If you've been waiting for an electric truck that doesn't cost as much as a down payment on a house, things are looking up. Slate Auto, the EV startup with Jeff Bezos in its corner, just closed a $650 million Series C funding round - a serious signal that its budget-friendly electric pickup is more than just a concept.
The round was led by TWG Global, the firm headed by Guggenheim Partners founder Mark Walter (who also happens to own the LA Dodgers) and financier Thomas Tull. According to reporting from The Verge, both Walter and Tull have prior ties to Bezos through Re:Build Manufacturing, so this is very much a reunion of familiar money backing a shared vision.
Why the price tag matters
Slate is targeting a starting price in the mid-$20,000s, which would make it one of the most affordable electric vehicles on the market - full stop. That's not just notable in the EV truck segment, where rivals like the Rivian R1T can push well past $70,000. It's notable across the entire EV landscape, where sticker shock has consistently been one of the biggest barriers to wider adoption.
For a generation of buyers who genuinely want to go electric but can't justify the premium, Slate's pitch is exactly what the market has been asking for. A capable, no-frills electric truck at a price that actually makes financial sense.
Deliveries could start this year
What makes this funding round feel especially meaningful is the timeline. Slate says it plans to begin delivering its first vehicles later this year - meaning this isn't a far-off promise. The cash infusion should help the company move from prototype to production at the pace needed to hit that goal.
The EV startup space has seen its share of ambitious timelines that slipped, so measured skepticism is fair. But $650 million in fresh capital, a high-profile investor group, and a concrete delivery window all point to a company that's building real momentum.
Whether Slate can actually deliver an electric truck at that price point - without major compromises - remains the big question. But right now, it's looking like one of the more compelling bets in the affordable EV space. Keep an eye on this one.
