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☆ A year after bankruptcy concerns, Carvana is leaner and ready for its Wall Street redemption
▼ + stars: | 2024-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting. Carvana puts each vehicle it intends to sell through a lengthy inspection, repair and sale preparation process. A Ford F-150 is prepped for a painting booth at Carvana's vehicle reconditing center outside Phoenix. The Wall Street Journal in December 2021 detailed a network of Garcia companies that do business with DriveTime, Carvana or both. Carvana sells such warranties or other service-related protections to customers, and DriveTime takes them over, giving Carvana a commission.

Persons: Michael Wayland, Ernie Garcia III, Ernie Garcia II, Garcia, Carli, Carvana, There's, Richard, Dick, Nixon, there's, Ernie Garcia, pathing, Rajat Gupta, Doug Guan, we've, CNBC Guan, Coldplay, Neil Diamond, Teresa Aragon, DriveTime, Duckling, Garcia II, Charles Keating's Lincoln, hasn't, – Organizations: CNBC PHOENIX, CNBC, Ford, Ford Motor, Nissan, State, Charles Keating's Lincoln Savings & Loan, Street Journal, DriveTime Locations: Tempe, Ariz, Tempe , Arizona, Phoenix, Carvana, Florida, reconditioning, Silicon Valley, Aragon, DriveTime, Drivetime

☆ Stellantis to revise up revenue target for 'circular economy' unit
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsCompanies Stellantis NV FollowTURIN, Italy, Nov 23 (Reuters) - Stellantis' (STLAM.MI) revenue target for its recycling and reconditioning unit will be raised after growing 25% so far this year, the group's Chief Executive Carlos Tavares said on Thursday inaugurating its first hub for the business. As part of its long-term business plan, the Franco-Italian group has said it aimed to generate 2 billion euros ($2.2 billion) in revenue by 2030 from its "circular economy" unit, by recycling and extending the life of parts and materials. Located in the Mirafiori complex, in Turin, the new circular economy hub focuses on life extension for parts and vehicles, component reconditioning as well as recycling materials to return to the manufacturing loop. The site, for which Stellantis has invested 40 million euros, currently employs 170 highly-trained employees, projected to rise to around 550 people by 2025.

Persons: Gonzalo Fuentes, Carlos Tavares, Tavares, Stellantis, Giulio Piovaccari, David Evans Organizations: REUTERS, Thomson Locations: Saint, Yvelines, Paris, France, TURIN, Italy, Franco, Italian, Turin

☆ Stellantis to lift revenue target for 'circular economy' recycling unit
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: +2 min

Stellantis will lift its 2030 revenue target for its recycling and reconditioning unit after its revenue grew 25% so far this year, the automaker's CEO said on Thursday, adding that the business would help make electric vehicles more affordable. Rising prices and reduced availability of raw materials, as well as environmental costs to extract them, are pushing manufacturers and regulators to reuse and recycle more. Stellantis CEO Carlos Tavares said volatility in raw materials prices made electric vehicles (EV) less affordable for consumers. "We aim to set up a stable flow of supplies for raw materials ... avoiding market ups and downs. This means less inflation," Tavares said in Turin as he inaugurated the automaker's first hub for its recycling and reconditioning business, now part of its 'circular economy' unit.

Persons: Tim Kuniskis, Dodge Brand, Carlos Tavares, Tavares, Stellantis Organizations: Dodge, EV Locations: Pontiac , Michigan, Turin, Franco, Italian, North America, America, Africa, East, Stellantis, Italy

☆ World’s ‘most sought-after’ whisky sells for $2.7 million
▼ + stars: | 2023-11-19 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +2 min

London CNN —For those who appreciate the finer tipples in life, a bottle of the world’s “most sought-after Scotch whisky” sold for more than £2.1 million ($2.7 million) Saturday at Sotheby’s in London. This bottle of The Macallan 1926, is one of 12 that were labelled by Italian painter Valerio Adami. Tristan Fewings/Getty ImagesAhead of the sale, Sotheby’s head of whisky Jonny Fowle told AFP that he had tried a small sample. This bottle is also the first of The Macallan 1926 bottles to have undergone reconditioning, carried out by The Macallan Distillery in Scotland before the auction. Of the unlabelled, one was hand painted by Irish artist Michael Dillon, and became the first bottle of whiskey to surpass £1 million ($1.2 million) when it sold in 2018 for £1.2 million ($1.5 million), the auction house said on its website.

