Slate Auto Inc., a startup that plans to make electric pickup trucks based on a cost-optimized design, has closed a $650 million funding round.

The company stated in its announcement of the Series C round today that TWG Global was the lead investor. According to TechCrunch, Slate previously raised about $750 million from a consortium that included Jeff Bezos’ Bezos Expeditions and former Amazon.com Inc. executive Diego Piacentini. The automaker’s founding team includes Jeff Wilke, former chief executive of Amazon’s consumer business.

Slate will use the funds to ramp up its manufacturing operations. The company plans to invest nearly $400 million in an Indiana factory that is expected to create more than 2,000 jobs. The plant will manufacture Slate’s first vehicle, an electric pickup truck also called Slate.

The company plans to sell the vehicle for around $25,000, which is reportedly well below the price of the most affordable alternative currently available in the U.S. Slate plans to achieve that competitive pricing with a highly minimalist vehicle design. The Slate’s current iteration has about 600 components, one-10th the number of parts found in similar vehicles.

The pickup’s body panels are made of plastic rather than metal. They’re optimized for vehicle wrap kits, which are significantly more cost-efficient than paint. A seven-cubic-foot storage compartment under the hood has room for two rolling carry-on suitcases.

The vehicle’s default configuration is a two-seat pickup with two doors, manual windows and no infotainment system. Customers can access online content by placing their handset in a smartphone holder attached to the dashboard.

Customers can modify the default configuration with upgrade kits sold by Slate. One kit adds three seats to the pickup, while another turns it into an SUV. Slate also facilitates smaller modifications. Users can attach a roof rack for transporting surf boards, add tinted windows and lower the chassis to make the vehicle more aerodynamic. Slate says that the dashboard can be turned into an “immersive sound bar” with an upgrade kit that adds in speakers.

All versions of the vehicle are powered by a 201-horsepower motor. There are two battery options with 57.2 kilowatt-hours and 84.3 kWh of capacity that provide a minimum range of 150 miles and 240 miles per charge, respectively. Slate says that the Slate can charge to 80% in under 30 minutes.

“Our Series C round of funding will enable Slate to reach the next stages of production this year: on time and on budget,” said Slate CEO Peter Faricy.

The company says that it has received more than 160,000 customer reservations so far. Slate plans to announce pricing in June and deliver its first vehicle by year’s end.

Photo: Slate