Slate Secures $650 Million for Electric Truck Production

Slate Auto has successfully secured $650 million to enhance its electric truck production. This funding will aid the development of an affordable electric pickup truck, anticipated to launch in the mid-$20,000 range. The company’s first electric vehicle (EV) is set for delivery later this year.

Funding Details and Leadership

The latest funding round, designated as Series C, was led by TWG Global. Mark Walter, the founder of Guggenheim Partners and owner of the Los Angeles Dodgers, along with financier Thomas Tull, played pivotal roles in this investment. Although Slate did not disclose all investors, it is noteworthy that both Walter and Tull are associated with Re:Build Manufacturing, a company previously backed by Jeff Bezos, which Slate spun off from last year.

Company Valuation

Slate’s valuation was recorded at $1.2 billion as of January 2025, according to Bloomberg estimates. However, the company has not revealed its current valuation following this funding round.

Production Plans and Customer Engagement

Peter Faricy, CEO of Slate, expressed optimism regarding the funding. “Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget,” he stated. Slate anticipates that customers will be able to place preorders for their trucks starting in June.

Product Overview

The Slate Truck, a minimal and modular electric vehicle, has already garnered significant interest, with 160,000 reservations received. This two-seater model is designed to be simple, lacking features like paint, power windows, and even a radio. However, it offers a variety of accessories, allowing owners to personalize their trucks.

Future Developments

Slate plans to unveil the final retail price of its electric truck in June 2026. In addition, customers will have the option to purchase a kit that allows the truck to be converted into a five-seater SUV.