Slate Auto Raises $650M Series C for 2026 EV Truck Launch

Slate Auto secured $650 million in a Series C funding round led by TWG Global, the investment firm of Mark Walter and Thomas Tull, which also led the prior $590 million Series B. This capital enables the company to progress through key production stages at its reindustrialized factory in Warsaw, Indiana, where it plans a $400 million investment to manufacture up to 150,000 vehicles annually and create over 2,000 jobs. Deliveries of the customizable Slate Truck, priced in the mid-$20,000s, remain targeted for late 2026, with preorder pricing details set for June 2026. The startup has amassed more than 160,000 refundable $50 reservations since emerging from stealth in 2025.

Founded in 2022 in Troy, Michigan, Slate Auto draws expertise from former Harley-Davidson and Chrysler employees to produce a bare-bones electric pickup emphasizing post-delivery customization, including SUV kits. Backed early by Jeff Bezos's family office, General Catalyst, Slauson & Co., and others, the company has raised $1.4 billion total despite U.S. EV market slowdowns and the end of the $7,500 federal tax credit. This round positions Slate to convert reservation demand into sales from its U.S.-only launch, targeting costs below competitors like the Ford Maverick hybrid.

The funding underscores investor confidence in Slate's strategy to deliver the cheapest new electric vehicle in the U.S., potentially injecting up to $39 billion into Indiana's economy over 20 years through factory operations and job growth. Under new CEO Peter Faricy, formerly of Amazon, and President of Vehicles Chris Barman, Slate advances toward year-end production milestones on schedule and budget, navigating challenges that have stalled other EV startups.