Electric vehicle startup Slate has raised $650 million in its latest funding round, as the company prepares to release its first model, a customizable and affordable pickup truck. The funding round was led by TWG Global, backed by Slate’s investor Mark Walter.
$650 Million Raised
The company has secured over 160,000 reservations for its first product, a fully customizable pickup truck that will be sold for $25,000. This significant investment and high demand for the vehicle demonstrate the growing interest in affordable and sustainable electric vehicles.
Slate Auto’s Pickup Truck
Slate unveiled its pickup truck in June last year, offering a unique approach to personalization. Customers can choose from various options to customize their vehicle, and the company also provides several presets tailored for multiple applications. The base trim offers a 150-mile range with a 52.7kWh battery and a 1,400-pound payload capacity. A larger battery option is also available, which pushes the range to 240 miles on a single charge.
Customization and Features
The pickup truck can be converted into a small SUV, providing customers with flexibility and versatility. The company’s focus on personalization allows customers to pick and choose the features they want, making the vehicle tailored to their needs.
Recent Developments
Slate had earlier announced that it would reveal its electric pickup truck in June, with a base price in the mid-$20,000 range. The company has also secured over $111 million in Series A funding from investors, including Jeff Bezos. Recently, Peter Faricy was appointed as the new CEO, succeeding former CEO Christine Barman, who has moved on to the role of president of Vehicles.
Competition in the EV Market
Meanwhile, Tesla Inc. is reportedly working on an affordable model in its lineup, which could be a compact EV with a steering wheel and pedals. The company is also said to be working on a new model in a seven-seater layout. As the electric vehicle market continues to grow, companies like Slate and Tesla are pushing the boundaries of innovation and affordability.