Slate Auto Gets More Funding to Make the Cheapest, Simplest EV Truck

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Slate Auto reported on Monday that it had secured a fresh round of funding, showing there a still investors for new entrants in the electric mobility sector. While the terms were not fully disclosed, the raise arrives at a moment when capital has grown harder to come by for automotive start-ups, many of which have struggled to translate early promise into scalable production.

Founded with the aim of simplifying electric vehicle design and manufacturing, Slate has positioned itself as a counterpoint to the industry’s prevailing trend toward increasingly complex and expensive vehicles. Its executives have argued that the next phase of electric adoption will depend less on luxury features and more on affordability, durability and ease of production.

The new funding is expected to support the company’s efforts to bring its first vehicles to market, as well as expand engineering and manufacturing capabilities.

 

Emphasizing personalization, Slate’s truck is built on a modular platform that allows owners to transform it from a two-seat pickup into a five-seat SUV using optional kits . The company plans to offer over 100 accessories, enabling customers to tailor the vehicle to their specific needs and preferences. The expected prize before state and local incentives is in the mid-twenties. It about the same size the popular 1985 Toyota SR5 Pickup truck.

Slate Auto announced plans to manufacture the truck at a repurposed printing plant in Warsaw, Indiana, aiming to commence production by late 2026 . The facility is expected to create over 2,000 jobs, contributing to the local economy and supporting the company’s goal of producing up to 150,000 vehicles annually by the end of 2027 .