News Summary

• The company might also sell up to $350 million in new stock as part of the restructure.The combined news of healthy earnings and debt exchange deal caused Carvana’s stock to spike Wednesday as high as $60.90.
• The company expects to invest $4 billion in the factory, which is designed to reach a capacity of 150,000 vehicles per year.Volkswagen’s Knoxville Innovation Hub has published research breakthroughs to increase EV range and recycle vehicle materials, the company said.
• Twine Ventures also participated.Lithium-ion battery recycling company Aqua Metals has entered into a strategic partnership with Yulho, a battery materials company based in South Korea.
• It also receives messages from other vehicles and alerts the rider to potential hazards.Autonomous vehicle company Aurora Innovation has sold $820 million worth of stock.
• The company sold 76,530 cars during the quarter, which was slightly fewer than expected by analysts.Carvana also announced it will reduce its outstanding debt by over $1.2 billion by exchanging existing unsecured debt with new notes.
• The company is hoping the funds will take it “well into 2025.”Alpha Grid, a San Francisco–based EV charging deployment optimization startup, raised a $2.5 million pre-seed led by Asymmetric Capital Partners.