EV startup Slate Auto may have attracted another major investor besides Jeff Bezos, who took a major stake in the company in 2023, only one year after its founding,
Documents obtained by TechCrunch now show that online used auto retailer Carvana has been granted the option to invest in Slate Auto last year.
Carvana was given a warrant to buy shares in Slate Auto in 2025, around the same time the startup was starting to put together its $650 million Series C funding round, paperwork filed with Delaware’s division of corporations shows.
Carvana Could Offer Slate A Platform To Sell Its EVs
Slate
Having Carvana as a backer would be a big deal for Slate Auto, but it’s not clear if the online used auto retailer has exercised that warrant or how many shares it was allowed to purchase. The company declined to comment on TechCrunch’s report, and Slate Auto did not respond to requests for comments on the deal.
The timing of the disclosure is interesting as Carvana is looking at ways to expand into new car sales and has purchased several Stellantis dealerships across the United States. On a recent earnings call, Carvana CEO Ernie Garcia III told analysts to “stay tuned” when asked about new car sales.
Like other all-electric car companies including Tesla, Rivian and Lucid, Slate says it “won’t have traditional dealerships.” The startup has said it intends to sell its electric trucks directly to customers, but hasn’t provided details about the logistics of the Slate car-buying experience.
Selling through physical Carvana dealerships could help Slate avoid the inherent logistical headaches of building the direct-to-consumers sales model itself. It would also help raise the company’s profile as Carvana has a massive reach in the United States.
A Major Slate Auto Shareholder Also Holds 8% Of Carvana
Slate
Slate has been secretive about its investors since it emerged from stealth in 2025 after Bezos and Guggenheim Partners CEO Mark Walter were revealed by TechCrunch as backing the company. In April, the EV startup revealed that Walter’s firm TWG Global led the Series C round, which makes him one of its largest shareholders.
Interestingly, Walter also holds a major stake in Carvana—8% of Slate’s Class B common stock and 1% of the overall voting power. Only Carvana CEO Garcia III and his father, Ernie Garcia II, have more control.
Carvana itself disclosed in a March 2026 regulatory filing that it had been granted a warrant to buy shares of a “private consumer products company” without naming it. It did say the aggregate value of the warrant was $1.5 million at the end of 2025 and that it “vests in tranches through 2029 based on jointly determined performance goals.” The company also noted that Walter has a “substantial ownership interest in the warrant issuer.”
Slate Auto is expected to announce final pricing for its low-cost electric truck/SUV on June 24. The startup will also start taking non-refundable preorders for the EV, which is expected to be priced in the mid-$20,000s. Slate expects to start deliveries to customers by the end of 2026.
Slate Auto
