Jeff Bezos is funding a secretive EV startup primarily based in Michigan referred to as Slate Auto that would begin manufacturing as quickly as subsequent 12 months, based on a number of sources and paperwork that hyperlink the billionaire’s household workplace to the startup.
Slate, which took root in one other Bezos-connected firm referred to as Re:Build Manufacturing, has been working quietly since its founding in 2022. The firm has employed a whole lot of staff whereas in stealth — lots of whom come from Ford, General Motors, Stellantis, and Harley-Davidson.
It additionally attracted the backing of a number of different rich people, together with Mark Walter, the controlling proprietor of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, who’s a lead investor of Re:Build Manufacturing, based on paperwork TechCrunch obtained from Delaware’s Division of Corporations.
Slate Auto is tackling an enormous purpose: an reasonably priced two-seat electrical pickup truck for round $25,000, based on two sources who had been granted anonymity to discuss the corporate’s inner discussions. Leaders inside the corporate have talked about the Ford Model T or Volkswagen Beetle as a North Star for the venture, based on the folks.
It has amassed a large battle chest in service of that purpose.
The firm quietly raised a minimum of $111 million in a Series A spherical in 2023, based on a public submitting. Bezos was concerned, and Melinda Lewison, the one who manages his household workplace, is listed as a director on paperwork Slate has filed with states and the federal authorities. The submitting exhibits 16 folks invested in that spherical; it’s unclear how a lot Bezos put into the corporate.
Slate has advised staff that it closed a Series B late final 12 months, based on a number of sources aware of its funding. It has not but filed any paperwork for the spherical with the Securities and Exchange Commission. The Delaware paperwork exhibits it licensed practically 500 million most popular shares for the Series B priced at $2.37 per share. (Slate additionally licensed greater than 400 million shares of widespread inventory up to now 12 months, although the filings didn’t state a worth.)
The Delaware paperwork additionally lists Walter and Tull as new board members, suggesting the 2 invested in Slate’s Series B spherical. The two just lately fashioned a $40 billion holding firm to make investments. Walter and Tull couldn’t be reached for remark.
Slate hopes to get its automobile into manufacturing as quickly as late 2026 at a producing facility someplace close to Indianapolis, Indiana, based on job listings, state lobbying information, and a 2024 interview with govt chairman Rodney Copes. It will not be instantly clear if Slate bought an current manufacturing facility or plans to construct one from scratch.
The clandestine venture is taking form at a difficult time for electrical autos.
Once-explosive development of the sector has cooled off, and a number of startups devoted to constructing EVs have filed for chapter. Those which have survived, like Rivian and Lucid Motors, have completed so by burning by way of billions of {dollars}.
Slate plans to complement the small margins of its low-cost truck by constructing out a line of equipment and attire that homeowners can use to customise their autos and their appears, based on the sources and numerous job listings. It has crammed its govt ranks with former Harley-Davidson and Stellantis staff — two firms which have traditionally leaned on these sorts of ancillary companies (the previous with attire and the latter with MoPar components and equipment).
Slate is headquartered in Troy, Michigan, and the startup has additionally proven off a proof of idea automobile to traders at a non-descript design studio it’s leasing in Long Beach, California, based on the sources. It has focused high-net-worth people and saved a decent lid on its fundraising course of.
The firm and a number of folks linked to Slate, Re:Build Manufacturing, and Bezos’ household workplace didn’t reply to repeated requests for touch upon this story. TechCrunch additionally reached out to Bezos instantly and didn’t obtain a response.
Deep Amazon ties
Slate is shot by way of with Amazon DNA.
Alongside Bezos’ household workplace, Slate’s Series A included funding from former Amazon govt Diego Piacentini, based on his agency’s web site.
Slate was initially created as a venture referred to as Re:Car in early 2022 inside Re:Build Manufacturing, a home manufacturing incubator of kinds co-founded by former Amazon Consumer CEO Jeff Wilke and his MIT Leaders for Global Operations classmate Miles Arnone. Several long-time Amazon executives, together with Wei Gao, who was a high VP and technical adviser to Bezos, are actually at Re:Build Manufacturing.
Slate’s digital, e-commerce, and automotive expertise leads are Amazon expats. Even Slate’s authentic identify consists of the “re:” prefix Amazon makes use of for occasions, just like the re:MARS robotics and AI convention, or the annual re:Invent gathering for AWS.
