Slate Auto Raises $650M as $25K Electric Pickup Nears Launch

The Numbers Get Real

Slate Auto initially drew attention with plans to sell electric vehicles for under $20,000. However, that pitch shifted after the loss of the $7,500 federal tax credit last September 2025, prompting the company to revise its expected starting price to the mid-$20,000 range.

Even so, Slate Auto continues to show signs of momentum, including backing from Amazon founder Jeff Bezos. The latest is a $650 million Series C funding round led by TWG Global, according to Automotive News. It will help support manufacturing at the startup’s plant in Warsaw, Indiana, as the company works to deliver its first electric pickup truck later this year.

Back to Basics

The affordable price tag has been made possible by stripping the electric truck of features such as power windows and infotainment screens. Customers can then add and install extra equipment over time, much like building a PC by upgrading components such as memory. This approach allows buyers to get into an all-electric vehicle without paying a premium, especially considering that EVs such as the Tesla Model 3 still start at around $40,000.

The exact pricing has not yet been disclosed, though more than 160,000 people have already placed a $50 refundable deposit. Nevertheless, the model is expected to become one of the most affordable EVs in the U.S., undercutting vehicles such as the Chevrolet Bolt EV and Nissan Leaf, which both start at around $30,000. More automakers like Ford have also signaled interest in affordable EVs, even as many, including Rivian, have acknowledged how difficult it is to make them profitable.

Cashing In on the Vision

A report from TechCrunch states that Slate Auto has raised roughly $1.4 billion to date. TWG Global has been investing in the company since 2024, with its most recent funding round seen as a boost as production nears.

In addition to securing funding, the startup has also made a structural change by appointing Peter Faricy as its new chief executive officer. Faricy, a former vice president of Amazon Marketplace, is expected to help build a similar platform that makes it easy for customers to purchase vehicle accessories. Chris Barman, who served as CEO when the brand launched in 2022, has since shifted to overseeing manufacturing, engineering, and design.