Bezos-backed EV firm Slate Auto raises $650 million

April 13 (Reuters) - Electric ‌vehicle company ​Slate ​Auto on Monday said it has raised $650 million in a Series C ‌funding round, as the Jeff Bezos-backed ⁠firm gears up to deliver its first vehicles late ‌this year.

The company has ‌touted its pickup trucks as being affordable and hopes to capitalize on the lower ​price tag to draw in customers grappling with high cost of living.

Slate did ⁠not immediately respond to a Reuters request for comment on ​its valuation.

The company will enter the EV market at an uncertain time; the ​loss of federal tax ‌breaks https://www.reuters.com/business/autos-transportation/us-motor-vehicle-sales-drop-october-ev-subsidies-expire-2025-11-04/ has hit overall demand for battery vehicles, but higher gas ⁠prices due to the Middle East conflict are driving some people toward https://www.reuters.com/business/energy/fuel-crisis-powers-surge-ev-interest-asia-pacific-region-2026-04-01/ electric cars.

A "blank" Slate ⁠truck will cost in the mid-$20,000s range, and customers ​will be able to add features at additional cost.

The company, which has taken over 160,000 bookings, said ‌it will produce trucks at a factory in Warsaw, Indiana, and ‌is expected to invest nearly $400 million in ⁠the factory.

The funding round ‌was led by ​investment firm TWG Global.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Sahal ‌Muhammed)

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