Inside the EV Startup Secretly Backed by Jeff Bezos

Jeff Bezos Backs New Michigan-Based EV Startup, Slate Auto

Jeff Bezos is providing financial support to a discreet electric vehicle (EV) startup, Slate Auto, situated in Michigan. Production could potentially commence as early as next year, as indicated by numerous sources and documentation linking the billionaire’s family office to the venture.

Origins and Growth of Slate Auto

Slate Auto emerged from Re:Build Manufacturing, another company with ties to Bezos. Since its establishment in 2022, the company has operated with a low profile. During this period of stealth development, hundreds of employees have been recruited, with a significant number originating from major automotive manufacturers like Ford, General Motors, Stellantis, and Harley-Davidson.

Beyond Bezos, Slate has garnered investment from other prominent figures. These include Mark Walter, the principal owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, a leading investor in Re:Build Manufacturing, as per documents obtained by TechCrunch from Delaware’s Division of Corporations.

The Affordable Electric Pickup Truck Vision

Slate Auto is focused on a significant objective: developing an accessible, two-seat electric pickup truck with a target price point of approximately $25,000. Two sources, speaking anonymously regarding internal company discussions, revealed this ambition. Company leaders have reportedly referenced the Ford Model T and Volkswagen Beetle as inspirational models for this project.

To facilitate this goal, the company has secured substantial funding.

Funding Rounds and Investment Details

A public filing shows that Slate Auto quietly raised at least $111 million during a Series A funding round in 2023. Jeff Bezos was involved in this round, and Melinda Lewison, who manages his family office, is listed as a director in company filings with state and federal authorities. The filing details 16 investors in this round, though the exact amount contributed by Bezos remains undisclosed.

Multiple sources indicate that Slate Auto completed a Series B funding round in late 2023, although no paperwork has yet been filed with the Securities and Exchange Commission. Delaware records show authorization of nearly 500 million preferred shares for the Series B, priced at $2.37 per share. Over 400 million shares of common stock were also authorized in the past year, without a stated price.

The Delaware filings also identify Walter and Tull as new board members, suggesting their participation in Slate’s Series B round. These two investors recently established a $40 billion holding company for investment purposes. Attempts to reach Walter and Tull for comment were unsuccessful.

Production Plans and Timeline

According to job postings, state lobbying records, and a 2024 interview with executive chairman Rodney Copes, Slate Auto aims to begin vehicle production as soon as late 2026. The intended manufacturing location is near Indianapolis, Indiana. It remains unclear whether the company will acquire an existing facility or construct a new one.

Challenges and Strategies in the EV Market

This project is unfolding during a period of adjustment for the electric vehicle sector. The rapid growth previously experienced has slowed, and several EV startups have faced bankruptcy. Companies that have persevered, such as Rivian and Lucid Motors, have required substantial financial investment.

Slate Auto intends to enhance the profitability of its low-cost truck by offering a range of accessories and apparel for vehicle customization and owner branding. Sources and job listings indicate this strategy. The company has recruited executives from Harley-Davidson and Stellantis, both known for successfully leveraging ancillary businesses like apparel and parts/accessories.

Location and Investor Outreach

Slate Auto’s headquarters are located in Troy, Michigan. The startup has also showcased a proof-of-concept vehicle to investors at a design studio in Long Beach, California. The company has focused on attracting high-net-worth individuals and maintaining confidentiality throughout its fundraising efforts.

Repeated requests for comment were directed to the company and individuals associated with Slate Auto, Re:Build Manufacturing, and Bezos’ family office, but no responses were received. TechCrunch also contacted Jeff Bezos directly without receiving a reply.

Significant Connections to Amazon

Slate demonstrates a strong and pervasive influence from Amazon's operational framework.

Funding for Slate’s Series A round came not only from Bezos’ family office but also from Diego Piacentini, a former Amazon executive, as indicated on his firm’s official website.

The company originated as a project known as Re:Car in early 2022, developed within Re:Build Manufacturing.

Re:Build Manufacturing functions as a domestic manufacturing incubator established by Jeff Wilke, previously Amazon’s Consumer CEO, and Miles Arnone, his colleague from MIT Leaders for Global Operations.

Notably, several veteran Amazon executives, including Wei Gao – a former VP and technical advisor to Bezos – currently hold positions at Re:Build Manufacturing.

The leadership team at Slate, encompassing digital, e-commerce, and automotive expertise, is comprised of individuals with prior experience at Amazon.

Even the company’s initial branding incorporated the “re:” prefix commonly utilized by Amazon for its events.

Examples include the re:MARS conference focused on robotics and AI, and the yearly re:Invent summit dedicated to Amazon Web Services (AWS).

