Telo, a California-based EV startup, has raised US$20 million in series A funding to develop its compact electric pickup, the MT1.

The round was co-led by Telo co-founder Yves Béhar and Tesla co-founder Marc Tarpenning, who serves on Telo’s board, with participation from Salesforce CEO Marc Benioff and early-stage funds.

Telo plans to use the funds to finalize the MT1’s design, complete US safety certification, and finish crash testing.

The company aims to target urban drivers with a small pickup priced at around US$41,000 and a reported range of about 350 miles per charge.

Telo has around 12,000 preorders and plans initial annual production of about 5,000 units via contract manufacturing.

The company intends to keep its workforce at about 25 employees, relying on consultants and contractors for development.

Telo hopes to deliver its first MT1 trucks by the end of 2026.

🔗 Source: TechCrunch