Summary:
Jeff Bezos is funding Slate Auto, a stealthy EV startup aiming to produce an affordable electric pickup truck.
Slate Auto has raised at least $111 million in funding and is linked to other wealthy investors.
The company aims to create a $25,000 two-seat electric pickup truck, targeting it as a buyer's first car.
Slate plans to offer customization options and revenue from accessories to supplement low vehicle margins.
CEO Christine Barman leads the company, breaking the mold of typical EV startup leadership.
The Mystery of Slate Auto
Jeff Bezos is secretly funding a groundbreaking EV startup based in Michigan known as Slate Auto, which aims to begin production as early as next year. This stealthy company has been linked to Bezos' family office through various sources and documents.
Founded in 2022, Slate has quietly built a team of hundreds of employees, many of whom hail from major automotive giants like Ford, General Motors, Stellantis, and Harley-Davidson.
Ambitious Goals and Funding
Slate Auto is on a mission to create an affordable two-seat electric pickup truck priced around $25,000. The company envisions its product as a modern equivalent to the Ford Model T or Volkswagen Beetle. Recently, it raised at least $111 million in a Series A funding round in 2023, with Bezos' involvement noted in the paperwork submitted to Delaware's Division of Corporations.
The startup has also reportedly closed a Series B round but has yet to file the necessary paperwork with the Securities and Exchange Commission. The Delaware filings indicate that nearly 500 million preferred shares were authorized at a price of $2.37 each.
Notable Investors and Leadership
In addition to Bezos, Slate Auto has attracted investments from notable figures like Mark Walter, the owner of the LA Dodgers, and Thomas Tull, a lead investor in Re:Build Manufacturing. These investors have also joined Slate's board, indicating their active role in the company's future.
Slate is headquartered in Troy, Michigan, and has showcased a proof-of-concept vehicle to investors in Long Beach, California. The startup is keeping its fundraising and operational details tightly controlled, particularly targeting high-net-worth individuals.
Deep Amazon Roots
Slate Auto's connections to Amazon run deep. The startup originated as a project called Re:Car within Re:Build Manufacturing, co-founded by former Amazon executive Jeff Wilke. Many of Slate's leaders and team members have Amazon backgrounds, including those who worked closely with Bezos himself.
A Unique Approach to the EV Market
Unlike most EV startups that aim for high-end markets, Slate is focusing on becoming a buyer's “first car”. Their strategy is to sell at a lower price point while allowing customers to personalize and upgrade their vehicles over time. They have even filed a trademark for the phrase: “WE BUILT IT. YOU MAKE IT.”
Slate plans to supplement its low-margin vehicle sales with a range of accessories and apparel, similar to successful strategies employed by Harley-Davidson and Stellantis. This approach is designed to create additional revenue streams while maintaining competitive vehicle pricing.
Leadership Dynamics
Slate Auto does not follow the typical startup model of having a founder as a CEO. Instead, Christine Barman, a veteran from Chrysler, holds the CEO position. Barman brings over 20 years of experience in the automotive industry, having worked on various high-profile projects during her tenure at Chrysler.
The company’s innovative strategies, experienced leadership, and significant backing hint at its potential to disrupt the electric vehicle market, even amid challenges in the sector.
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