Slate Auto, an electric-vehicle startup backed by Jeff Bezos, has secured $650 million in funding from investors and plans to deliver its first vehicles late this year. The company's goal is to create an affordable, no-frills base model that owners can customize, with a focus on converting it from a pickup truck to a five-seat sport utility vehicle. This approach aims to provide customers with a more personalized and cost-effective option in the EV market.
The funding round was led by TWG Global, an investment company with interests in finance, technology, and sports, including the Cadillac Formula 1 team. Slate CEO Peter Faricy stated that the financing will enable the company to reach the next stages of production on time and on budget. This is a significant milestone for Slate Auto, which has been working towards establishing itself as a major player in the EV industry.
Slate will manufacture its trucks at a converted factory in Warsaw, Indiana, a former R.R. Donnelley printing plant, where it plans to invest nearly $400 million over time. The company's sales teams have more than 160,000 reservations on their books and will begin taking preorders for trucks in June. This level of demand suggests that Slate Auto is well-positioned to capitalize on the growing interest in affordable EVs.
The price point of Slate's truck has been adjusted to
The rise of affordable EV trucks is a game-changer for the automotive industry, with companies like Slate Auto promising to disrupt traditional manufacturing models.
