Esha Dey / Bloomberg:
Online used car marketplace Carvana’s stock hits an all-time low, closing down 13% to $7.05 on Monday; the company’s stock is down 97% in 2022 — Online car dealer Carvana Co.’s shares tumbled to an all-time low as investors grow more concerned about the continuing decline in used-vehicle prices.
Kathryn Hardison / Wall Street Journal:
Carvana says it will lay off about 1,500 people, or ~8% of its workforce, adding to the ~2,500 workers it laid off in May 2022 — Planned workforce reductions come as demand from consumers remains under pressure — How Carvana’s Stock Crashed: What Went Wrong — Created with sketchtool.
Joanna Glasner / Crunchbase News:
Analysis: 14 self-driving vehicle tech companies that went public in the past two years have seen an 80%+ average decline in their post-IPO stock price — A few years ago, public market investors sometimes lamented the lack of opportunities to directly invest in future-shaping technologies like autonomous driving.
Mark Gurman / Bloomberg:
Sources: Apple scales back ambitious self-driving plans for its electric vehicle, now delayed to 2026 with a design that includes a steering wheel and pedals — Apple Inc. has scaled back ambitious self-driving plans for its future electric vehicle and postponed the car’s target launch date …
Josh Ye / Reuters:
Lenovo reports Q2 revenue down 4% YoY to $17.09B, above estimates, the first decline in 10 quarters as pandemic-fueled global PC demand weakens — China’s Lenovo Group (0992.HK) reported its first revenue decline in 10 quarters as a pandemic-fuelled computer sales boom comes to an end …
Filipe Espósito / 9to5Mac:
Apple to increase prices of apps and IAP on the App Store in all territories that use the euro and some Asian countries like Japan, starting October 5 — Apple announced on Monday that it will soon raise App Store prices in multiple countries, including Japan, South Korea, and many others in Europe.
Andrew J. Hawkins / The Verge:
Google and Renault expand their four-year partnership to develop a “software-defined vehicle” based on Google’s Android Automotive OS — This “software-defined vehicle” will be built on Google’s Android Automotive operating system and send data to the company’s cloud servers for processing, the companies announced.
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