have put down a $50 refundable deposit. The base model lacks standard comforts like power windows or an audio and infotainment system, but owners can add features by accessorizing the vehicle over time.
Slate is investing $400 million to convert anidled printing plantin Warsaw, Ind., for vehicle production. It’s also setting up a separate facility in Louisville, Ky., to do color wraps of the trucks, since there is no paint shop on its production line, Faricy said.
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Faricy
In March, Slate named Faricy, an Amazon.com Inc. veteran and former CEO of solar company SunPower Corp., as CEO. One of his goals is to develop an online marketplace where third-parties can develop and sell accessories to truck owners. He replaced Chris Barman, a former Fiat Chrysler engineer, who is remaining with the company to spearhead the truck launch.
Founded in 2022, Slate was spun out in 2023 from Re:Build Manufacturing , which focuses on developing manufacturing tech in the U.S. It’s the brainchild of Miles Arnone, an industrial turnaround executive, and Jeff Wilke, the former head of retail at Amazon. They have described Slate’s mission as a test case to prove that streamlining manufacturing processes and leaving customization to consumers can produce an affordable, US-made vehicle.
Slate investors also include Jeff Bezos, venture capital firms General Catalyst Partners and Slauson & Co.
Amazon ranks No. 1on the Transport Topics Top 100 list of thelargest logistics companies in North America, No. 15 on the TT Top 100 list of thelargest private carriersand No. 1 on the TT Top 50 list of thelargest global freight companies.
