Slate Auto raises $650M to fund its affordable EV truck plans

Slate Auto, an electric vehicle startup supported by Jeff Bezos, has raised $650 million in Series C funding to produce affordable pickup trucks by 2026. Despite a challenging EV market, the company has secured over 160,000 reservations for its low-cost electric truck, aiming to target a price around $20,000 post-tax credit.

Key Points

• Slate Auto raised $650 million in Series C funding, led by TWG Global.
• Total funding has reached roughly $1.4 billion.
• Co-founded by Jeff Wilke, former Amazon's Consumer CEO, and with many staff from Amazon.
• The company plans to produce affordable electric trucks, starting around mid-$20,000.
• Over 160,000 refundable reservations for the EV have been made.
• Despite losing a federal tax credit, interest in Slate Auto’s trucks remains significant.
• The company is renovating an Indiana factory for EV production.

Relevance

• Slate Auto's approach contrasts with major automakers pulling back on EV plans.
• The increasing demand for affordable electric vehicles aligns with the broader trend of rising operational costs and inflation affecting the EV market.
• Tesla and similar companies are witnessing sales decline, indicating competitive pressure in the EV landscape.
• Historical patterns show startups often thrive in markets where established companies falter.

Slate Auto is positioning itself as a key player in the affordable EV market despite existing challenges, leveraging robust funding and reservations to innovate where others are retreating.