Slate Auto has closed a fresh $650 million round, positioning itself to launch its first electric pickup this year. The company’s founder highlighted the move as a step toward making an EV that rivals the US market’s cheapest trucks while offering a simpler, more cost‑effective design.

The startup, founded in 2022, plans a mid‑$20,000s price point that would undercut the Ford Maverick XL. By limiting the vehicle to just 600 parts and using unpainted plastic body panels, Slate eliminates the need for stamping or a paint shop, aiming to shave production costs.

Production will take place at Slate’s Warsaw, Indiana plant in a single, bare‑bones configuration: two doors, manual windows, and no infotainment. This stripped‑down approach echoes consumer demand for uncomplicated, affordable trucks, setting Slate apart from competitors that focus on premium features or high price tags.