Slate Auto, a startup focused on producing mid-$20,000 electric pickups, has successfully raised $650 million in its Series C funding round, led by TWG Global. The company has garnered over 160,000 reservations for its upcoming electric truck, which is designed to be a customizable, bare-bones vehicle aimed at budget-conscious consumers. Slate plans to begin production by the end of this year, despite the challenges faced by many electric vehicle (EV) startups in transitioning from early demand to actual sales. The funding comes at a time when the U.S. EV market is experiencing a slowdown, with electric vehicles representing only 5.8% of new car sales in early 2026. Slate's strategy focuses on affordability and adaptability, appealing to consumers looking for lower-cost options in a crowded market where traditional automakers are also introducing budget-friendly EV models. The company’s CEO, Peter Faricy, expressed confidence that this funding will help Slate meet its production goals on time and within budget.