Slate Auto raises $650M to start affordable electric truck production in Indiana by 2026
Slate Auto has closed a $650 million Series C funding round, positioning the electric vehicle startup to begin production of its affordable pickup truck by the end of 2026. The round was led by TWG Global, an investment firm headed by Guggenheim Partners founder Mark Walter and financier Thomas Tull, marking continued support from a backer that first invested in the company in 2024.
The funding represents a critical milestone for Slate as it transitions from development into manufacturing. According to the company's leadership, the capital will enable the startup to reach its next production phases "on time and on budget," with customer preorders set to begin in June. The timing is significant given that Slate has already attracted over 160,000 reservation deposits at $50 each, indicating substantial consumer interest in an affordable electric truck option.
The startup plans to price its launch vehicle in the "mid-$20,000s" range, positioning it as a budget alternative in the EV market at a time when the federal $7,500 tax credit for electric vehicles has been eliminated. Slate's stripped-down approach includes a two-seater design with minimal amenities—lacking standard features like power windows and an infotainment system—but offering customers the option to add accessories over time. The base model will offer either 150 or 240 miles of range per charge.
Slate is directing approximately $400 million of the new funding toward converting an idled printing plant in Warsaw, Indiana into a production facility. The company projects this investment will create over 2,000 jobs in the region and contribute as much as $39 billion to Indiana's economy over two decades. The Troy, Michigan-based startup, which counts Amazon founder Jeff Bezos among its investors alongside venture capital firms General Catalyst Partners and Slauson & Co., has managed to raise significant capital despite headwinds facing the broader EV industry, where established automakers have lost billions on electric vehicle investments.
The company's newly appointed CEO, Peter Faricy—a former Amazon executive and previous chief executive of solar company SunPower—is tasked with converting the substantial reservation interest into actual production and sales. This phase represents a critical test for the startup, as many EV companies have struggled with the transition from pre-orders to manufacturing at scale.