DETROIT, Michigan: Electric vehicle startup Slate Auto has secured US$650 million in fresh funding as it prepares to bring its first vehicles to market later this year, positioning itself as a low-cost alternative in a volatile EV landscape.
The Jeff Bezos-backed company said on April 13 that it raised capital in a Series C round, led by investment firm TWG Global.
Slate has pitched its electric pickup trucks as affordable options for consumers facing rising living costs, with base models expected to be priced in the mid-$20,000 range. Buyers will be able to customize vehicles with additional features at an extra cost.
The company has already received more than 160,000 bookings and plans to manufacture its trucks at a factory in Warsaw, Indiana, where it expects to invest nearly $400 million.
Slate did not immediately respond to a request for comment on its valuation.
The fundraising comes at a time of uncertainty for the EV sector. The removal of U.S. federal tax incentives has dampened demand for battery-powered vehicles, though rising fuel prices linked to the Middle East conflict have pushed some consumers towards electric alternatives.
The company aims to capitalize on this shift by offering lower-priced models in a market that has largely focused on premium electric vehicles.
