Rumors Swirl As Carvana Eyeballs Slate EVs Which Aren’t Even Used Yet

Carvana, the well-known online used car retailer, is reportedly exploring an investment in Slate Auto, an electric vehicle startup backed by Jeff Bezos. This potential move is intriguing given that Slate has yet to launch any vehicles, new or used, on the market. The interest from Carvana signals a strategic effort to position itself within the rapidly expanding electric vehicle sector, especially as more off-lease EVs are expected to flood the used car market in the near future. Carvana’s business model, which combines e-commerce with traditional delivery methods and innovative customer experiences like its Car Vending Machine, has evolved alongside the growing popularity of electric vehicles. By August last year, nearly 10% of Carvana’s sales were electric or hybrid vehicles. The surge in off-lease EVs provides a compelling rationale for Carvana’s interest in securing a foothold in the electric mobility space, potentially through acquiring shares in Slate Auto. While Carvana received permission from Delaware authorities to invest in Slate last year, it remains unclear whether the transaction has been completed. A notable connection between Carvana and Slate may be linked through Mark Walter, a significant Carvana investor and CEO of TWG Global, who also has ties to Slate. TWG Global recently led a $650 million Series C funding round for Slate, aimed at ramping up production of its affordable EVs by the end of 2026. Slate’s partnership with RepairPal to provide nationwide servicing aligns with Carvana’s emphasis on transparency and customer service, suggesting a complementary relationship between the two companies. Slate is poised to announce pricing for its new electric vehicles imminently, with a previously stated target starting price of around $20,000 after rebates. This affordable pricing, combined with rising fuel costs and expanding public charging infrastructure, could make Slate’s EVs highly attractive to consumers. The growing convenience of EV ownership and the increasing availability of charging stations at everyday locations are likely to support demand, especially among drivers without access to home charging. TWG Global, under Walter’s leadership, is expanding its footprint in the mobility and motorsports sectors with the launch of TWG Motorsports, aiming to innovate and compete at the highest levels of racing. This broader strategic vision underscores the firm’s commitment to advancing electric mobility and technology across various domains. The potential collaboration between Carvana and Slate, facilitated by TWG’s involvement, could mark a significant step in the evolution of electric vehicle retail and ownership in the coming years.