Slate Auto is raising $650 million to fund its affordable electric pickup truck

Slate Auto has closed a $650 million in Series C funding round, bringing the Troy, Michigan-based electric vehicle startup closer to launching an affordable pickup truck. The company expects to deliver the truck to customers by late 2026.

TWG Global led the funding round. Its principals include Guggenheim Partners CEO Mark Walter and investor Thomas Tull. Slate did not share the names of other participants. According to TechCrunch, this brings Slate's total fundraising to about $1.4 billion. Previous investors include Jeff Bezos' family office, General Catalyst, Slauson & Co., and former Amazon $AMZN executive Diego Piacentini.

The base model Slate Truck will be priced in the mid-$20,000s. The company will announce the exact retail price in June, when it plans to begin accepting paid orders. The company has collected $50 refundable reservations from upward of 160,000 prospective buyers. Buyers who want more than two seats can purchase an SUV conversion kit priced at around $5,000 that extends capacity to five passengers, TechCrunch notes. Amenities that most vehicles include as standard — power windows and an infotainment system among them — are absent from the base configuration, leaving buyers to build out the truck through optional add-ons.

Slate is converting a former printing facility in Warsaw, Indiana, into a vehicle manufacturing plant at an estimated cost of $400 million. The company says the factory will create over 2,000 jobs in Kosciusko County and could add up to $39 billion to Indiana's economy over the next 20 years.

"Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget," CEO Peter Faricy said in a statement.

Faricy joined Slate as chief executive in March, having previously served at Amazon and as the top executive of solar firm SunPower. Among the initiatives he is pursuing is a digital storefront where outside vendors can sell truck accessories directly to owners. His predecessor, Chris Barman, has stayed with the company in a newly created role focused on bringing the truck to launch, Bloomberg reports. According to TechCrunch, his new title is 'President of Vehicles.'

The company traces its origins to 2022 and emerged as an independent entity from Re:Build Manufacturing a year later; Jeff Wilke, who once ran Amazon's retail division, is among its co-founders. The company is raising funds amid headwinds in the broader U.S. EV market. GM said it will take a $1.6 billion charge after pulling back its EV production plans, citing the elimination of the $7,500 federal tax credit for EV buyers. Ford $F is investing nearly $2 billion to retool a Louisville, Kentucky plant for a midsize electric pickup it expects to start at about $30,000 in 2027, targeting a similar slice of the market.

Depending on the battery chosen, the truck can travel either 150 or 240 miles before needing to recharge, Bloomberg reports. It uses the NACS port, so owners can use Tesla $TSLA's Supercharger network.