Telo Secures $20 Million to Develop a Compact Electric Truck with Grand Aspirations | Carscoops

      The Telo MT1 features a 106 kWh battery, five seats, and a five-foot bed, all within a size smaller than a Mini Cooper.

      16 hours ago

      by Stephen Rivers

      Telo has successfully raised $20 million to introduce the MT1 electric pickup by 2026, with ambitious goals in mind.

      This compact truck aims to deliver a 350-mile range, accommodate five passengers, and include a five-foot-long bed.

      Starting at $41,000, it is designed for urban consumers who are dissatisfied with oversized electric trucks.

      Just over two years ago, we were first introduced to the Telo, a pickup that seems to defy expectations with its features and specifications. It boasts four doors, seating for five, full electric capability, a power output of up to 500 horsepower, a range of 350 miles on a single charge, and the ability to carry a full 4×8 sheet of plywood in its bed, all within the footprint of a Mini Cooper. This week, it reached a significant funding milestone of $20 million, moving closer to production.

      According to Drew from Telo in a YouTube announcement, the $20 million represents the completion of what the company refers to as Series A funding. These funds will be utilized for production tooling, with the subsequent phase involving the creation of production-ready prototypes. Additionally, Telo plans to expand its team and collaborate with an established contract manufacturer.

      Transitioning from Prototype to Reality

      To bring this compact yet powerful truck to market, it will need to undergo federalization, crash testing, and obtain necessary certifications. Telo hopes that utilizing advanced manufacturing techniques, employing off-the-shelf components, and partnering with current manufacturers will expedite development and maximize the utility of the $20 million raised.

      One More Thing

      The automotive industry has a history of making grand promises but failing to deliver. Consider the Cybertruck, Faraday Future, and Level 3 Driving from Stellantis, among others. Similarly, companies often announce specific price points only to raise them before launch. However, Telo may prove to be an exception.

      Initially, Telo aimed for a starting price of $49,995; it now indicates a target starting price of $41,520. This could appear more feasible than Slate’s initial sub-$20,000 price for its basic electric truck, which was later revised to $27,500 after federal EV tax incentives were removed.

      Regardless, the credibility of this price will depend on actual execution, but it is an important note. Some might consider this price still too high to generate excitement, especially with federal EV incentives expiring soon.

      Nonetheless, if the Telo successfully enters the market, it could be affordable enough to stand out among a range of larger, less efficient, and pricier truck options. However, if Ford follows through on its $30,000 electric truck plan, Telo may find itself competing in a challenging market.