Slate, an electric truck startup, has raised $650 million in a Series C funding round led by TWG Global. The company aims to produce a bare-bones electric pickup truck priced in the mid-$20,000s. CEO Peter Faricy stated that the funding will help reach production stages on time and on budget. Slate's strategy involves cutting costs by offering a basic model without modern amenities, allowing customers to customize their vehicles. The company aims to capitalize on rising vehicle prices and early reservation demand to drive sales.
"Slate's Series C funding round, led by TWG Global, will enable the company to reach the next stages of production this year: on time and on budget, according to CEO Peter Faricy."
"Slate is pitching a different approach to car-making at a time when new-vehicle prices continue to climb north of $50,000, targeting a price point below $30,000 for its electric pickup."
"The Indiana-built truck is designed to cut costs wherever possible, with base models forgoing modern amenities like speakers, an infotainment screen, and power windows."
"Slate's pitch includes a bare-bones truck with a mid-$20,000 base price that customers can customize, offering options like colorful body panels and a $5,000 SUV conversion kit."
Read at www.businessinsider.com
Unable to calculate read time
Collection
[
|
...
]