Carvana Secures Stake Option in Bezos-Backed EV Startup Slate Auto Amid New Car Sales Push

Carvana Eyes Stake in Slate Auto as It Moves Beyond Used Cars

Carvana, the prominent online used car marketplace, has quietly secured the option to invest in Slate Auto — the electric vehicle startup backed by Amazon founder Jeff Bezos — according to corporate documents reviewed by TechCrunch. The development signals a potentially significant strategic pivot for Carvana as it explores opportunities in the new car market.

Warrant Filed in Delaware Points to Growing Partnership

Documentation filed with Delaware's division of corporations confirms that Carvana received a warrant granting it the right to purchase shares in Slate Auto in 2025. The timing aligns closely with Slate Auto's efforts to close its $650 million Series C funding round. However, it remains unclear whether Carvana has acted on the warrant or what the exact volume of purchasable shares entails. Neither company has offered public comment on the arrangement.

In a March regulatory disclosure, Carvana referenced being granted a warrant to acquire shares in an unnamed "private consumer products company" in June 2025. The company noted the warrant carried an aggregate value of $1.5 million at the close of 2025 and described a vesting structure tied to mutually agreed-upon performance benchmarks extending through 2029. Carvana also disclosed that major shareholder Mark Walter holds a "substantial ownership interest" in the issuing company — a detail that strongly points toward Slate Auto.

Mark Walter: The Common Thread

Guggenheim Partners CEO Mark Walter serves as a significant link between both companies. Walter's investment firm, TWG Global, led Slate Auto's Series C round, positioning him as one of the EV startup's largest backers. On the Carvana side, Walter holds approximately 8% of the company's Class B common stock and controls 1% of total voting power — placing him just behind CEO Ernie Garcia III and his father, Ernie Garcia II, in terms of influence.

Carvana's Ambitions in New Car Sales

The Slate Auto connection emerges at a particularly revealing moment for Carvana. The Wall Street Journal has reported that the company is actively seeking to break into new car sales, having reportedly acquired several Stellantis dealerships across the United States. When pressed about these plans during a recent earnings call, CEO Ernie Garcia III offered little detail, telling analysts simply to "stay tuned."

A partnership with Slate Auto could serve Carvana's expansion goals well. Slate has publicly stated it will not rely on traditional dealerships — mirroring the direct-to-consumer models used by Tesla and Rivian. Yet the logistics of delivering that customer experience remain vague. Leveraging Carvana's existing physical infrastructure could help Slate fill those operational gaps while simultaneously raising its public profile.

Slate Auto on the Verge of a Major Milestone

Slate Auto is approaching a pivotal moment of its own. The company is expected to announce final pricing and begin accepting nonrefundable preorders for its debut electric vehicle within weeks. The low-cost EV is anticipated to carry a starting price in the mid-$20,000 range, with Slate targeting first deliveries before the end of this year.

The startup has remained tight-lipped about its full investor roster since emerging from stealth. TechCrunch was first to report that Bezos and Walter were among its backers — a revelation that preceded Slate's official confirmation that TWG Global led its most recent funding round.

What This Means for the EV and Auto Retail Landscape

The apparent alliance between Carvana and Slate Auto reflects broader shifts across both the electric vehicle industry and traditional auto retail. As legacy dealership models face mounting pressure and EV startups search for scalable sales channels, cross-sector partnerships like this one may become increasingly common. Whether Carvana ultimately exercises its warrant — and what role it plays in Slate's go-to-market strategy — will be worth watching closely in the months ahead.