Slate Auto, the electric pickup company created by Amazon founder Jeff Bezos, got a financial shot in the arm, raising $650 million as it moves toward production of its first trucks later this year.
The company claims to have 160,000 reservations for the compact pickups, which were pitched to the public as starting at about $20,000. However, the price has increased to the mid-$20,000 range because the U.S. Congress ended the $7,500 EV tax credit, for which Slate’s pickups likely would have qualified for.
The Series C funding comes at a good time as the company is readying a plant in Warsaw, Indiana to produce trucks sometime in the second half of this year. The company plans to invest up to $400 million in the plant to make it ready to build trucks.
The production scheduling is fortuitous as the military conflict with Iran has driven up gas prices, causing many consumers to look at electric vehicles once again — even without the tax credit.
“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,” said Chris Barman, president, Vehicles.
The affordable price isn’t the only draw for many buyers. The truck is really just a platform — everyone will be built to the same configuration — that buyers can leave as a two-passenger pickup or transform it into a five-passenger SUV.
That build config is basically a dark gray exterior with minimal electronics on the inside. It comes with a choice of two electric drivetrains that provide a projected range of either 150 miles or 240 miles. If you buy it as a pickup, it’ll carry a payload of about 1,400 pounds and offers a 1,000-pound towing capacity. The cargo bed is 5-feet long and carries 35.1 cubic feet of stuff. The frunk is 7 cubic feet.
If want more than the base truck (speedometer and climate controlos), Slate allows buyers to use the “Slate Maker” customization page to create something bespoke, if you will. Owners can buy an SUV kit, body wraps, different wheels, etc. It’s important to know buyers supply their own sound system, although there are special accessories that will hold your phone and a wireless Bluetooth speaker in place. No need to worry about choosing between the Bang & Olufsen or Bose systems here.
[Images: Slate Auto]
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