Slate Auto, a start-up developing a low-cost electric pickup truck, said on 13 April 2026 that it had closed a $650m Series C round led by TWG Global, an existing investor.
TWG Global is run by Mark Walter, the chief executive of Guggenheim Partners and owner of the Los Angeles Dodgers, and the investor Thomas Tull, TechCrunch reported. Slate thanked unnamed other investors but did not list them. It did not disclose a valuation, and Reuters reported that the company did not immediately respond when asked about it.
With the new round, Slate has raised about $1.4bn in total, according to TechCrunch.
“Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget.”Peter Faricy, CEO, Slate
What Slate is building
Slate is building a basic two-seat electric pickup that it says will cost in the mid-$20,000s, close to half the price of the average new vehicle in the US. Buyers can add features and accessories at extra cost; TechCrunch reported that one option is a kit of about $5,000 that turns the truck into an SUV. The company said it would announce the retail price in June 2026, when preorders open.
Slate said it had more than 160,000 reservations. TechCrunch noted that these are refundable and that turning them into paid orders is a priority for the company.
Owners will be able to use Tesla Superchargers through a NACS charging port, and Slate has partnered with RepairPal, which has a network of more than 4,000 service centres, for warranty work and accessory fitting.
What the money is for
Slate said the Series C would take it through the next stages of development and production. It expects to invest nearly $400m in a former printing plant in Warsaw, Indiana, which it is converting to build the trucks, and it plans first deliveries in late 2026. The company said the plant would create more than 2,000 jobs in Kosciusko County.
Chris Barman, Slate's president of vehicles, said the company had spent nearly four years on the steps needed to develop its vehicle and would deliver it at close to half the cost of an average new car, as promised.
The company and its backers
Slate was founded in 2022, according to TechCrunch and electrive, and spent about three years in stealth before making its plans public in April 2025. It is based in Troy, Michigan. Charged EVs reported in May 2026 that the company employed about 325 people in Michigan, across its Troy headquarters and a site in Sterling Heights.
Jeff Wilke, the former chief executive of Amazon's consumer business, co-founded the company. Earlier investors include General Catalyst, Jeff Bezos' family office, Slauson & Co. and the former Amazon executive Diego Piacentini, TechCrunch reported.
In March 2026 Slate named Peter Faricy, a former Amazon marketplace executive, as chief executive. Barman, a Chrysler veteran who had been chief executive, became president of vehicles.
A difficult market for EVs
Slate is raising money while large carmakers are cutting back on electric vehicle launches in the US, particularly since the federal $7,500 tax credit for EV buyers ended in 2025, TechCrunch reported. Slate had earlier promoted a starting price below $20,000 after the credit, which is no longer available.
Company website: slate.auto