Slate Auto Raises $650 Million for $20,000 Electric Pickup, Hits 160,000 Orders
Slate Auto raised $650 million to build its affordable electric pickup truck that costs around $20,000. The company backed by Jeff Bezos has collected over 160,000 orders for the bare-bones truck, which launches in 2026.
Electric truck startup Slate Auto raised $650 million in fresh funding to build what it calls a "proudly bare-bones" pickup truck priced in the mid-$20,000 range. The company has backing from Amazon founder Jeff Bezos.
Slate has collected more than 160,000 refundable reservations for its electric truck, even though customers lost access to federal tax credits. The strong demand shows appetite for cheaper electric vehicles in a market dominated by expensive options.
The company plans to build trucks at a factory in Warsaw, Indiana, investing nearly $400 million in the facility. Slate expects to start production in 2026, with final pricing details coming in June.
Most electric pickups today cost $50,000 to $100,000, limiting sales to wealthy buyers. Slate's approach strips away luxury features to hit a much lower price point, potentially opening electric trucks to mainstream customers and work fleets.
Most electric trucks cost $50,000 or more, putting them out of reach for many buyers. A $20,000 electric pickup could make clean transportation affordable for regular families and small business owners who need trucks for work.
Slate will announce final pricing in June 2026 and begin truck production at its Indiana factory.
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