[Expired]EV startup backed by Jeff Bezos

The North American electric vehicle market hasn't been doing well lately. Perhaps seeing that his adopted child Rivian couldn't seize opportunities properly, Amazon boss Jeff Bezos has invested in a brand new EV startup—Slate Auto.

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Image courtesy of @ Slate, copyright belongs to original creator

This American electric vehicle startup, founded in 2022, aims to produce a two-seater electric pickup truck priced at around $25,000. The company has recruited numerous employees from renowned enterprises such as Ford, General Motors, Stellantis, and Harley-Davidson.

Slate Auto's first model plans to draw inspiration from classic vehicles like the Ford Model T and Volkswagen Beetle, aiming to provide practical and affordable transportation for the general public. The company is headquartered in Troy, Michigan, with a design studio in Long Beach, California, and plans to establish a production facility near Indiana, targeting to begin production of this electric pickup by the end of 2026.

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In addition to Bezos, other investors include Mark Walter, the controlling owner of the Los Angeles Dodgers and CEO of Guggenheim Partners, as well as Thomas Tull, the primary investor in Re:Build Manufacturing. Slate Auto has raised at least $111 million in seed funding.

Furthermore, according to government documents, the company has authorized the issuance of nearly 500 million preferred shares for Series B financing, priced at $2.37 per share. Over the past year, Slate has also authorized the issuance of more than 400 million common shares, though the pricing was not disclosed in the documents. From an initial funding perspective, Slate is very well-capitalized, and hopefully, they can achieve their target electric vehicle price point in the future.