Carvana has secured the option to invest in electric vehicle startup Slate Auto, according to corporate filings reviewed by TechCrunch, linking the online used-car retailer to one of the latest entrants in the U.S. EV market.
Documents filed with Delaware’s Division of Corporations show Carvana received a warrant to purchase shares in Slate Auto in 2025, around the same period the startup was assembling its $650 million Series C financing round. The filings do not disclose how many shares the warrant covers or whether Carvana has exercised its right to acquire them.
Carvana declined to comment on the arrangement, while Slate Auto did not respond to requests for comment, according to the report.
Potential Link to New Vehicle Sales Strategy
The development comes as Carvana explores opportunities beyond its core used-vehicle business. The company has reportedly acquired several Stellantis dealerships across the United States, fueling speculation that it may seek a larger role in new vehicle retailing.
During a recent earnings call, Carvana Chief Executive Ernie Garcia III offered limited details regarding the company’s plans in the segment, telling analysts to “stay tuned” when asked about potential expansion into new vehicle sales.
A relationship with Slate Auto could provide Carvana with a foothold in the emerging EV startup’s distribution strategy as the company prepares to launch its first vehicle.
Slate Nears Launch of Affordable EV
Slate Auto is expected to begin accepting nonrefundable customer preorders in the coming weeks and has indicated its first electric vehicle will be priced in the mid-$20,000 range. The company has said initial deliveries are scheduled before the end of the year.
Like Tesla and Rivian, Slate plans to sell vehicles directly to consumers rather than relying on traditional franchised dealerships. However, the company has provided few details about how it intends to manage customer delivery, servicing and retail operations at scale.
An arrangement involving Carvana could potentially help address some of those logistical challenges while increasing public visibility for the startup’s products.
Investor Connections Emerge
Slate Auto has disclosed little information about its investor base since emerging from stealth mode in 2024. Earlier reports revealed backing from Bezos and Mark Walter, chief executive of Guggenheim Partners and founder of TWG Global.
In April, Slate announced that TWG Global led its Series C financing round, making Walter one of the company’s largest shareholders.
Walter also holds a significant ownership stake in Carvana. Regulatory filings show he owns approximately 8% of the company’s Class B common stock and controls about 1% of overall voting power. Only Ernie Garcia III and Ernie Garcia II hold larger voting influence within the company.
Previous Filing Hinted at Relationship
The warrant may have already been referenced in Carvana’s public disclosures without identifying Slate by name.
In a March regulatory filing, Carvana disclosed that it had received a warrant in June 2025 to purchase shares in a “private consumer products company.” The company reported the warrant had an aggregate value of approximately $1.5 million at the end of 2025 and stated that it would vest in stages through 2029 based on jointly established performance targets.
Carvana also noted in the filing that an individual with a “substantial ownership interest” in the warrant issuer held a significant ownership position in Carvana, a description that aligns with Walter’s involvement in both companies.
The disclosure offers another indication of the growing connections between established automotive retail businesses and emerging electric vehicle manufacturers as startups seek pathways to market and distribution support.
