Slate Auto says it has closed a $650 million Series C round, giving the startup additional capital as it moves toward production of its low-cost electric pickup. The company said TWG Global led the round, and that it has now taken more than 160,000 reservations for the Slate Truck, with first customer deliveries still planned for late 2026.

The funding announcement is tied directly to production plans. CEO Peter Faricy said the Series C round will help Slate reach “the next stages of production this year,” and do so “on time and on budget.” The company also said future customers will be able to preorder Slate Trucks beginning in June, when it plans to announce the manufacturer’s retail price.

Slate has positioned the vehicle as a simpler, lower-cost EV platform. The company says the Slate Truck will be priced in the mid-$20,000s, and that each truck will be built in the same base configuration, ready for accessorization after delivery. Slate also says the platform can be transformed from a 2-seat pickup into a 5-seat SUV, an unusual pitch in an EV market where most automakers are still leaning toward higher-priced trims and feature-heavy launches.

Slate will build the trucks at its reindustrialized factory in Warsaw, Indiana. The company said it expects to invest nearly $400 million in the plant, create more than 2,000 jobs in Kosciusko County and contribute up to $39 billion to Indiana’s economy over 20 years. Those are company projections, not delivered results, but they show the scale Slate is attaching to the program.

Slate said its partnership with RepairPal gives customers access to a nationwide network of more than 4,000 service centers for warranty work and accessorization. On charging, the company said drivers will be able to use Tesla Superchargers through a standard NACS port located on the driver’s-side rear of the truck.

Chris Barman, President, Vehicles, said Slate has spent nearly four years preparing to develop the vehicle and reindustrialize the Warsaw factory, adding that the company plans to deliver Slate Trucks at “nearly half the cost of the average new vehicle.”

Source: Slate Auto