Amazon founder Jeff Bezos is now a big investor in Slate Auto, a Michigan startup company that is producing a new kind of affordable electric pickup truck. The investment has the potential to change the EV space. Slate Auto has been laboring in secrecy since its launch in 2022, based on a TechCrunch report. Slate Auto's goal is ambitious: to produce a small, two-seat electric pickup truck that will cost around $25,000.

This no-frills but high-tech EV is intended to democratize electric mobility—namely, for those priced out of current high-end electric vehicles. Slate Auto is going all in on the affordable electric pickup truck being a winner with urban commuters, small business owners, and price-sensitive consumers who desire functionality without luxury cost.

Backed by Big Investors

Slate Auto is no tiny startup. It began as Re:Build Manufacturing, backed by Jeff Bezos, and has been well-funded. The firm raised $111 million in the first round of funding in 2023 and then received additional funds in a second round. Investors include Mark Walter, CEO of Guggenheim Partners, and Thomas Tull, a prominent individual connected with Re:Build.

This injection of capital places Slate Auto on a path of long-term stability in a precarious EV environment where numerous startups are barely clinging to existence.

Hiring Detroit's Big Four Talent

It is not only money that sets Slate Auto apart, but talent as well. The firm has hired key personnel from Ford, General Motors, Stellantis, and Harley-Davidson. With veterans of the automobile industry on staff, the startup is bringing a great deal of know-how—particularly in design, engineering, and producing in higher volumes.

Slate Auto's new car is plain, functional, and economical—exactly what the market desires in no-frills electric car offerings. The manufacturing will begin in late 2026 in a facility outside Indianapolis, Indiana. It is not decided yet whether it will be a new facility or an upgraded one.

Bezos Diversifies Its Electric Vehicle Presence

Jeff Bezos has made more than 30 investments in his family office. They have investments in artificial intelligence (Perplexity), robotics (Figure), defense (Anduril), and transport (Uber). However, Slate Auto is one of his most significant electric vehicle investments, excluding Amazon's recent partnership with Rivian.

With a robust investor roster and well-defined value proposition, Slate Auto would be well-placed to meet a big need in the EV market—providing an affordable electric pickup truck when most electric trucks are well out of the typical consumer's reach. Since EV growth is picking up steam, Slate Auto's focus on price may position it as a leader. Supported by Bezos and fueled by seasoned automotive expertise, this firm could provide the affordable electric utility vehicle that so many have been anticipating.