The Michigan Strategic Fund (MSF) Board approved a $5 million performance-based grant to Slate Auto, an EV maker backed by Amazon founder Jeff Bezos, to expand its presence at its North American headquarters in the City of Troy.
Since it began operations in 2022, Slate has been headquartered in Troy. With the recent addition of a facility in Sterling Heights, Slate currently employs 325 Michiganders across the state.
With a capital investment of $10.4 million, Slate’s expansion will create at least 392 qualified new jobs, including corporate, engineering and design positions over the next five years. This growth is part of the company’s broader effort to strengthen domestic innovation and manufacturing capabilities, with a focus on sustainable product research and development.
Slate has already received more than 150,000 reservations for its principal product, an affordable electric pickup truck, and anticipates deliveries in late 2026 with higher-volume product to come in 2027. Adding 392 jobs to its headquarters in Troy will solidify the company’s presence in Michigan and help to meet demand for its product.
“We thank Governor Whitmer and the Michigan Economic Development Corporation for supporting Slate’s growth in Michigan and acknowledging the importance of developing and producing affordable vehicles,” said Slate CEO Peter Faricy in a statement. “Slate will benefit from the impressive talent pool and innovative ecosystem that has long been a tradition in the state of Michigan.”
The state grant comes shortly after Slate closed its $650 million Series C round, which it said gives it the operating capital to reach the next stage of development for its affordable and customizable vehicle.
The Slate Truck is expected to cost in the mid-$20,000s. Slate will produce trucks at a reindustrialized factory in Warsaw, Indiana. The company said it's expected to invest nearly $400 million in the factory and create more than 2,000 jobs in Kosciusko County.
