Slate Auto has raised $650 million in Series C funding, marking a major milestone as the company accelerates toward starting regular production for its first vehicle – the Slate Truck, which is being offered as an all-electric pickup. The latest funding round was led by TWG Global, and brings Slate Auto’s total funding to approximately $1.4 billion. The startup aims to launch production later this year.
Pre-orders are expected to open in June, coinciding with the official price announcement. So far, Slate Auto says they have more than 160,000 reservations, each backed by a refundable $50 deposit, with each reservation earning the holder a spot on the preorder list.
One of the defining aspects of the Slate Truck is its back-to-basics engineering philosophy. Designed to minimize cost and complexity, the base unit is built from a collection of around 600 parts alone, a huge reduction compared to traditional ICE-based pickups. The base configuration is also deliberately stripped down in terms of features, with a two-door body layout, manual windows, no infotainment, and unpainted plastic body panels, all of which significantly lowers costs and simplifies production.
Slate Auto is targeting an initial price in the mid-$20,000 range, however, prior to the termination of the federal electric vehicle tax credit, the new truck’s price was expected to be under $20,000.
The Slate Truck will be powered by a 201-horsepower rear-wheel-drive electric motor and will offer two battery options, including a 57.2 kWh battery with an estimated range of 150 miles, and an 84.3 kWh battery with an estimated range of 240 miles.
Slate Auto also takes a unique approach to customization, offering a range of accessories that owners can use to modify their vehicles, from styling to new seating arrangements.
The company will sell directly to consumers and has partnered with RepairPal to provide care through more than 4,000 independent service centers. Additionally, the truck will be equipped with a North American Charging Standard (NACS) port, which allows access to the Tesla Supercharger network.
Production will take place at a new facility in Warsaw, Indiana, where Slate Auto will invest approximately $400 million. The plant is expected to create more than 2,000 jobs and will have an annual capacity of up to 150,000 vehicles once fully operational.
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