Slate Auto is a technology company.
Slate Auto has raised $110.0M across 1 funding round.
Slate Auto has raised $110.0M in total across 1 funding round.
Slate Auto has raised $110.0M in total across 1 funding round.
Slate Auto's investors include Slauson & Co..
Slate Auto is an electric vehicle (EV) startup developing a customizable, affordable electric pickup truck aimed at undercutting traditional EVs through modularity and a direct-to-consumer model.[1][2] Founded in 2022 and backed by investors like Jeff Bezos and Mark Walter, it targets budget-conscious buyers by offering a bare-bones base model starting around $25,000 (under $20,000 with federal EV tax credit), with DIY upgrades for personalization into trucks, SUVs, or other configurations.[1][2] The company serves individual consumers frustrated with expensive, feature-heavy EVs, solving affordability, accessibility, and customization barriers in the market while bypassing dealerships.[1][2] Growth momentum includes emerging from stealth in April 2025 with over 300 employees (mostly automotive veterans from Metro Detroit and California), a $111 million Series A in 2023 (under prior name Recar), and plans for first deliveries in Q4 2026, scaling to 150,000 units annually by late 2027.[1][2][3]
Slate Auto was founded in 2022 in Troy, Michigan—near major automakers like Ford and GM—by a team of industry veterans from Harley-Davidson, Chrysler, and others experienced in accessories and aftermarket parts.[1][2][3] It operated in stealth for three years, initially raising $111 million in a 2023 Series A under the name Recar, with key backing from Jeff Bezos, LA Dodgers owner Mark Walter, and Thomas Tull.[1][2][3] The idea emerged from a vision for low-cost, modular EVs using an "agile-like" brain-to-box process for physical product development, staffed by over 300 employees by 2025.[3] Pivotal moments include TechCrunch's April 8, 2025 exposé revealing its existence, a April 24 launch event in Long Beach unveiling the bare-bones truck (150-mile range, no infotainment or paint), and securing a 1.4 million sq ft former printing plant in Warsaw, Indiana for production.[2] Reservations opened with a $50 refundable deposit, building early hype.[1]
Slate Auto rides the EV market's shift toward affordability amid slowing premium sales, high interest rates, and consumer demand for practical trucks amid a "truck renaissance."[1][2] Timing aligns with federal EV tax credits boosting sub-$30k models, while modularity taps aftermarket trends from Harley/Chrysler expertise, challenging Tesla's dominance and legacy OEMs' high costs.[1][2] Market forces like Midwest manufacturing revival (e.g., Indiana plant) and direct sales (proven by Tesla/Rivian) favor it, potentially disrupting distribution if scalable.[1] It influences the ecosystem by proving stealth operations work for hardware, inspiring agile EV development, and expanding access to electrified trucks/SUVs for non-urban buyers.[2][3]
Slate Auto's path hinges on Q4 2026 deliveries from its Indiana plant, ramping to 150k units/year by 2027-2028 amid EV tax policy stability and charging infrastructure growth.[1] Trends like modular EVs, DIY culture, and Amazon synergies (e.g., smart vehicle digital experience) could accelerate adoption, but execution risks include supply chain hurdles and competition from Scout or Stellantis.[2][3] Its influence may evolve from hype machine to volume disruptor, redefining "affordable EV" if it delivers customizable trucks at scale—echoing its stealth origins to reshape auto accessibility.[1][2]
Slate Auto has raised $110.0M across 1 funding round. Most recently, it raised $110.0M Series A in June 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jun 1, 2023 | $110.0M Series A | Slauson & Co. |