Anthony Edwards, Kyler Murray, and Bryce Young have taken equity positions in Karma Automotive's recapitalized ownership structure, joining Tracy McGrady in what the Irvine-based electric vehicle manufacturer is calling an "athlete ownership program." Stake sizes were not disclosed. The company did not confirm whether the investment came through primary capital or secondary transfer.
Karma, founded in 2014 from the remains of Fisker Automotive, assembles low-volume luxury EVs starting at roughly $135,000. The Revero GT remains its flagship model. Production runs under 2,000 units annually across its California facility. The company has cycled through multiple ownership structures since Chinese auto-parts conglomerate Wanxiang Group acquired its predecessor's assets for $149.2 million at auction in 2014. Current majority ownership sits with an entity tied to Wanxiang, though the cap table has not been publicly filed since 2021.
McGrady's involvement predates this round; he joined Karma's board in 2022 and has appeared at the company's Laguna Beach design studio for product unveilings. The addition of Edwards, Murray, and Young suggests Karma is building a go-to-market channel through athlete endorsement rather than traditional retail expansion. Edwards signed a five-year, $244 million extension with Minnesota in 2024. Murray's five-year, $230.5 million deal with Arizona runs through 2028. Young, on his rookie contract with Carolina, is eligible for an extension in 2026. All three operate in markets where Karma has no physical showroom presence.
The athlete-ownership structure mirrors strategies deployed by premium consumer brands seeking credibility without heavy media spend. Karma's annual production volume places it closer to a coachbuilder than a scaled manufacturer, which makes traditional advertising inefficient. Instead, the company appears to be trading equity for access to the athletes' social reach and the signaling value of their association. Edwards has 6.2 million Instagram followers. Murray has 2.1 million. Young has 1.8 million. McGrady, retired since 2013, still carries 2.4 million.
What remains unclear is whether these stakes carry board seats, observation rights, or marketing obligations. Karma's prior athlete partnerships have included product placements and event appearances, but formal disclosure of compensation structures has been sparse. The company's most recent financing event on record was a $100 million raise in 2021, though no lead investor was named publicly. If this round involved fresh capital rather than secondary shares, it would suggest Karma is using athlete equity to offset cash burn while production scaling remains stalled. If secondary, it signals existing stakeholders are exiting through a creative liquidity mechanism.
The timing is worth noting. Karma's competitor Lucid raised $1.75 billion in February 2025 through a Saudi-backed PIPE. Rivian closed a $1 billion round in March 2025. Both companies produce at least 20,000 units annually. Karma's positioning as a ultra-low-volume, athlete-backed brand suggests it is not competing for the same capital or customer base. Instead, it is building a halo product with a celebrity cohort that can drive interest without requiring mass-market infrastructure.
Watch for product appearances at NFL and NBA facilities over the next six months, particularly in Arizona, Minnesota, and Charlotte. If Karma assigns vehicles directly to the athletes rather than requiring purchase, that will clarify whether this is a marketing spend disguised as equity or a genuine ownership play. Also watch McGrady's next board meeting disclosures, if any, for clues on governance structure. The company's 2025 production target has not been publicly updated since 2023, when it projected 1,200 units. Any revision upward would indicate the athlete capital is funding line expansion.
Karma has now placed equity with four professional athletes in two years, none of whom play in California, where the cars are built and where EV incentives remain the country's richest.
The takeaway
Karma traded equity to Edwards, Murray, and Young for endorsement leverage, signaling it's building a halo brand rather than scaling production.
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