Slate Auto closes funding round with enough financial runway to reach next stage of production

This morning, Slate Auto announced it has closed a Series C funding round after raising enough capital to continue development into its next stage of EV production in the US.

While we’ve only been reporting on Slate Auto for just over a year since it came out of stealth, its initial team has been working behind the scenes for four years, garnering funding and putting the early business strategy in place to ensure the US EV startup succeeds.

While there is a lot of fun seemingly going on within Slate’s growing team, there’s also significant business growth and development. The young automaker’s acquired facility in Indiana is being revamped to support EV production. As of February, the “Blank Slate” version of the company’s flagship EV is still expected to hit the market at a mid-$20k price.

Last we heard, development was on track for Slate Auto to begin customer EV deliveries in late 2026, and as of this morning, it is flush with hundreds of millions in funding and remains on track for those targets.

Slate Auto raises $650M through Series C funding round

According to a release from Slate Auto, it has closed a Series C funding round totaling $650 million in additional capital, led by previous investor TWG Global. Following the successful funding round, Slate Auto relayed that it has the capital to continue into its next phase of EV development. Slate CEO, Peter Faricy, elaborated:

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.

June is also when we will learn the official pricing of the Slate EV and its various add-ons and modifications. As a reminder, Slate’s team designed its flagship model on a modular platform that can easily transform from a 2-seat pickup to a 5-seat SUV or fastback.

As mentioned above, the fresh funding will help Slate Auto reach production at a “reindustrialized” factory in Warsaw, Indiana. The startup says it expects to invest approximately $400 million in the facility, create over 2,000 new jobs in the region, and contribute as much as $39 billion to Indiana’s economy over 20 years. Slate Auto’s President of Vehicles, Chris Barman, also spoke, following the funding news:

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.

Slate appears to be doing everything right so far, which comes as little surprise, as a majority of its staff are industry veterans with extensive knowledge of managing and scaling automotive production. The cash is there, the minds are there, and the product looks quite promising. But if there’s one thing we know for certain in the EV startup world, it is that none of that stuff matters until a company reaches scaled production and starts delivering viable, dependable vehicles to its reservation holders.

All eyes on the June debut.