Anthony Edwards, Kyler Murray, and Mike Trout have joined the investor roster of Karma Automotive, the Irvine-based luxury electric vehicle manufacturer, alongside a cohort of Black professional athletes including Carolina Panthers quarterback Bryce Young. The company did not disclose individual check sizes but confirmed the group invested at a post-money valuation near $600 million, roughly flat to its Series B close in late 2023. Edwards and Murray participated through their respective family offices; Trout invested directly.
Karma produces the Revero GT, a $145,000 plug-in hybrid coupe positioned against Porsche Taycan and Mercedes EQS in the ultra-premium segment. U.S. deliveries totaled approximately 400 units in 2024, down from 530 the prior year, as the company paused production twice to retool its Costa Mesa plant for its forthcoming Kaveya all-electric sedan, slated for Q2 2026 launch. The athlete investments arrive as Karma works to close a $150 million mezzanine round led by Beijing-based Wanxiang Group, its majority shareholder since acquiring the brand's assets out of Fisker Automotive bankruptcy in 2014. That round has been in market since August and remains unfinalized.
The structure mirrors a capital-allocation shift across second-tier automotive brands: replace cash endorsement deals with equity grants tied to founder-class stakes, offload marketing budget to athlete social reach, and use their names in fundraising materials. Edwards carries 8.2 million Instagram followers; Murray 2.1 million; Trout 2.3 million. Karma's own account sits at 47,000. The company declined to specify whether the athletes received board observer seats, but two people familiar with the round said Edwards's team negotiated a pro-rata right on the next equity raise, a term typically reserved for lead investors writing eight-figure checks. The implication: Edwards's stake is likely north of $2 million, and his agent is treating this as a liquidity event, not a vanity play.
For context, Karma's unit economics remain challenging. The Revero GT carries a gross margin estimated near 12%, well below the 25%-30% floor required to sustain R&D and SG&A without perpetual capital infusions. The company burned roughly $80 million in 2024, per two former executives, and its path to breakeven depends entirely on the Kaveya hitting a 2,500-unit annual run rate by 2027. Meanwhile, Lucid—another ultra-premium EV maker—delivered 6,001 units in 2024 with a $3 billion cash cushion and a comparable margin profile, and its stock trades at 18% of its 2021 SPAC debut price. Karma is attempting the same strategy with one-fifth the capital and one-tenth the production volume.
The athlete roster does create optionality in two areas. First, it provides Karma access to corporate partnership pipelines: Edwards has deals with Adidas and Gatorade; Murray with Nike and State Farm; Trout with Nike and Subway. If any of those brands are sizing fleet electrification or executive vehicle programs, Karma can now route inbound through an athlete they already pay. Second, it gives Karma a non-dilutive marketing channel during a period when traditional auto advertising spend is collapsing—U.S. linear TV auto ad dollars fell 19% year-over-year in Q4 2024, per Standard Media Index. Whether 8 million Instagram followers convert to $145,000 coupe deposits is a different question.
Watch for three developments. First, whether Wanxiang closes its mezzanine round by end of Q1—if it doesn't, Karma will need to tap its athlete investors for a bridge, which would indicate the valuation was optimistic. Second, whether Edwards or Murray appear in Karma's booth at the New York International Auto Show in April, a signal the company is attempting to activate their equity as marketing labor. Third, any movement on Karma's $90 million delayed-draw term facility with East West Bank, which matures in July and has covenants tied to production milestones the company has already missed twice.
The Kaveya reveal is scheduled for February 14 at an invite-only event in Los Angeles. Edwards is confirmed to attend. Trout is not.
The takeaway
Karma converts celebrity endorsement budget into equity, betting athlete social reach offsets **$80M** annual burn while mezzanine round stalls.
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