Slate Auto has closed a $650 million Series C funding round led by TWG Global, securing the capital the company says it needs to begin production of its affordable electric truck later this year. The startup, headquartered in Troy, Michigan, has accumulated more than 160,000 reservations and plans to open preorders in June, with first deliveries targeted for late 2026.
Highlights
- $650 million Series C closed with TWG Global as lead investor, funding production ramp-up at Slate’s Warsaw, Indiana, factory.
- Preorders open in June with manufacturer’s retail pricing expected at that time; the Slate Truck is projected to start in the mid-$20,000s.
- 160,000+ reservations logged ahead of the company’s first production vehicle, a modular electric pickup convertible to a five-seat SUV.
- Nearly $400 million earmarked for the Warsaw factory, expected to create over 2,000 jobs in Kosciusko County, Indiana.
Series C Funding Details
TWG Global, the investment firm that has backed Slate since its earlier funding rounds, led the Series C. Slate’s investor base also includes Amazon founder Jeff Bezos and other backers tied to Re:Build Manufacturing, the domestic manufacturing platform where Slate was incubated before becoming independent in 2023.
CEO Peter Faricy, who took over the top role in March 2026 after previously serving as vice president of Amazon Marketplace, framed the round as a milestone for production readiness.
“Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget,” said Peter Faricy, CEO. “We can’t wait for our future customers to preorder their Slate Trucks beginning in June.”
Production and Manufacturing Timeline
Slate is reindustrializing a factory in Warsaw, Indiana, repurposing a former printing facility for vehicle assembly. The company expects to invest nearly $400 million in the site and projects it will contribute up to $39 billion to Indiana’s economy over 20 years.
Chris Barman, President of Vehicles, emphasized the company’s commitment to affordability in a market where the average new vehicle transaction price exceeds $48,000.
“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,” said Chris Barman, President, Vehicles.
Vehicle and Ownership Model
The Slate Truck is a modular electric pickup designed to ship in a single base configuration, with owner-installable accessories that can convert it into a five-seat SUV. The company has not yet disclosed a final retail price but has indicated it will land in the mid-$20,000s, with the official figure due in June 2026.
Slate has also moved to address two common barriers for new EV brands: charging access and after-sales service. The truck will feature a standard NACS port, granting access to Tesla’s Supercharger network. A partnership with RepairPal provides warranty service and accessory installation through more than 4,000 independent shops nationwide, bypassing the traditional dealership model.
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