Slate Auto, Bezos-Backed EV Startup, Secures $650 Million New Funding Ahead of 2026 Production Launch

Electric vehicle startup Slate Auto, which counts Jeff Bezos among its key backers, has closed an additional $650 million in fresh capital as it prepares to bring its first line of affordable electric pickup trucks into production by the end of 2026.

The automaker announced its Series C funding round on Monday, confirming the tranche was led by TWG Global, a firm helmed by Mark Walter — Guggenheim Partners CEO and co-owner of the Los Angeles Dodgers — and prominent investor Thomas Tull. In its official press statement, Slate Auto thanked its “visionary investors” but chose not to name any other participants in the latest fundraising.

This new capital injection brings Slate Auto’s total cumulative fundraising to roughly $1.4 billion to date. As tech publication TechCrunch first reported last year, the startup’s existing investor base includes General Catalyst, Jeff Bezos’ family office, venture capital firm Slauson & Co., and former Amazon executive Diego Piacentini.

The startup carries deep Amazon roots beyond its investor roster. It was co-founded by Jeff Wilke, Amazon’s former Chief Executive of Consumer Business. All of Slate Auto’s top leaders heading core departments — including mobility, user experience/user interface, e-commerce, fleet sales, and human resources — previously held leadership roles at Amazon. Most recently, the company appointed former Amazon Marketplace Vice President Peter Faricy as its new CEO. Outgoing CEO Chris Barman, a veteran automotive industry leader who previously worked at Chrysler, moved into a new role as President of Vehicles.

Slate Auto’s latest Series C round closes at a time of major turbulence for the U.S. electric vehicle market. Large legacy automakers have scaled back their EV launch plans in the country, particularly after many models lost eligibility for the full $7,500 federal EV tax credit last year. Tesla’s overall annual sales have fallen for two consecutive years, while newer EV entrants like Rivian and Lucid Motors have struggled to hit production and sales scale — though both companies are launching new, more affordable models this year to reverse that trend.

Founded in 2022, Slate Auto takes a vastly different approach to the market than almost any other competing automaker. It targets the absolute lowest price segment with a no-frills electric pickup projected to start in the mid-$20,000 range. Customers can pay extra for a range of customizations, including an SUV conversion kit that costs roughly $5,000.

The company originally targeted a starting price around $27,000, and shortly after emerging from stealth mode in 2025, it advertised a starting price “under $20,000” when factoring in the full federal tax credit. Slate Auto confirms it will reveal final official pricing this June.

Even after losing broad tax credit eligibility, Slate Auto has generated substantial consumer interest. It has already accumulated more than 160,000 refundable reservations for its debut EV. The company recently noted that it hired Faricy as CEO in large part to lead the work of converting these advance reservations to completed paid orders. Slate is also investing hundreds of millions of dollars to renovate a former printing factory in Indiana, which will serve as its production hub for the new electric vehicles.