(Reuters) – Electric vehicle company Slate Auto on Monday said it has raised $650 million in a Series C funding round, as the Jeff Bezos-backed firm gears up to deliver its first vehicles late this year.
The company has touted its pickup trucks as being affordable and hopes to capitalize on the lower price tag to draw in customers grappling with high cost of living.
Slate did not immediately respond to a Reuters request for comment on its valuation.
The company will enter the EV market at an uncertain time; the loss of federal tax breaks has hit overall demand for battery vehicles, but higher gas prices due to the Middle East conflict are driving some people toward electric cars.
A “blank” Slate truck will cost in the mid-$20,000s range, and customers will be able to add features at additional cost.
The company, which has taken over 160,000 bookings, said it will produce trucks at a factory in Warsaw, Indiana, and is expected to invest nearly $400 million in the factory.
The funding round was led by investment firm TWG Global.
Reporting by Zaheer Kachwala in Bengaluru; Editing by Sahal Muhammed
