Electric pickup startup Slate Auto announced on Monday that it has raised $650 million in a Series C funding round. The investment will advance production of its Slate Truck, priced to start in the mid-$20,000s for sales beginning in late 2026. Preorders for the vehicle will open in June.
Slate Auto, founded in 2022, revealed the funding news as it prepares to manufacture its bare-bones electric pickup at a factory in Warsaw, Indiana. The company positions itself as an affordable alternative in the electric vehicle market, targeting a price point that undercuts many competitors like the Ford Maverick XL without relying on federal tax credits, which have been abolished. Production aims to stay on time and on budget with this capital infusion. The Slate Truck features a simplified design with just 600 parts—far fewer than typical pickups. It includes unpainted plastic body panels, two doors, manual windows, and no infotainment screens, eliminating the need for stamping or paint facilities. Every model uses a 201 hp rear-wheel-drive motor, paired with either a 57.2 kWh battery for 150 miles of range or an 84.3 kWh pack for 240 miles. Owners can customize via flat-pack kits, adding covered beds, converting to five-seaters, or applying body wraps. Slate has partnered with 4,000 RepairPal service centers for repairs and warranties. CEO Peter Faricy stated, “Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget.” He added, “We can’t wait for our future customers to preorder their Slate Trucks beginning in June.”
