Carvana goes parabolic (again)

Happy Friday morning. This is Car Alerts with your weekly update from across the car world.

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In today’s edition:

• Carvana shares surge

• Tesla builds first Cybertruck

• Nissan adopts Tesla’s charger

• Tesla settles 9-figure lawsuit

• Market data

• and much more

MARKETS 📈

This week’s big headline came from Carvana, as shares jumped on positive news. It’s worth noting that 54% of the stock was being shorted (according to Ortex) and helped fuel the parabolic move up as the good news was released. Carvana stock is now up over 850% this year and almost 90% for the month.

Here is a quick overview of the details:

• Outstanding debt reduced by $1.2B

• Plans to raise $350MM through stock sale to repay debt

• Gross profit per unit increased 94% compared to Q2 2022

• Reduced interest payments by over $430MM (for next two years)

HEADLINES 📰

Ford slashes prices of F-150 Lightning trucks as EV wars heat up.

Tesla directors pay $735,000,000 to settle claims they overpaid themselves.

Tesla builds the first Cybertruck after two years of delays.

Carvana restructured over $1B of outstanding debt, and shares jumped.

Nissan adopts Tesla’s North American Charging Standard starting in 2025.

Tesla Model Y is Europe’s best-selling new car in the first half of 2023.

Wholesale used-vehicle prices decline in the first half of July, down 1% from June figures.

Certified pre-owned (CPO) sales rose 8.4% in June, outpacing the used car market.

New car supply is better than last year, but tighter for used cars.

BMW can't build enough M3 wagons, but the U.S. won't see any.

2023 Chevy Colorado, GMC Canyon batteries fully drained after software update mishap.

Tesla plans sweeping expansion to Berlin plant to create 1 million EVs annually.

EV charging ports in U.S. have nearly doubled in the past three years.

Aurora Innovation (self-driving tech company) to sell $600MM new shares.

RECALLS & LAWSUITS

Ford facing class action lawsuit over their 10-speed transmission which allegedly causes cars to lunge, jerk, clunk, hesitate, and slip between gears.

Mazda recalls 340,000 vehicles over backup camera defect.

Carmax settles with Maryland over unrepaired recalls.

COOL CARS FOR SALE

1959 Rolls Royce Silver Cloud: Restored British classic.
1993 Porsche 968 Club Sport: Limited production, Maritime Blue.
1995 Mercedes Benz C36: AMG tuned wagon, Japan import.
1994 Lancia Delta Integrale Evo 2: “Edizione Finale” edition.
1981 BMW 323i Baur TC: Fully refurbished, 4-speed.

HUMOR

That’s all we have for you this week. We’ll see you next Friday morning with more car content.

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