Dive Brief:
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Slate Auto on Monday confirmed in a release that it has closed a $650 million Series C funding round led by TWG Global, bringing its total investments to about $1.4 billion to date.
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CEO Peter Faricy said the funding round “will enable Slate to reach the next stages of production this year: on time and on budget,” according to the release. The company didn’t reveal precisely what those next stages are, but it confirmed deliveries remain on track for late 2026.
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Slate reports over 160,000 reservations in the form of non-binding, refundable $50 deposits that each save a spot in the preorder queue, which it plans to open in June when it announces the vehicle’s retail price. The company said a blank Slate Truck will cost “in the mid-$20,000s.”
Dive Insight:
Slate Auto was founded in 2022 as Re:Car, which itself was a project within Re:Build Manufacturing, another project with ties to Amazon founder Jeff Bezos. But Slate has only been out in the open about its small, very back-to-basics electric truck, which it plans to sell direct to consumers, since last April.
Slate is aiming for low production costs with a single build configuration, ready for accessories after delivery, or customization permitting a transformation to a five-seat SUV.
It’s counting on accessories as part of its business plan. The Michigan-based startup has maintained from the start that its “Blank Slate” base model won’t include an infotainment system and will have manually operated windows, and that a gray composite body will rely on wraps and other add-ons for flair.
It plans to bypass dealerships, employing a partnership with RepairPal to tap into more than 4,000 independent service centers. But it says owners will have access to the Tesla Supercharger network via its Tesla-derived NACS charge port.
Slate in March appointed former Amazon Marketplace executive Faricy its new CEO, shifting former CEO Chris Barman to President of Vehicles amid economic pressures that the startup didn’t have earlier on. Slate unveiled its truck last year, before the expiration of the $7,500 federal EV tax credit, which might have potentially meant a sub-$20,000 price for buyers — or even less for those with separate state incentives.
“For nearly four years, Slate has remained laser-focused on the steps needed to develop our vehicle and reindustrialize our Warsaw Factory, and we will deliver Slate Trucks at nearly half the cost of the average new vehicle—as promised,” said Barman in Monday’s release.
Slate will build its trucks at a factory in Warsaw, Indiana. The company expects to invest about $400 million in the facility, creating over 2,000 jobs. The company previously stated that it could produce up to 150,000 vehicles a year at the plant.
