SLATE SECURES $650M FOR BUDGET ELECTRIC PICKUP

The funding round was led by TWG Global, headed by Guggenheim Partners founder Mark Walter and financier Thomas Tull. Both investors previously backed Re:Build Manufacturing, another Bezos venture. Slate aims to compete in the crowded EV truck market with an aggressive price point significantly below competitors like Ford's F-150 Lightning and Chevrolet's Silverado EV. The company plans to manufacture vehicles domestically. The startup joins a wave of EV makers targeting the pickup segment, where demand remains high despite economic headwinds. Slate's sub-$25,000 positioning targets buyers typically priced out of electric vehicles. Bezos's backing provides substantial resources for supply chain development and manufacturing infrastructure. The mid-$20,000s price target would make Slate's truck among the most affordable EVs on the market if achieved.