Slate Auto raises $650M for affordable EV truck production

On Monday, electric vehicle startup Slate Auto announced it has raised $650 million in a Series C funding round—a late-stage venture capital financing round. The investment was led by TWG Global, an investment firm run by Guggenheim Partners chief executive and Los Angeles Dodgers owner Mark Walter alongside investor Thomas Tull. In a statement, Slate Auto thanked its “visionary investors,” though the company did not name any other participants involved in the fundraise. The capital injection comes as the company prepares to put its first affordable pickup trucks into production by the end of 2026.

Founded in 2022, the startup has raised roughly $1.4 billion to date. Slate Auto is notable for its deep ties to e-commerce giant Amazon, drawing both significant capital and leadership from the company.

• Leadership team: Co-founded by Jeff Wilke, former Amazon Consumer CEO, the company recently appointed Peter Faricy, former Amazon Marketplace VP, as its chief executive officer. Former CEO Chris Barman has transitioned to the role of President of Vehicles.
• Previous investors: Prior funding rounds included backing from General Catalyst, Slauson & Co., former Amazon executive Diego Piacentini, and Amazon founder Jeff Bezos through his family office.

The funding arrives during a turbulent period for the electric vehicle market in the United States, where major automakers have scaled back EV plans following the loss of a $7,500 federal tax credit—a US government incentive for electric vehicle purchases. While competitors like Tesla have seen sales declines, and newcomers such as Rivian and Lucid Motors struggle to scale, Slate Auto is targeting the low-end market. The company’s electric truck is expected to start in the mid-$20,000s, with customers able to customize the truck, including adding an SUV conversion kit for around $5,000. Shortly after emerging from stealth in 2025, the company promoted a starting price of under $20,000 with the tax credit applied, though final pricing is scheduled for June. Despite the market headwinds, the company has secured more than 160,000 refundable reservations—pre-orders that can be cancelled for a refund.

Why it matters

Slate Auto’s ability to secure significant capital in a cooling US electric vehicle market highlights investor confidence in its low-cost, high-volume production strategy.