Jeff Bezos, the billionaire founder of Amazon, is backing a secretive electric vehicle startup called Slate Auto, which is working on an affordable two-seat electric pickup truck with a target price of around $25,000. According to multiple sources and documents, Bezos' family office is involved in the funding of the company, which has been operating quietly since its founding in 2022.

Slate Auto has already made significant progress, having hired hundreds of employees, many of whom come from major automotive companies like Ford, General Motors, Stellantis, and Harley-Davidson. The company has also attracted the backing of other wealthy individuals, including Mark Walter, the controlling owner of the LA Dodgers and CEO of Guggenheim Partners, and Thomas Tull, a lead investor of Re:Build Manufacturing, a company connected to Bezos.

The startup's goal is ambitious: to create an affordable electric pickup truck that can be customized and personalized by its owners. Slate Auto's leaders have mentioned the Ford Model T or Volkswagen Beetle as a North Star for the project, aiming to create a vehicle that is both affordable and desirable. To achieve this, the company plans to supplement the small margins of its low-cost truck by building out a line of accessories and apparel that owners can use to customize their vehicles and their looks.

Slate Auto has already raised a significant amount of funding, with a Series A round of at least $111 million in 2023, according to a public filing. The company has also closed a Series B round, although the details of the funding have not been disclosed. The Delaware paperwork shows that Slate authorized nearly 500 million preferred shares for the Series B priced at $2.37 per share, suggesting a significant investment.

The company's plans are taking shape at a challenging time for electric vehicles. The sector has cooled off in recent years, and multiple startups dedicated to building EVs have filed for bankruptcy. However, Slate Auto's approach is different from many of its peers, which have focused on high-end offerings to generate revenue. Instead, Slate is targeting the mass market with its affordable electric pickup truck, hoping to sell the vehicle at a price point that will appeal to a wide range of customers.

Slate Auto's leadership team is comprised of experienced executives from the automotive and technology industries. The company's executive chairman, Rodney Copes, spent 20 years at Harley-Davidson, while its CEO, Christine Barman, is a long-time Chrysler veteran. The company has also hired employees from Amazon, with its digital, e-commerce, and automotive experience leads coming from the tech giant.

Despite the significant investment and progress made by Slate Auto, the company remains secretive, with few details available about its operations and plans. The company's headquarters are located in Troy, Michigan, and it has also set up a design studio in Long Beach, California, where it has shown off a proof of concept vehicle to investors. However, the company has not responded to requests for comment, and its plans remain largely under wraps.

Bezos' investment in Slate Auto is one of the most direct investments he has made in the world of electric vehicles outside of his company Amazon's relationship with Rivian. While Bezos has invested in more than 30 companies through his family office over the years, his involvement in Slate Auto suggests a significant interest in the electric vehicle market.

As the electric vehicle market continues to evolve, Slate Auto's approach could be a game-changer. With its focus on affordability and customization, the company may be able to tap into a wider market than many of its peers. However, the challenges facing the company are significant, and it remains to be seen whether Slate Auto can achieve its ambitious goals.