Latest news with #Ford(F)Maverick
Yahoo
09-05-2025
- Automotive
- Yahoo
Slate CEO: We've raised nearly $700M from backers like Bezos for US-built EVs
Electric vehicle startup Slate announced that the company isn't done raising funds. Slate, which counts backers like Jeff Bezos and Guggenheim's Mark Walter as investors, has closed out its Series A and Series B funding and is now looking at a Series C. Prior to Thursday's announcement, the company had reportedly raised around $110 million. 'We've gone through a couple rounds of funding,' Slate CEO Chris Barman said to Yahoo Finance. 'So Jeff Bezos was our lead in our first round, the Walter Group in our second round. We also have General Catalyst as an investor. And we've raised nearly $700 million.' That whopping figure hadn't been reported before. But when it comes to building an auto business from scratch, it's possible billions will be needed. But with no stamping operation needed (the company will use pre-fabricated composite parts for the body) nor a paint shop (all the composite parts are already slate gray), Barman believes it can accomplish its goals with less capital. The company announced it would house its assembly facility at the former LSC Communications printing plant in Warsaw, Ind., and aims to reach its 150,000-unit run rate by late 2027. Slate has said cars will be on the road starting in late 2026. Slate said it will be cash flow positive shortly after production, a tough ask when competitors like Rivian (RIVN) and Lucid (LCID) are barely gross profit positive. Building in America means tariffs won't be an issue, and the company believes it can keep its supply chain in the US as well. 'We were very focused through the process that we wanted to also source American parts,' Barman said. 'So we have a high number of US-sourced parts within the vehicle, so we'll be very insulated against that.' Slate said previously that its EV pickup, a bare-bones truck with a footprint smaller than a Ford (F) Maverick, will cost somewhere in the mid-$20,000 range and will come in only one color, slate gray. The EV offers two options on the choice of two battery sizes for the rear-wheel-drive truck: a 52.7-kWh battery pack targeting 150 miles of range and an 84.3-kWh pack with 240 miles of range. Slate's other appeal is to DIYers, who can add a massive number of custom parts, vinyl skins, and even a roof to make it an SUV and install them on their own. Buyers can also choose to do none of these things and have a cheap, utilitarian pickup. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
Yahoo
25-04-2025
- Automotive
- Yahoo
Slate: Introducing the Bezos-backed EV pickup for the masses
'We built it, you make it.' That's the motto for Slate, a new American electric vehicle company, which just revealed its launch model and is backed by ex-Amazon (AMZN) executives, including, reportedly, Jeff Bezos's family office Slate said its EV pickup, a bare-bones truck with a footprint smaller than a Ford (F) Maverick, will cost somewhere in the mid-$20K range, and it will come in any color you want — as long as it's slate gray, that is. The option-challenged vehicle offers a choice of two battery sizes for the rear-wheel-drive truck: a 52.7-kWh battery pack targeting 150 miles of range and an 84.3-kWh pack with 240 miles of range. However, the Michigan company will offer a massive number of custom parts, vinyl skins, and even a roof to make it an SUV if the customer desires. This is where the 'make it' part comes in, because the customers will install these items themselves. Buyers can also choose to do none of these things and have a cheap, utilitarian pickup. 'The auto industry has abandoned the working class in America. And what I think is so exciting and different about Slate is that we have taken this stance that we're going to build cars for working-class America, in America, for Americans,' Jeremy Snyder, Slate's chief commercial officer, told Yahoo Finance. 'It's just something that's been lost.' Slate's founders, former Amazon Consumer CEO Jeff Wilke and MIT classmate Miles Arnone, aimed to make this vehicle so American workers of all stripes could have cheap, reliable, and efficient transportation. As previously reported by TechCrunch, there are several former Amazon executives involved with Slate and one big investor: Amazon chairman Jeff Bezos. Bezos, through his family office, reportedly holds a passive stake and is not directly involved in the day-to-day business. Snyder said Slate wouldn't comment on Bezos's involvement. Nevertheless, unlike Amazon's other EV investment, Rivian (RIVN), Snyder said Slate will be cash flow positive shortly after production, which will begin in late 2026. Hitting that metric is a tough ask in the current automotive environment, where the industry has seen EV sales growth slow after massive gains earlier in the decade. The prospect of the federal EV tax credit going away is also a threat, in addition to the negative effects of President Trump's tariffs on critical supply chains. Synder said the company is able to hit its profitability goals because all its parts are made in America (save items like tires), and vehicle parts are not stamped. The exterior parts are composite pieces that are easier to make and avoid Trump's tariffs on steel and aluminum. In addition, the exterior parts are already dyed slate gray, meaning there's no paint shop either, thus lowering manufacturing costs. And with no options available at the factory, assembly is much simpler and can be done within a smaller footprint. Slate hasn't revealed its manufacturing location yet or how many vehicles it intends to build when volume production is met. One key to reaching the profitability goals is the higher-margin customization business. Snyder, who cut his teeth building out Tesla's retail network, sees customers being able to buy parts to customize their Slate EVs, akin to the App Store for iPhones. 'We're all about DIY," Snyder said. 'It's a very open-source ethos that allows customers to either like the vehicle [as is]," or, he added, "They can choose whatever color they want. They can do custom print on their wrap to make it however they want, they can 3D-print headlight covers and taillight covers.' Snyder added, 'Everybody wants to be a maker, everybody wants to stand out. Everybody wants to do their own thing ... we're giving the perfect platform for that.' Prospective customers can put their name on the reservation list starting immediately. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
