Home / Slate Auto: Funding, EV Launch, & Manufacturing Plans

Slate Auto: Funding, EV Launch, & Manufacturing Plans

By: Jasmin Espinas
May 10, 2025

Slate Auto is a growing electric vehicle startup catching attention thanks to strong backing from well-known investors like Jeff Bezos. While it’s still early in its journey, the company is starting to stand out among newer players trying to break into the EV space.

This article takes a closer look at where Slate Auto stands and where it’s headed.

Funding: Slate Auto Raises About $700M

Slate Auto isn’t done raising money just yet. The electric car startup recently said it plans to go after more funding, even after pulling in hundreds of millions from big-name investors.

So far, its list of backers includes Jeff Bezos of Amazon, Mark Walter of Guggenheim Partners, and General Catalyst. The company has already wrapped up its Series A and B rounds and is now gearing up for a Series C.

Before its latest update on May 8, Slate had raised about $111 million. But that number has now jumped to nearly $700 million. CEO Chris Barman shared the update during a Yahoo Finance interview, explaining that Bezos led the first round and the Walter Group came in for the second.

That new number hadn’t been public until now. And while starting an auto company from scratch can easily cost billions, Slate believes it can get there with less. The reason is that it won’t need a stamping plant or paint shop. Instead, the company plans to use ready-made composite body panels with the same slate gray finish.

EV Launch: Slate Auto Introduces the “Blank Slate”

On April 24, 2025, Slate Auto revealed its first vehicle, a compact electric pickup truck. The company plans to sell the base model for around $25,000. As a result, this model is cheaper than any other electric car currently on sale in the U.S.

The truck, called the Blank Slate, comes in one version at that price. It runs on a 52.7-kilowatt-hour battery and can travel about 150 miles on a full charge.

The people spoke. We built. Meet the radically simple, radically affordable Slate. Reserve yours at https://t.co/Y5RkOIFCRo pic.twitter.com/uvSZVpdkWv

— Slate Auto (@slateauto) April 25, 2025

This pickup truck only comes in a gray finish, since the body panels are made from pre-colored composite materials. Buyers will have one upgrade option: a larger 84.3-kWh battery with an estimated range of 240 miles. However, Slate hasn’t shared the cost for the upgraded version yet.

Buyers can now reserve the truck by placing a refundable $50 deposit. Slate plans to start deliveries near the end of 2026.

Manufacturing Plans: Slate Auto to Reopen Indiana Plant

Slate Auto is turning an old printing plant in Warsaw, Indiana, into the home of its first truck factory. The company plans to reopen the site in 2026 and hopes to be making around 150,000 electric trucks a year by the end of 2027.

The building is about 1.4 million square feet, but it needs a serious overhaul before any production starts. Slate hasn’t shared the full cost or specifics of its deal for the property, but it has said the renovation will cost hundreds of millions. Once all renovations are complete, the company aims to begin production in the last quarter of 2026.

Once things are up and running, Slate expects to bring on about 2,000 workers, according to Jeff Jablansky, who leads public relations for the company.

For context, the facility is roughly a quarter the size of Tesla factory in Fremont, California, which puts out over half a million cars a year. Still, Slate says it’s committed to building its trucks in the U.S. and sourcing most of its parts from domestic suppliers.

“The vehicle is designed, engineered, and manufactured in the U.S., with the majority of our supply chain based in the U.S.,” said Jeremy Snyder, Slate’s Chief Commercial Officer, in an interview with The Verge.

Slate’s Trajectory and Market Positioning

Slate Auto has grabbed attention with its plan to sell a low-cost electric pickup truck. The announcement has raised questions about the company’s future: “Will it go public?” and “Can people invest in it in 2025?”

Currently, Slate Auto is focused on building affordable and easy-to-customize electric vehicles. Its first model, the Blank Slate, aims to give drivers a lower-cost option compared to gas trucks or higher-priced electric pickups.

Even though the company is new, it has already made waves by approaching EV design and production differently. This is especially important as interest in electric trucks and SUVs continues to grow.

That said, Slate Auto is still a private company. Its stock isn’t available for public trading on exchanges like the NYSE or NASDAQ. So if you’re looking to invest in Slate Auto directly, that option doesn’t exist at the moment.

Still, interest in the company and its vehicle suggests that a public offering could happen down the line. With strong funding, a clear product strategy, and a leadership team backed by well-known investors, Slate Auto is a company many are keeping an eye on.

For now, anyone looking to invest in the EV space will need to look at other options until Slate Auto opens that door.

You May Also Like: How Auto Loans Work: Afford Your Dream Car Now

The Road Ahead for Slate Auto

Slate Auto is building momentum with clear goals and strong support behind it. With production set to begin in 2026 and growing interest from the public and investors, the company could play a bigger role in the EV space over the next few years. Although its stock isn’t available yet, its progress has already made it one to watch.

To stay updated on Slate Auto and other startups shaping the future of business and finance, sign up for the Financial Daily Update today.