The quarterly loss reported after the close Thursday caps a disastrous year in which Carvana's stock plummeted 98%, erasing almost $37 billion of market capitalization. Carvana spent $2.2 billion last year to acquire Carmel-based KAR Auction Services Inc.’s physical auto auction business, ADESA.
The changes in the U.S. drop the price of Model 3 sedans and certain Model Y SUVs below the caps they needed to come under to qualify for as much as $7,500 electric vehicle tax credits.
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