Slate Auto, an electric vehicle company supported by Jeff Bezos, announced on Monday that it has successfully raised $650 million in a Series C funding round. The company is preparing to launch its first vehicles, affordable pickup trucks priced in the mid-$20,000s, later this year. With over 160,000 bookings already, Slate aims to attract customers facing high living costs. The company plans to manufacture its trucks at a factory in Warsaw, Indiana, with an investment of nearly $400 million in the facility. The funding round was led by TWG Global. Slate Auto enters the electric vehicle market during a challenging time, as the loss of federal tax incentives has impacted overall demand for battery vehicles. However, rising gas prices due to ongoing conflicts in the Middle East may encourage more consumers to consider electric options.