Bezos-backed EV firm Slate Auto raises $650 million

Electric vehicle company Slate Auto on Monday said it has raised $650 million in ​a Series C funding round, as ‌the Jeff Bezos-backed firm gears up to deliver its first vehicles late this year.

The company has ​touted its pickup trucks as being affordable ​and hopes to capitalize on the ⁠lower price tag to draw in customers ​grappling with high cost of living.

Slate did not ​immediately respond to a Reuters request for comment on its valuation.

The company will enter the EV market ​at an uncertain time; the loss of ​federal tax breaks has hit overall demand for battery ‌vehicles, ⁠but higher gas prices due to the Middle East conflict are driving some people toward electric cars.

A “blank” Slate truck will cost in the ​mid-$20,000s range, ​and customers ⁠will be able to add features at additional cost.

The company, which ​has taken over 160,000 bookings, said ​it ⁠will produce trucks at a factory in Warsaw, Indiana, and is expected to invest ⁠nearly $400 ​million in the factory.

The funding ​round was led by investment firm TWG Global.