Telo Closes a $20M Series A Funding Round For Its Small EV Truck

Telo, an EV startup aiming to transform the electric truck space, landed a $20 million Series A funding round. Led by cofounder Yves Behar and Tesla cofounder Marc Tarpenning, the investment is intended to push Telo closer to being production-ready.

The California company plans to use the funds to get its MT1 pickup through federal requirements and prepare it for market. The MT1 had already been revealed in 2023, and two pre-production prototypes have been completed.

Unlike many of today’s large electric pickups (like Ford’s F-150 Lightning or the Rivian R1T), the MT1 is small and affordable, more comparable to compact Japanese kei trucks adapted for the U.S. It’s just 152 inches in length (about the size of a two-door Mini Cooper), yet still carries five passengers and includes a five-foot bed. Unique design touches include a cargo tunnel behind the rear seats (inspired by Rivian’s “gear tunnel”) and a folding midgate for carrying longer items like surfboards.

Telo expects to begin production late in 2025, with a target price of $41,520. While not inexpensive, that price is lower than many current electric trucks and undercuts the average new car price. Already, Telo claims to have drawn about 12,000 preorders, signaling some consumer interest.

Still, launching an EV startup is notoriously difficult. The waning of EV tax credits could make the road tougher. Several EV manufacturers, such as Fisker, Lordstown, Canoo, Nikola, and Proterra—have failed in recent years.

Telo has a bold vision and a lean approach. Whether it can turn its novel concept into a viable product, and succeed financially, remains to be seen.

The TELO MT1 delivers a 350-mile range, powered by a 106 kWh battery, with a fast-charging pack capable of reaching 20–80% in just 20 minutes—all within the footprint of a subcompact vehicle. The truck incorporates widely available OEM components for key systems such as suspension and powertrain hardware, making it highly serviceable. TELO has partnered with an extensive nationwide network of third-party providers and ensures easy access to replacement parts for owners who prefer independent maintenance.

Designed and manufactured in the United States, the TELO MT1 is built to meet high standards of quality, reliability, and compliance. Initial production will take place at the company’s facility in Irvine, California. Test drive opportunities will be announced closer to the production launch, with updates shared through the TELO newsletter.

The TELO MT1 also supports two-way charging (Vehicle-to-Home), allowing the truck to power a home during outages while enabling convenient home-to-vehicle charging. In addition, it utilizes a NACS compatible charging plug, streamlining access to charging infrastructure.