Amazon's founder and billionaire businessman Jeff Bezos is funding a mysterious electric vehicle startup called Slate Auto, located in Michigan, USA. The company was founded in 2022 and plans to produce its first model by 2026. Slate Auto's main goal is to offer high-tech yet affordable electric vehicles. The startup's first model, a two-seater electric pickup, will be priced at around $25,000. The project is said to be inspired by iconic models like the Ford Model T and the Volkswagen Beetle.
The investors behind Slate Auto are not limited to Bezos alone. Mark Walter, the owner of the LA Dodgers and CEO of Guggenheim Partners, as well as Thomas Tull, a major investor in Re:Build Manufacturing, also support the project. Re:Build Manufacturing itself was created by former Amazon executives, and the initial idea for Slate emerged under the name "Re:Car" within this manufacturing platform.
Slate Auto's leadership team consists of individuals with extensive experience in the automotive industry. CEO Christine Barman has worked at Chrysler for many years, playing a significant role in the development of Jeep and Dodge models. Executive Chairman Rodney Copes and CFO Ryan Green have also worked for leading companies like Harley-Davidson and Rivian.
In 2023, the company raised $111 million in its Series A funding round. Jeff Bezos' family foundation participated in this round, with the foundation's manager, Melinda Lewison, listed as a director in the company's official documents. Later, in late 2024, Slate Auto raised even more funds through its Series B funding round by issuing around 500 million shares.
Slate Auto plans to compensate for its relatively low profit margins from car sales by focusing on high-margin accessories and apparel. The company aims to offer customers extensive customization options with the slogan "WE BUILT IT. YOU MAKE IT."
This approach differs from Tesla's classic "luxury first, then mass production" model. Slate is trying to carve out a niche in the market by offering affordable vehicles directly to the mass market.
As a result, Slate Auto is considered one of Jeff Bezos' most direct and ambitious investments in the electric vehicle sector. Currently based in Troy, Michigan, the company is preparing to build a manufacturing plant near Indianapolis, aiming to secure a significant position in the electric vehicle market in the coming years.
