{"id":303632,"date":"2025-07-14T04:42:17","date_gmt":"2025-07-14T04:42:17","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/carvana-stock-price-history-2\/"},"modified":"2025-07-14T04:42:17","modified_gmt":"2025-07-14T04:42:17","slug":"carvana-stock-price-history","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/news-events\/data\/carvana-stock-price-history\/","title":{"rendered":"L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana (2017-2025): T\u1eeb IPO $15 \u0110\u1ebfn \u0110\u1ec9nh $376 V\u00e0 H\u01a1n N\u1eefa"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":259864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[47,28,45],"class_list":["post-303632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data","tag-beginner","tag-investment","tag-stock"],"acf":{"h1":"L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana: D\u00f2ng Th\u1eddi Gian Ho\u00e0n Ch\u1ec9nh v\u00e0 Ph\u00e2n T\u00edch \u0110\u1ea7u T\u01b0","h1_source":{"label":"H1","type":"text","formatted_value":"L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana: D\u00f2ng Th\u1eddi Gian Ho\u00e0n Ch\u1ec9nh v\u00e0 Ph\u00e2n T\u00edch \u0110\u1ea7u T\u01b0"},"description":"L\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana cho th\u1ea5y m\u1ee9c t\u0103ng 2.412% t\u1eeb m\u1ee9c IPO $15 l\u00ean \u0111\u1ec9nh $376, sau \u0111\u00f3 l\u00e0 s\u1ef1 s\u1ee5t gi\u1ea3m 99% xu\u1ed1ng c\u00f2n $3.55. Ph\u00e2n t\u00edch c\u00e1c m\u00f4 h\u00ecnh ch\u00ednh, c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh k\u00edch ho\u1ea1t, v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai cho c\u1ed5 phi\u1ebfu CVNA.","description_source":{"label":"Description","type":"textarea","formatted_value":"L\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana cho th\u1ea5y m\u1ee9c t\u0103ng 2.412% t\u1eeb m\u1ee9c IPO $15 l\u00ean \u0111\u1ec9nh $376, sau \u0111\u00f3 l\u00e0 s\u1ef1 s\u1ee5t gi\u1ea3m 99% xu\u1ed1ng c\u00f2n $3.55. Ph\u00e2n t\u00edch c\u00e1c m\u00f4 h\u00ecnh ch\u00ednh, c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh k\u00edch ho\u1ea1t, v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai cho c\u1ed5 phi\u1ebfu CVNA."},"intro":"Carvana (NYSE: CVNA) \u0111\u00e3 tr\u1ea3i qua m\u1ed9t trong nh\u1eefng l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu bi\u1ebfn \u0111\u1ed9ng nh\u1ea5t trong k\u00fd \u1ee9c th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y - t\u0103ng t\u1eeb m\u1ee9c IPO $15 v\u00e0o th\u00e1ng 4 n\u0103m 2017 l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m $376.83 v\u00e0o th\u00e1ng 8 n\u0103m 2021 (t\u0103ng 2,412%), tr\u01b0\u1edbc khi gi\u1ea3m 99% xu\u1ed1ng ch\u1ec9 c\u00f2n $3.55 v\u00e0o th\u00e1ng 12 n\u0103m 2022. Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n n\u00e0y xem x\u00e9t c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng, \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty \u0111\u00e3 k\u00edch ho\u1ea1t m\u1ed7i bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u1edbn. Cho d\u00f9 b\u1ea1n \u0111ang nghi\u00ean c\u1ee9u c\u00e1c m\u00f4 h\u00ecnh trong qu\u00e1 kh\u1ee9 hay \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng trong t\u01b0\u01a1ng lai, d\u00f2ng th\u1eddi gian n\u00e0y cung c\u1ea5p c\u00e1c \u0111i\u1ec3m d\u1eef li\u1ec7u c\u1ee5 th\u1ec3 m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u1ec3 hi\u1ec3u h\u00e0nh tr\u00ecnh \u0111\u00e1ng ch\u00fa \u00fd c\u1ee7a CVNA.","intro_source":{"label":"Intro","type":"text","formatted_value":"Carvana (NYSE: CVNA) \u0111\u00e3 tr\u1ea3i qua m\u1ed9t trong nh\u1eefng l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu bi\u1ebfn \u0111\u1ed9ng nh\u1ea5t trong k\u00fd \u1ee9c th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y - t\u0103ng t\u1eeb m\u1ee9c IPO $15 v\u00e0o th\u00e1ng 4 n\u0103m 2017 l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m $376.83 v\u00e0o th\u00e1ng 8 n\u0103m 2021 (t\u0103ng 2,412%), tr\u01b0\u1edbc khi gi\u1ea3m 99% xu\u1ed1ng ch\u1ec9 c\u00f2n $3.55 v\u00e0o th\u00e1ng 12 n\u0103m 2022. Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n n\u00e0y xem x\u00e9t c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng, \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty \u0111\u00e3 k\u00edch ho\u1ea1t m\u1ed7i bi\u1ebfn \u0111\u1ed9ng gi\u00e1 l\u1edbn. Cho d\u00f9 b\u1ea1n \u0111ang nghi\u00ean c\u1ee9u c\u00e1c m\u00f4 h\u00ecnh trong qu\u00e1 kh\u1ee9 hay \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng trong t\u01b0\u01a1ng lai, d\u00f2ng th\u1eddi gian n\u00e0y cung c\u1ea5p c\u00e1c \u0111i\u1ec3m d\u1eef li\u1ec7u c\u1ee5 th\u1ec3 m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u1ec3 hi\u1ec3u h\u00e0nh tr\u00ecnh \u0111\u00e1ng ch\u00fa \u00fd c\u1ee7a CVNA."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu Carvana: C\u00e1c Giai \u0110o\u1ea1n Ch\u00ednh v\u00e0 Bi\u1ebfn \u0110\u1ed9ng 5 N\u0103m (2017-2025)<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana cho th\u1ea5y s\u1ef1 bi\u1ebfn \u0111\u1ed9ng \u0111\u1eb7c bi\u1ec7t, v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed 90 ng\u00e0y l\u00e0 157% so v\u1edbi 20% c\u1ee7a S&amp;P 500. T\u1eeb khi IPO n\u0103m 2017 \u0111\u1ebfn n\u0103m 2025, c\u1ed5 phi\u1ebfu CVNA \u0111\u00e3 tr\u1ea3i qua n\u0103m giai \u0111o\u1ea1n kh\u00e1c bi\u1ec7t, m\u1ed7i giai \u0111o\u1ea1n \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t b\u1edfi c\u00e1c k\u1ebft qu\u1ea3 t\u00e0i ch\u00ednh c\u1ee5 th\u1ec3, s\u1ef1 ki\u1ec7n t\u00e1i c\u1ea5u tr\u00fac n\u1ee3, v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i cho c\u00e1c nh\u00e0 b\u00e1n l\u1ebb \u00f4 t\u00f4 tr\u1ef1c tuy\u1ebfn. H\u00e3y c\u00f9ng xem x\u00e9t c\u00e1c giai \u0111o\u1ea1n n\u00e0y th\u00f4ng qua c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Giai \u0110o\u1ea1n<\/th><th>S\u1ef1 Ki\u1ec7n Ch\u00ednh<\/th><th>Ph\u1ea1m Vi Gi\u00e1 C\u1ed5 Phi\u1ebfu<\/th><th>% Thay \u0110\u1ed5i<\/th><th>Kh\u1ed1i L\u01b0\u1ee3ng Giao D\u1ecbch<\/th><\/tr><\/thead><tbody><tr><td>IPO (28 Th\u00e1ng 4, 2017)<\/td><td>Huy \u0111\u1ed9ng $225M \u1edf m\u1ee9c $15\/c\u1ed5 phi\u1ebfu, th\u1ea5p h\u01a1n 43% so v\u1edbi m\u1ee5c ti\u00eau ban \u0111\u1ea7u l\u00e0 $422M<\/td><td>$8.14 - $23.70<\/td><td>+58% t\u1eeb IPO<\/td><td>Trung b\u00ecnh: 1.2M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td><\/tr><tr><td>T\u0103ng Tr\u01b0\u1edfng (Th\u00e1ng 1 2018 - Th\u00e1ng 12 2019)<\/td><td>M\u1edf r\u1ed9ng t\u1eeb 44 \u0111\u1ebfn 146 th\u1ecb tr\u01b0\u1eddng; Doanh thu Q4 2019: $1.1B (+89% YoY)<\/td><td>$20.83 - $81.76<\/td><td>+293% \u0111\u1ec9nh k\u1ef3<\/td><td>Trung b\u00ecnh: 2.8M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td><\/tr><tr><td>\u0110\u1ea1i D\u1ecbch (Th\u00e1ng 1 2020 - Th\u00e1ng 12 2020)<\/td><td>S\u1ee5p \u0111\u1ed5 th\u00e1ng 3 (-72%); T\u0103ng tr\u01b0\u1edfng doanh s\u1ed1 42% YoY trong Q3 m\u1eb7c d\u00f9 c\u00f3 h\u1ea1n ch\u1ebf cung \u1ee9ng<\/td><td>$22.16 - $292.76<\/td><td>+1,221% t\u1eeb \u0111\u00e1y<\/td><td>Trung b\u00ecnh: 5.7M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td><\/tr><tr><td>\u0110\u1ec9nh Cao (Th\u00e1ng 1 2021 - Th\u00e1ng 8 2021)<\/td><td>\u0110\u1ea1t gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana ($376.83) v\u00e0o ng\u00e0y 10 Th\u00e1ng 8; Doanh thu Q2: $3.3B (+198% YoY)<\/td><td>$165.27 - $376.83<\/td><td>+2,412% t\u1eeb IPO<\/td><td>Trung b\u00ecnh: 1.8M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td><\/tr><tr><td>Suy Gi\u1ea3m (Th\u00e1ng 9 2021 - Th\u00e1ng 12 2022)<\/td><td>$3.3B n\u1ee3 v\u1edbi l\u00e3i su\u1ea5t 10.25%; chi ph\u00ed mua xe t\u0103ng 23.4%; L\u1ed7 r\u00f2ng Q3 2022: $508M<\/td><td>$3.55 - $296.70<\/td><td>-99% t\u1eeb \u0111\u1ec9nh<\/td><td>Trung b\u00ecnh: 9.8M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td><\/tr><tr><td>T\u00e1i C\u1ea5u Tr\u00fac (Th\u00e1ng 1 2023 - Th\u00e1ng 3 2025)<\/td><td>\u0110\u1ed5i n\u1ee3 gi\u1ea3m ngh\u0129a v\u1ee5 $1.2B; gi\u1ea3m l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng 4,000 (20%)<\/td><td>$3.72 - $67.45<\/td><td>+1,800% t\u1eeb \u0111\u00e1y<\/td><td>Trung b\u00ecnh: 4.3M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ed5ng quan \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00e0y v\u1ec1 l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana ti\u1ebft l\u1ed9 m\u1ed9t m\u00f4 h\u00ecnh quan tr\u1ecdng: CVNA th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n 3-4 l\u1ea7n so v\u1edbi th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn h\u01a1n, v\u1edbi c\u00e1c \u0111i\u1ec3m u\u1ed1n gi\u00e1 l\u1edbn th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra sau c\u00e1c b\u00e1o c\u00e1o thu nh\u1eadp h\u00e0ng qu\u00fd v\u00e0 th\u00f4ng b\u00e1o t\u00e0i tr\u1ee3 n\u1ee3. B\u00e2y gi\u1edd, h\u00e3y ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u1ee5 th\u1ec3 v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 k\u00edch ho\u1ea1t c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 k\u1ecbch t\u00ednh c\u1ee7a m\u1ed7i giai \u0111o\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>IPO c\u1ee7a Carvana (Th\u00e1ng 4 2017): \u0110\u1ecbnh Gi\u00e1 Th\u1ea5p v\u00e0 Bi\u1ebfn \u0110\u1ed9ng Ban \u0110\u1ea7u<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang c\u1ee7a Carvana v\u00e0o ng\u00e0y 28 th\u00e1ng 4 n\u0103m 2017 \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 225 tri\u1ec7u \u0111\u00f4 la\u2014th\u1ea5p h\u01a1n 43% so v\u1edbi m\u1ee5c ti\u00eau ban \u0111\u1ea7u l\u00e0 422 tri\u1ec7u \u0111\u00f4 la. \u0110\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 15 \u0111\u00f4 la m\u1ed7i c\u1ed5 phi\u1ebfu (d\u01b0\u1edbi ph\u1ea1m vi 14-16 \u0111\u00f4 la), IPO \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty \u1edf m\u1ee9c 2.08 t\u1ef7 \u0111\u00f4 la m\u1eb7c d\u00f9 Carvana b\u00e1o c\u00e1o l\u1ed7 r\u00f2ng 93.1 tri\u1ec7u \u0111\u00f4 la tr\u00ean doanh thu 365 tri\u1ec7u \u0111\u00f4 la v\u00e0o n\u0103m 2016. C\u1ed5 phi\u1ebfu \u0111\u00f3ng c\u1eeda ng\u00e0y giao d\u1ecbch \u0111\u1ea7u ti\u00ean \u1edf m\u1ee9c 11.10 \u0111\u00f4 la (-26%), b\u00e1o hi\u1ec7u s\u1ef1 ho\u00e0i nghi ngay l\u1eadp t\u1ee9c t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00e1c Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh v\u00e0 Giao D\u1ecbch Ch\u00ednh t\u1eeb Giai \u0110o\u1ea1n IPO c\u1ee7a Carvana<\/h3><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng Tr\u01b0\u1edfng Doanh Thu: 130 tri\u1ec7u \u0111\u00f4 la (2015) \u0111\u1ebfn 365 tri\u1ec7u \u0111\u00f4 la (2016), t\u0103ng 181% YoY<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 L\u1ec7 \u0110\u1ed1t Ti\u1ec1n: 22.7 tri\u1ec7u \u0111\u00f4 la m\u1ed7i th\u00e1ng v\u1edbi 162 tri\u1ec7u \u0111\u00f4 la ti\u1ec1n m\u1eb7t sau IPO<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n: 18,761 xe v\u00e0o n\u0103m 2016, v\u1edbi l\u1ee3i nhu\u1eadn g\u1ed9p trung b\u00ecnh 1,320 \u0111\u00f4 la m\u1ed7i xe<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ed1i L\u01b0\u1ee3ng Giao D\u1ecbch Trung B\u00ecnh H\u00e0ng Ng\u00e0y: 30 ng\u00e0y \u0111\u1ea7u sau IPO th\u1ea5y 1.7 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y v\u1edbi 62% bi\u1ebfn \u0111\u1ed9ng<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0y t\u1eeb l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana ban \u0111\u1ea7u cho th\u1ea5y l\u00fd do t\u1ea1i sao c\u1ed5 phi\u1ebfu ban \u0111\u1ea7u g\u1eb7p kh\u00f3 kh\u0103n\u2014c\u00f4ng ty \u0111ang chi ti\u00eau 3.83 \u0111\u00f4 la cho m\u1ed7i 1 \u0111\u00f4 la l\u1ee3i nhu\u1eadn g\u1ed9p trong khi c\u1ea1nh tranh trong m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp nh\u01b0 CarMax (KMX) giao d\u1ecbch \u1edf t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean doanh thu th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 (0.8x so v\u1edbi 5.7x c\u1ee7a Carvana).