Electric trucks may defy the EV malaise. Electric truck sales were surprisingly robust in China last year – a bellwether of market adoption. Their lower cost of ownership is making smaller, lighter commercial e-trucks popular among fleet owners.
California-based TELO launched last year with a design for a compact electric pickup mini truck the size of BMW’s two-door MINI Cooper model, with room for five passengers and a five-foot bed. TELO’s model boasts a 350-mile range with a fast-charging battery pack.
“Small is the new big, even in pickup trucks,” said Ali Partovi of San Francisco-based venture investor and accelerator Neo, which backed TELO’s $5.4 billion financing round alongside Spero Ventures and angel investors.
Green mobility. TELO has received nearly 3,000 pre-orders. The company will use the investment to meet demand from commercial fleet owners, and build its first set of 500 vehicles to begin customer deliveries by 2025. Tesla co-founder Marc Tarpenning, a partner at Spero Ventures, will join TELO’s board of directors. The global market for light commercial vehicles is expected to reach $56.6 billion by 2030, up from $8.2 billion in 2022.
