Slate Auto, an electric vehicle startup supported by Jeff Bezos, has recently secured an additional $650 million in funding as it gears up to launch its first budget-friendly pickup trucks by late 2026. This latest Series C funding round was spearheaded by TWG Global, managed by Mark Walter, CEO of Guggenheim Partners and part-owner of the Los Angeles Dodgers, alongside investor Thomas Tull. While the company acknowledged its “visionary investors,” it did not disclose other participants in this fundraising effort.
With this new funding, Slate Auto has amassed approximately $1.4 billion in total investment. Previous backers include General Catalyst, Bezos’ family office, VC firm Slauson & Co., and ex-Amazon executive Diego Piacentini, as highlighted by TechCrunch last year. Notably, Slate Auto’s co-founder, Jeff Wilke, is a former CEO of Amazon’s Consumer division, and many of its leadership team members hail from the e-commerce giant, including new CEO Peter Faricy, who previously held vice-presidential roles at Amazon Marketplace. Former CEO Chris Barman has transitioned to a new position as “President of Vehicles.”
The timing of Slate’s Series C funding is critical, coming amidst a challenging period for the electric vehicle industry in the United States. Major automakers are scaling back their electric vehicle initiatives, especially following the loss of the $7,500 federal tax credit last year. Additionally, Tesla has seen consecutive sales declines over the past two years, while newcomers like Rivian and Lucid Motors are facing hurdles in achieving mass production, although both are introducing new affordable models this year.
Founded in 2022, Slate Auto is adopting a distinct strategy by aiming for the lower segment of the market with a no-frills electric truck expected to start at around $25,000. Consumers will have the option to customise their trucks for an additional cost, including a conversion to an SUV for approximately $5,000. Initially projected at around $27,000, the price soon shifted to “under $20,000” when accounting for the federal tax credit, with final pricing anticipated to be revealed in June.
Despite the reduction in tax incentives, Slate Auto has gained significant traction, accumulating over 160,000 refundable reservations for its electric vehicle. To facilitate the conversion of these reservations into actual sales, the company appointed Faricy as CEO. Furthermore, Slate Auto is investing hundreds of millions of dollars to renovate a former printing plant in Indiana, where it plans to manufacture its electric vehicles.
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