<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>2018-2019: T\u0103ng Tr\u01b0\u1edfng Doanh Thu T\u0103ng T\u1ed1c Th\u00fac \u0110\u1ea9y T\u0103ng 293% C\u1ed5 Phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1eeb th\u00e1ng 1 n\u0103m 2018 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2019, c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 t\u0103ng t\u1eeb 20.83 \u0111\u00f4 la l\u00ean 81.76 \u0111\u00f4 la (+293%), theo s\u00e1t s\u1ef1 m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u0103ng tr\u01b0\u1edfng doanh thu c\u1ee7a c\u00f4ng ty. Giai \u0111o\u1ea1n n\u00e0y \u0111\u00e1nh d\u1ea5u xu h\u01b0\u1edbng t\u0103ng b\u1ec1n v\u1eefng \u0111\u1ea7u ti\u00ean trong l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c b\u00e1o c\u00e1o h\u00e0ng qu\u00fd li\u00ean t\u1ee5c v\u01b0\u1ee3t qua k\u1ef3 v\u1ecdng c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/th><th>Q1 2018<\/th><th>Q4 2019<\/th><th>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng<\/th><th>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn C\u1ed5 Phi\u1ebfu<\/th><\/tr><\/thead><tbody><tr><td>Doanh Thu H\u00e0ng Qu\u00fd<\/td><td>360.4 tri\u1ec7u \u0111\u00f4 la<\/td><td>1.10 t\u1ef7 \u0111\u00f4 la<\/td><td>+205%<\/td><td>\u0110\u1ed9ng l\u1ef1c ch\u00ednh<\/td><\/tr><tr><td>S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n L\u1ebb<\/td><td>18,464<\/td><td>50,370<\/td><td>+173%<\/td><td>T\u01b0\u01a1ng quan m\u1ea1nh<\/td><\/tr><tr><td>L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb<\/td><td>1,854 \u0111\u00f4 la<\/td><td>2,830 \u0111\u00f4 la<\/td><td>+53%<\/td><td>\u0110\u1ed9ng l\u1ef1c ph\u1ee5<\/td><\/tr><tr><td>Ph\u1ea1m Vi Th\u1ecb Tr\u01b0\u1eddng<\/td><td>56 th\u1ecb tr\u01b0\u1eddng<\/td><td>146 th\u1ecb tr\u01b0\u1eddng<\/td><td>+161%<\/td><td>T\u01b0\u01a1ng quan m\u1ea1nh<\/td><\/tr><tr><td>Bi\u00ean EBITDA<\/td><td>-14.8%<\/td><td>-7.6%<\/td><td>+7.2 \u0111i\u1ec3m<\/td><td>T\u00e1c \u0111\u1ed9ng nh\u1ecf<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng n\u00e0y, hai s\u1ef1 ki\u1ec7n c\u1ee5 th\u1ec3 \u0111\u00e3 k\u00edch ho\u1ea1t c\u00e1c chuy\u1ec3n \u0111\u1ed9ng c\u1ed5 phi\u1ebfu \u0111\u00e1ng k\u1ec3 trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 8 th\u00e1ng 8 n\u0103m 2018: K\u1ebft qu\u1ea3 Q2 cho th\u1ea5y t\u0103ng tr\u01b0\u1edfng doanh s\u1ed1 \u0111\u01a1n v\u1ecb 95% YoY; c\u1ed5 phi\u1ebfu t\u0103ng 30.2% trong hai phi\u00ean giao d\u1ecbch (t\u1eeb 47.97 \u0111\u00f4 la l\u00ean 62.45 \u0111\u00f4 la)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 28 th\u00e1ng 2 n\u0103m 2019: K\u1ebft qu\u1ea3 h\u00e0ng n\u0103m ti\u1ebft l\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu 113%; c\u1ed5 phi\u1ebfu t\u0103ng 42.7% trong 10 ng\u00e0y giao d\u1ecbch (t\u1eeb 35.62 \u0111\u00f4 la l\u00ean 50.81 \u0111\u00f4 la)<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u01b0u ti\u00ean c\u00e1c ch\u1ec9 s\u1ed1 t\u0103ng tr\u01b0\u1edfng h\u01a1n l\u00e0 l\u1ee3i nhu\u1eadn trong giai \u0111o\u1ea1n n\u00e0y. M\u1eb7c d\u00f9 l\u1ed7 r\u00f2ng c\u1ee7a Carvana t\u0103ng t\u1eeb 89.8 tri\u1ec7u \u0111\u00f4 la trong Q1 2018 l\u00ean 125.7 tri\u1ec7u \u0111\u00f4 la trong Q4 2019, c\u1ed5 phi\u1ebfu v\u1eabn ti\u1ebfp t\u1ee5c xu h\u01b0\u1edbng t\u0103ng khi th\u1ecb ph\u1ea7n t\u0103ng cho th\u1ea5y t\u00ednh kh\u1ea3 thi c\u1ee7a m\u00f4 h\u00ecnh b\u00e1n l\u1ebb \u00f4 t\u00f4 th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed c\u1ee7a c\u00f4ng ty.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u00e1c \u0110\u1ed9ng \u0110\u1ea1i D\u1ecbch 2020: T\u1eeb S\u1ee5p \u0110\u1ed5 72% \u0110\u1ebfn Ph\u1ee5c H\u1ed3i 1,221%<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ea1i d\u1ecbch COVID-19 \u0111\u00e3 t\u1ea1o ra s\u1ef1 bi\u1ebfn \u0111\u1ed9ng ch\u01b0a t\u1eebng c\u00f3 trong l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana. T\u1eeb th\u00e1ng 1 n\u0103m 2020 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2020, c\u1ed5 phi\u1ebfu \u0111\u00e3 tr\u1ea3i qua ba giai \u0111o\u1ea1n kh\u00e1c bi\u1ec7t: h\u1ee3p nh\u1ea5t tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch, s\u1ee5p \u0111\u1ed5 th\u00e1ng 3, v\u00e0 t\u0103ng tr\u01b0\u1edfng nhanh sau s\u1ee5p \u0111\u1ed5.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>D\u00f2ng Th\u1eddi Gian C\u1ed5 Phi\u1ebfu Carvana Trong \u0110\u1ea1i D\u1ecbch: C\u00e1c Chuy\u1ec3n \u0110\u1ed9ng Gi\u00e1 Ch\u00ednh v\u00e0 K\u00edch Ho\u1ea1t<\/h3><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u00e1ng 1-Th\u00e1ng 2 2020: C\u1ed5 phi\u1ebfu giao d\u1ecbch trong kho\u1ea3ng 77-92 \u0111\u00f4 la v\u1edbi 32% bi\u1ebfn \u0111\u1ed9ng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 18 th\u00e1ng 3 n\u0103m 2020: CVNA ch\u1ea1m \u0111\u00e1y \u1edf m\u1ee9c 22.16 \u0111\u00f4 la (-72% t\u1eeb \u0111\u1ec9nh th\u00e1ng 2) do lo ng\u1ea1i \u0111\u1ea1i d\u1ecbch v\u00e0 thanh kho\u1ea3n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 6 th\u00e1ng 4 n\u0103m 2020: C\u00f4ng ty huy \u0111\u1ed9ng 600 tri\u1ec7u \u0111\u00f4 la th\u00f4ng qua ghi ch\u00fa c\u1ea5p cao 5.625%, gi\u1ea3i quy\u1ebft thanh kho\u1ea3n; c\u1ed5 phi\u1ebfu ph\u1ee5c h\u1ed3i l\u00ean 60.05 \u0111\u00f4 la (+171% t\u1eeb \u0111\u00e1y)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 6 th\u00e1ng 5 n\u0103m 2020: K\u1ebft qu\u1ea3 Q1 cho th\u1ea5y t\u0103ng tr\u01b0\u1edfng doanh s\u1ed1 ch\u1eadm l\u1ea1i \u0111\u1ebfn 20% YoY; c\u1ed5 phi\u1ebfu gi\u1ea3m 18%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 5 th\u00e1ng 8 n\u0103m 2020: K\u1ebft qu\u1ea3 Q2 ti\u1ebft l\u1ed9 t\u0103ng tr\u01b0\u1edfng \u0111\u01a1n v\u1ecb 13% m\u1eb7c d\u00f9 \u0111\u1ea1i d\u1ecbch; c\u1ed5 phi\u1ebfu t\u0103ng 28.4% qua \u0111\u00eam<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 31 th\u00e1ng 12 n\u0103m 2020: \u0110\u00f3ng c\u1eeda \u1edf m\u1ee9c 239.54 \u0111\u00f4 la, \u0111\u1ea1i di\u1ec7n cho m\u1ee9c t\u0103ng 1,221% t\u1eeb \u0111\u00e1y th\u00e1ng 3 v\u00e0 t\u0103ng 186% cho n\u0103m d\u01b0\u01a1ng l\u1ecbch<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Giai \u0111o\u1ea1n \u0111\u1ea1i d\u1ecbch trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 l\u00e0m n\u1ed5i b\u1eadt s\u1ef1 ki\u00ean c\u01b0\u1eddng c\u1ee7a m\u00f4 h\u00ecnh th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed c\u1ee7a c\u00f4ng ty trong th\u1eddi gian gi\u00e1n \u0111o\u1ea1n b\u00e1n l\u1ebb v\u1eadt l\u00fd. Trong khi c\u00e1c \u0111\u1ea1i l\u00fd truy\u1ec1n th\u1ed1ng th\u1ea5y doanh s\u1ed1 gi\u1ea3m 30-70% trong Q2 2020, doanh s\u1ed1 c\u1ee7a Carvana ch\u1ec9 gi\u1ea3m 8% YoY tr\u01b0\u1edbc khi tr\u1edf l\u1ea1i t\u0103ng tr\u01b0\u1edfng v\u00e0o th\u00e1ng 6 n\u0103m 2020.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th><th>Tr\u01b0\u1edbc \u0110\u1ea1i D\u1ecbch (Q4 2019)<\/th><th>\u0110\u00e1y \u0110\u1ea1i D\u1ecbch (Q2 2020)<\/th><th>Ph\u1ee5c H\u1ed3i (Q4 2020)<\/th><\/tr><\/thead><tbody><tr><td>L\u01b0\u1ee3ng Kh\u00e1ch Truy C\u1eadp Website H\u00e0ng Th\u00e1ng<\/td><td>18.6 tri\u1ec7u<\/td><td>23.1 tri\u1ec7u (+24%)<\/td><td>31.4 tri\u1ec7u (+69%)<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Chuy\u1ec3n \u0110\u1ed5i<\/td><td>2.38%<\/td><td>1.73% (-27%)<\/td><td>2.82% (+19%)<\/td><\/tr><tr><td>S\u1ed1 L\u01b0\u1ee3ng Xe Mua V\u00e0o<\/td><td>48,500<\/td><td>26,200 (-46%)<\/td><td>72,700 (+50%)<\/td><\/tr><tr><td>S\u1ed1 Ng\u00e0y \u0110\u1ec3 B\u00e1n<\/td><td>63<\/td><td>83 (+32%)<\/td><td>47 (-25%)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u1eefng b\u00e0i h\u1ecdc quan tr\u1ecdng t\u1eeb giai \u0111o\u1ea1n n\u00e0y c\u1ee7a l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana bao g\u1ed3m: (1) s\u1ef1 linh ho\u1ea1t trong ho\u1ea1t \u0111\u1ed9ng trong th\u1eddi gian gi\u00e1n \u0111o\u1ea1n chu\u1ed7i cung \u1ee9ng tr\u1edf th\u00e0nh l\u1ee3i th\u1ebf c\u1ea1nh tranh, (2) s\u1ef1 ch\u1ea5p nh\u1eadn th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed t\u0103ng t\u1ed1c h\u01a1n 5 n\u0103m trong b\u00e1n l\u1ebb \u00f4 t\u00f4, v\u00e0 (3) t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u1ec3n t\u1eeb \u0111\u00e1nh gi\u00e1 l\u1ee3i nhu\u1eadn sang \u01b0u ti\u00ean t\u0103ng tr\u01b0\u1edfng th\u1ecb ph\u1ea7n trong c\u00e1c m\u00f4 h\u00ecnh kinh doanh k\u1ef9 thu\u1eadt s\u1ed1 m\u1edbi n\u1ed5i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>\u0110\u1ec9nh Cao 2021: \u0110\u1ea1t Gi\u00e1 C\u1ed5 Phi\u1ebfu Cao Nh\u1ea5t C\u1ee7a Carvana L\u00e0 $376.83<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>N\u0103m 2021, Carvana \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i l\u00e0 376.83 \u0111\u00f4 la v\u00e0o ng\u00e0y 10 th\u00e1ng 8, \u0111\u1ea1i di\u1ec7n cho m\u1ee9c t\u0103ng 2,412% t\u1eeb gi\u00e1 IPO c\u1ee7a n\u00f3. \u0110\u1ecbnh gi\u00e1 \u0111\u1ec9nh n\u00e0y tr\u00f9ng v\u1edbi m\u1ed9t s\u1ed1 c\u1ed9t m\u1ed1c t\u00e0i ch\u00ednh v\u00e0 ho\u1ea1t \u0111\u1ed9ng:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th><th>Q2 2021 (Qu\u00fd \u0110\u1ec9nh)<\/th><th>Thay \u0110\u1ed5i YoY<\/th><th>Y\u1ebfu T\u1ed1 T\u00e1c \u0110\u1ed9ng<\/th><\/tr><\/thead><tbody><tr><td>Doanh Thu<\/td><td>3.34 t\u1ef7 \u0111\u00f4 la<\/td><td>+198%<\/td><td>\u0110\u1ed9ng l\u1ef1c ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu<\/td><\/tr><tr><td>S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n L\u1ebb<\/td><td>107,815<\/td><td>+96%<\/td><td>\u0110\u1ed9ng l\u1ef1c ph\u1ee5<\/td><\/tr><tr><td>L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb<\/td><td>5,120 \u0111\u00f4 la<\/td><td>+94%<\/td><td>\u0110\u1ed9ng l\u1ef1c ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu<\/td><\/tr><tr><td>Bi\u00ean EBITDA<\/td><td>+3.0%<\/td><td>+10.4 \u0111i\u1ec3m<\/td><td>T\u01b0\u01a1ng quan m\u1ea1nh<\/td><\/tr><tr><td>Th\u1ecb Ph\u1ea7n<\/td><td>1.08% th\u1ecb tr\u01b0\u1eddng xe \u0111\u00e3 qua s\u1eed d\u1ee5ng<\/td><td>+0.47 \u0111i\u1ec3m<\/td><td>Y\u1ebfu t\u1ed1 nh\u1ecf<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana \u0111\u1ea1t \u0111\u01b0\u1ee3c trong m\u1ed9t s\u1ef1 h\u1ed9i t\u1ee5 ho\u00e0n h\u1ea3o c\u1ee7a c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i Th\u1ebf Chu\u1ed7i Cung \u1ee8ng: Kh\u1ea3 n\u0103ng t\u00e1i ch\u1ebf t\u00edch h\u1ee3p c\u1ee7a Carvana cho ph\u00e9p duy tr\u00ec h\u00e0ng t\u1ed3n kho trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u1ed1i m\u1eb7t v\u1edbi t\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t (h\u00e0ng t\u1ed3n kho t\u0103ng 31% YoY)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ee9c M\u1ea1nh \u0110\u1ecbnh Gi\u00e1: Gi\u00e1 xe \u0111\u00e3 qua s\u1eed d\u1ee5ng t\u0103ng 26.7% tr\u00ean to\u00e0n ng\u00e0nh, v\u1edbi Carvana thu \u0111\u01b0\u1ee3c gi\u00e1 b\u00e1n trung b\u00ecnh cao h\u01a1n 19.8% so v\u1edbi n\u0103m 2020<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Qu\u00fd \u0110\u1ea7u Ti\u00ean C\u00f3 EBITDA D\u01b0\u01a1ng: Q2 2021 \u0111\u00e1nh d\u1ea5u qu\u00fd \u0111\u1ea7u ti\u00ean c\u00f3 l\u1ee3i nhu\u1eadn c\u1ee7a Carvana v\u1edbi EBITDA \u0111i\u1ec1u ch\u1ec9nh 112 tri\u1ec7u \u0111\u00f4 la<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mua L\u1ea1i ADESA: C\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch mua l\u1ea1i doanh nghi\u1ec7p \u0111\u1ea5u gi\u00e1 v\u1eadt l\u00fd v\u1edbi gi\u00e1 2.2 t\u1ef7 \u0111\u00f4 la, th\u00eam 56 \u0111\u1ecba \u0111i\u1ec3m v\u00e0 6.5 tri\u1ec7u feet vu\u00f4ng c\u00f4ng su\u1ea5t t\u00e1i ch\u1ebf<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 \u0111\u1ea1t gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana trong giai \u0111o\u1ea1n n\u00e0y, c\u00e1c d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o \u0111\u00e3 xu\u1ea5t hi\u1ec7n trong c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty. N\u1ee3 d\u00e0i h\u1ea1n t\u0103ng t\u1eeb 1.1 t\u1ef7 \u0111\u00f4 la trong Q4 2020 l\u00ean 3.28 t\u1ef7 \u0111\u00f4 la v\u00e0o Q3 2021, trong khi d\u00f2ng ti\u1ec1n t\u1ef1 do v\u1eabn \u00e2m \u1edf m\u1ee9c -237 tri\u1ec7u \u0111\u00f4 la m\u1ed7i qu\u00fd. