April 13 - Slate Auto announced on Monday that it has closed a $650 million Series C financing round as the electric vehicle maker readies its first trucks for delivery later this year. Backed by Jeff Bezos, the company has positioned its pickup as a lower-cost electric option aimed at buyers sensitive to rising household expenses.
Slate has publicly promoted a base or "blank" version of its truck priced in the mid-$20,000s, with the option for buyers to purchase additional features at added cost. The company reported taking more than 160,000 bookings for the vehicle.
Production is planned at a manufacturing site in Warsaw, Indiana, where Slate expects to invest nearly $400 million. The Series C round was led by investment firm TWG Global, the company said. Slate did not immediately provide a valuation when asked.
The timing of Slate's market entry comes amid mixed demand dynamics for battery electric vehicles. The company and observers point to the expiration of certain federal tax incentives as having weighed on EV purchases, while sharper fuel prices tied to the Middle East conflict have simultaneously nudged some consumers toward electric cars.
Slate's strategy centers on lower sticker price as a way to attract buyers contending with higher living costs. The company is counting on that affordability message as it scales production and begins deliveries later in the year.
Key operational elements disclosed by the company include its booking volume, planned investment in the Indiana plant and the leadership of the latest funding round. Beyond those items, Slate has not provided additional commentary on valuation or other financial details.
As it moves toward initial deliveries, Slate will need to translate bookings into produced and delivered vehicles while managing the factory investment and evolving market conditions for electric vehicles.
Contextual note - Information in this article is limited to the company statements and the details provided about the funding round, bookings, pricing, planned factory investment and broad demand influences cited by the company.