Camilla Jessen
Bezos’ backing might not be enough.
Jeff Bezos has helped secure a $725 million investment for Slate Auto, a new low-cost car brand aiming to disrupt the automotive market with no-frills vehicles — think steel wheels and no electric windows.
But even with the Amazon founder’s name behind it, Slate Auto’s future is far from certain.
As Newsweek reports, Slate’s bold vision faces a market littered with failed startups — many of which raised even more money and still collapsed under the pressure of production, regulation, and brutal competition.
The EV Startup Graveyard
Just ask Lordstown Motors, once valued at over $5 billion, which still ended up bankrupt.
Or Bollinger Motors, which burned through $1.45 billion before folding.
Then there’s Volta Trucks, which managed to lose $435 million, went bankrupt, restructured — and then went bankrupt again.
Even Henrik Fisker, the Danish car designer turned EV entrepreneur, couldn’t make it work. His second shot with Fisker Inc. ultimately ended in bankruptcy too, despite global attention and sleek product designs.
Thousands of customers now face uncertainty about support, software updates, and resale value.
One leasing company reportedly bought up Fisker’s North American inventory — but that doesn’t mean they’ll help the stranded owners.
Even some of the better-known EV names are struggling.
Polestar, backed by Volvo, is operating under a growing debt load of over $7 billion.
And Lucid Motors, known for its luxury electric sedans, had to secure a $1.45 billion cash infusion in September 2024 — ironically from an oil fund — just to keep the business running.