Slate Raises $650M for $20K Electric Pickup Truck
An electric vehicle startup just raised $650 million to build an affordable pickup truck starting in the mid-$20,000s, potentially making EVs accessible to millions more Americans. Pre-orders open in June, with the first deliveries expected later this year.
Electric vehicles are about to get a lot more affordable. Slate Auto just secured $650 million in funding to build a pickup truck that could start at less than half the price of most EVs on the market today.
The Indiana-based startup, which spun off from a Jeff Bezos-backed manufacturing company, is targeting a starting price in the mid-$20,000 range for its first electric truck. That's a game changer in a market where the average EV costs over $50,000.
The Slate Truck takes a radical approach to keeping costs down. The two-seater comes without paint, power windows, a radio, or touchscreens. Instead, buyers can customize their vehicle with add-ons, including a kit that converts the truck into a five-seater SUV.
The strategy is already resonating with buyers. Slate has received 160,000 reservations since revealing the truck last year, and pre-orders open this June when the company will announce final pricing.
The Series C funding round was led by TWG Global, headed by Guggenheim Partners founder Mark Walter and financier Thomas Tull. The investment brings Slate's valuation to well over $1.2 billion and puts the company on track to begin deliveries later this year.
Production will happen at Slate's $400 million factory in Warsaw, Indiana. The facility is expected to create over 2,000 jobs in Kosciusko County and contribute up to $39 billion to Indiana's economy over the next two decades.
The Ripple Effect
An affordable electric truck could transform transportation for working Americans who need trucks for their jobs but can't justify premium EV prices. Contractors, farmers, and small business owners have largely been priced out of the electric vehicle revolution.
The modular design also challenges the notion that EVs need to be luxury products packed with expensive features. By stripping down to essentials and letting buyers add what they actually want, Slate could prove there's a massive market for no-frills electric vehicles.
If Slate delivers on its mid-$20,000 promise, it won't just be selling trucks; it will be opening the door for millions of Americans to make the switch to electric.
More Images
Based on reporting by The Verge
This story was written by BrightWire based on verified news reports.
Spread the positivity!
Share this good news with someone who needs it
