Slate raises $650 million, says low-cost electric pickup remains on track for late 2026

Slate Auto has successfully secured $650 million in a Series C funding round led by TWG Global, bolstering its efforts to bring a low-cost electric pickup to market. The company has already amassed over 160,000 reservations for the Slate Truck, with first deliveries targeted for late 2026. CEO Peter Faricy emphasised that the fresh capital will support the next phases of production, aiming to keep the project on schedule and within budget. Slate also announced plans to open preorders in June, when it will reveal the vehicle’s retail price. The Slate Truck is designed as a more affordable, simplified electric vehicle compared to many competitors. Priced in the mid-$20,000s, each truck will come in a single base configuration, allowing owners to personalise their vehicles with accessories after purchase. Notably, the platform offers the flexibility to convert the vehicle from a two-seat pickup into a five-seat SUV, a unique proposition in a market where most EV launches focus on premium features and higher trim levels. Manufacturing will take place at Slate’s reindustrialised factory in Warsaw, Indiana, where the company plans to invest nearly $400 million. Slate projects the creation of over 2,000 jobs in Kosciusko County and anticipates contributing up to $39 billion to the state’s economy over the next two decades, underscoring the scale of its ambitions. The company has also partnered with RepairPal to provide customers with access to a nationwide network of more than 4,000 service centres for warranty and accessory support. On the charging front, Slate has incorporated a standard NACS port compatible with Tesla Superchargers, located on the driver’s-side rear of the truck, which should ease charging infrastructure concerns for potential buyers. Chris Barman, Slate’s President of Vehicles, highlighted that the company has spent nearly four years preparing to develop the vehicle and revitalise the Warsaw plant. Barman also claimed that the Slate Truck will be priced at nearly half the cost of the average new vehicle, signalling a disruptive approach to the electric pickup segment.