EVwire brief: Slate Auto raised $650 million in a Series C round led by TWG Global to fund the production of its affordable, customizable vehicle platform, as well as the development of its factory in Indiana.
The company has secured over 160,000 reservations and targets first deliveries in late 2026. Slate maintained that its upcoming Slate Truck will be priced in the mid-$20,000 range, with preorders opening in June 2026 and first deliveries starting late 2026.
Pre-orders for the Slate Truck are expected to open this June
Context:
Slate plans to manufacture its vehicles at a reindustrialized facility in Warsaw, Indiana, with expected investment of nearly $400 million. The project is expected to create over 2,000 jobs in Kosciusko County and contribute up to $39 billion to Indiana’s economy over 20 years.
The company’s vehicle strategy centers on a single base configuration that can be customized post-delivery. The Slate Truck is designed to transform from a 2-seat pickup into a 5-seat SUV, with accessories and upgrades added after purchase rather than during manufacturing.
The dash of the Slate Truck is well, a blank slate
Slate said its simplified production approach is intended to reduce costs and improve scalability. Final manufacturer pricing will be announced in June 2026, alongside the opening of preorders.
Slate CEO Peter Faricy highlighted the importance of the recent funding round:
“Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget. We can't wait for our future customers to preorder their Slate Trucks beginning in June.”
This murdered out Slate Truck features a fastback kit (Source)
Slate targets affordability with simplified manufacturing and large-scale reservations
Slate was founded in 2022 and spun out of Re:Build Manufacturing in 2023. The company’s model focuses on reducing manufacturing complexity while enabling customization through accessories.
Slate opened reservations on April 24, 2025, using a $50 fully refundable deposit to gauge demand. Pricing expectations have shifted from earlier “sub-$20,000” positioning to a mid-$20,000 starting point for the base model, reflecting changes in incentive structures.
To support ownership and servicing, Slate has partnered with RepairPal, providing access to over 4,000 service centers nationwide. The vehicle will also support charging through the North American Charging Standard (NACS), enabling access to Tesla’s Supercharger network.
Source: Slate Auto
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