The electric pickup startup Slate Auto started the week well. This morning, it announced it has raised $650 million in its latest funding round.
Slate is a refreshing outlier among the aspiring new electric vehicle OEMs. Lucid debuted with an electric sedan that intended to move the game on from the Tesla Model S. Rivian said, “What if [we had] supercar suspension and a smiley face for an EV with serious off-road skills?” Both arguably succeeded. Sony Honda Mobility wanted to make the EV a true digital content hub, at least until one half of that joint venture called time—who knows how that project would have turned out, although I suspect sales would have been underwhelming.
But Slate, which got its start in 2022, is doing things differently. It’s not starting sales with something near six-figures; far from it. The abolishment of the federal clean vehicle tax credit was no doubt inconvenient—with it, a sub-$20,000 starting price was possible, but even at “mid-$20,000s” the Slate Truck should match or undercut the Ford Maverick XL, currently the cheapest pickup on sale in the US.
Exciting news for Slate Auto! Raising $650 million is a significant achievement and a great step forward as they move closer to production. Looking forward to seeing what they bring to the electric pickup market!
the company. It’s interesting to see how this funding will accelerate their production timeline. With electric vehicles gaining popularity, Slate Auto might also be positioning itself to compete with established brands in the market.