Slate Auto has secured $650 million in a Series C funding round led by TWG Global, as it prepares to launch its first electric pickup trucks later this year.

Supported by Jeff Bezos, the startup is aiming to compete in the EV market with a focus on affordability, positioning its trucks in the mid-$20,000 price range before optional extras.

The company hopes this lower-cost approach will appeal to buyers facing ongoing cost-of-living pressures.

Slate says it has already attracted more than 160,000 reservations and plans to build its vehicles at a new facility in Warsaw, backed by an expected $400 million investment.

The company enters a shifting EV landscape, where reduced government incentives have softened demand, although rising fuel prices are helping sustain interest in electric alternatives.