Telo Vehicles needs to upend the supersized establishment set by Ford, Chevy and the remainder with a small-but-mighty electrical pickup. Now it says it has the cash to get nearer to manufacturing.
On Tuesday, Three stated that it closed a $20 million Collection A funding spherical, led by Yves Behar (one in every of its cofounders) and Marc Tarpenning, a Tesla cofounder.
The California-based startup says the brand new funding will allow it to get to “manufacturing readiness” and “cross all federal necessities to get the Telo MT1 on the street.” Telo unveiled the MT1 pickup in 2023 and just lately accomplished two pre-production prototypes.
The low-cost and tiny MT1 is a really completely different sort of electrical pickup from the likes of the Ford F-150 Lightning and Rivian R1T. It is virtually like an up to date model of the imported Japanese kei vans which have popped up throughout the nation. It is designed for weekend warriors who dwell in city environments and need some pickup functionality—a market that’s certainly underserved in the present day.
The MT1 is simply 152 inches lengthy, concerning the dimension of a two-door Mini Cooper. However due to a novel design and stubby entrance finish, it nonetheless seats 5 and has a five-foot mattress. It is chock-full of fascinating options, together with a Rivian-like cargo tunnel that runs width-wise behind the rear seats and a folding midgate that permits for surfboard storage.
Telo’s electrical truck features a function that appears lots like Rivian’s Gear Tunnel.
Telo says the MT1 will go into manufacturing in late 2025 and can value $41,520. That is not precisely chump change, however it’s additionally far lower than the going value for an electrical truck as of late. And it is beneath common for brand new automobiles usually.
The corporate says it has racked up some 12,000 preorders, indicating that its imaginative and prescient has resonated with some folks. However even in one of the best of occasions standing up an EV startup is sort of inconceivable. And now, the tip of EV tax credit could make that street even more durable. FiskerLordstown, Canoo, Nikola and Proterra all went belly-up within the final two years.
Telo has an intriguing product that it says it could get to market on a decent price range. We’ll see if it could pull that off.
Contact the writer: Tim.Levin@InsideEVs.com
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