Persons: Sotheby’s, Valerio Adami, Tristan Fewings, Jonny Fowle, it’s, ”, Sir Peter Blake, Michael Dillon Organizations: London CNN, AFP Locations: Sotheby’s, London, Italian, Scotland, Irish

☆ Used car prices are finally falling. Here are 6 tips to help make sure you don't pay too much.
▼ + stars: | 2023-11-19 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

The website shared six tips to help buyers get the best value for money on their next used car. AdvertisementThe past few years have been rough for used-vehicle buyers due to higher prices, less inventory, and rising interest rates. But there seems to be at least a dim light at the end of the tunnel, according to Edmunds' latest Used Vehicle Report. In addition, new vehicle prices continue to rise, making used vehicles more appealing for shoppers on a smaller budget. With higher prices and interest rates, opting for a higher-mileage or older model will help get you to the monthly payment you want.

Persons: Edmunds, —, it's Organizations: Service, Associated Press

LONDON (AP) — A bottle of Scotch whisky billed as “the most sought-after” in the world sold Saturday for almost 2.2 million pounds ($2.7 million), an auction record for a bottle of wine or spirits. Just 40 bottles of The Macallan 1926 were bottled in 1986 after being aged in sherry casks for 60 years. Political Cartoons View All 1256 ImagesThe bottle sold Saturday is the first to have undergone reconditioning by the distillery ahead of auction. The final price of 2,187,500 pounds ($2,714,250) includes a charge known as the buyer’s premium on top of the sale price of 1.75 million pounds. The price well exceeded the pre-sale estimate of 750,000 pounds to 1.2 million pounds.

Persons: Valerio Adami, ”, Jonny Fowle Organizations: Sotheby’s Locations: Sotheby’s, London, Italian

Jean-Baptiste, who paid off over $100,000 of student loan debt, has seven bank accounts: one for each savings bucket in her budget. I actually have five accounts: checking, high-yield savings account, a travel account, a business account, and an account for a down payment on a home. Pay yourself first every paycheckSet up an automated transfer from your checking account to your savings account every time you get paid. And if you have savings set aside for discretionary expenses, economic challenges like inflation may have less of a bite. Jennifer Streaks Senior Personal Finance Reporter and Spokesperson Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider.

Persons: Melissa Jean, Baptiste, Jean, —, Jennifer, Read Organizations: Business, Black Enterprise Magazine, CNBC, Forbes, Twitter

☆ Stellantis in talks for parts and material recycling JV with Galloo
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

Companies Stellantis NV FollowMILAN, June 5 (Reuters) - Carmaker Stellantis (STLAM.MI) and Belgian metals recycler Galloo have entered exclusive talks to create a joint venture focused on parts and material recycling from end-of-life vehicles, the two companies said on Monday. The JV will offer its services to Stellantis and other automakers. Stellantis has set a goal to have 40% of green materials in its vehicles by 2030. The world's third largest carmaker by sales has plans to boost recycling revenue ten-fold and parts revenue 4-fold by 2030, compared to 2021, targeting over 2 billion euros ($2.1 billion) in revenue from its circular economy business by that date. Jones said the JV would also rely on Stellantis' main circular economy hub, which the group is setting-up in its Mirafiori complex in Turin, Italy.

Persons: Galloo, Stellantis, Alison Jones, Jones, Giulio Piovaccari, Gilles Guillaume, David Evans Organizations: MILAN, JV, Global, Thomson Locations: France, Belgium, Luxembourg, Europe, Stellantis, Turin, Italy

☆ NBA roundup: Nets sink Cavs for 9th straight win
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +5 min

While Garland made 14 of 20 shots and finished with his fourth 40-point game of his career, Donovan Mitchell was held to 15 points. Kevin Durant scored 32 points but fouled out for the sixth time in his career when he bumped Garland with 1:54 remaining. Isaiah Stewart had 21 points, Killian Hayes tossed in 18 with 10 assists and Jalen Duren added 15 points and 12 rebounds. Bennedict Mathurin put up 15 points and Myles Turner scored 14 to lead the Pacers, who finished a 2-1 road trip. Lauri Markkanen led the Jazz with 32 points and 12 rebounds.

