(WARSAW) - A Michigan-based electric vehicle company is moving closer to production at its Warsaw facility after securing major funding.
Slate Auto has raised $650 million in a new funding round to support the launch of its low-cost electric pickup truck.
The company says the funding will help ramp up production at its Warsaw plant, with preorders expected to open in June.
Slate has already logged more than 160,000 reservations for the truck, which is expected to start in the mid-$20,000 range.
Production is tied to the company's facility in Kosciusko County, where the project is expected to create more than 2,000 jobs.
The company is targeting initial deliveries in 2026 as it works toward full-scale manufacturing.