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y sau \u0111\u00f3 s\u1ebd g\u00f3p ph\u1ea7n v\u00e0o s\u1ef1 suy gi\u1ea3m k\u1ecbch t\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>2022-2023: S\u1ee5p \u0110\u1ed5 99% v\u00e0 Cu\u1ed9c Chi\u1ebfn Sinh T\u1ed3n<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1eeb th\u00e1ng 9 n\u0103m 2021 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2022, Carvana \u0111\u00e3 tr\u1ea3i qua giai \u0111o\u1ea1n t\u00e0n kh\u1ed1c nh\u1ea5t trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh, gi\u1ea3m t\u1eeb 376.83 \u0111\u00f4 la xu\u1ed1ng ch\u1ec9 c\u00f2n 3.55 \u0111\u00f4 la\u2014m\u1ed9t s\u1ef1 s\u1ee5p \u0111\u1ed5 99% \u0111\u00e3 x\u00f3a s\u1ea1ch g\u1ea7n nh\u01b0 to\u00e0n b\u1ed9 gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng. S\u1ef1 suy gi\u1ea3m ch\u01b0a t\u1eebng c\u00f3 n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c l\u1ef1c l\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i v\u00e0 th\u00e1ch th\u1ee9c c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00e1c Y\u1ebfu T\u1ed1 B\u00ean Ngo\u00e0i \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn S\u1ef1 S\u1ee5p \u0110\u1ed5 Gi\u00e1 C\u1ed5 Phi\u1ebfu C\u1ee7a Carvana<\/h3><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng L\u00e3i Su\u1ea5t: L\u00e3i su\u1ea5t qu\u1ef9 li\u00ean bang t\u0103ng t\u1eeb 0.25% l\u00ean 4.5%, tr\u1ef1c ti\u1ebfp t\u0103ng chi ph\u00ed n\u1ee3 l\u00e3i su\u1ea5t bi\u1ebfn \u0111\u1ed5i c\u1ee7a Carvana th\u00eam 87 tri\u1ec7u \u0111\u00f4 la h\u00e0ng n\u0103m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110i\u1ec1u Ch\u1ec9nh Gi\u00e1 Xe \u0110\u00e3 Qua S\u1eed D\u1ee5ng: Ch\u1ec9 s\u1ed1 Xe \u0110\u00e3 Qua S\u1eed D\u1ee5ng Manheim gi\u1ea3m 14.9% trong n\u0103m 2022, \u0111\u1ea3o ng\u01b0\u1ee3c c\u00e1c l\u1ee3i \u00edch \u0111\u1ecbnh gi\u00e1 trong \u0111\u1ea1i d\u1ecbch<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ea3 N\u0103ng Chi Tr\u1ea3 C\u1ee7a Ng\u01b0\u1eddi Ti\u00eau D\u00f9ng: Thanh to\u00e1n xe h\u00e0ng th\u00e1ng trung b\u00ecnh t\u0103ng 26.7% trong khi thu nh\u1eadp kh\u1ea3 d\u1ee5ng ch\u1ec9 t\u0103ng 3.8%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh Gi\u00e1 L\u1ea1i C\u1ed5 Phi\u1ebfu T\u0103ng Tr\u01b0\u1edfng: C\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 kh\u00f4ng c\u00f3 l\u1ee3i nhu\u1eadn th\u1ea5y c\u00e1c b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 trung b\u00ecnh gi\u1ea3m 78% tr\u00ean c\u00e1c ng\u00e0nh<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>S\u1ef1 Suy Gi\u1ea3m T\u00e0i Ch\u00ednh C\u1ee5 Th\u1ec3 C\u1ee7a Carvana<\/h3><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/th><th>Q3 2021 (Tr\u01b0\u1edbc S\u1ee5p \u0110\u1ed5)<\/th><th>Q3 2022 (Trong S\u1ee5p \u0110\u1ed5)<\/th><th>% Thay \u0110\u1ed5i<\/th><\/tr><\/thead><tbody><tr><td>L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb<\/td><td>4,672 \u0111\u00f4 la<\/td><td>3,500 \u0111\u00f4 la<\/td><td>-25.1%<\/td><\/tr><tr><td>T\u0103ng Tr\u01b0\u1edfng S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n L\u1ebb<\/td><td>+74% YoY<\/td><td>-8% YoY<\/td><td>-82 \u0111i\u1ec3m<\/td><\/tr><tr><td>L\u1ed7 R\u00f2ng<\/td><td>-32 tri\u1ec7u \u0111\u00f4 la<\/td><td>-508 tri\u1ec7u \u0111\u00f4 la<\/td><td>+1,487%<\/td><\/tr><tr><td>D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td><td>-290 tri\u1ec7u \u0111\u00f4 la<\/td><td>-853 tri\u1ec7u \u0111\u00f4 la<\/td><td>+194%<\/td><\/tr><tr><td>S\u1ed1 Ng\u00e0y Ti\u1ec1n M\u1eb7t C\u00f2n L\u1ea1i<\/td><td>463 ng\u00e0y<\/td><td>117 ng\u00e0y<\/td><td>-74.7%<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean EBITDA<\/td><td>7.4x<\/td><td>Kh\u00f4ng c\u00f3 \u00fd ngh\u0129a (EBITDA \u00e2m)<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ba s\u1ef1 ki\u1ec7n c\u1ee5 th\u1ec3 \u0111\u00e3 \u0111\u00e1nh d\u1ea5u nh\u1eefng \u0111\u1ee3t gi\u1ea3m m\u1ea1nh nh\u1ea5t trong giai \u0111o\u1ea1n n\u00e0y c\u1ee7a l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 24 th\u00e1ng 2 n\u0103m 2022: K\u1ebft qu\u1ea3 Q4 2021 ti\u1ebft l\u1ed9 chi ph\u00ed t\u0103ng v\u00e0 t\u0103ng tr\u01b0\u1edfng ch\u1eadm l\u1ea1i; c\u1ed5 phi\u1ebfu gi\u1ea3m 20.4% qua \u0111\u00eam xu\u1ed1ng 122.57 \u0111\u00f4 la<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 11 th\u00e1ng 5 n\u0103m 2022: C\u00f4ng ty c\u00f4ng b\u1ed1 sa th\u1ea3i 2,500 nh\u00e2n vi\u00ean (12% l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng); c\u1ed5 phi\u1ebfu gi\u1ea3m 44% trong ba ng\u00e0y xu\u1ed1ng 38.85 \u0111\u00f4 la<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 7 th\u00e1ng 12 n\u0103m 2022: C\u00e1c ch\u1ee7 n\u1ee3 ch\u00ednh k\u00fd th\u1ecfa thu\u1eadn h\u1ee3p t\u00e1c cho kh\u1ea3 n\u0103ng t\u00e1i c\u1ea5u tr\u00fac; c\u1ed5 phi\u1ebfu gi\u1ea3m xu\u1ed1ng 4.12 \u0111\u00f4 la do lo ng\u1ea1i ph\u00e1 s\u1ea3n<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Giai \u0111o\u1ea1n n\u00e0y \u0111\u00e3 cho th\u1ea5y s\u1ef1 thay \u0111\u1ed5i nhanh ch\u00f3ng c\u1ee7a t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana\u2014t\u1eeb vi\u1ec7c \u0111\u00e1nh gi\u00e1 cao t\u0103ng tr\u01b0\u1edfng b\u1eb1ng m\u1ecdi gi\u00e1 \u0111\u1ebfn vi\u1ec7c y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn v\u00e0 c\u00e1c m\u00f4 h\u00ecnh kinh doanh b\u1ec1n v\u1eefng khi v\u1ed1n tr\u1edf n\u00ean \u0111\u1eaft \u0111\u1ecf. C\u00e1c quy\u1ebft \u0111\u1ecbnh tr\u01b0\u1edbc \u0111\u00f3 c\u1ee7a c\u00f4ng ty \u0111\u1ec3 \u01b0u ti\u00ean th\u1ecb ph\u1ea7n h\u01a1n l\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh \u0111\u00e3 t\u1ea1o ra s\u1ef1 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng khi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng x\u1ea5u \u0111i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>2023-2025: N\u1ed7 L\u1ef1c T\u00e1i C\u1ea5u Tr\u00fac v\u00e0 Ph\u1ee5c H\u1ed3i<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Sau khi ch\u1ea1m \u0111\u00e1y \u1edf m\u1ee9c 3.55 \u0111\u00f4 la v\u00e0o th\u00e1ng 12 n\u0103m 2022, Carvana \u0111\u00e3 b\u1eaft \u0111\u1ea7u m\u1ed9t cu\u1ed9c t\u00e1i c\u1ea5u tr\u00fac to\u00e0n di\u1ec7n \u0111\u1eb7t n\u1ec1n t\u1ea3ng cho kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i gi\u00e1 c\u1ed5 phi\u1ebfu. Chi\u1ebfn l\u01b0\u1ee3c xoay chuy\u1ec3n c\u1ee7a c\u00f4ng ty t\u1eadp trung v\u00e0o n\u0103m s\u00e1ng ki\u1ebfn ch\u00ednh:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1i C\u1ea5u Tr\u00fac N\u1ee3: Ho\u00e0n th\u00e0nh c\u00e1c \u0111\u1ec1 ngh\u1ecb trao \u0111\u1ed5i gi\u1ea3m ngh\u0129a v\u1ee5 n\u1ee3 1.2 t\u1ef7 \u0111\u00f4 la (t\u1eeb 5.7 t\u1ef7 \u0111\u00f4 la xu\u1ed1ng 4.5 t\u1ef7 \u0111\u00f4 la)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m Chi Ph\u00ed: Gi\u1ea3m chi ph\u00ed SG&amp;A 42% th\u00f4ng qua gi\u1ea3m l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng v\u00e0 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed1i \u01afu H\u00f3a H\u00e0ng T\u1ed3n Kho: Gi\u1ea3m h\u00e0ng t\u1ed3n kho 54% trong khi c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 quay v\u00f2ng t\u1eeb 74 ng\u00e0y xu\u1ed1ng 42 ng\u00e0y<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng C\u01b0\u1eddng L\u1ee3i Nhu\u1eadn G\u1ed9p: T\u1eadp trung v\u00e0o c\u00e1c xe c\u00f3 l\u1ee3i nhu\u1eadn cao h\u01a1n, t\u0103ng GPU t\u1eeb 3,022 \u0111\u00f4 la l\u00ean 5,736 \u0111\u00f4 la (+89.8%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Qu\u1ea3n L\u00fd Thanh Kho\u1ea3n: Gia h\u1ea1n th\u1eddi h\u1ea1n n\u1ee3 t\u1eeb 2023-2025 \u0111\u1ebfn 2028-2030, lo\u1ea1i b\u1ecf c\u00e1c kho\u1ea3n thanh to\u00e1n g\u1ed1c ng\u1eafn h\u1ea1n<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Ph\u1ee5c H\u1ed3i<\/th><th>Q4 2022 (\u0110i\u1ec3m Th\u1ea5p)<\/th><th>Qu\u00fd M\u1edbi Nh\u1ea5t (Q4 2024)<\/th><th>% C\u1ea3i Thi\u1ec7n<\/th><\/tr><\/thead><tbody><tr><td>EBITDA \u0110i\u1ec1u Ch\u1ec9nh<\/td><td>-306 tri\u1ec7u \u0111\u00f4 la<\/td><td>+235 tri\u1ec7u \u0111\u00f4 la<\/td><td>N\/A (tr\u1edf n\u00ean d\u01b0\u01a1ng)<\/td><\/tr><tr><td>Ti\u1ec1n M\u1eb7t Trong Tay<\/td><td>434 tri\u1ec7u \u0111\u00f4 la<\/td><td>872 tri\u1ec7u \u0111\u00f4 la<\/td><td>+101%<\/td><\/tr><tr><td>D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td><td>-621 tri\u1ec7u \u0111\u00f4 la<\/td><td>+167 tri\u1ec7u \u0111\u00f4 la<\/td><td>N\/A (tr\u1edf n\u00ean d\u01b0\u01a1ng)<\/td><\/tr><tr><td>Gi\u00e1 C\u1ed5 Phi\u1ebfu<\/td><td>3.55 \u0111\u00f4 la<\/td><td>64.27 \u0111\u00f4 la<\/td><td>+1,710%<\/td><\/tr><tr><td>Gi\u00e1 Tr\u1ecb Doanh Nghi\u1ec7p\/Doanh Thu<\/td><td>0.31x<\/td><td>1.83x<\/td><td>+490%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u01b0\u01a1ng m\u1edbi nh\u1ea5t trong l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1eb7c tr\u01b0ng b\u1edfi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111\u1ed9, v\u1edbi m\u1ed9t s\u1ed1 chuy\u1ec3n \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 3 th\u00e1ng 8 n\u0103m 2023: K\u1ebft qu\u1ea3 Q2 cho th\u1ea5y EBITDA \u0111i\u1ec1u ch\u1ec9nh d\u01b0\u01a1ng \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb n\u0103m 2021; c\u1ed5 phi\u1ebfu t\u0103ng 63% trong m\u1ed9t ng\u00e0y<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 2 th\u00e1ng 11 n\u0103m 2023: K\u1ebft qu\u1ea3 Q3 mang l\u1ea1i 741 \u0111\u00f4 la d\u00f2ng ti\u1ec1n t\u1ef1 do m\u1ed7i xe; c\u1ed5 phi\u1ebfu t\u0103ng 32.2% qua \u0111\u00eam<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 1 th\u00e1ng 5 n\u0103m 2024: Q1 2024 ti\u1ebft l\u1ed9 ba qu\u00fd li\u00ean ti\u1ebfp c\u00f3 d\u00f2ng ti\u1ec1n t\u1ef1 do d\u01b0\u01a1ng; c\u1ed5 phi\u1ebfu t\u0103ng 45.7% trong n\u0103m ng\u00e0y giao d\u1ecbch<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 ph\u1ee5c h\u1ed3i \u0111\u00e1ng k\u1ec3 t\u1eeb m\u1ee9c th\u1ea5p n\u0103m 2022, ch\u00fang v\u1eabn th\u1ea5p h\u01a1n 83% so v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana \u0111\u1ea1t \u0111\u01b0\u1ee3c v\u00e0o th\u00e1ng 8 n\u0103m 2021. