Jeff Bezos-backed Slate Auto has closed a $650 million Series C round as the Troy, Michigan startup races to put a sub-$30,000 electric pickup on American roads before the end of 2025.
TWG Global — the investment firm led by Guggenheim Partners founder Mark Walter and financier Thomas Tull — led the round. TWG first bought into Slate in 2024. Existing backers include Bezos personally, General Catalyst Partners, and Slauson & Co.
The raise lands at an awkward moment for the broader EV industry, where legacy automakers have collectively burned billions trying to go electric. Slate is betting the market doesn’t want luxury — it wants cheap and functional.
A $20K truck with no power windows and no stereo
Slate’s base model is aggressively stripped down: no power windows, no audio system, no infotainment. The two-seater pickup offers either 150 or 240 miles of range depending on the battery configuration. The idea is that buyers start with the bones and build up over time through add-on accessories.
Exact pricing drops in June when the company opens online orders. More than 160,000 people have already placed a $50 refundable deposit — a signal of real demand, though deposits are far easier to collect than final sales.
One headwind: Congress killed the $7,500 federal EV tax credit last year, which would have made Slate’s value proposition considerably sharper. The company hasn’t said how that changes its pricing math.
$400 million factory, Amazon vet in the CEO seat
Slate is putting $400 million into converting a shuttered printing plant in Warsaw, Indiana into a vehicle production facility. In March, the company hired Peter Faricy as CEO — an Amazon veteran who most recently ran solar company SunPower Corp before its bankruptcy.
The Warsaw plant investment, the fresh capital, and a CEO with operational experience all point to a company trying hard to look like it can actually deliver. Whether it does will be clearer by December.
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