• Slate Auto secured $650 million in new funding to produce its EV trucks by the end of this year.
• The investment round raises the stakes for Slate right as US EV sales hit a hefty speed bump.
• Over 160,000 customers have deposited a refundable $50 reservation for the truck.

Investors are betting a fresh $650 million that Slate can make its proudly bare-bones EV pickup a hit.

The electric truck startup, which plans to sell its launch vehicle for in the "mid-20,000s," told Business Insider it has closed a series C funding round led by TWG Global, the investment firm founded by Guggenheim Partners founder and longtime Slate backer Mark Walter. Slate declined to comment on the company's current valuation.

"Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget," Peter Faricy, the company's newly-minted CEO, said in a press release.

The later-stage round puts Slate into a high-stakes phase where investors expect it to turn early reservation demand into an actual product driving meaningful sales — a transition that has tripped up many EV startups.

But Slate scored confidence from a notable heavyweight early on: Amazon founder Jeff Bezos, who previously invested in the company. Business Insider has asked Slate if Bezos participated in the most recent funding round.

Slate is pitching a different approach to car-making at a time when new-vehicle prices continue to climb north of $50,000. Slate, which originally advertised its stripped-down electric pickup as targeting a sub-$20,000 range when factoring in the now-sunsetted US EV incentive, reiterated its plans on Monday to hit a price point below $30,000.

To hit a mid-$20,000s price tag, the Indiana-built truck is designed to cut costs wherever possible. Base models will forgo modern amenities like speakers for music, an infotainment screen, and power windows.

Instead, Slate is betting customers will pay to customize. Owners can upgrade the two-seat pickup with colorful body panels, clip-on exterior and interior badges, or a $5,000 SUV conversion kit that includes a second-row bench seat.

The approach has garnered interest among car buyers. Slate says it has collected more than 160,000 reservations since launching refundable $50 bookings just under a year ago.

The bigger challenge comes next.

Turning funding into mass production — and eventually profit — is a notoriously difficult phase for EV startups, often referred to as the industry's "valley of death." Over the past decade, companies including Fisker, Canoo, Lordstown Motors, and Nikola have filed for bankruptcy after struggling to scale.

Even the survivors are still working toward profitability. Rivian and Lucid continue to post losses, while legacy automakers like Ford, General Motors, and Stellantis have reported billions in EV-related write-downs.

Slate is also entering an increasingly crowded market for lower-cost electric vehicles. Automakers — including Toyota, Subaru, Ford, Nissan, and Chevrolet — are rolling out models priced below $50,000 through 2027, as EV adoption in the US remains relatively sluggish. Electric vehicles made up about 5.8% of new car sales in the first quarter of 2026, according to Cox Automotive.

Still, Slate says its modular approach will set it apart.

"The fact that it's electric is almost an afterthought; it's the least interesting thing because of how cool the product is, just on its own," Aaron Gould, Slate's head of interior design, previously told Business Insider. "People are really looking for an affordable and adaptable vehicle."