The automotive press is abuzz with news that the automotive marketplace Carvana has been considering — or has already made — an investment in the Jeff Bezos-backed EV maker Slate Auto. Carvana is best known for its used car business, so the interest in Slate is rather interesting, considering that Slate does not have any used cars on the market. The startup doesn’t even have any new cars on the market, for that matter. So, what’s going on? Many Used EVs Are Coming Carvana launched in 2012 to apply the white-hot e-commerce field to used car transactions. The online-only platform included a healthy touch of human to its business model, though. Instead of promising that its cars would drive themselves from a dealer lot to the buyer’s door, the Carvana package includes home delivery the old fashioned way, via truck. The company’s Car Vending Machine also engaged customers with human people while lending a futuristic swagger to the experience of picking up one’s car in person. Reflecting the growing popularity of electric vehicles since 2012, last August Carvana reported that almost 10% of its sales were 100% EVs or hybrids. Also last August, auto industry observers also began drawing attention to the large and growing number of off-lease EVs hitting the used car market. That could help explain why Carvana would be interested in nailing down a slice of the electric mobility pie for itself. Carvana Can Buy Shares In Slate, But Did It? Multiple sources in the automotive press have followed up on the Carvana-Slate scoop from TechCrunch last week, in which few details were available except to say that the Delaware Division of Corporation gave Carvana a warrant to buy shares in Slate sometime last year. As for why Arizona-based Carvana needs permission from Delaware to buy shares in Michigan-headquartered Slate, that involves the state’s history in corporate services, so leaving that aside or now, the news stands as it is. Carvana received permission from the State of Delaware to invest in Slate last year, but no word of any follow-though was available as of last week. One element that suggests the transaction did or will go through is Mark Walter, well known in sports circles as the controlling owner of the Los Angeles Dodgers and perhaps lesser known as CEO of TWG Global and a substantial investor in Carvana as well. The Walters connection to Slate surfaced last year and it popped up again in April, when Slate Auto announced that it closed on a $650 million round of Series C funding, led by TWG as a returning investor. The cash infusion was aimed at launching volume production of the EVs before the end of this year, a milestone eagerly awaited by the 160,000 drivers who put up $50 each to reserve theirs. The RepairPal Connection And Affordable EVs Another element suggestive of a hookup between the used car startup and Slate is another detail in the Slate announcement, in which the automaker described a hookup with RepairPal to service its EVs. “Slate’s partnership with RepairPal’s nationwide network of over 4000 service centers will give Slate customers peace of mind and empower independent service shops to provide warranty service and accessorization,” Slate stated. The unification of a nationwide repair service dovetails with Carvana’s focus on transparency, so make of that what you will. Meanwhile, hold on to your hats when Slate announces the pricing for its new EVs, on track to take place later this month. It will be interesting to see how many of those $50 reservations materialize into pre-orders. Slate previously announced a starting price of just $20,000 after rebates, so it will also be interesting to see how close they come to the price point. For the here and now, a thousand or two off the mark probably won’t make much of a dent to reservation holders. After all, the price of gas hit the roof after US President Donald Trump launched a full-on war against Iran earlier this year, making EVs a more attractive TCO (total cost of ownership) option. There is no relief in sight, and other EV makers — including Subaru and Hyundai, among others — are already seeing their year-on-year sales improve despite the absence of the $7,500 federal tax credit. In addition, stakeholders in the EV charging field have been installing new public charging stations nonstop, even after the tax credit expired on September 30 last year. The focus is on convenience stores, quick-serve restaurants, and other locations where drivers tend to linger more than a few minutes. The result is a friendlier environment for EV owners and relief for apartment-dwellers and other EV-curious drivers who don’t have access to home charging. What Is This TWG Of Which You Speak? TWG Global is a new face on the pages of CleanTechnica, so this is a good time to catch up with the firm and Walter, too. EVs are not the only mobility moves the firm has made of late. In 2024, TWG introduced its TWG Motorsports branch, described as “a new division created to bring together a portfolio of leading motorsports organizations to drive competitive excellence, ingenuity and commercial innovation across the globe, with the aim of challenging at the very top of the sport.” “TWG Motorsports is focused on setting a new standard for racing. Their commitment to driving innovation by utilizing next-generation technologies and leveraging synergies continues a history of commitment to sports as evidenced by a TWG Global sports portfolio that includes the Los Angeles Dodgers, Chelsea Football Club, Professional Women’s Hockey League and stakes in the Los Angeles Lakers and other ventures,” the firm elaborated in a press statement last year. Walter chipped his two cents into the announcement, noting that his partner Dan Towriss leads the Motorsports branch as CEO. “Dan has been instrumental in forming the landmark Cadillac Formula 1 team in partnership with General Motors and acquiring for TWG Global a broad racing portfolio that includes Andretti Global, Wayne Taylor Racing, and Spire Motorsports,” Walter explained. If you’re thinking technology transfer is on the table, that’s a good guess. Back in 2015 Formula 1 sanctioned the launch of the Formula E all-EV series, tasked with showcasing high performance EVs while bringing cutting edge electrification technology to the consumer market (see the latest Formula E news here). The Cadillac connection is particularly interesting, considering GM’s success with its Cadillac EVs. The hookup involves TWG’s AI branch, which was tapped as the team’s exclusive AI partner in February. As noted by TWG, the Cadillac F1 Team is the first new team to join F1 in more than 10 years. The team is already in motion and you can catch the latest news here. Meanwhile, it’s not too late to reserve your Slate EV… Photo: The online used car sales platform Carvana is selling a lot of used EVs these days, and now rumor has it that the firm is nailing down a foothold in new EVs through the startup Slate Auto (cropped, courtesy of Carvana).