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 th\u1eadn tr\u1ecdng ti\u1ebfp t\u1ee5c c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 g\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a c\u00f4ng ty (4.5 t\u1ef7 \u0111\u00f4 la so v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 6.7 t\u1ef7 \u0111\u00f4 la) v\u00e0 s\u1ef1 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng \u0111\u1ed1i v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t v\u00e0 \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng xe \u0111\u00e3 qua s\u1eed d\u1ee5ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>B\u00e0i H\u1ecdc Quan Tr\u1ecdng T\u1eeb L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana t\u1eeb n\u0103m 2017 \u0111\u1ebfn n\u0103m 2025 cung c\u1ea5p m\u1ed9t s\u1ed1 b\u00e0i h\u1ecdc qu\u00fd gi\u00e1 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e2n t\u00edch c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng cao, \u0111\u1ed9t ph\u00e1:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>B\u00e0i H\u1ecdc<\/th><th>B\u1eb1ng Ch\u1ee9ng T\u1eeb L\u1ecbch S\u1eed C\u1ee7a Carvana<\/th><th>\u1ee8ng D\u1ee5ng Cho Nh\u00e0 \u0110\u1ea7u T\u01b0<\/th><\/tr><\/thead><tbody><tr><td>S\u1ef1 B\u1ec1n V\u1eefng C\u1ee7a B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n Quan Tr\u1ecdng<\/td><td>T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA 7.4x v\u00e0o n\u0103m 2021 kh\u00f4ng \u0111\u1ec3 l\u1ea1i bi\u00ean \u0111\u1ed9 an to\u00e0n khi th\u1ecb tr\u01b0\u1eddng quay \u0111\u1ea7u<\/td><td>Ki\u1ec3m tra kh\u1ea3 n\u0103ng c\u1ee7a c\u00f4ng ty \u0111\u1ec3 t\u1ed3n t\u1ea1i khi doanh thu gi\u1ea3m 30-50%<\/td><\/tr><tr><td>Kinh T\u1ebf \u0110\u01a1n V\u1ecb Quan Tr\u1ecdng H\u01a1n T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng<\/td><td>T\u0103ng tr\u01b0\u1edfng 78% YoY v\u1edbi bi\u00ean EBITDA -7% \u0111\u00e3 ch\u1ee9ng t\u1ecf kh\u00f4ng b\u1ec1n v\u1eefng<\/td><td>\u01afu ti\u00ean t\u0103ng tr\u01b0\u1edfng c\u00f3 l\u1ee3i nhu\u1eadn h\u01a1n l\u00e0 t\u0103ng th\u1ecb ph\u1ea7n<\/td><\/tr><tr><td>Ng\u00e0nh C\u00f4ng Nghi\u1ec7p Chu K\u1ef3 Y\u00eau C\u1ea7u Ph\u00e2n T\u00edch Chu K\u1ef3<\/td><td>B\u00e1n l\u1ebb \u00f4 t\u00f4 tr\u1ea3i qua chu k\u1ef3 3-7 n\u0103m; Carvana \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf \u0111\u1ec9nh chu k\u1ef3<\/td><td>\u0110i\u1ec1u ch\u1ec9nh c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 cho v\u1ecb tr\u00ed chu k\u1ef3 ng\u00e0nh<\/td><\/tr><tr><td>D\u00f2ng Th\u1eddi Gian Thanh Kho\u1ea3n L\u00e0 Quan Tr\u1ecdng<\/td><td>Th\u1eddi gian ti\u1ec1n m\u1eb7t r\u00fat ng\u1eafn t\u1eeb 463 ng\u00e0y xu\u1ed1ng 117 ng\u00e0y trong v\u00f2ng 12 th\u00e1ng<\/td><td>Li\u00ean t\u1ee5c theo d\u00f5i t\u1ef7 l\u1ec7 \u0111\u1ed1t ti\u1ec1n v\u00e0 c\u00e1c t\u00f9y ch\u1ecdn t\u00e0i tr\u1ee3<\/td><\/tr><tr><td>Kh\u1ea3 N\u0103ng Ph\u1ee5c H\u1ed3i T\u1ed3n T\u1ea1i<\/td><td>T\u00e1i c\u1ea5u tr\u00fac ho\u1ea1t \u0111\u1ed9ng cho ph\u00e9p ph\u1ee5c h\u1ed3i gi\u00e1 c\u1ed5 phi\u1ebfu 1,710% t\u1eeb m\u1ee9c th\u1ea5p<\/td><td>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty \u0111ang th\u1ef1c hi\u1ec7n c\u00e1c c\u1ea3i ti\u1ebfn ho\u1ea1t \u0111\u1ed9ng c\u1ee5 th\u1ec3<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u00e1c m\u00f4 h\u00ecnh n\u00e0y trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana ti\u1ebft l\u1ed9 r\u1eb1ng c\u00e1c chuy\u1ec3n \u0111\u1ed9ng gi\u00e1 c\u1ef1c \u0111oan th\u01b0\u1eddng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c d\u1ef1a tr\u00ean nh\u1eefng thay \u0111\u1ed5i c\u01a1 b\u1ea3n trong hi\u1ec7u su\u1ea5t c\u00f4ng ty so v\u1edbi c\u00e2u chuy\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i. Khi th\u1ef1c t\u1ebf kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e2u chuy\u1ec7n, c\u00e1c \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 l\u1edbn th\u01b0\u1eddng x\u1ea3y ra.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Nh\u00ecn V\u1ec1 T\u01b0\u01a1ng Lai: Ph\u00e2n T\u00edch Ti\u1ec1m N\u0103ng T\u01b0\u01a1ng Lai C\u1ee7a Carvana<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai c\u1ee7a Carvana, m\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 ch\u00ednh s\u1ebd quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 cu\u1ed1i c\u00f9ng \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c cao tr\u01b0\u1edbc \u0111\u00f3 hay kh\u00f4ng:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00f2ng Th\u1eddi Gian Gi\u1ea3m N\u1ee3: T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA hi\u1ec7n t\u1ea1i l\u00e0 5.2x c\u1ea7n gi\u1ea3m xu\u1ed1ng m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2.0-2.5x<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00f2ng Ti\u1ec1n T\u1ef1 Do B\u1ec1n V\u1eefng: Nh\u1eafm m\u1ee5c ti\u00eau t\u1ea1o ra FCF h\u00e0ng n\u0103m 500 tri\u1ec7u \u0111\u00f4 la+ \u0111\u1ec3 t\u00e0i tr\u1ee3 cho t\u0103ng tr\u01b0\u1edfng m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u00f2n b\u1ea9y b\u1ed5 sung<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng Tr\u01b0\u1edfng Th\u1ecb Ph\u1ea7n: Hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 1.4% th\u1ecb tr\u01b0\u1eddng xe \u0111\u00e3 qua s\u1eed d\u1ee5ng; con \u0111\u01b0\u1eddng \u0111\u1ebfn 4-5% th\u1ecb ph\u1ea7n s\u1ebd h\u1ed7 tr\u1ee3 \u0111\u1ecbnh gi\u00e1 cao h\u01a1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ef1 \u1ed4n \u0110\u1ecbnh L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb: Duy tr\u00ec GPU 5,500 \u0111\u00f4 la+ qua c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u00f2n B\u1ea9y SG&amp;A: Ti\u1ebfp t\u1ee5c gi\u1ea3m SG&amp;A nh\u01b0 ph\u1ea7n tr\u0103m doanh thu (hi\u1ec7n t\u1ea1i 12.2% so v\u1edbi 18.7% v\u00e0o n\u0103m 2021)<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch Ph\u1ed1 Wall \u0111\u01b0a ra c\u00e1c quan \u0111i\u1ec3m kh\u00e1c nhau v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a Carvana, v\u1edbi c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 dao \u0111\u1ed9ng t\u1eeb 28 \u0111\u00f4 la \u0111\u1ebfn 135 \u0111\u00f4 la v\u00e0 trung b\u00ecnh l\u00e0 76 \u0111\u00f4 la. S\u1ef1 ph\u00e2n t\u00e1n 4.8x trong c\u00e1c \u0111\u1ecbnh gi\u00e1 n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn ti\u1ebfp t\u1ee5c v\u1ec1 s\u1ee9c m\u1ea1nh thu nh\u1eadp d\u00e0i h\u1ea1n v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a c\u00f4ng ty.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft Lu\u1eadn: L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana Ho\u00e0n Ch\u1ec9nh<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana t\u1eeb n\u0103m 2017 \u0111\u1ebfn n\u0103m 2025 \u0111\u1ea1i di\u1ec7n cho m\u1ed9t trong nh\u1eefng h\u00e0nh tr\u00ecnh bi\u1ebfn \u0111\u1ed9ng nh\u1ea5t trong l\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y. T\u1eeb IPO 15 \u0111\u00f4 la \u0111\u1ebfn \u0111\u1ec9nh 376.83 \u0111\u00f4 la (+2,412%) \u0111\u1ebfn s\u1ee5p \u0111\u1ed5 3.55 \u0111\u00f4 la (-99%) \u0111\u1ebfn ph\u1ee5c h\u1ed3i m\u1ed9t ph\u1ea7n sau \u0111\u00f3, c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 th\u1ec3 hi\u1ec7n s\u1ef1 nh\u1ea1y c\u1ea3m c\u1ef1c \u0111\u1ed9 v\u1edbi nh\u1eefng thay \u0111\u1ed5i trong t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng, ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn, v\u00e0 \u0111i\u1ec1u ki\u1ec7n t\u00e0i tr\u1ee3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, ph\u00e2n t\u00edch l\u1ecbch s\u1eed n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a: 1) \u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i m\u00f4 h\u00ecnh kinh doanh qua c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng 2) \u01afu ti\u00ean kinh t\u1ebf \u0111\u01a1n v\u1ecb h\u01a1n l\u00e0 t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 3) Theo d\u00f5i c\u1ea5u tr\u00fac n\u1ee3 v\u00e0 d\u00f2ng th\u1eddi gian t\u00e1i t\u00e0i tr\u1ee3 4) Nh\u1eadn ra s\u1ef1 thay \u0111\u1ed5i t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc khi ch\u00fang \u1ea3nh h\u01b0\u1edfng ho\u00e0n to\u00e0n \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Li\u1ec7u Carvana cu\u1ed1i c\u00f9ng c\u00f3 th\u00e0nh c\u00f4ng trong vi\u1ec7c xoay chuy\u1ec3n v\u00e0 \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c cao tr\u01b0\u1edbc \u0111\u00f3 hay \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c ti\u1ebfp t\u1ee5c s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o kh\u1ea3 n\u0103ng c\u1ee7a ban qu\u1ea3n l\u00fd trong vi\u1ec7c c\u00e2n b\u1eb1ng c\u00e1c s\u00e1ng ki\u1ebfn t\u0103ng tr\u01b0\u1edfng v\u1edbi k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh\u2014m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng m\u00e0 c\u00f4ng ty \u0111\u00e3 g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c duy tr\u00ec trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng nhanh tr\u01b0\u1edbc \u0111\u00f3. B\u1eb1ng c\u00e1ch hi\u1ec3u c\u00e1c m\u00f4 h\u00ecnh l\u1ecbch s\u1eed n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 t\u1ed1t h\u01a1n c\u00e1c c\u00f4ng ty \u0111\u1ed9t ph\u00e1 t\u0103ng tr\u01b0\u1edfng cao, \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn t\u01b0\u01a1ng t\u1ef1 trong c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p kh\u00e1c nhau.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu Carvana: C\u00e1c Giai \u0110o\u1ea1n Ch\u00ednh v\u00e0 Bi\u1ebfn \u0110\u1ed9ng 5 N\u0103m (2017-2025)<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana cho th\u1ea5y s\u1ef1 bi\u1ebfn \u0111\u1ed9ng \u0111\u1eb7c bi\u1ec7t, v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed 90 ng\u00e0y l\u00e0 157% so v\u1edbi 20% c\u1ee7a S&amp;P 500. T\u1eeb khi IPO n\u0103m 2017 \u0111\u1ebfn n\u0103m 2025, c\u1ed5 phi\u1ebfu CVNA \u0111\u00e3 tr\u1ea3i qua n\u0103m giai \u0111o\u1ea1n kh\u00e1c bi\u1ec7t, m\u1ed7i giai \u0111o\u1ea1n \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t b\u1edfi c\u00e1c k\u1ebft qu\u1ea3 t\u00e0i ch\u00ednh c\u1ee5 th\u1ec3, s\u1ef1 ki\u1ec7n t\u00e1i c\u1ea5u tr\u00fac n\u1ee3, v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i cho c\u00e1c nh\u00e0 b\u00e1n l\u1ebb \u00f4 t\u00f4 tr\u1ef1c tuy\u1ebfn. H\u00e3y c\u00f9ng xem x\u00e9t c\u00e1c giai \u0111o\u1ea1n n\u00e0y th\u00f4ng qua c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Giai \u0110o\u1ea1n<\/th>\n<th>S\u1ef1 Ki\u1ec7n Ch\u00ednh<\/th>\n<th>Ph\u1ea1m Vi Gi\u00e1 C\u1ed5 Phi\u1ebfu<\/th>\n<th>% Thay \u0110\u1ed5i<\/th>\n<th>Kh\u1ed1i L\u01b0\u1ee3ng Giao D\u1ecbch<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO (28 Th\u00e1ng 4, 2017)<\/td>\n<td>Huy \u0111\u1ed9ng $225M \u1edf m\u1ee9c $15\/c\u1ed5 phi\u1ebfu, th\u1ea5p h\u01a1n 43% so v\u1edbi m\u1ee5c ti\u00eau ban \u0111\u1ea7u l\u00e0 $422M<\/td>\n<td>$8.14 &#8211; $23.70<\/td>\n<td>+58% t\u1eeb IPO<\/td>\n<td>Trung b\u00ecnh: 1.2M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng (Th\u00e1ng 1 2018 &#8211; Th\u00e1ng 12 2019)<\/td>\n<td>M\u1edf r\u1ed9ng t\u1eeb 44 \u0111\u1ebfn 146 th\u1ecb tr\u01b0\u1eddng; Doanh thu Q4 2019: $1.1B (+89% YoY)<\/td>\n<td>$20.83 &#8211; $81.76<\/td>\n<td>+293% \u0111\u1ec9nh k\u1ef3<\/td>\n<td>Trung b\u00ecnh: 2.8M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea1i D\u1ecbch (Th\u00e1ng 1 2020 &#8211; Th\u00e1ng 12 2020)<\/td>\n<td>S\u1ee5p \u0111\u1ed5 th\u00e1ng 3 (-72%); T\u0103ng tr\u01b0\u1edfng doanh s\u1ed1 42% YoY trong Q3 m\u1eb7c d\u00f9 c\u00f3 h\u1ea1n ch\u1ebf cung \u1ee9ng<\/td>\n<td>$22.16 &#8211; $292.76<\/td>\n<td>+1,221% t\u1eeb \u0111\u00e1y<\/td>\n<td>Trung b\u00ecnh: 5.7M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ec9nh Cao (Th\u00e1ng 1 2021 &#8211; Th\u00e1ng 8 2021)<\/td>\n<td>\u0110\u1ea1t gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana ($376.83) v\u00e0o ng\u00e0y 10 Th\u00e1ng 8; Doanh thu Q2: $3.3B (+198% YoY)<\/td>\n<td>$165.27 &#8211; $376.83<\/td>\n<td>+2,412% t\u1eeb IPO<\/td>\n<td>Trung b\u00ecnh: 1.8M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>Suy Gi\u1ea3m (Th\u00e1ng 9 2021 &#8211; Th\u00e1ng 12 2022)<\/td>\n<td>$3.3B n\u1ee3 v\u1edbi l\u00e3i su\u1ea5t 10.25%; chi ph\u00ed mua xe t\u0103ng 23.4%; L\u1ed7 r\u00f2ng Q3 2022: $508M<\/td>\n<td>$3.55 &#8211; $296.70<\/td>\n<td>-99% t\u1eeb \u0111\u1ec9nh<\/td>\n<td>Trung b\u00ecnh: 9.8M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>T\u00e1i C\u1ea5u Tr\u00fac (Th\u00e1ng 1 2023 &#8211; Th\u00e1ng 3 2025)<\/td>\n<td>\u0110\u1ed5i n\u1ee3 gi\u1ea3m ngh\u0129a v\u1ee5 $1.2B; gi\u1ea3m l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng 4,000 (20%)<\/td>\n<td>$3.72 &#8211; $67.45<\/td>\n<td>+1,800% t\u1eeb \u0111\u00e1y<\/td>\n<td>Trung b\u00ecnh: 4.3M c\u1ed5 phi\u1ebfu\/ng\u00e0y<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ed5ng quan \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00e0y v\u1ec1 l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana ti\u1ebft l\u1ed9 m\u1ed9t m\u00f4 h\u00ecnh quan tr\u1ecdng: CVNA th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n 3-4 l\u1ea7n so v\u1edbi th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn h\u01a1n, v\u1edbi c\u00e1c \u0111i\u1ec3m u\u1ed1n gi\u00e1 l\u1edbn th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra sau c\u00e1c b\u00e1o c\u00e1o thu nh\u1eadp h\u00e0ng qu\u00fd v\u00e0 th\u00f4ng b\u00e1o t\u00e0i tr\u1ee3 n\u1ee3. B\u00e2y gi\u1edd, h\u00e3y ph\u00e2n t\u00edch