Slate is raising $650 million to make its own budget electric truck

Slate AutoThe Jeff Bezos-backed electric vehicle startup has raised $650 million to fund its effort to build an affordable electric pickup truck expected to start in the mid-$20,000s. The company plans to deliver its first electric car later this year.

The Series C round was led by TWG Global, headed by Guggenheim Partners founder and LA Dodgers owner Mark Walter and financier Thomas Tull. Slate did not disclose its most recent investors, but both Walter and Tull were investors in Re:Build Manufacturing, a company owned by Bezos. Which Slate launched last year. The company also did not disclose its latest valuation, but it was $1.2 billion as of January 2025. according to Bloomberg.

“Our Series C funding round will enable Slate to reach the next stages of production this year: on time and on budget,” Slate CEO Peter Farsi said in a statement. “We can’t wait for our future customers to pre-order their stone trucks starting in June.”

Slate says it received 160,000 reservations for Its first electric vehicle, a simple modular truckwas first revealed last year. The two-seat electric truck comes without paint, power windows, radio, or even an infotainment system. Instead, Slate will offer a range of accessories and add-ons, including a kit that turns the truck into a five-seat SUV, which allows owners to customize their truck to their liking. The company is expected to announce the final retail price of its truck in June 2026.