Jeff Bezos-backed EV maker Slate Auto has raised $650 million in its latest funding round on Monday, as the customizable, affordable pickup truck maker gears up to release its first model.
$650 Million Raised
The company raised the amount in its latest funding round by TWG Global, backed by Slate’s investor Mark Walter, Business Insider reported on Monday. Besides the funding, Slate also shared that it has secured over 160,000 reservations for its first product, a fully customizable pickup truck touted to be sold for $25,000.
Slate Auto’s Pickup Truck
The company had unveiled the pickup truck back in June last year. Slate is offering the product without a traditional paint job or even power windows and a stereo. The base trim offers a 150-mile range with a 52.7kWh battery as well as a 1,400-pound payload capacity. The company will also offer a larger battery option, which pushes the range to 240 miles on a single charge.
Slate’s unique approach focuses on personalization, where customers can pick and choose what they want in their vehicle, while the company also offers several presets tailored for multiple applications. Slate also provides the option for the pickup truck to be converted into a small SUV.
Slate Auto’s June Product Reveal, New CEO
The news comes as the company had earlier announced that it would reveal its electric pickup truck in June. “The Blank Slate will be in the mid 20s,” the company shared. Slate also confirmed that it had secured 150,000 reservations for its vehicle. Slate Auto had also secured over $111 million in Series A funding from Bezos and other high-profile investors like Walter.
The automaker also appointed Peter Faricy as the new CEO, succeeding former CEO Christine Barman, who has moved on to the role of president of Vehicles.
Tesla’s New Model
Tesla Inc. (NASDAQ:TSLA), on the other hand, has also reportedly been working on an affordable model in the lineup, which, according to investor Ross Gerber, could be a Cybercab with a steering wheel and pedals. The company is also said to be working on a new model in a seven-seater layout.
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