Slate Auto has closed a $650 million funding round to advance its plans for affordable electric trucks. The round was led by TWG Global, the investment firm controlled by Los Angeles Dodgers owner Mark Walter. Existing investors joined the round, including BlackRock and Fidelity. The company says the funds will support production scaling and battery technology development.
The startup aims to challenge traditional automakers with lower-cost electric trucks targeting commercial fleets. Slate Auto has not yet disclosed when its first model will launch but has begun pilot programs with logistics firms. Industry analysts note the investment signals growing confidence in electric commercial vehicles despite recent slowdowns in some EV sectors.
TWG Global’s involvement highlights the financial backing from sports and entertainment investors expanding into automotive. Mark Walter’s firm has previously backed companies in logistics and energy storage. Slate Auto’s CEO said the funds will accelerate hiring and factory preparations in Michigan and Texas.
The company faces competition from established automakers and startups like Rivian and Tesla, both expanding into commercial electric vehicles. Slate Auto differentiates itself by focusing on price-competitive models rather than premium pricing. Regulatory pressure to reduce emissions is increasing demand for electric alternatives in trucking.
Slate Auto was founded in 2022 and has raised over $1 billion to date. Its trucks are designed for last-mile delivery and regional hauling, segments expected to see faster EV adoption than long-haul trucking.
Source: techcrunch.com