April 13 (Reuters) – 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 https://www.reuters.com/business/autos-transportation/us-motor-vehicle-sales-drop-october-ev-subsidies-expire-2025-11-04/ ‌has hit overall demand for battery vehicles, but higher gas prices due to the Middle East conflict are driving some people toward https://www.reuters.com/business/energy/fuel-crisis-powers-surge-ev-interest-asia-pacific-region-2026-04-01/ 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.

(Reporting by Zaheer Kachwala in Bengaluru; ​Editing by Sahal Muhammed)