▼ Summary
– Jeff Bezos is backing a secretive electric vehicle startup named Slate Auto, founded in 2022 and based in Michigan, with plans to start production by late 2026.
– Slate Auto aims to produce an affordable two-seat electric pickup truck priced around $25,000, targeting a market impact similar to the Ford Model T or Volkswagen Beetle.
– The startup has raised significant funding, including $111 million in a Series A round in 2023, with contributions from high-profile investors like Mark Walter and Thomas Tull.
– Slate Auto plans to supplement its low-cost truck with a range of high-margin accessories and apparel, drawing on strategies from companies like Harley-Davidson and Stellantis.
– The company is led by experienced executives from the automotive and e-commerce sectors, including CEO Christine Barman, with a focus on sourcing technology from external suppliers and preparing for a potential public offering.
Jeff Bezos is backing a covert electric vehicle startup named Slate Auto, based in Michigan, with production possibly beginning as soon as next year, according to various sources and documentation that connect the billionaire’s family office to the venture.
Founded in 2022, Slate Auto emerged from another company linked to Bezos, Re:Build Manufacturing. Operating under the radar, the company has brought on board hundreds of employees, many of whom have previously worked with industry giants like Ford, General Motors, Stellantis, and Harley-Davidson.
The startup has also secured investments from other affluent individuals, including Mark Walter, the controlling owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, a lead investor in Re:Build Manufacturing. These details were obtained from documents sourced from Delaware’s Division of Corporations.
Slate Auto has set an ambitious target: a two-seat electric pickup truck priced around $25,000. This affordable EV aims to echo the revolutionary impact of the Ford Model T or Volkswagen Beetle, as revealed by sources familiar with the company’s strategic discussions.
The company has a substantial financial backing to achieve this goal. Slate Auto raised at least $111 million in a Series A funding round in 2023, according to public filings. Bezos was a participant, and Melinda Lewison, who manages his family office, is listed as a director in Slate’s paperwork filed with state and federal authorities. The round saw contributions from 16 investors, although the exact amount invested by Bezos remains unclear.
Sources indicate that Slate Auto concluded a Series B funding round late last year, although no paperwork has been filed with the Securities and Exchange Commission yet. Delaware records show the authorization of nearly 500 million preferred shares for the Series B at $2.37 per share, along with over 400 million shares of common stock, though the price for the latter was not specified.
Walter and Tull appear as new board members in the Delaware filings, suggesting their investment in the Series B round. Both recently established a $40 billion holding company for investments. Attempts to contact Walter and Tull for comments were unsuccessful.
Slate Auto is aiming to commence vehicle production by late 2026 at a facility near Indianapolis, Indiana, based on job listings, state lobbying records, and a 2024 interview with executive chairman Rodney Copes. It remains unclear whether the company has acquired an existing factory or plans to construct a new one.
This secretive initiative is unfolding at a turbulent time for the EV industry. The once-soaring sector has seen a slowdown, with numerous startups filing for bankruptcy. Survivors like Rivian and Lucid Motors have endured by expending billions of dollars.
To supplement the slim margins of its low-cost truck, Slate Auto plans to offer a range of accessories and apparel for vehicle customization, drawing on strategies used by companies like Harley-Davidson and Stellantis. The executive team includes former employees from these firms, reinforcing this approach.
Headquartered in Troy, Michigan, Slate Auto has presented a proof of concept to investors at a discreet design studio in Long Beach, California. The company has targeted high-net-worth individuals and maintained a low profile during its fundraising activities.
Requests for comments from Slate Auto, Re:Build Manufacturing, and Bezos’ family office were not answered. TechCrunch also reached out directly to Bezos, receiving no response.
Deep Amazon Connections
Slate Auto is deeply intertwined with Amazon’s legacy.
Alongside Bezos’ family office, the Series A funding included contributions from former Amazon executive Diego Piacentini, as stated on his firm’s website.
Slate Auto originated as a project called Re:Car within Re:Build Manufacturing, co-founded by former Amazon Consumer CEO Jeff Wilke and his MIT classmate Miles Arnone. Several Amazon veterans, including Wei Gao, a former top VP and technical adviser to Bezos, have joined Re:Build Manufacturing.
The leadership and many team members of Slate Auto, with backgrounds in digital, e-commerce, and automotive sectors, are former Amazon employees. Even the original name “Re:Car” reflects Amazon’s naming conventions for events like re:MARS and re:Invent.
Bezos has invested in over 30 companies through his family office, spanning sectors like AI, robotics, defense, and mobility. Slate Auto stands out as one of his most direct investments in the EV space outside of Amazon’s relationship with Rivian.
Although Bezos has invested significantly, he has not been actively involved in the day-to-day operations, according to sources familiar with the company.
Challenging the Norm
Unlike other EV startups that have typically followed Tesla’s model of launching high-end vehicles first, Slate Auto aims to capture the market with an affordable entry-level vehicle. The strategy is to offer a $25,000 truck that owners can personalize over time.
In late March, Slate Auto filed for a trademark on the phrase: “WE BUILT IT. YOU MAKE IT.” This trademark covers various goods and services, including switches, speakers, USB ports, and pet harnesses.
Job listings over the past two years provide more insights into Slate Auto’s plans. A 2024 listing hinted at the “Slate University” concept, designed to educate customers on enhancing their ownership experience. The role involves developing open-source content for customers, technicians, and partners.
Another listing for a “Lead Product Manager, Accessories” indicates that Slate Auto is exploring opportunities in electric mobility accessories, apparel, and merchandise. The role involves overseeing the development of utility parts and lifestyle accessories.
This business model, combining low-margin manufacturing with high-margin accessories, mirrors strategies employed by companies like Harley-Davidson and Stellantis.
Leadership and Team
Slate Auto’s executive chairman, Rodney Copes, spent two decades at Harley-Davidson. Chief financial officer Ryan Green also has significant experience at Harley-Davidson and Rivian. The team includes former employees from Harley-Davidson and Stellantis in various key roles.
The company plans to source its high-voltage battery packs, electric motors, and other technology from external suppliers, challenging traditional vehicle design norms. Job listings indicate preparations for becoming a public company.
Unique Structure
Unlike many other EV startups, Slate Auto does not have a founder as CEO. Miles Arnone is considered the founder, but he focuses on his role as CEO of Re:Build Manufacturing. Slate Auto’s CEO, Christine Barman, is a veteran of Chrysler, with over 20 years of experience overseeing significant vehicle programs.
Barman has kept a low profile compared to her peers in the EV startup world. She has been involved in advising companies and teaching engineering before joining the nascent EV project within Re:Build Manufacturing in 2022.
Barman did not respond to requests for comment.
Source: TechCrunch