c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u1ee5 th\u1ec3 v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 k\u00edch ho\u1ea1t c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 k\u1ecbch t\u00ednh c\u1ee7a m\u1ed7i giai \u0111o\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>IPO c\u1ee7a Carvana (Th\u00e1ng 4 2017): \u0110\u1ecbnh Gi\u00e1 Th\u1ea5p v\u00e0 Bi\u1ebfn \u0110\u1ed9ng Ban \u0110\u1ea7u<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang c\u1ee7a Carvana v\u00e0o ng\u00e0y 28 th\u00e1ng 4 n\u0103m 2017 \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 225 tri\u1ec7u \u0111\u00f4 la\u2014th\u1ea5p h\u01a1n 43% so v\u1edbi m\u1ee5c ti\u00eau ban \u0111\u1ea7u l\u00e0 422 tri\u1ec7u \u0111\u00f4 la. \u0110\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 15 \u0111\u00f4 la m\u1ed7i c\u1ed5 phi\u1ebfu (d\u01b0\u1edbi ph\u1ea1m vi 14-16 \u0111\u00f4 la), IPO \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty \u1edf m\u1ee9c 2.08 t\u1ef7 \u0111\u00f4 la m\u1eb7c d\u00f9 Carvana b\u00e1o c\u00e1o l\u1ed7 r\u00f2ng 93.1 tri\u1ec7u \u0111\u00f4 la tr\u00ean doanh thu 365 tri\u1ec7u \u0111\u00f4 la v\u00e0o n\u0103m 2016. C\u1ed5 phi\u1ebfu \u0111\u00f3ng c\u1eeda ng\u00e0y giao d\u1ecbch \u0111\u1ea7u ti\u00ean \u1edf m\u1ee9c 11.10 \u0111\u00f4 la (-26%), b\u00e1o hi\u1ec7u s\u1ef1 ho\u00e0i nghi ngay l\u1eadp t\u1ee9c t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00e1c Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh v\u00e0 Giao D\u1ecbch Ch\u00ednh t\u1eeb Giai \u0110o\u1ea1n IPO c\u1ee7a Carvana<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng Tr\u01b0\u1edfng Doanh Thu: 130 tri\u1ec7u \u0111\u00f4 la (2015) \u0111\u1ebfn 365 tri\u1ec7u \u0111\u00f4 la (2016), t\u0103ng 181% YoY<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 L\u1ec7 \u0110\u1ed1t Ti\u1ec1n: 22.7 tri\u1ec7u \u0111\u00f4 la m\u1ed7i th\u00e1ng v\u1edbi 162 tri\u1ec7u \u0111\u00f4 la ti\u1ec1n m\u1eb7t sau IPO<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n: 18,761 xe v\u00e0o n\u0103m 2016, v\u1edbi l\u1ee3i nhu\u1eadn g\u1ed9p trung b\u00ecnh 1,320 \u0111\u00f4 la m\u1ed7i xe<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ed1i L\u01b0\u1ee3ng Giao D\u1ecbch Trung B\u00ecnh H\u00e0ng Ng\u00e0y: 30 ng\u00e0y \u0111\u1ea7u sau IPO th\u1ea5y 1.7 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y v\u1edbi 62% bi\u1ebfn \u0111\u1ed9ng<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u1eefng ch\u1ec9 s\u1ed1 n\u00e0y t\u1eeb l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana ban \u0111\u1ea7u cho th\u1ea5y l\u00fd do t\u1ea1i sao c\u1ed5 phi\u1ebfu ban \u0111\u1ea7u g\u1eb7p kh\u00f3 kh\u0103n\u2014c\u00f4ng ty \u0111ang chi ti\u00eau 3.83 \u0111\u00f4 la cho m\u1ed7i 1 \u0111\u00f4 la l\u1ee3i nhu\u1eadn g\u1ed9p trong khi c\u1ea1nh tranh trong m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp nh\u01b0 CarMax (KMX) giao d\u1ecbch \u1edf t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean doanh thu th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 (0.8x so v\u1edbi 5.7x c\u1ee7a Carvana).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>2018-2019: T\u0103ng Tr\u01b0\u1edfng Doanh Thu T\u0103ng T\u1ed1c Th\u00fac \u0110\u1ea9y T\u0103ng 293% C\u1ed5 Phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1eeb th\u00e1ng 1 n\u0103m 2018 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2019, c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 t\u0103ng t\u1eeb 20.83 \u0111\u00f4 la l\u00ean 81.76 \u0111\u00f4 la (+293%), theo s\u00e1t s\u1ef1 m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u0103ng tr\u01b0\u1edfng doanh thu c\u1ee7a c\u00f4ng ty. Giai \u0111o\u1ea1n n\u00e0y \u0111\u00e1nh d\u1ea5u xu h\u01b0\u1edbng t\u0103ng b\u1ec1n v\u1eefng \u0111\u1ea7u ti\u00ean trong l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c b\u00e1o c\u00e1o h\u00e0ng qu\u00fd li\u00ean t\u1ee5c v\u01b0\u1ee3t qua k\u1ef3 v\u1ecdng c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/th>\n<th>Q1 2018<\/th>\n<th>Q4 2019<\/th>\n<th>T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng<\/th>\n<th>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn C\u1ed5 Phi\u1ebfu<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Doanh Thu H\u00e0ng Qu\u00fd<\/td>\n<td>360.4 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>1.10 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>+205%<\/td>\n<td>\u0110\u1ed9ng l\u1ef1c ch\u00ednh<\/td>\n<\/tr>\n<tr>\n<td>S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n L\u1ebb<\/td>\n<td>18,464<\/td>\n<td>50,370<\/td>\n<td>+173%<\/td>\n<td>T\u01b0\u01a1ng quan m\u1ea1nh<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb<\/td>\n<td>1,854 \u0111\u00f4 la<\/td>\n<td>2,830 \u0111\u00f4 la<\/td>\n<td>+53%<\/td>\n<td>\u0110\u1ed9ng l\u1ef1c ph\u1ee5<\/td>\n<\/tr>\n<tr>\n<td>Ph\u1ea1m Vi Th\u1ecb Tr\u01b0\u1eddng<\/td>\n<td>56 th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>146 th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>+161%<\/td>\n<td>T\u01b0\u01a1ng quan m\u1ea1nh<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean EBITDA<\/td>\n<td>-14.8%<\/td>\n<td>-7.6%<\/td>\n<td>+7.2 \u0111i\u1ec3m<\/td>\n<td>T\u00e1c \u0111\u1ed9ng nh\u1ecf<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng n\u00e0y, hai s\u1ef1 ki\u1ec7n c\u1ee5 th\u1ec3 \u0111\u00e3 k\u00edch ho\u1ea1t c\u00e1c chuy\u1ec3n \u0111\u1ed9ng c\u1ed5 phi\u1ebfu \u0111\u00e1ng k\u1ec3 trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 8 th\u00e1ng 8 n\u0103m 2018: K\u1ebft qu\u1ea3 Q2 cho th\u1ea5y t\u0103ng tr\u01b0\u1edfng doanh s\u1ed1 \u0111\u01a1n v\u1ecb 95% YoY; c\u1ed5 phi\u1ebfu t\u0103ng 30.2% trong hai phi\u00ean giao d\u1ecbch (t\u1eeb 47.97 \u0111\u00f4 la l\u00ean 62.45 \u0111\u00f4 la)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 28 th\u00e1ng 2 n\u0103m 2019: K\u1ebft qu\u1ea3 h\u00e0ng n\u0103m ti\u1ebft l\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu 113%; c\u1ed5 phi\u1ebfu t\u0103ng 42.7% trong 10 ng\u00e0y giao d\u1ecbch (t\u1eeb 35.62 \u0111\u00f4 la l\u00ean 50.81 \u0111\u00f4 la)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u01b0u ti\u00ean c\u00e1c ch\u1ec9 s\u1ed1 t\u0103ng tr\u01b0\u1edfng h\u01a1n l\u00e0 l\u1ee3i nhu\u1eadn trong giai \u0111o\u1ea1n n\u00e0y. M\u1eb7c d\u00f9 l\u1ed7 r\u00f2ng c\u1ee7a Carvana t\u0103ng t\u1eeb 89.8 tri\u1ec7u \u0111\u00f4 la trong Q1 2018 l\u00ean 125.7 tri\u1ec7u \u0111\u00f4 la trong Q4 2019, c\u1ed5 phi\u1ebfu v\u1eabn ti\u1ebfp t\u1ee5c xu h\u01b0\u1edbng t\u0103ng khi th\u1ecb ph\u1ea7n t\u0103ng cho th\u1ea5y t\u00ednh kh\u1ea3 thi c\u1ee7a m\u00f4 h\u00ecnh b\u00e1n l\u1ebb \u00f4 t\u00f4 th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed c\u1ee7a c\u00f4ng ty.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>T\u00e1c \u0110\u1ed9ng \u0110\u1ea1i D\u1ecbch 2020: T\u1eeb S\u1ee5p \u0110\u1ed5 72% \u0110\u1ebfn Ph\u1ee5c H\u1ed3i 1,221%<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ea1i d\u1ecbch COVID-19 \u0111\u00e3 t\u1ea1o ra s\u1ef1 bi\u1ebfn \u0111\u1ed9ng ch\u01b0a t\u1eebng c\u00f3 trong l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana. T\u1eeb th\u00e1ng 1 n\u0103m 2020 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2020, c\u1ed5 phi\u1ebfu \u0111\u00e3 tr\u1ea3i qua ba giai \u0111o\u1ea1n kh\u00e1c bi\u1ec7t: h\u1ee3p nh\u1ea5t tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch, s\u1ee5p \u0111\u1ed5 th\u00e1ng 3, v\u00e0 t\u0103ng tr\u01b0\u1edfng nhanh sau s\u1ee5p \u0111\u1ed5.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>D\u00f2ng Th\u1eddi Gian C\u1ed5 Phi\u1ebfu Carvana Trong \u0110\u1ea1i D\u1ecbch: C\u00e1c Chuy\u1ec3n \u0110\u1ed9ng Gi\u00e1 Ch\u00ednh v\u00e0 K\u00edch Ho\u1ea1t<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u00e1ng 1-Th\u00e1ng 2 2020: C\u1ed5 phi\u1ebfu giao d\u1ecbch trong kho\u1ea3ng 77-92 \u0111\u00f4 la v\u1edbi 32% bi\u1ebfn \u0111\u1ed9ng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 18 th\u00e1ng 3 n\u0103m 2020: CVNA ch\u1ea1m \u0111\u00e1y \u1edf m\u1ee9c 22.16 \u0111\u00f4 la (-72% t\u1eeb \u0111\u1ec9nh th\u00e1ng 2) do lo ng\u1ea1i \u0111\u1ea1i d\u1ecbch v\u00e0 thanh kho\u1ea3n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 6 th\u00e1ng 4 n\u0103m 2020: C\u00f4ng ty huy \u0111\u1ed9ng 600 tri\u1ec7u \u0111\u00f4 la th\u00f4ng qua ghi ch\u00fa c\u1ea5p cao 5.625%, gi\u1ea3i quy\u1ebft thanh kho\u1ea3n; c\u1ed5 phi\u1ebfu ph\u1ee5c h\u1ed3i l\u00ean 60.05 \u0111\u00f4 la (+171% t\u1eeb \u0111\u00e1y)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 6 th\u00e1ng 5 n\u0103m 2020: K\u1ebft qu\u1ea3 Q1 cho th\u1ea5y t\u0103ng tr\u01b0\u1edfng doanh s\u1ed1 ch\u1eadm l\u1ea1i \u0111\u1ebfn 20% YoY; c\u1ed5 phi\u1ebfu gi\u1ea3m 18%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 5 th\u00e1ng 8 n\u0103m 2020: K\u1ebft qu\u1ea3 Q2 ti\u1ebft l\u1ed9 t\u0103ng tr\u01b0\u1edfng \u0111\u01a1n v\u1ecb 13% m\u1eb7c d\u00f9 \u0111\u1ea1i d\u1ecbch; c\u1ed5 phi\u1ebfu t\u0103ng 28.4% qua \u0111\u00eam<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 31 th\u00e1ng 12 n\u0103m 2020: \u0110\u00f3ng c\u1eeda \u1edf m\u1ee9c 239.54 \u0111\u00f4 la, \u0111\u1ea1i di\u1ec7n cho m\u1ee9c t\u0103ng 1,221% t\u1eeb \u0111\u00e1y th\u00e1ng 3 v\u00e0 t\u0103ng 186% cho n\u0103m d\u01b0\u01a1ng l\u1ecbch<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Giai \u0111o\u1ea1n \u0111\u1ea1i d\u1ecbch trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 l\u00e0m n\u1ed5i b\u1eadt s\u1ef1 ki\u00ean c\u01b0\u1eddng c\u1ee7a m\u00f4 h\u00ecnh th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed c\u1ee7a c\u00f4ng ty trong th\u1eddi gian gi\u00e1n \u0111o\u1ea1n b\u00e1n l\u1ebb v\u1eadt l\u00fd. Trong khi c\u00e1c \u0111\u1ea1i l\u00fd truy\u1ec1n th\u1ed1ng th\u1ea5y doanh s\u1ed1 gi\u1ea3m 30-70% trong Q2 2020, doanh s\u1ed1 c\u1ee7a Carvana ch\u1ec9 gi\u1ea3m 8% YoY tr\u01b0\u1edbc khi tr\u1edf l\u1ea1i t\u0103ng tr\u01b0\u1edfng v\u00e0o th\u00e1ng 6 n\u0103m 2020.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th>\n<th>Tr\u01b0\u1edbc \u0110\u1ea1i D\u1ecbch (Q4 2019)<\/th>\n<th>\u0110\u00e1y \u0110\u1ea1i D\u1ecbch (Q2 2020)<\/th>\n<th>Ph\u1ee5c H\u1ed3i (Q4 2020)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u01b0\u1ee3ng Kh\u00e1ch Truy C\u1eadp Website H\u00e0ng Th\u00e1ng<\/td>\n<td>18.6 tri\u1ec7u<\/td>\n<td>23.1 tri\u1ec7u (+24%)<\/td>\n<td>31.4 tri\u1ec7u (+69%)<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Chuy\u1ec3n \u0110\u1ed5i<\/td>\n<td>2.38%<\/td>\n<td>1.73% (-27%)<\/td>\n<td>2.82% (+19%)<\/td>\n<\/tr>\n<tr>\n<td>S\u1ed1 L\u01b0\u1ee3ng Xe Mua V\u00e0o<\/td>\n<td>48,500<\/td>\n<td>26,200 (-46%)<\/td>\n<td>72,700 (+50%)<\/td>\n<\/tr>\n<tr>\n<td>S\u1ed1 Ng\u00e0y \u0110\u1ec3 B\u00e1n<\/td>\n<td>63<\/td>\n<td>83 (+32%)<\/td>\n<td>47 (-25%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u1eefng b\u00e0i h\u1ecdc quan tr\u1ecdng t\u1eeb giai \u0111o\u1ea1n n\u00e0y c\u1ee7a l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana bao g\u1ed3m: (1) s\u1ef1 linh ho\u1ea1t trong ho\u1ea1t \u0111\u1ed9ng trong th\u1eddi gian gi\u00e1n \u0111o\u1ea1n chu\u1ed7i cung \u1ee9ng tr\u1edf th\u00e0nh l\u1ee3i th\u1ebf c\u1ea1nh tranh, (2) s\u1ef1 ch\u1ea5p nh\u1eadn th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed t\u0103ng t\u1ed1c h\u01a1n 5 n\u0103m trong b\u00e1n l\u1ebb \u00f4 t\u00f4, v\u00e0 (3) t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u1ec3n t\u1eeb \u0111\u00e1nh gi\u00e1 l\u1ee3i nhu\u1eadn sang \u01b0u ti\u00ean t\u0103ng tr\u01b0\u1edfng th\u1ecb ph\u1ea7n trong c\u00e1c m\u00f4 h\u00ecnh kinh doanh k\u1ef9 thu\u1eadt s\u1ed1 m\u1edbi n\u1ed5i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>\u0110\u1ec9nh Cao 2021: \u0110\u1ea1t Gi\u00e1 C\u1ed5 Phi\u1ebfu Cao Nh\u1ea5t C\u1ee7a Carvana L\u00e0 $376.83<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>N\u0103m 