WARSAW — Slate Auto, the Jeff Bezos-backed electric vehicle startup that plans to open a new manufacturing facility in Warsaw later this year, has announced it has raised $650 million to fuel its efforts.

Investment firm TWG Global led the round, and the cash infusion will be critical to developing the Slate truck and scaling up manufacturing to ensure production begins later this year. 

The startup was founded in 2022 and originally banked on the $7,500 federal EV tax credit to bring the electric truck's starting price under $20,000. With that credit now gone, the target price has crept up to around $25,000. 

The truck model is an innovative platform so customizable that it can transform from a two-seat pickup to a five-seat SUV.

Established in 2022, Slate was founded on a disruptive business model that simplifies the manufacturing process with the idea of building an affordable vehicle that owners can take pride in driving and customizing.

Slate will produce trucks at a reindustrialized the old R.R. Donnelley & Sons catalogue factory on the west side of Warsaw. 

Every Slate truck will be built in the same configuration, ready for accessorization after delivery.

The manufacturer’s retail price will be announced in June 2026.

Last year, Slate pledged to invest nearly $400 million in the factory, create over 2000 jobs in Kosciusko County, and contribute up to $39 billion to Indiana’s economy over 20 years.

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