Bezos has invested in additional than 30 firms by way of his household workplace over time, touching the worlds of AI (Perplexity), robotics (Figure), protection (Anduril), and even mobility (Uber). Slate is likely one of the most direct investments he’s made on the planet of electrical autos outdoors of the connection his firm Amazon has with Rivian.
His funding has largely been simply that, although. People aware of the corporate’s interior workings advised TechCrunch that he has not been seen round Slate’s Michigan or Los Angeles workplaces.
Bucking the pattern
Nearly the entire EV startups which have come (and gone) during the last decade have tried indirectly to duplicate the strategy Tesla took. They’ve designed their first autos to be high-end choices to allow them to promote fewer vehicles for more cash. Eventually, after rising model consciousness, these firms transfer into higher-volume, cheaper EVs that generate smaller margins.
Slate is inverting this by going after what it hopes shall be a purchaser’s “first automotive,” based on the individuals who spoke with TechCrunch.
The thought is to promote the truck at a worth level of round $25,000, and have homeowners personalize or improve the automotive over time as they’ll afford it.
In late March, Slate filed for a trademark on the phrase: “WE BUILT IT. YOU MAKE IT.” There is an extended checklist of products and providers it may cowl, together with all the pieces from switches and audio system to USB ports and pet harnesses.
Other particulars may be gleaned from the numerous job listings Slate has posted during the last two years.
One posted in 2024 hinted the corporate will dub the client customization course of “Slate University.” The itemizing was initially titled “University Lead” and was renamed to “Head of Customer Education Repair & Maintenance” earlier than the startup stopped accepting functions.
“We search an enthusiastic, skilled Leader of Slate University to construct and lead our game-changing strategy to open-source content material for purchasers to reinforce their possession expertise,” the itemizing reads. “As the Lead, you’ll drive the technique and ecosystem improvement for the academic content material and supply for Slate customers, clients, technicians, and companions.”
Another job itemizing for “Lead Product Manager, Accessories” explains that Slate is “exploring alternatives within the electrical mobility area and are constructing complimentary equipment, attire, and merchandise functionality.” It additionally mentions the particular person could be overseeing the event of “utility components” and “life-style and personalization equipment.”
This strategy — subsidizing a low-margin manufacturing enterprise with a higher-margin equipment play — is one which has been utilized by automakers, together with Harley-Davidson with its attire division and Jeep-maker Stellantis with its Mopar components and repair division.
Unsurprisingly, Slate is already pulling expertise from each of these firms because it builds out its crew.
The startup’s govt chairman is Rodney Copes, who spent 20 years at Harley-Davidson. Chief Financial Officer Ryan Green spent practically a decade on the finance aspect of the bike producer. (Copes and Green additionally had stints at Rivian.) Slate’s heads of service, industrial, equipment product administration, and development advertising and marketing additionally labored at Harley-Davidson.
Slate apparently plans to supply its high-voltage battery pack, electrical motors, and different associated tech from outdoors suppliers, based on one job itemizing. The startup is “difficult the established order of auto design,” based on one other itemizing for a design/launch engineer for windshield wipers. A posting for an accountant function says the particular person employed must assist implement the “required techniques to be a public firm.”
According to a different function, any potential head of PR and communications: “Must love vehicles! You’ll be fascinated with vehicles all day day-after-day, and it’s essentially the most enjoyable whenever you love vehicles.”
No founder to be discovered
Another manner Slate seems to be bucking the pattern of different EV startups is that it doesn’t have a founder serving as CEO.
Arnone is taken into account to be Slate’s founder, based on the sources who spoke to TechCrunch, however his day-to-day job is serving as CEO of Re:Build Manufacturing.
Instead, Slate’s CEO is Christine Barman, a longtime Chrysler veteran. She initially bought into the automotive trade by way of an internship at General Motors after attending Purdue University, based on a 2023 interview.
She then spent greater than 20 years at Chrysler overseeing the automobile line program for the Chrysler 300, Dodge Charger, and Jeep Cherokee, based on her LinkedIn profile. Barman ultimately grew to become the vice chairman {of electrical} and electronics for Fiat Chrysler, the place she led the automaker’s integration of Android Automotive and hung out engaged on the corporate’s collaboration with Waymo, earlier than leaving the corporate in 2017.
Barman has not spent the final decade posting on-line like lots of her EV startup CEO friends. She as an alternative has largely been advising firms on rising tech and educating engineering earlier than getting concerned in 2022 with what on the time was a nascent EV venture inside Re:Build Manufacturing.
Barman didn’t reply to a request for remark.
Kirsten Korosec contributed to this report.