2021, Carvana \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i l\u00e0 376.83 \u0111\u00f4 la v\u00e0o ng\u00e0y 10 th\u00e1ng 8, \u0111\u1ea1i di\u1ec7n cho m\u1ee9c t\u0103ng 2,412% t\u1eeb gi\u00e1 IPO c\u1ee7a n\u00f3. \u0110\u1ecbnh gi\u00e1 \u0111\u1ec9nh n\u00e0y tr\u00f9ng v\u1edbi m\u1ed9t s\u1ed1 c\u1ed9t m\u1ed1c t\u00e0i ch\u00ednh v\u00e0 ho\u1ea1t \u0111\u1ed9ng:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th>\n<th>Q2 2021 (Qu\u00fd \u0110\u1ec9nh)<\/th>\n<th>Thay \u0110\u1ed5i YoY<\/th>\n<th>Y\u1ebfu T\u1ed1 T\u00e1c \u0110\u1ed9ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Doanh Thu<\/td>\n<td>3.34 t\u1ef7 \u0111\u00f4 la<\/td>\n<td>+198%<\/td>\n<td>\u0110\u1ed9ng l\u1ef1c ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n L\u1ebb<\/td>\n<td>107,815<\/td>\n<td>+96%<\/td>\n<td>\u0110\u1ed9ng l\u1ef1c ph\u1ee5<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb<\/td>\n<td>5,120 \u0111\u00f4 la<\/td>\n<td>+94%<\/td>\n<td>\u0110\u1ed9ng l\u1ef1c ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean EBITDA<\/td>\n<td>+3.0%<\/td>\n<td>+10.4 \u0111i\u1ec3m<\/td>\n<td>T\u01b0\u01a1ng quan m\u1ea1nh<\/td>\n<\/tr>\n<tr>\n<td>Th\u1ecb Ph\u1ea7n<\/td>\n<td>1.08% th\u1ecb tr\u01b0\u1eddng xe \u0111\u00e3 qua s\u1eed d\u1ee5ng<\/td>\n<td>+0.47 \u0111i\u1ec3m<\/td>\n<td>Y\u1ebfu t\u1ed1 nh\u1ecf<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana \u0111\u1ea1t \u0111\u01b0\u1ee3c trong m\u1ed9t s\u1ef1 h\u1ed9i t\u1ee5 ho\u00e0n h\u1ea3o c\u1ee7a c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i Th\u1ebf Chu\u1ed7i Cung \u1ee8ng: Kh\u1ea3 n\u0103ng t\u00e1i ch\u1ebf t\u00edch h\u1ee3p c\u1ee7a Carvana cho ph\u00e9p duy tr\u00ec h\u00e0ng t\u1ed3n kho trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u1ed1i m\u1eb7t v\u1edbi t\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t (h\u00e0ng t\u1ed3n kho t\u0103ng 31% YoY)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ee9c M\u1ea1nh \u0110\u1ecbnh Gi\u00e1: Gi\u00e1 xe \u0111\u00e3 qua s\u1eed d\u1ee5ng t\u0103ng 26.7% tr\u00ean to\u00e0n ng\u00e0nh, v\u1edbi Carvana thu \u0111\u01b0\u1ee3c gi\u00e1 b\u00e1n trung b\u00ecnh cao h\u01a1n 19.8% so v\u1edbi n\u0103m 2020<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Qu\u00fd \u0110\u1ea7u Ti\u00ean C\u00f3 EBITDA D\u01b0\u01a1ng: Q2 2021 \u0111\u00e1nh d\u1ea5u qu\u00fd \u0111\u1ea7u ti\u00ean c\u00f3 l\u1ee3i nhu\u1eadn c\u1ee7a Carvana v\u1edbi EBITDA \u0111i\u1ec1u ch\u1ec9nh 112 tri\u1ec7u \u0111\u00f4 la<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Mua L\u1ea1i ADESA: C\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch mua l\u1ea1i doanh nghi\u1ec7p \u0111\u1ea5u gi\u00e1 v\u1eadt l\u00fd v\u1edbi gi\u00e1 2.2 t\u1ef7 \u0111\u00f4 la, th\u00eam 56 \u0111\u1ecba \u0111i\u1ec3m v\u00e0 6.5 tri\u1ec7u feet vu\u00f4ng c\u00f4ng su\u1ea5t t\u00e1i ch\u1ebf<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7c d\u00f9 \u0111\u1ea1t gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana trong giai \u0111o\u1ea1n n\u00e0y, c\u00e1c d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o \u0111\u00e3 xu\u1ea5t hi\u1ec7n trong c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty. N\u1ee3 d\u00e0i h\u1ea1n t\u0103ng t\u1eeb 1.1 t\u1ef7 \u0111\u00f4 la trong Q4 2020 l\u00ean 3.28 t\u1ef7 \u0111\u00f4 la v\u00e0o Q3 2021, trong khi d\u00f2ng ti\u1ec1n t\u1ef1 do v\u1eabn \u00e2m \u1edf m\u1ee9c -237 tri\u1ec7u \u0111\u00f4 la m\u1ed7i qu\u00fd. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y sau \u0111\u00f3 s\u1ebd g\u00f3p ph\u1ea7n v\u00e0o s\u1ef1 suy gi\u1ea3m k\u1ecbch t\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>2022-2023: S\u1ee5p \u0110\u1ed5 99% v\u00e0 Cu\u1ed9c Chi\u1ebfn Sinh T\u1ed3n<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1eeb th\u00e1ng 9 n\u0103m 2021 \u0111\u1ebfn th\u00e1ng 12 n\u0103m 2022, Carvana \u0111\u00e3 tr\u1ea3i qua giai \u0111o\u1ea1n t\u00e0n kh\u1ed1c nh\u1ea5t trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh, gi\u1ea3m t\u1eeb 376.83 \u0111\u00f4 la xu\u1ed1ng ch\u1ec9 c\u00f2n 3.55 \u0111\u00f4 la\u2014m\u1ed9t s\u1ef1 s\u1ee5p \u0111\u1ed5 99% \u0111\u00e3 x\u00f3a s\u1ea1ch g\u1ea7n nh\u01b0 to\u00e0n b\u1ed9 gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng. S\u1ef1 suy gi\u1ea3m ch\u01b0a t\u1eebng c\u00f3 n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c l\u1ef1c l\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i v\u00e0 th\u00e1ch th\u1ee9c c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00e1c Y\u1ebfu T\u1ed1 B\u00ean Ngo\u00e0i \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn S\u1ef1 S\u1ee5p \u0110\u1ed5 Gi\u00e1 C\u1ed5 Phi\u1ebfu C\u1ee7a Carvana<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng L\u00e3i Su\u1ea5t: L\u00e3i su\u1ea5t qu\u1ef9 li\u00ean bang t\u0103ng t\u1eeb 0.25% l\u00ean 4.5%, tr\u1ef1c ti\u1ebfp t\u0103ng chi ph\u00ed n\u1ee3 l\u00e3i su\u1ea5t bi\u1ebfn \u0111\u1ed5i c\u1ee7a Carvana th\u00eam 87 tri\u1ec7u \u0111\u00f4 la h\u00e0ng n\u0103m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110i\u1ec1u Ch\u1ec9nh Gi\u00e1 Xe \u0110\u00e3 Qua S\u1eed D\u1ee5ng: Ch\u1ec9 s\u1ed1 Xe \u0110\u00e3 Qua S\u1eed D\u1ee5ng Manheim gi\u1ea3m 14.9% trong n\u0103m 2022, \u0111\u1ea3o ng\u01b0\u1ee3c c\u00e1c l\u1ee3i \u00edch \u0111\u1ecbnh gi\u00e1 trong \u0111\u1ea1i d\u1ecbch<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ea3 N\u0103ng Chi Tr\u1ea3 C\u1ee7a Ng\u01b0\u1eddi Ti\u00eau D\u00f9ng: Thanh to\u00e1n xe h\u00e0ng th\u00e1ng trung b\u00ecnh t\u0103ng 26.7% trong khi thu nh\u1eadp kh\u1ea3 d\u1ee5ng ch\u1ec9 t\u0103ng 3.8%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh Gi\u00e1 L\u1ea1i C\u1ed5 Phi\u1ebfu T\u0103ng Tr\u01b0\u1edfng: C\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 kh\u00f4ng c\u00f3 l\u1ee3i nhu\u1eadn th\u1ea5y c\u00e1c b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 trung b\u00ecnh gi\u1ea3m 78% tr\u00ean c\u00e1c ng\u00e0nh<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>S\u1ef1 Suy Gi\u1ea3m T\u00e0i Ch\u00ednh C\u1ee5 Th\u1ec3 C\u1ee7a Carvana<\/h3>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/th>\n<th>Q3 2021 (Tr\u01b0\u1edbc S\u1ee5p \u0110\u1ed5)<\/th>\n<th>Q3 2022 (Trong S\u1ee5p \u0110\u1ed5)<\/th>\n<th>% Thay \u0110\u1ed5i<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb<\/td>\n<td>4,672 \u0111\u00f4 la<\/td>\n<td>3,500 \u0111\u00f4 la<\/td>\n<td>-25.1%<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng S\u1ed1 L\u01b0\u1ee3ng Xe B\u00e1n L\u1ebb<\/td>\n<td>+74% YoY<\/td>\n<td>-8% YoY<\/td>\n<td>-82 \u0111i\u1ec3m<\/td>\n<\/tr>\n<tr>\n<td>L\u1ed7 R\u00f2ng<\/td>\n<td>-32 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>-508 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>+1,487%<\/td>\n<\/tr>\n<tr>\n<td>D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>-290 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>-853 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>+194%<\/td>\n<\/tr>\n<tr>\n<td>S\u1ed1 Ng\u00e0y Ti\u1ec1n M\u1eb7t C\u00f2n L\u1ea1i<\/td>\n<td>463 ng\u00e0y<\/td>\n<td>117 ng\u00e0y<\/td>\n<td>-74.7%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean EBITDA<\/td>\n<td>7.4x<\/td>\n<td>Kh\u00f4ng c\u00f3 \u00fd ngh\u0129a (EBITDA \u00e2m)<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ba s\u1ef1 ki\u1ec7n c\u1ee5 th\u1ec3 \u0111\u00e3 \u0111\u00e1nh d\u1ea5u nh\u1eefng \u0111\u1ee3t gi\u1ea3m m\u1ea1nh nh\u1ea5t trong giai \u0111o\u1ea1n n\u00e0y c\u1ee7a l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 24 th\u00e1ng 2 n\u0103m 2022: K\u1ebft qu\u1ea3 Q4 2021 ti\u1ebft l\u1ed9 chi ph\u00ed t\u0103ng v\u00e0 t\u0103ng tr\u01b0\u1edfng ch\u1eadm l\u1ea1i; c\u1ed5 phi\u1ebfu gi\u1ea3m 20.4% qua \u0111\u00eam xu\u1ed1ng 122.57 \u0111\u00f4 la<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 11 th\u00e1ng 5 n\u0103m 2022: C\u00f4ng ty c\u00f4ng b\u1ed1 sa th\u1ea3i 2,500 nh\u00e2n vi\u00ean (12% l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng); c\u1ed5 phi\u1ebfu gi\u1ea3m 44% trong ba ng\u00e0y xu\u1ed1ng 38.85 \u0111\u00f4 la<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 7 th\u00e1ng 12 n\u0103m 2022: C\u00e1c ch\u1ee7 n\u1ee3 ch\u00ednh k\u00fd th\u1ecfa thu\u1eadn h\u1ee3p t\u00e1c cho kh\u1ea3 n\u0103ng t\u00e1i c\u1ea5u tr\u00fac; c\u1ed5 phi\u1ebfu gi\u1ea3m xu\u1ed1ng 4.12 \u0111\u00f4 la do lo ng\u1ea1i ph\u00e1 s\u1ea3n<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Giai \u0111o\u1ea1n n\u00e0y \u0111\u00e3 cho th\u1ea5y s\u1ef1 thay \u0111\u1ed5i nhanh ch\u00f3ng c\u1ee7a t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana\u2014t\u1eeb vi\u1ec7c \u0111\u00e1nh gi\u00e1 cao t\u0103ng tr\u01b0\u1edfng b\u1eb1ng m\u1ecdi gi\u00e1 \u0111\u1ebfn vi\u1ec7c y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn v\u00e0 c\u00e1c m\u00f4 h\u00ecnh kinh doanh b\u1ec1n v\u1eefng khi v\u1ed1n tr\u1edf n\u00ean \u0111\u1eaft \u0111\u1ecf. C\u00e1c quy\u1ebft \u0111\u1ecbnh tr\u01b0\u1edbc \u0111\u00f3 c\u1ee7a c\u00f4ng ty \u0111\u1ec3 \u01b0u ti\u00ean th\u1ecb ph\u1ea7n h\u01a1n l\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh \u0111\u00e3 t\u1ea1o ra s\u1ef1 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng khi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng x\u1ea5u \u0111i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>2023-2025: N\u1ed7 L\u1ef1c T\u00e1i C\u1ea5u Tr\u00fac v\u00e0 Ph\u1ee5c H\u1ed3i<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Sau khi ch\u1ea1m \u0111\u00e1y \u1edf m\u1ee9c 3.55 \u0111\u00f4 la v\u00e0o th\u00e1ng 12 n\u0103m 2022, Carvana \u0111\u00e3 b\u1eaft \u0111\u1ea7u m\u1ed9t cu\u1ed9c t\u00e1i c\u1ea5u tr\u00fac to\u00e0n di\u1ec7n \u0111\u1eb7t n\u1ec1n t\u1ea3ng cho kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i gi\u00e1 c\u1ed5 phi\u1ebfu. Chi\u1ebfn l\u01b0\u1ee3c xoay chuy\u1ec3n c\u1ee7a c\u00f4ng ty t\u1eadp trung v\u00e0o n\u0103m s\u00e1ng ki\u1ebfn ch\u00ednh:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1i C\u1ea5u Tr\u00fac N\u1ee3: Ho\u00e0n th\u00e0nh c\u00e1c \u0111\u1ec1 ngh\u1ecb trao \u0111\u1ed5i gi\u1ea3m ngh\u0129a v\u1ee5 n\u1ee3 1.2 t\u1ef7 \u0111\u00f4 la (t\u1eeb 5.7 t\u1ef7 \u0111\u00f4 la xu\u1ed1ng 4.5 t\u1ef7 \u0111\u00f4 la)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m Chi Ph\u00ed: Gi\u1ea3m chi ph\u00ed SG&amp;A 42% th\u00f4ng qua gi\u1ea3m l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng v\u00e0 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ed1i \u01afu H\u00f3a H\u00e0ng T\u1ed3n Kho: Gi\u1ea3m h\u00e0ng t\u1ed3n kho 54% trong khi c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 quay v\u00f2ng t\u1eeb 74 ng\u00e0y xu\u1ed1ng 42 ng\u00e0y<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng C\u01b0\u1eddng L\u1ee3i Nhu\u1eadn G\u1ed9p: T\u1eadp trung v\u00e0o c\u00e1c xe c\u00f3 l\u1ee3i nhu\u1eadn cao h\u01a1n, t\u0103ng GPU t\u1eeb 3,022 \u0111\u00f4 la l\u00ean 5,736 \u0111\u00f4 la (+89.8%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Qu\u1ea3n L\u00fd Thanh Kho\u1ea3n: Gia h\u1ea1n th\u1eddi h\u1ea1n n\u1ee3 t\u1eeb 2023-2025 \u0111\u1ebfn 2028-2030, lo\u1ea1i b\u1ecf c\u00e1c kho\u1ea3n thanh to\u00e1n g\u1ed1c ng\u1eafn h\u1ea1n<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Ph\u1ee5c H\u1ed3i<\/th>\n<th>Q4 2022 (\u0110i\u1ec3m Th\u1ea5p)<\/th>\n<th>Qu\u00fd M\u1edbi Nh\u1ea5t (Q4 2024)<\/th>\n<th>% C\u1ea3i Thi\u1ec7n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>EBITDA \u0110i\u1ec1u Ch\u1ec9nh<\/td>\n<td>-306 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>+235 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>N\/A (tr\u1edf n\u00ean d\u01b0\u01a1ng)<\/td>\n<\/tr>\n<tr>\n<td>Ti\u1ec1n M\u1eb7t Trong Tay<\/td>\n<td>434 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>872 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>+101%<\/td>\n<\/tr>\n<tr>\n<td>D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>-621 