Image: Slate AutoSlate was founded in 2022 but operated in “stealth mode” for its first three years, remaining out of the public eye before revealing its plans in April 2025: the production of a highly affordable electric pickup priced at under $20,000. The vehicle is designed with a modular concept, enabling various customisations—including conversion into a five-seater SUV.The under-$20,000 price tag initially included the US incentive for electric vehicles in the form of a $7,500 tax credit. However, this incentive was abolished by the Trump administration. As a result, Slate now refers to an entry-level price in the mid-$20,000 range, with the exact price set to be announced in June.To advance its plans, which focus on simplifying manufacturing processes and reindustrialising America at a new Slate facility in Indiana, the startup has secured fresh funding from investors. The $650 million Series C financing round was led by existing investor TWG Global. This brings the total capital raised since the company’s founding to approximately $1.4 billion.“Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget,” says CEO Peter Faricy. Chris Barman, Head of Vehicle Business, adds: “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.”The startup claims to have received 160,000 reservations for its first vehicle. Interestingly, Scout, the revived US brand by VW, recently reported the same number for its first two new models, though Scout is not expected to deliver before 2028. However, this figure is not particularly meaningful for either Slate or Scout, as the reservations are entirely non-binding. Both companies will refund the reservation fee – $50 for Slate and $100 for Scout – if customers decide against purchasing.prnewswire.com