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Asbury Automotive Group Inc. has more than 60 days’ supply of its No. 2 brand Stellantis, though stop-sale orders have contributed to that stockpile.

General Motors assembly plants in North America have been hit harder by the microchip shortage this year than any others, according to a new estimate by AutoForecast Solutions.

The refreshed 2024 Wrangler will offer power front seats for the first time. Expect Jeep to move quicker with advancements going forward now that it has to fend off the Ford Bronco.

Creditors holding about 90 percent of Carvana Co.’s bonds have been pitching the beleaguered used-car company on ways to pare down debt and improve liquidity, including a proposal for a debt-for-equity swap, according to people with knowledge of the situation.

The group, represented by White & Case and PJT Partners, recently offered to swap a substantial amount of unsecured notes for equity in Carvana, the people said, asking not to be named discussing a private matter. The bondholders also said they would allow the company to pay some of its interest with additional debt, a feature known as payment-in-kind.

The proposal isn’t final and terms could change. Carvana has not formally engaged with the group’s offers, the people added, asking not to be identified because the matter is private.

Bondholders had earlier signaled their interest in moving their existing unsecured positions into new first-lien debt and allowing the company to pay interest in kind for two years, the people said. The plan would save Carvana more than $1 billion in cash interest, the people added. The group also offered to provide new money to the company and asked Carvana’s equity holders to inject roughly $1 billion into the business, they said. read more

Lucid’s first crossover has entered a new phase of development, the EV startup said, with testing in camouflage on public roads before its 2024 launch.