Jeff Bezos-backed EV firm Slate Auto raises $650 million

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 has hit overall demand for battery vehicles, but higher gas prices due to the Middle East conflict are driving some people toward 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.