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>+167 tri\u1ec7u \u0111\u00f4 la<\/td>\n<td>N\/A (tr\u1edf n\u00ean d\u01b0\u01a1ng)<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 C\u1ed5 Phi\u1ebfu<\/td>\n<td>3.55 \u0111\u00f4 la<\/td>\n<td>64.27 \u0111\u00f4 la<\/td>\n<td>+1,710%<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 Tr\u1ecb Doanh Nghi\u1ec7p\/Doanh Thu<\/td>\n<td>0.31x<\/td>\n<td>1.83x<\/td>\n<td>+490%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u01b0\u01a1ng m\u1edbi nh\u1ea5t trong l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1eb7c tr\u01b0ng b\u1edfi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111\u1ed9, v\u1edbi m\u1ed9t s\u1ed1 chuy\u1ec3n \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 3 th\u00e1ng 8 n\u0103m 2023: K\u1ebft qu\u1ea3 Q2 cho th\u1ea5y EBITDA \u0111i\u1ec1u ch\u1ec9nh d\u01b0\u01a1ng \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb n\u0103m 2021; c\u1ed5 phi\u1ebfu t\u0103ng 63% trong m\u1ed9t ng\u00e0y<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 2 th\u00e1ng 11 n\u0103m 2023: K\u1ebft qu\u1ea3 Q3 mang l\u1ea1i 741 \u0111\u00f4 la d\u00f2ng ti\u1ec1n t\u1ef1 do m\u1ed7i xe; c\u1ed5 phi\u1ebfu t\u0103ng 32.2% qua \u0111\u00eam<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ng\u00e0y 1 th\u00e1ng 5 n\u0103m 2024: Q1 2024 ti\u1ebft l\u1ed9 ba qu\u00fd li\u00ean ti\u1ebfp c\u00f3 d\u00f2ng ti\u1ec1n t\u1ef1 do d\u01b0\u01a1ng; c\u1ed5 phi\u1ebfu t\u0103ng 45.7% trong n\u0103m ng\u00e0y giao d\u1ecbch<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 ph\u1ee5c h\u1ed3i \u0111\u00e1ng k\u1ec3 t\u1eeb m\u1ee9c th\u1ea5p n\u0103m 2022, ch\u00fang v\u1eabn th\u1ea5p h\u01a1n 83% so v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu cao nh\u1ea5t c\u1ee7a Carvana \u0111\u1ea1t \u0111\u01b0\u1ee3c v\u00e0o th\u00e1ng 8 n\u0103m 2021. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 th\u1eadn tr\u1ecdng ti\u1ebfp t\u1ee5c c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 g\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a c\u00f4ng ty (4.5 t\u1ef7 \u0111\u00f4 la so v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 6.7 t\u1ef7 \u0111\u00f4 la) v\u00e0 s\u1ef1 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng \u0111\u1ed1i v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t v\u00e0 \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng xe \u0111\u00e3 qua s\u1eed d\u1ee5ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>B\u00e0i H\u1ecdc Quan Tr\u1ecdng T\u1eeb L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu Carvana t\u1eeb n\u0103m 2017 \u0111\u1ebfn n\u0103m 2025 cung c\u1ea5p m\u1ed9t s\u1ed1 b\u00e0i h\u1ecdc qu\u00fd gi\u00e1 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e2n t\u00edch c\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng cao, \u0111\u1ed9t ph\u00e1:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>B\u00e0i H\u1ecdc<\/th>\n<th>B\u1eb1ng Ch\u1ee9ng T\u1eeb L\u1ecbch S\u1eed C\u1ee7a Carvana<\/th>\n<th>\u1ee8ng D\u1ee5ng Cho Nh\u00e0 \u0110\u1ea7u T\u01b0<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>S\u1ef1 B\u1ec1n V\u1eefng C\u1ee7a B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n Quan Tr\u1ecdng<\/td>\n<td>T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA 7.4x v\u00e0o n\u0103m 2021 kh\u00f4ng \u0111\u1ec3 l\u1ea1i bi\u00ean \u0111\u1ed9 an to\u00e0n khi th\u1ecb tr\u01b0\u1eddng quay \u0111\u1ea7u<\/td>\n<td>Ki\u1ec3m tra kh\u1ea3 n\u0103ng c\u1ee7a c\u00f4ng ty \u0111\u1ec3 t\u1ed3n t\u1ea1i khi doanh thu gi\u1ea3m 30-50%<\/td>\n<\/tr>\n<tr>\n<td>Kinh T\u1ebf \u0110\u01a1n V\u1ecb Quan Tr\u1ecdng H\u01a1n T\u1ef7 L\u1ec7 T\u0103ng Tr\u01b0\u1edfng<\/td>\n<td>T\u0103ng tr\u01b0\u1edfng 78% YoY v\u1edbi bi\u00ean EBITDA -7% \u0111\u00e3 ch\u1ee9ng t\u1ecf kh\u00f4ng b\u1ec1n v\u1eefng<\/td>\n<td>\u01afu ti\u00ean t\u0103ng tr\u01b0\u1edfng c\u00f3 l\u1ee3i nhu\u1eadn h\u01a1n l\u00e0 t\u0103ng th\u1ecb ph\u1ea7n<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0nh C\u00f4ng Nghi\u1ec7p Chu K\u1ef3 Y\u00eau C\u1ea7u Ph\u00e2n T\u00edch Chu K\u1ef3<\/td>\n<td>B\u00e1n l\u1ebb \u00f4 t\u00f4 tr\u1ea3i qua chu k\u1ef3 3-7 n\u0103m; Carvana \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf \u0111\u1ec9nh chu k\u1ef3<\/td>\n<td>\u0110i\u1ec1u ch\u1ec9nh c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 cho v\u1ecb tr\u00ed chu k\u1ef3 ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>D\u00f2ng Th\u1eddi Gian Thanh Kho\u1ea3n L\u00e0 Quan Tr\u1ecdng<\/td>\n<td>Th\u1eddi gian ti\u1ec1n m\u1eb7t r\u00fat ng\u1eafn t\u1eeb 463 ng\u00e0y xu\u1ed1ng 117 ng\u00e0y trong v\u00f2ng 12 th\u00e1ng<\/td>\n<td>Li\u00ean t\u1ee5c theo d\u00f5i t\u1ef7 l\u1ec7 \u0111\u1ed1t ti\u1ec1n v\u00e0 c\u00e1c t\u00f9y ch\u1ecdn t\u00e0i tr\u1ee3<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 N\u0103ng Ph\u1ee5c H\u1ed3i T\u1ed3n T\u1ea1i<\/td>\n<td>T\u00e1i c\u1ea5u tr\u00fac ho\u1ea1t \u0111\u1ed9ng cho ph\u00e9p ph\u1ee5c h\u1ed3i gi\u00e1 c\u1ed5 phi\u1ebfu 1,710% t\u1eeb m\u1ee9c th\u1ea5p<\/td>\n<td>X\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty \u0111ang th\u1ef1c hi\u1ec7n c\u00e1c c\u1ea3i ti\u1ebfn ho\u1ea1t \u0111\u1ed9ng c\u1ee5 th\u1ec3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u00e1c m\u00f4 h\u00ecnh n\u00e0y trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana ti\u1ebft l\u1ed9 r\u1eb1ng c\u00e1c chuy\u1ec3n \u0111\u1ed9ng gi\u00e1 c\u1ef1c \u0111oan th\u01b0\u1eddng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c d\u1ef1a tr\u00ean nh\u1eefng thay \u0111\u1ed5i c\u01a1 b\u1ea3n trong hi\u1ec7u su\u1ea5t c\u00f4ng ty so v\u1edbi c\u00e2u chuy\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i. Khi th\u1ef1c t\u1ebf kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e2u chuy\u1ec7n, c\u00e1c \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 l\u1edbn th\u01b0\u1eddng x\u1ea3y ra.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Nh\u00ecn V\u1ec1 T\u01b0\u01a1ng Lai: Ph\u00e2n T\u00edch Ti\u1ec1m N\u0103ng T\u01b0\u01a1ng Lai C\u1ee7a Carvana<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai c\u1ee7a Carvana, m\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 ch\u00ednh s\u1ebd quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 cu\u1ed1i c\u00f9ng \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c cao tr\u01b0\u1edbc \u0111\u00f3 hay kh\u00f4ng:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00f2ng Th\u1eddi Gian Gi\u1ea3m N\u1ee3: T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA hi\u1ec7n t\u1ea1i l\u00e0 5.2x c\u1ea7n gi\u1ea3m xu\u1ed1ng m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2.0-2.5x<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u00f2ng Ti\u1ec1n T\u1ef1 Do B\u1ec1n V\u1eefng: Nh\u1eafm m\u1ee5c ti\u00eau t\u1ea1o ra FCF h\u00e0ng n\u0103m 500 tri\u1ec7u \u0111\u00f4 la+ \u0111\u1ec3 t\u00e0i tr\u1ee3 cho t\u0103ng tr\u01b0\u1edfng m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u00f2n b\u1ea9y b\u1ed5 sung<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng Tr\u01b0\u1edfng Th\u1ecb Ph\u1ea7n: Hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 1.4% th\u1ecb tr\u01b0\u1eddng xe \u0111\u00e3 qua s\u1eed d\u1ee5ng; con \u0111\u01b0\u1eddng \u0111\u1ebfn 4-5% th\u1ecb ph\u1ea7n s\u1ebd h\u1ed7 tr\u1ee3 \u0111\u1ecbnh gi\u00e1 cao h\u01a1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ef1 \u1ed4n \u0110\u1ecbnh L\u1ee3i Nhu\u1eadn G\u1ed9p M\u1ed7i \u0110\u01a1n V\u1ecb: Duy tr\u00ec GPU 5,500 \u0111\u00f4 la+ qua c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u00f2n B\u1ea9y SG&amp;A: Ti\u1ebfp t\u1ee5c gi\u1ea3m SG&amp;A nh\u01b0 ph\u1ea7n tr\u0103m doanh thu (hi\u1ec7n t\u1ea1i 12.2% so v\u1edbi 18.7% v\u00e0o n\u0103m 2021)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch Ph\u1ed1 Wall \u0111\u01b0a ra c\u00e1c quan \u0111i\u1ec3m kh\u00e1c nhau v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a Carvana, v\u1edbi c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 dao \u0111\u1ed9ng t\u1eeb 28 \u0111\u00f4 la \u0111\u1ebfn 135 \u0111\u00f4 la v\u00e0 trung b\u00ecnh l\u00e0 76 \u0111\u00f4 la. S\u1ef1 ph\u00e2n t\u00e1n 4.8x trong c\u00e1c \u0111\u1ecbnh gi\u00e1 n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn ti\u1ebfp t\u1ee5c v\u1ec1 s\u1ee9c m\u1ea1nh thu nh\u1eadp d\u00e0i h\u1ea1n v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a c\u00f4ng ty.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft Lu\u1eadn: L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana Ho\u00e0n Ch\u1ec9nh<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu Carvana t\u1eeb n\u0103m 2017 \u0111\u1ebfn n\u0103m 2025 \u0111\u1ea1i di\u1ec7n cho m\u1ed9t trong nh\u1eefng h\u00e0nh tr\u00ecnh bi\u1ebfn \u0111\u1ed9ng nh\u1ea5t trong l\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y. T\u1eeb IPO 15 \u0111\u00f4 la \u0111\u1ebfn \u0111\u1ec9nh 376.83 \u0111\u00f4 la (+2,412%) \u0111\u1ebfn s\u1ee5p \u0111\u1ed5 3.55 \u0111\u00f4 la (-99%) \u0111\u1ebfn ph\u1ee5c h\u1ed3i m\u1ed9t ph\u1ea7n sau \u0111\u00f3, c\u1ed5 phi\u1ebfu Carvana \u0111\u00e3 th\u1ec3 hi\u1ec7n s\u1ef1 nh\u1ea1y c\u1ea3m c\u1ef1c \u0111\u1ed9 v\u1edbi nh\u1eefng thay \u0111\u1ed5i trong t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng, ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn, v\u00e0 \u0111i\u1ec1u ki\u1ec7n t\u00e0i tr\u1ee3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, ph\u00e2n t\u00edch l\u1ecbch s\u1eed n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a: 1) \u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i m\u00f4 h\u00ecnh kinh doanh qua c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng 2) \u01afu ti\u00ean kinh t\u1ebf \u0111\u01a1n v\u1ecb h\u01a1n l\u00e0 t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 3) Theo d\u00f5i c\u1ea5u tr\u00fac n\u1ee3 v\u00e0 d\u00f2ng th\u1eddi gian t\u00e1i t\u00e0i tr\u1ee3 4) Nh\u1eadn ra s\u1ef1 thay \u0111\u1ed5i t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc khi ch\u00fang \u1ea3nh h\u01b0\u1edfng ho\u00e0n to\u00e0n \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Li\u1ec7u Carvana cu\u1ed1i c\u00f9ng c\u00f3 th\u00e0nh c\u00f4ng trong vi\u1ec7c xoay chuy\u1ec3n v\u00e0 \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c cao tr\u01b0\u1edbc \u0111\u00f3 hay \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c ti\u1ebfp t\u1ee5c s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o kh\u1ea3 n\u0103ng c\u1ee7a ban qu\u1ea3n l\u00fd trong vi\u1ec7c c\u00e2n b\u1eb1ng c\u00e1c s\u00e1ng ki\u1ebfn t\u0103ng tr\u01b0\u1edfng v\u1edbi k\u1ef7 lu\u1eadt t\u00e0i ch\u00ednh\u2014m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng m\u00e0 c\u00f4ng ty \u0111\u00e3 g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c duy tr\u00ec trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng nhanh tr\u01b0\u1edbc \u0111\u00f3. B\u1eb1ng c\u00e1ch hi\u1ec3u c\u00e1c m\u00f4 h\u00ecnh l\u1ecbch s\u1eed n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 t\u1ed1t h\u01a1n c\u00e1c c\u00f4ng ty \u0111\u1ed9t ph\u00e1 t\u0103ng tr\u01b0\u1edfng cao, \u0111\u00f2i h\u1ecfi v\u1ed1n l\u1edbn t\u01b0\u01a1ng t\u1ef1 trong c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p kh\u00e1c nhau.