Inside the EV startup secretly backed by Jeff Bezos

A clandestine electric vehicle (EV) endeavor, dubbed Slate Auto, is reportedly being bankrolled by billionaire Jeff Bezos. Sources and documents, linking Bezos’ family office to the Michigan-based startup, suggest Slate Auto could commence production as early as next year. This emerging EV startup is poised to enter the automotive industry with an innovative approach to electric pickup trucks.

Secretive EV Startup Slate Auto Emerges with Bezos Backing

Operating discreetly since its inception in 2022, Slate, stemming from Re:Build Manufacturing – a company with Bezos connections – has been rapidly expanding. While maintaining a low profile, the organization has onboarded hundreds of personnel, many joining from established automotive manufacturers such as Ford, General Motors, Stellantis, and Harley-Davidson.

Financial support extends beyond Bezos, with notable investors including Mark Walter, controlling owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, a principal investor in Re:Build Manufacturing. This information is based on documents obtained by TechCrunch from the Delaware Division of Corporations.

Affordable Electric Pickup Truck in Development

Slate Auto is targeting the development of an affordable two-seat electric pickup truck, aiming for a price point around $25,000. This ambitious goal, according to anonymous sources familiar with internal discussions, draws inspiration from vehicles like the Ford Model T and Volkswagen Beetle. Company leaders have reportedly cited these iconic models as guiding examples for the project.

Substantial Funding Secured

To facilitate its objectives, Slate Auto has accumulated significant financial resources.

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Public records indicate a minimum of $111 million was secured in a Series A funding round in 2023, with Bezos participating. Melinda Lewison, who manages Bezos’ family office, is listed as a director in filings submitted to state and federal authorities. While filings show sixteen investors in this round, Bezos’ specific investment amount remains undisclosed.

According to sources close to the matter, Slate informed employees of a concluded Series B round late last year. As of yet, no Securities and Exchange Commission filings for this round are available. Delaware documentation reveals authorization for nearly 500 million preferred shares for Series B, priced at $2.37 per share. (Additionally, over 400 million common stock shares were authorized in the past year, though pricing details are absent from filings.)

Delaware paperwork also lists Walter and Tull as newly appointed board members, suggesting their investment in Slate’s Series B round. Recently, Walter and Tull established a $40 billion holding entity for investments. Requests for comment from Walter and Tull went unanswered.

Anticipated Production and Manufacturing Location

Slate’s aspirations include commencing vehicle production as early as late 2026 at a manufacturing facility near Indianapolis, Indiana. This is indicated by job postings, state lobbying records, and a 2024 interview with executive chairman Rodney Copes. Whether Slate intends to acquire an existing factory or construct a new one is currently unclear.

This secretive automotive project is unfolding amidst a challenging period for electric vehicles.

Navigating a Shifting EV Landscape

The once-rapid expansion of the EV sector has decelerated, with several EV startups declaring bankruptcy. Surviving entities, such as Rivian and Lucid Motors, have sustained operations by expending billions of dollars.

To bolster the slim profit margins of its low-cost electric truck, Slate plans to develop a range of accessories and apparel for vehicle customization and owner personalization. Sources and job postings confirm this strategy. Slate has recruited executives from Harley-Davidson and Stellantis, companies known for successful ancillary businesses in apparel and parts/accessories respectively.

Headquartered in Troy, Michigan, Slate has also showcased a concept vehicle to investors at a discreet design studio in Long Beach, California. The company has targeted high-net-worth individuals for funding and maintained strict confidentiality throughout the fundraising process.

Multiple requests for comment from Slate, Re:Build Manufacturing, individuals linked to Bezos’ family office, and Bezos himself, received no response.

Amazon Influence Runs Deep

Profound Amazon connections permeate Slate Auto.

Beyond Bezos’ family office, Slate’s Series A funding included investment from Diego Piacentini, a former Amazon executive, as indicated on his firm’s website.

