Carvana Eyes EV Startup Slate Auto

Carvana has been granted the option to invest in the electric vehicle startup Slate Auto, which is backed by Jeff Bezos. Documents reveal that Carvana received a warrant in 2025 to purchase shares in the startup, around the time Slate Auto was finalizing a $650 million Series C funding round. It remains unclear if Carvana has exercised this option. This potential investment aligns with Carvana's reported strategy to expand into new car sales, following purchases of Stellantis dealerships.

Slate Auto is nearing the announcement of final pricing and the commencement of pre-orders for its new electric vehicle, expected to retail in the mid-$20,000 range. The company anticipates delivering its first vehicles by the close of 2026. Similar to other EV manufacturers, Slate Auto plans a direct-to-consumer sales model, foregoing traditional dealerships. Integrating with Carvana's established dealership network could address logistical challenges and enhance Slate Auto's market visibility.

The financial ties between the two companies are further solidified by Mark Walter, CEO of Guggenheim Partners, who holds substantial stakes in both Carvana and Slate Auto. Walter's firm, TWG Global, led Slate Auto's Series C funding round. Carvana previously disclosed a warrant to purchase shares in an unnamed "private consumer products company" vesting in tranches through 2029, with the warrant issuer having a substantial ownership interest from Walter.