Slate Auto, an American electric vehicle startup building a bare-bones but highly customizable pickup truck, has raised $650 million in a Series C funding round. The company was founded in 2022, grew out of Re:Build Manufacturing, and became independent in 2023. Its core idea is simple: offer an affordable EV that buyers can personalize on their own terms, after they take delivery.
New vehicle prices in the US hit a record average of just over $50,000 at the end of 2025, according to Kelley Blue Book estimates published by Cox Automotive. New EVs averaged even higher, at $55,300 in early 2026. Slate is aiming well below both figures, with a target price in the mid-$20,000s, which works out to roughly half what the average American pays for a new car today.
TWG Global, the holding company led by investors Mark Walter and Thomas Tull, led the round. Slate has collected over 160,000 reservations so far and plans to start delivering trucks to customers in late 2026.
The federal EV tax credit, worth $7,500 per vehicle, expired in September 2025. New battery-electric vehicle sales dropped 28% in the first quarter of 2026 compared to the same period a year before, according to data from Cox Automotive. For a large share of buyers, that credit had made the numbers work. Without it, the cost of going electric has become harder to justify.
The selection of affordable new EVs was already thin. According to the IEA Global EV Outlook 2025, only two battery-electric models sold in the US in 2024 were priced below $30,000. By comparison, more than 50 gasoline-powered models fell under that threshold. Most EV launches planned through 2026 are aimed at the premium end of the market. A new US-built electric truck priced below $27,000, with a manufacturer warranty, sits well outside what most carmakers are offering right now.
Slate is also going against a broader industry pattern of loading vehicles with features before buyers ever get to choose. Every Slate Truck leaves the factory in a single standard configuration. Buyers pick their accessories afterward, from body wraps and SUV conversion kits to roof racks and upgraded wheels. The company's argument is that buyers should only pay for the things they actually want.
Most of the new capital is earmarked for production at Slate's factory in Warsaw, Indiana.
"Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget. We can't wait for our future customers to preorder their Slate Trucks beginning in June." — Peter Faricy, CEO of Slate.
Slate expects to invest close to $400 million in the Warsaw facility. The company says the factory will create over 2,000 jobs in Kosciusko County and contribute up to $39 billion to Indiana's economy over a 20-year period. Preorders open in June 2026, when the company will also announce the final retail price.
Beyond production, the funding will support Slate's service and charging setup. The company has partnered with RepairPal, whose network spans more than 4,000 service centers across the US. That arrangement allows independent shops to handle warranty repairs and accessory installation, rather than routing owners through a dedicated dealer network. For charging, every Slate Truck includes a NACS port, which is the standard connector that gives drivers access to Tesla's Supercharger network.
Slate started inside Re:Build Manufacturing, a business focused on reviving American industrial production, before separating as its own company in 2023. Peter Faricy serves as CEO. Chris Barman holds the title of President, Vehicles.
"For nearly four years, Slate has remained laser-focused on the steps needed to develop our vehicle and reindustrialize our Warsaw Factory, and we will deliver Slate Trucks at nearly half the cost of the average new vehicle—as promised." — Chris Barman, President, Vehicles at Slate.
The Slate Truck starts as a two-seat pickup and can be converted into a five-seat SUV with an add-on kit. It is designed in California and Michigan, engineered in Michigan, and will be built in the Midwest. The base model ships without the optional packages and bundled features that typically push prices higher at other brands.
Buyers can configure their truck using an online tool called Slate Maker, which lets them add and swap accessories both before and after purchase. The design is meant to support ongoing personalization rather than a single configuration decision made at the point of sale.
TWG Global led the Series C. The company's press release describes TWG as continuing its "strong support of Slate." TWG Global is a holding company led by Mark Walter and Thomas Tull, with a portfolio spanning financial services, insurance, technology, sports, media, and energy. The firm carries an enterprise value of over $40 billion and counts Guggenheim Investments, Group 1001 Insurance, the Los Angeles Dodgers, the Los Angeles Lakers, and Chelsea FC among its assets.
