Slate Auto Raises $650M to Launch Affordable Electric Pickup Trucks in 2024

Slate Auto, the electric pickup company founded by Amazon founder Jeff Bezos, has secured $650 million in Series C funding as it prepares to begin production of its first trucks later in 2024.

The company has already garnered 160,000 reservations for its compact electric pickups, which were initially advertised as starting at around $20,000. However, the price has since increased to the mid-$20,000 range following the U.S. Congress' decision to eliminate the $7,500 EV tax credit, which Slate’s pickups would have likely qualified for.

Plant Investment and Production Timeline

The new funding arrives as Slate Auto readies a $400 million investment to convert its plant in Warsaw, Indiana, into a production facility for its electric trucks. The company expects manufacturing to commence in the second half of 2024.

The timing of production aligns with rising gas prices due to geopolitical tensions, including the military conflict with Iran, which has renewed consumer interest in electric vehicles—even without the tax incentive.

"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."

Chris Barman, President, Vehicles at Slate Auto

Key Features of the Slate Electric Pickup

The Slate electric pickup is designed as a versatile platform, allowing buyers to choose between a two-passenger pickup or a five-passenger SUV configuration. The base model features a dark gray exterior and minimal interior electronics.

The truck offers two electric drivetrain options with projected ranges of 150 miles or 240 miles. As a pickup, it supports a 1,400-pound payload and a 1,000-pound towing capacity. The cargo bed measures 5 feet long with 35.1 cubic feet of storage space, while the front trunk (frunk) provides an additional 7 cubic feet.

Customization Options

Buyers can personalize their Slate pickup through the “Slate Maker” customization page, where they can add features such as SUV conversion kits, body wraps, and different wheel options. However, the base model does not include a sound system; buyers must supply their own. Special accessories are available to securely hold phones and wireless Bluetooth speakers.

Notably, the truck does not offer premium audio systems like Bang & Olufsen or Bose as standard options.