Slate Auto, the electric vehicle startup backed by Amazon founder Jeff Bezos, has closed a US$650 million Series C funding round, bringing its total capital raised to approximately $1.4 billion as it prepares to begin delivering its first pickup trucks by the end of 2026. The round was led by TWG Global, an investment firm co-run by Guggenheim Partners chief executive and Los Angeles Dodgers owner Mark Walter and former Legendary Entertainment chief Thomas Tull, both of whom are existing investors in the company.
Slate Auto’s press release thanked “visionary investors” but did not name any others who participated in the fundraise. Previous investors have included General Catalyst, Jeff Bezos’ family office, venture capital firm Slauson and Co., and former Amazon executive Diego Piacentini.
The Troy, Michigan-based startup was founded in 2022 and spun out in 2023 from Re:Build Manufacturing, a company focused on developing manufacturing technology in the United States. It is the brainchild of Miles Arnone, an industrial turnaround executive, Jeff Wilke, the former head of retail at Amazon, and Will Barker, CEO of California-based investment firm Camelot Capital Partners. They have described Slate’s mission as a test case to prove that streamlining manufacturing processes and leaving customisation to consumers can produce an affordable, United States-made vehicle.
The vehicle at the centre of all this investment is deliberately stripped back. The base model lacks standard comforts like power windows or an audio and infotainment system, but owners can add features by accessorising the vehicle over time. The truck is also modular, capable of being configured as either a two-seat pickup or a five-seat SUV. It originally targeted a starting price under $20,000 by leaning on the $7,500 federal EV tax credit, but with that credit now eliminated, the target price has shifted to around $25,000 in the mid-range. That still positions it well below the average new vehicle price in the United States, which is currently above $48,000.
The company plans to invest approximately $400 million in a reindustrialised factory in Warsaw, Indiana, where it expects to create over 2,000 new jobs and contribute as much as $39 billion to Indiana’s economy over 20 years. CEO Peter Faricy, a former Amazon Marketplace vice president who was recently appointed to lead the company into its production phase, said the funding gives the company the runway it needs. “Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget. We can’t wait for our future customers to preorder their Slate Trucks beginning in June,” Faricy said. June is also when the company will reveal official pricing for the truck and its various add-ons.
Slate Auto has racked up more than 160,000 refundable reservations for its EV, each backed by a $50 deposit, demonstrating significant consumer interest even after the loss of the federal tax credit. That level of demand is notable given the current state of the broader electric vehicle market in the United States, where major legacy automakers including Ford and General Motors have absorbed billions in losses on their EV programmes and more established startups like Rivian and Lucid continue to struggle with profitability.
Slate will enter the market at an uncertain time. The loss of federal tax breaks has hit overall demand for battery vehicles, but higher petrol prices driven by Middle East conflict are pushing some buyers toward electric cars. Whether those countervailing forces net out in Slate’s favour will depend heavily on the company’s ability to hold its price point through a production ramp, a challenge that has defeated several well-funded EV startups before it.