Through his family office, Bezos has made investments in over 30 different companies, spanning sectors like AI (Perplexity), robotics (Figure), defense (Anduril), and mobility (Uber).

Slate represents one of Bezos’ most direct financial commitments to the electric vehicle industry, apart from Amazon’s existing partnership with Rivian.

However, despite this investment, sources within the company have informed TechCrunch that Bezos has not been a frequent visitor to Slate’s facilities in Michigan or Los Angeles.

A Different Path in the EV Market

The vast majority of electric vehicle (EV) startups established in the last ten years have attempted to emulate Tesla’s initial strategy. This typically involves launching with premium, high-priced vehicles to maximize revenue from limited sales. Subsequently, these companies aim to expand into more affordable, high-volume EVs with reduced profit margins.

Slate, however, is adopting a contrasting approach, targeting what it anticipates will be a consumer’s “first vehicle,” as reported by sources speaking with TechCrunch.

The core concept centers around offering the truck at an approximate price of $25,000, with the intention of allowing owners to customize and upgrade their vehicles over time, based on their financial capacity.

In late March, Slate submitted a trademark application for the phrase: “WE BUILT IT. YOU MAKE IT.” This trademark could encompass a broad range of products and services, extending from components like switches and speakers to items such as USB ports and pet restraints.

Further insights into Slate’s plans can be gathered from the numerous job postings the company has published over the past two years.

A posting from 2024 indicated the company intends to brand its customer customization program as “Slate University.” The position was initially advertised as “University Lead” and later revised to “Head of Customer Education Repair & Maintenance” before recruitment concluded.

The job description stated: “We are seeking a dynamic and experienced Leader of Slate University to develop and oversee our innovative, open-source content strategy designed to enhance customer ownership. As the Lead, you will define the strategy and foster the ecosystem for educational content delivery to Slate customers, technicians, and partners.”

Another job advertisement for a “Lead Product Manager, Accessories” clarified that Slate is “investigating opportunities within the electric mobility sector and is developing a capability for complementary accessories, apparel, and merchandise.” The role also included oversight of the development of “utility parts” and “lifestyle and personalization accessories.”

This business model – leveraging higher-margin accessory sales to offset a low-margin manufacturing operation – is a strategy previously employed by established automakers. Examples include Harley-Davidson with its apparel line and Stellantis, the parent company of Jeep, through its Mopar parts and service division.

It is therefore not surprising that Slate is actively recruiting individuals with experience from these very companies to build its team.

Rodney Copes, the startup’s executive chairman, brings 20 years of experience from Harley-Davidson. Ryan Green, the Chief Financial Officer, spent nearly a decade in finance at the motorcycle manufacturer. (Both Copes and Green also previously worked at Rivian.) Slate’s heads of service, commercial operations, accessories product management, and growth marketing also have backgrounds at Harley-Davidson.

According to one job listing, Slate intends to procure its high-voltage battery pack, electric motors, and related technologies from external suppliers. Another posting, for a design/release engineer specializing in windshield wipers, states the startup is “challenging conventional vehicle design principles.” A separate advertisement for an accountant specifies the role will involve implementing “the systems necessary for operation as a public company.”

One role, seeking a head of PR and communications, explicitly states: “Must love cars! A passion for automobiles is essential, as you will be immersed in the automotive world daily, and it’s most enjoyable when you have a genuine enthusiasm for cars.”

Absence of a Traditional Founder-CEO

Slate distinguishes itself from many other electric vehicle (EV) startups by not having a founder in the role of Chief Executive Officer.

While Arnone is identified by sources as the founder of Slate, his primary focus remains his position as CEO of Re:Build Manufacturing.

Currently, Slate is led by Christine Barman, a seasoned executive with a long history at Chrysler. Her entry into the automotive sector began with an internship at General Motors following her studies at Purdue University, as detailed in a 2023 interview.

Barman's Extensive Automotive Background

Throughout her two-decade tenure at Chrysler, Barman managed vehicle line programs for prominent models like the Chrysler 300, Dodge Charger, and Jeep Cherokee, as indicated on her LinkedIn profile.

She progressed to become Vice President of Electrical and Electronics for Fiat Chrysler, spearheading the integration of Android Automotive and contributing to the company’s partnership with Waymo before her departure in 2017.

Unlike many EV startup CEOs, Barman has maintained a relatively low online profile in recent years. She has primarily focused on consulting for companies regarding new technologies and teaching engineering, before becoming involved in 2022 with an early-stage EV initiative within Re:Build Manufacturing.

Attempts to obtain a comment from Barman were unsuccessful.

Kirsten Korosec provided contributions to this article.