Electric vehicle startup Slate Auto may soon add another major name to its growing list of backers. According to documents obtained by TechCrunch, online used-car giant Carvana was granted the option to invest in the EV startup through a warrant agreement tied to Slate’s recent funding activity.
The reported arrangement suggests a potentially important partnership between the two companies as Slate prepares to launch its affordable electric pickup and SUV lineup. Beyond the financial angle, the relationship could also help solve one of the biggest challenges facing new EV brands: how to efficiently sell and distribute vehicles nationwide without a traditional dealership network.
Slate Auto has already attracted attention thanks to high-profile investors including Amazon founder Jeff Bezos and Guggenheim Partners CEO Mark Walter. The startup is positioning itself as a low-cost EV manufacturer focused on simple, practical electric trucks expected to start in the mid-$20,000 range.
With final pricing expected to be announced soon and customer preorders approaching, the possibility of Carvana becoming involved arrives at a crucial stage in Slate’s rollout plans.
Carvana Was Reportedly Granted Investment Rights
According to TechCrunch, corporate filings in Delaware show that Carvana received a warrant allowing it to purchase shares in Slate Auto during 2025. The timing reportedly coincided with Slate assembling its $650 million Series C funding round.
It remains unclear whether Carvana has exercised the warrant or how large the potential investment could be. Neither company provided detailed public comment regarding the arrangement, although Carvana reportedly declined to discuss the matter directly.
The possible investment is especially interesting because Carvana has recently signaled interest in expanding beyond used vehicles and into new-car sales. The company has reportedly acquired several Stellantis dealership locations across the United States as part of those broader ambitions.
During a recent earnings call, Carvana CEO Ernie Garcia III hinted at future developments involving new vehicle sales, telling analysts to “stay tuned.”
Slate Still Needs A Sales Strategy
Like several modern EV startups, Slate Auto plans to avoid the traditional franchised dealership model. The company has stated that it intends to sell vehicles directly to consumers, similar to Tesla, Rivian, and Lucid.
That strategy gives automakers more control over pricing and customer experience, but it also creates major logistical challenges. Delivery operations, service infrastructure, customer support, financing, and trade-ins all become more complicated when a startup lacks a physical retail footprint.
This is where Carvana could become extremely valuable. The online retailer already operates a large nationwide distribution network and maintains physical locations across the country. Even limited collaboration could help Slate simplify deliveries, vehicle handoffs, and customer interaction.
Carvana’s massive online presence could also introduce Slate to mainstream buyers far more quickly than a standalone startup launch typically would.
Mark Walter Connects Both Companies
Another important piece of the story involves billionaire investor Mark Walter. The Guggenheim Partners CEO has already emerged as one of Slate Auto’s largest financial backers through his firm TWG Global, which reportedly led the company’s Series C funding round.
Walter also holds a significant ownership stake in Carvana. Reports indicate he controls roughly 8% of the company’s Class B common stock along with a portion of its voting power.
That overlap makes the reported partnership easier to understand strategically. Investors with influence in both companies could potentially help coordinate future cooperation involving financing, retail operations, or vehicle distribution.
Carvana also disclosed in a regulatory filing earlier this year that it had received a warrant tied to a “private consumer products company” connected to an investor with substantial ownership influence. Although the filing did not name Slate directly, the timing and structure appear to align with TechCrunch’s reporting.
Slate’s Affordable EV Push Is Getting Closer
Slate Auto remains one of the more mysterious startups in the EV space, though interest surrounding the company has steadily increased. Unlike many competitors focused on premium luxury EVs, Slate appears determined to target lower price points and simpler utility-focused products.
The startup is expected to reveal final pricing for its first electric truck and SUV models on June 24 while opening non-refundable preorder reservations shortly afterward. Early estimates suggest pricing could begin somewhere in the mid-$20,000 range before incentives.
If deliveries begin on schedule by the end of 2026, Slate could enter the market at a time when affordable EV options remain surprisingly limited in the United States.
Whether Carvana ultimately becomes a formal investor or retail partner, the reported connection hints at a potentially smart strategy for a startup trying to avoid the enormous costs of building its own nationwide sales infrastructure from scratch.