Slate originated as “Re:Car” in early 2022 within Re:Build Manufacturing, a domestic manufacturing incubator co-founded by former Amazon Consumer CEO Jeff Wilke and Miles Arnone. Several former Amazon executives, including Wei Gao, a former VP and technical advisor to Bezos, are now with Re:Build Manufacturing.

Slate’s leadership in digital, e-commerce, and automotive experience are Amazon alumni. Even Slate’s initial project name incorporates the “re:” prefix Amazon uses 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 represents one of his most direct investments in electric vehicles outside of Amazon’s relationship with Rivian.

However, sources suggest Bezos’ involvement remains primarily financial. Insiders reported to TechCrunch that he has not been seen at Slate’s Michigan or Los Angeles locations.

Challenging Conventional EV Startup Strategy

Unlike most EV startups of the past decade attempting to emulate Tesla’s high-end-first approach, Slate is diverging from this trend.

Instead of initially targeting luxury markets, Slate is aiming for what it anticipates will be a buyer’s “first car,” according to sources.

The strategy involves selling the pickup truck at approximately $25,000, allowing owners to progressively personalize and upgrade their vehicles as their budget permits.

In late March, Slate trademarked the phrase “WE BUILT IT. YOU MAKE IT.” The trademark application covers a broad range of goods and services, from switches to pet harnesses.

Further insights can be gleaned from numerous job listings posted by Slate over the past two years.

A 2024 job posting hinted at “Slate University” for customer customization. Initially titled “University Lead,” the position was renamed “Head of Customer Education Repair & Maintenance” before application acceptance ceased.

“Slate University” and Accessories Focus

“We seek an enthusiastic, experienced Leader of Slate University to build and lead our game-changing approach to open-source content for customers to enhance their ownership experience,” the listing stated. “As the Lead, you will drive the strategy and ecosystem development for the educational content and delivery for Slate shoppers, customers, technicians, and partners.”

Another job listing for “Lead Product Manager, Accessories” revealed Slate’s exploration of “opportunities in the electric mobility space and are building complimentary accessories, apparel, and merchandise capability.” The role encompassed overseeing “utility parts” and “lifestyle and personalization accessories.”

Employing a higher-margin accessories business to subsidize a lower-margin manufacturing operation mirrors strategies used by automakers like Harley-Davidson and Stellantis (Jeep/Mopar).

Unsurprisingly, Slate is drawing talent from these very companies.

Executive chairman Rodney Copes spent two decades at Harley-Davidson. CFO Ryan Green has nearly ten years of finance experience with the motorcycle manufacturer. (Copes and Green also previously worked at Rivian.) Slate’s heads of service, commercial, accessories product management, and growth marketing also have Harley-Davidson backgrounds.

Slate intends to procure high-voltage battery packs, electric motors, and related technologies from external suppliers, according to a job posting. The startup is “challenging the status quo of vehicle design,” stated a design/release engineer listing for windshield wipers. An accountant role posting mentioned implementing systems for becoming a “public company.”

A head of PR and communications role description emphasized: “Must love cars! You’ll be thinking about cars all day every day, and it’s the most fun when you love cars.”

Absence of a Founder-CEO

Another unconventional aspect of Slate compared to other EV startups is the absence of a founder serving as CEO.

Sources identify Arnone as Slate’s founder, but his primary role is CEO of Re:Build Manufacturing.

Slate’s CEO is Christine Barman, a long-time Chrysler veteran. She entered the automotive industry through a General Motors internship after attending Purdue University, according to a 2023 interview.

Barman spent over 20 years at Chrysler, overseeing vehicle line programs for models like Chrysler 300, Dodge Charger, and Jeep Cherokee, as per her LinkedIn profile. She became VP of electrical and electronics for Fiat Chrysler, leading Android Automotive integration and Waymo collaboration, before departing in 2017.

Unlike many EV startup CEOs, Barman maintained a low online profile over the past decade, primarily advising tech companies and teaching engineering, before joining the nascent EV project within Re:Build Manufacturing in 2022.

Barman did not respond to a request for comment.