When Slate Auto unveiled its first electric truck in spring 2025, it wasn’t the kind of flashy EV launch you’d expect from Silicon Valley. The Michigan startup rolled out a simple, compact pickup priced under $30,000 — and within two weeks, over 100,000 people had reserved one.
Backers have already poured in nearly $700 million. Now the question is: can Slate turn that demand into production and deliveries by late 2026?
Who’s Funding Slate Auto
Slate Auto’s investors aren’t just providing capital — they’re bringing strategic expertise to help the startup succeed.
Jeff Bezos – Vision and Long-Term Support
Through his Bezos Expeditions investment arm, Jeff Bezos led the Series A round. An early Rivian backer, Bezos brings deep experience in scaling disruptive companies, plus the resources and connections to help Slate secure supply chains and talent.
Mark Walter & Thomas Tull – Industrial and Manufacturing Expertise
Walter, CEO of Guggenheim Partners and co-owner of the LA Dodgers, and Tull, entrepreneur and co-founder of TWG Global, led the Series B. Both are committed to revitalizing U.S. manufacturing and have the operational know-how to help Slate scale efficiently.
General Catalyst – Silicon Valley Scaling Power
The venture firm behind Airbnb and Stripe is advising Slate on how to scale quickly while maintaining operational discipline — key for a capital-intensive sector like automotive.
Slauson & Co. – Early Believers in Affordable EVs
Los Angeles-based Slauson & Co. invested early, convinced that the lack of affordable EVs was a market gap worth filling. They’re helping keep Slate’s mission focused on accessibility.
Funding Timeline
- Series A (2023) – $111M, led by Bezos Expeditions.
- Series B (Late 2024) – $590M, led by Walter & Tull’s TWG Global, with General Catalyst participation.
- Series C (2025) – In progress to support production scale-up.
Factory in Indiana
Slate will build its trucks in a 1.4M sq-ft former printing plant in Warsaw, Indiana. The site closed in 2023, eliminating 500 jobs; Slate plans to create up to 2,000 jobs as it ramps production.
Reusing an existing plant saves cost and time compared to building a new facility, with production targeted for 2026 and deliveries starting late that year.
The “Blank Slate” Truck
- Base price around $25,000 ($27,500 without incentives)
- Two-door, compact build with manual windows and minimal electronics
- 150-mile base range, 240-mile optional upgrade
- Modular body allows conversion to SUV or work truck
The stripped-down design keeps costs low, while modular upgrades give customers flexibility and provide Slate with ongoing revenue opportunities.
Battery Partnership Secured
In May 2025, Slate signed a multi-year deal with SK On for U.S.-made battery cells, totaling 20 GWh from 2026–2031. SK On’s high-nickel NCM chemistry offers strong range at a competitive cost, supporting Slate’s affordability mission.
Reservation Momentum
Over 100,000 refundable reservations came in within weeks of launch. The challenge now is converting those deposits into orders while maintaining excitement ahead of production — especially with potential competition from Ford and other automakers developing affordable EV trucks.
Key Takeaways
- Slate has raised $700M from high-profile investors like Jeff Bezos, Mark Walter, and Thomas Tull.
- Its Indiana factory reuses an existing site, cutting startup costs.
- The $25K base price makes it the cheapest EV truck on the market.
- The battery supply deal ensures capacity through 2031.
- Execution between now and 2026 will determine if Slate can deliver.
Why It Matters
The U.S. EV market is full of high-priced models but underserved at the entry level. Slate Auto’s simple, modular, American-made truck could set a new template for affordable EV manufacturing — if it can execute on time and at scale.
Further Reading on SlateRides.com
Learn why Slate is an excellent long-term investment
The Slate Truck Is Small, Smart, and Ready to Work
Can 3D Printing Unlock a Modding Future for the Slate Truck?