☆ Wedbush downgrades Carvana, sees stock dropping to $1 as bankruptcy risk rises
▼ + stars: | 2022-12-07 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Bankruptcy is becoming more likely for beaten-down car seller Carvana , according to Wedbush Securities. Analyst Seth Basham downgraded the online used car retailer's stock to underperform from neutral and slashed his price target to $1 from $9 per share. Basham said a restructuring would allow to company to bring down its annual interest expense burden of more than $600 million. It's the latest news in a year that's pummeled the car platform's share value. In 2022 alone, the share value has dropped 97.1% from where it began the year.

☆ The very last 747 jumbo jet is about to roll off Boeing’s assembly line
▼ + stars: | 2022-12-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN Business —After 53 years and more than 1,570 planes, the last Boeing 747 is set to roll off the assembly line in Washington state Tuesday, on its way to serve as a cargo plane. The once-groundbreaking jumbo jet, with the distinctive second-floor bulge, is perhaps the most notable and popular plane Boeing has ever built. The Boeing 747 in 1969. Other than that use, the 747’s days as a passenger plane are now almost completely behind it. But there are still 314 747 freighters in use, according to Cirium, many of which were initially used as passenger jets before being renovated into freighters.

☆ Carvana downgraded by Wedbush with shares down 90% this year and business model 'sputtering'
▼ + stars: | 2022-10-18 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The once-blazing Carvana is stalling as the market for used cars shrinks and issues with its business model become harder to gloss over, according to Wedbush. Analyst Seth Basham downgraded the stock to neutral and cut the price target a whopping 70% to $15, now implying the stock has downside of 17.7%. The online platform for used cars was a pandemic winner as economic shutdowns led consumers away from car lots and toward its website. Its pandemic closing high of $360.98 in August 2021 was nearly 300% higher than its trading value at the start of 2020. Basham said the downgrade stems not just from sliding demand, but from concerns over how Carvana does business as the company's cost base is too high.

☆ Stellantis invests in Turin as part of switch to electric
▼ + stars: | 2022-09-20 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

REUTERS/Massimo Pinca/File PhotoTURIN, Italy, Sept 20 (Reuters) - Stellantis (STLA.MI)signalled its commitment to the historic carmaking city of Turin on Tuesday with an investment to boost its role in electric vehicle production and as a centre for the recycling of cars and their parts. The Franco-Italian group signed an agreement with its partner Punch Powertrain to increase production of electrified dual-clutch transmissions (eDCT) for hybrid and plug-in hybrid electric vehicles at its Mirafiori plant in Turin, the carmaker said on Tuesday. Chief Executive Carlos Tavares said the company was investing upwards of 10 million euros in the gearbox upgrade, without giving a precise figure. Turin is the historic home of Fiat which merged with France's PSA last year to form Stellantis. At full production, the Mirafiori and Metz facilities together will supply all relevant Stellantis manufacturing sites in Europe.

☆ Stellantis invests in Italian plant as part of switch to electric
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterWorkers install a flag with the logo of Stellantis, the world's fourth-largest automaker which starts trading in Milan and Paris after Fiat Chrysler and Peugeot maker PSA finalised their merger, at the main entrance of FCA Mirafiori plant in Turin, Italy, January 18, 2021. REUTERS/Massimo Pinca/File PhotoTURIN, Italy, Sept 20 (Reuters) - Stellantis (STLA.MI) signed an agreement with its partner Punch Powertrain to increase production in Italy of electrified dual-clutch transmissions (eDCT) for hybrid and plug-in hybrid electric vehicles, the carmaker said on Tuesday. The upgraded facility will be developed within Mirafiori, Stellantis' main plant in Turin, northern Italy, and it will complement the existing capacity of a plant in the French city of Metz, it added. The new Mirafiori e-Transmissions Assembly site is expected to start production in the second half of 2024. Register now for FREE unlimited access to Reuters.com RegisterAt full production, the Mirafiori and Metz facilities together will supply all relevant Stellantis manufacturing sites in Europe.

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