Slate Auto Raises $650M for Affordable Electric Trucks

While most electric vehicle makers chase luxury buyers, one startup just secured $650 million to prove affordable EVs can actually happen.

Slate Auto announced Monday it raised the massive funding round to build electric pickup trucks that will start in the mid-$20,000 range. That's roughly half the price of most EVs on the road today.

The company has already attracted more than 160,000 reservations from people excited about an electric truck that won't break the bank. Final pricing arrives in June, but the starting cost will be thousands less than competitors like Ford's F-150 Lightning or Rivian's trucks.

Founded in 2022, Slate Auto is taking a refreshingly practical approach. The base model will be bare-bones and functional, perfect for work or daily driving. Customers can customize it with add-ons, including an SUV conversion kit for about $5,000.

The funding round was led by TWG Global, run by Guggenheim Partners CEO Mark Walter. Previous supporters include Jeff Bezos' family office and venture firm General Catalyst. The company has now raised about $1.4 billion total.

Slate Auto's leadership team reads like an Amazon reunion. Co-founder Jeff Wilke formerly ran Amazon's consumer division, and the new CEO Peter Faricy once led Amazon Marketplace. Leaders across mobility, user experience, and fleet sales also came from Amazon.

The company is renovating a former printing factory in Indiana where it will manufacture the trucks. Production is scheduled to begin by the end of 2026.

The Ripple Effect

This funding comes at a challenging time for electric vehicles in America. The federal $7,500 tax credit disappeared last year, and major automakers have scaled back their EV plans. Even Tesla has seen sales decline two years running.

But Slate Auto's approach could change the game. By targeting budget-conscious buyers instead of early adopters with deep pockets, the company is opening electric vehicles to millions of Americans who couldn't afford them before. Affordable work trucks could especially help small business owners and contractors reduce fuel costs while going electric.

The strong reservation numbers suggest real appetite exists for practical, affordable EVs. Converting those reservations into actual orders will be the next challenge, which is partly why the company brought in Faricy as CEO.

If Slate Auto delivers on its promise, it could prove that going electric doesn't require going broke.