Slate Auto Raises $650M to Launch Low-Cost Electric Pickup

Slate Auto has raised $650 million in fresh funding as it moves closer to production of its minimalist electric pickup, the Slate Truck.

The Series C round, led by TWG Global, brings the startup’s total funding to roughly $1.4 billion, with production targeted to begin later this year and preorders expected to open in June.

Slate Truck bets on ultra-simple design to cut costs

The Slate Truck is built around a radically simplified engineering philosophy, using roughly 600 parts, far fewer than traditional pickups. The base model strips out common features entirely, offering manual windows, no infotainment system, and unpainted plastic body panels to reduce both cost and manufacturing complexity.

Slate Auto reports more than 160,000 reservations so far, each backed by a refundable $50 deposit. The company is targeting a starting price in the mid-$20,000 range, positioning the truck as one of the most affordable EV pickups on the market, according to GM Authority.

Power comes from a 201-horsepower rear-wheel-drive setup, with two battery options: a 57.2 kWh pack offering about 150 miles of range, and an 84.3 kWh pack targeting up to 240 miles.

Funding supports production ramp and direct-to-consumer strategy

With its latest funding secured, Slate Auto is accelerating plans to launch production at a new facility in Warsaw, Indiana. The company is investing approximately $400 million into the plant, which is expected to create over 2,000 jobs and eventually support annual production of up to 150,000 vehicles.

Slate will sell directly to consumers and has partnered with RepairPal to provide maintenance through more than 4,000 service centers. The truck will also feature a North American Charging Standard (NACS) port, granting access to the Tesla Supercharger network.

Customization is another key pillar of Slate’s strategy, with a range of modular accessories allowing owners to adapt the truck for different needs, from styling upgrades to alternative seating configurations.

As the startup approaches production, its focus on simplicity, affordability, and scalability positions it as a potential disruptor in the entry-level EV segment.

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