<\/p>\n<\/div>\n"},"faq":[{"question":"Nh\u1eefng \u0111i\u1ec3m u\u1ed1n quan tr\u1ecdng trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Carvana l\u00e0 g\u00ec?","answer":"C\u1ed5 phi\u1ebfu c\u1ee7a Carvana \u0111\u00e3 tr\u1ea3i qua n\u0103m \u0111i\u1ec3m u\u1ed1n quan tr\u1ecdng: (1) IPO th\u00e1ng 4 n\u0103m 2017 v\u1edbi gi\u00e1 15 USD m\u1ed7i c\u1ed5 phi\u1ebfu; (2) Th\u00e1ng 8 n\u0103m 2020 ph\u1ee5c h\u1ed3i sau \u0111\u1ea1i d\u1ecbch, v\u1edbi c\u1ed5 phi\u1ebfu t\u0103ng v\u1ecdt tr\u00ean 200 USD; (3) \u0110\u1ec9nh \u0111i\u1ec3m th\u00e1ng 8 n\u0103m 2021 \u1edf m\u1ee9c 376,83 USD sau khi b\u00e1o c\u00e1o thu nh\u1eadp qu\u00fd 2 cho th\u1ea5y t\u0103ng tr\u01b0\u1edfng doanh thu 198%; (4) \u0110\u00e1y th\u00e1ng 12 n\u0103m 2022 \u1edf m\u1ee9c 3,55 USD gi\u1eefa lo ng\u1ea1i ph\u00e1 s\u1ea3n; v\u00e0 (5) Th\u00e1ng 8 n\u0103m 2023 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd sau khi c\u00f4ng b\u1ed1 EBITDA \u0111i\u1ec1u ch\u1ec9nh d\u01b0\u01a1ng \u0111\u1ea7u ti\u00ean trong hai n\u0103m. Nh\u1eefng \u0111i\u1ec3m u\u1ed1n n\u00e0y th\u01b0\u1eddng tr\u00f9ng v\u1edbi c\u00e1c b\u00e1o c\u00e1o thu nh\u1eadp h\u00e0ng qu\u00fd v\u00e0 th\u00f4ng b\u00e1o t\u00e0i tr\u1ee3 n\u1ee3."},{"question":"Bi\u1ebfn \u0111\u1ed9ng c\u1ee7a Carvana so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu kh\u00e1c trong ng\u00e0nh \u00f4 t\u00f4 nh\u01b0 th\u1ebf n\u00e0o?","answer":"Carvana th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu \u00f4 t\u00f4 truy\u1ec1n th\u1ed1ng, v\u1edbi m\u1ee9c trung b\u00ecnh bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed 90 ng\u00e0y l\u00e0 157% so v\u1edbi Ford (42%), General Motors (38%) v\u00e0 CarMax (54%). S\u1ef1 bi\u1ebfn \u0111\u1ed9ng gia t\u0103ng n\u00e0y b\u1eaft ngu\u1ed3n t\u1eeb m\u1ee9c n\u1ee3 cao h\u01a1n c\u1ee7a Carvana (t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA l\u00e0 5.2x so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2.3x), \u0111\u1ed9 nh\u1ea1y c\u1ea3m v\u1edbi thay \u0111\u1ed5i l\u00e3i su\u1ea5t v\u00e0 s\u1ef1 ti\u1ebfp x\u00fac l\u1edbn h\u01a1n v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 xe \u0111\u00e3 qua s\u1eed d\u1ee5ng. \u0110\u1ec3 so s\u00e1nh, c\u1ed5 phi\u1ebfu c\u1ee7a Carvana \u0111\u00e3 tr\u1ea3i qua n\u0103m giai \u0111o\u1ea1n ri\u00eang bi\u1ec7t v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u00ean 50% trong v\u00f2ng 30 ng\u00e0y, trong khi c\u00e1c nh\u00e0 b\u00e1n l\u1ebb \u00f4 t\u00f4 truy\u1ec1n th\u1ed1ng th\u01b0\u1eddng tr\u1ea3i qua nh\u1eefng bi\u1ebfn \u0111\u1ed9ng nh\u01b0 v\u1eady \u00edt h\u01a1n m\u1ed9t l\u1ea7n m\u1ed7i n\u0103m."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh n\u00e0o c\u00f3 m\u1ed1i t\u01b0\u01a1ng quan ch\u1eb7t ch\u1ebd nh\u1ea5t v\u1edbi bi\u1ebfn \u0111\u1ed9ng c\u1ed5 phi\u1ebfu c\u1ee7a Carvana?","answer":"Ph\u00e2n t\u00edch th\u1ed1ng k\u00ea v\u1ec1 l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Carvana cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan m\u1ea1nh nh\u1ea5t v\u1edbi: (1) L\u1ee3i nhu\u1eadn g\u1ed9p tr\u00ean m\u1ed7i \u0111\u01a1n v\u1ecb (GPU) v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,83; (2) D\u00f2ng ti\u1ec1n t\u1ef1 do v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,77; (3) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng doanh thu theo qu\u00fd v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,72; v\u00e0 (4) S\u1ed1 ng\u00e0y ti\u1ec1n m\u1eb7t c\u00f2n l\u1ea1i v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,68. \u0110\u00e1ng ch\u00fa \u00fd, doanh thu tuy\u1ec7t \u0111\u1ed1i v\u00e0 s\u1ed1 l\u01b0\u1ee3ng xe b\u00e1n ra cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan y\u1ebfu h\u01a1n (l\u1ea7n l\u01b0\u1ee3t l\u00e0 0,54 v\u00e0 0,51), cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0u ti\u00ean c\u00e1c ch\u1ec9 s\u1ed1 v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 thanh kho\u1ea3n h\u01a1n l\u00e0 t\u0103ng tr\u01b0\u1edfng thu\u1ea7n t\u00fay sau nh\u1eefng th\u00e1ch th\u1ee9c t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty v\u00e0o n\u0103m 2022."},{"question":"C\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i tr\u1ee3 n\u1ee3 \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu c\u1ee7a Carvana?","answer":"T\u00e0i tr\u1ee3 n\u1ee3 \u0111\u00e3 l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng trong su\u1ed1t l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu c\u1ee7a Carvana. Quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty t\u00e0i tr\u1ee3 m\u1edf r\u1ed9ng th\u00f4ng qua n\u1ee3 l\u00e3i su\u1ea5t cao (\u0111\u1eb7c bi\u1ec7t l\u00e0 3,3 t\u1ef7 \u0111\u00f4 la v\u1edbi l\u00e3i su\u1ea5t 10,25% \u0111\u01b0\u1ee3c huy \u0111\u1ed9ng trong giai \u0111o\u1ea1n 2021-2022) \u0111\u00e3 t\u1ea1o ra \u0111\u00f2n b\u1ea9y \u0111\u00e1ng k\u1ec3, khu\u1ebfch \u0111\u1ea1i s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu theo c\u1ea3 hai h\u01b0\u1edbng. Khi t\u0103ng tr\u01b0\u1edfng m\u1ea1nh, \u0111\u00f2n b\u1ea9y n\u00e0y \u0111\u00e3 t\u0103ng c\u01b0\u1eddng l\u1ee3i nhu\u1eadn c\u1ed5 ph\u1ea7n, gi\u00fap c\u1ed5 phi\u1ebfu \u0111\u1ea1t m\u1ee9c 376,83 \u0111\u00f4 la. Tuy nhi\u00ean, khi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng x\u1ea5u \u0111i v\u00e0o n\u0103m 2022, chi ph\u00ed l\u00e3i su\u1ea5t \u0111\u00e3 ti\u00eau t\u1ed1n d\u00f2ng ti\u1ec1n, t\u1ea1o ra m\u1ed9t v\u00f2ng xo\u00e1y t\u1eed th\u1ea7n khi\u1ebfn c\u1ed5 phi\u1ebfu gi\u1ea3m xu\u1ed1ng c\u00f2n 3,55 \u0111\u00f4 la. Vi\u1ec7c trao \u0111\u1ed5i n\u1ee3 sau \u0111\u00f3 v\u00e0o n\u0103m 2023 (gi\u1ea3m ngh\u0129a v\u1ee5 xu\u1ed1ng 1,2 t\u1ef7 \u0111\u00f4 la) l\u00e0 nguy\u00ean nh\u00e2n tr\u1ef1c ti\u1ebfp cho s\u1ef1 ph\u1ee5c h\u1ed3i h\u01a1n 1.700% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1eeb m\u1ee9c th\u1ea5p nh\u1ea5t."},{"question":"Nh\u1eefng b\u00e0i h\u1ecdc n\u00e0o m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean r\u00fat ra t\u1eeb s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ef1c \u0111oan c\u1ee7a Carvana?","answer":"H\u00e0nh tr\u00ecnh gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Carvana mang l\u1ea1i n\u0103m b\u00e0i h\u1ecdc quan tr\u1ecdng: (1) C\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng v\u1edbi g\u00e1nh n\u1eb7ng n\u1ee3 cao \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro gi\u1ea3m b\u1ea5t \u0111\u1ed1i x\u1ee9ng khi th\u1ecb tr\u01b0\u1eddng v\u1ed1n th\u1eaft ch\u1eb7t; (2) Kinh t\u1ebf \u0111\u01a1n v\u1ecb cu\u1ed1i c\u00f9ng quan tr\u1ecdng h\u01a1n t\u0103ng tr\u01b0\u1edfng doanh thu--s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a Carvana ch\u1ec9 b\u1eaft \u0111\u1ea7u sau khi \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111\u00f3ng g\u00f3p d\u01b0\u01a1ng tr\u00ean m\u1ed7i xe; (3) \u0110\u01b0\u1eddng b\u0103ng thanh kho\u1ea3n l\u00e0 r\u1ea5t quan tr\u1ecdng--c\u00e1c c\u00f4ng ty c\u1ea7n \u0111\u1ee7 ti\u1ec1n m\u1eb7t \u0111\u1ec3 t\u1ed3n t\u1ea1i qua c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i m\u00e0 kh\u00f4ng c\u1ea7n huy \u0111\u1ed9ng v\u1ed1n kh\u1ea9n c\u1ea5p; (4) L\u1eadp k\u1ebf ho\u1ea1ch ho\u1ea1t \u0111\u1ed9ng ng\u01b0\u1ee3c chu k\u1ef3 l\u00e0 c\u1ea7n thi\u1ebft trong b\u00e1n l\u1ebb \u00f4 t\u00f4, v\u00ec ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y tr\u1ea3i qua c\u00e1c chu k\u1ef3 b\u00f9ng n\u1ed5-suy tho\u00e1i th\u01b0\u1eddng xuy\u00ean; v\u00e0 (5) T\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 thay \u0111\u1ed5i nhanh ch\u00f3ng t\u1eeb \u01b0u ti\u00ean t\u0103ng tr\u01b0\u1edfng sang y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c giai \u0111o\u1ea1n chuy\u1ec3n \u0111\u1ed5i ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Nh\u1eefng \u0111i\u1ec3m u\u1ed1n quan tr\u1ecdng trong l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Carvana l\u00e0 g\u00ec?","answer":"C\u1ed5 phi\u1ebfu c\u1ee7a Carvana \u0111\u00e3 tr\u1ea3i qua n\u0103m \u0111i\u1ec3m u\u1ed1n quan tr\u1ecdng: (1) IPO th\u00e1ng 4 n\u0103m 2017 v\u1edbi gi\u00e1 15 USD m\u1ed7i c\u1ed5 phi\u1ebfu; (2) Th\u00e1ng 8 n\u0103m 2020 ph\u1ee5c h\u1ed3i sau \u0111\u1ea1i d\u1ecbch, v\u1edbi c\u1ed5 phi\u1ebfu t\u0103ng v\u1ecdt tr\u00ean 200 USD; (3) \u0110\u1ec9nh \u0111i\u1ec3m th\u00e1ng 8 n\u0103m 2021 \u1edf m\u1ee9c 376,83 USD sau khi b\u00e1o c\u00e1o thu nh\u1eadp qu\u00fd 2 cho th\u1ea5y t\u0103ng tr\u01b0\u1edfng doanh thu 198%; (4) \u0110\u00e1y th\u00e1ng 12 n\u0103m 2022 \u1edf m\u1ee9c 3,55 USD gi\u1eefa lo ng\u1ea1i ph\u00e1 s\u1ea3n; v\u00e0 (5) Th\u00e1ng 8 n\u0103m 2023 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd sau khi c\u00f4ng b\u1ed1 EBITDA \u0111i\u1ec1u ch\u1ec9nh d\u01b0\u01a1ng \u0111\u1ea7u ti\u00ean trong hai n\u0103m. Nh\u1eefng \u0111i\u1ec3m u\u1ed1n n\u00e0y th\u01b0\u1eddng tr\u00f9ng v\u1edbi c\u00e1c b\u00e1o c\u00e1o thu nh\u1eadp h\u00e0ng qu\u00fd v\u00e0 th\u00f4ng b\u00e1o t\u00e0i tr\u1ee3 n\u1ee3."},{"question":"Bi\u1ebfn \u0111\u1ed9ng c\u1ee7a Carvana so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu kh\u00e1c trong ng\u00e0nh \u00f4 t\u00f4 nh\u01b0 th\u1ebf n\u00e0o?","answer":"Carvana th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu \u00f4 t\u00f4 truy\u1ec1n th\u1ed1ng, v\u1edbi m\u1ee9c trung b\u00ecnh bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed 90 ng\u00e0y l\u00e0 157% so v\u1edbi Ford (42%), General Motors (38%) v\u00e0 CarMax (54%). S\u1ef1 bi\u1ebfn \u0111\u1ed9ng gia t\u0103ng n\u00e0y b\u1eaft ngu\u1ed3n t\u1eeb m\u1ee9c n\u1ee3 cao h\u01a1n c\u1ee7a Carvana (t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA l\u00e0 5.2x so v\u1edbi m\u1ee9c trung b\u00ecnh ng\u00e0nh l\u00e0 2.3x), \u0111\u1ed9 nh\u1ea1y c\u1ea3m v\u1edbi thay \u0111\u1ed5i l\u00e3i su\u1ea5t v\u00e0 s\u1ef1 ti\u1ebfp x\u00fac l\u1edbn h\u01a1n v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 xe \u0111\u00e3 qua s\u1eed d\u1ee5ng. \u0110\u1ec3 so s\u00e1nh, c\u1ed5 phi\u1ebfu c\u1ee7a Carvana \u0111\u00e3 tr\u1ea3i qua n\u0103m giai \u0111o\u1ea1n ri\u00eang bi\u1ec7t v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u00ean 50% trong v\u00f2ng 30 ng\u00e0y, trong khi c\u00e1c nh\u00e0 b\u00e1n l\u1ebb \u00f4 t\u00f4 truy\u1ec1n th\u1ed1ng th\u01b0\u1eddng tr\u1ea3i qua nh\u1eefng bi\u1ebfn \u0111\u1ed9ng nh\u01b0 v\u1eady \u00edt h\u01a1n m\u1ed9t l\u1ea7n m\u1ed7i n\u0103m."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh n\u00e0o c\u00f3 m\u1ed1i t\u01b0\u01a1ng quan ch\u1eb7t ch\u1ebd nh\u1ea5t v\u1edbi bi\u1ebfn \u0111\u1ed9ng c\u1ed5 phi\u1ebfu c\u1ee7a Carvana?","answer":"Ph\u00e2n t\u00edch th\u1ed1ng k\u00ea v\u1ec1 l\u1ecbch s\u1eed gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Carvana cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan m\u1ea1nh nh\u1ea5t v\u1edbi: (1) L\u1ee3i nhu\u1eadn g\u1ed9p tr\u00ean m\u1ed7i \u0111\u01a1n v\u1ecb (GPU) v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,83; (2) D\u00f2ng ti\u1ec1n t\u1ef1 do v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,77; (3) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng doanh thu theo qu\u00fd v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,72; v\u00e0 (4) S\u1ed1 ng\u00e0y ti\u1ec1n m\u1eb7t c\u00f2n l\u1ea1i v\u1edbi h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0,68. \u0110\u00e1ng ch\u00fa \u00fd, doanh thu tuy\u1ec7t \u0111\u1ed1i v\u00e0 s\u1ed1 l\u01b0\u1ee3ng xe b\u00e1n ra cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan y\u1ebfu h\u01a1n (l\u1ea7n l\u01b0\u1ee3t l\u00e0 0,54 v\u00e0 0,51), cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0u ti\u00ean c\u00e1c ch\u1ec9 s\u1ed1 v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 thanh kho\u1ea3n h\u01a1n l\u00e0 t\u0103ng tr\u01b0\u1edfng thu\u1ea7n t\u00fay sau nh\u1eefng th\u00e1ch th\u1ee9c t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty v\u00e0o n\u0103m 2022."},{"question":"C\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i tr\u1ee3 n\u1ee3 \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu c\u1ee7a Carvana?","answer":"T\u00e0i tr\u1ee3 n\u1ee3 \u0111\u00e3 l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng trong su\u1ed1t l\u1ecbch s\u1eed c\u1ed5 phi\u1ebfu c\u1ee7a Carvana. Quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty t\u00e0i tr\u1ee3 m\u1edf r\u1ed9ng th\u00f4ng qua n\u1ee3 l\u00e3i su\u1ea5t cao (\u0111\u1eb7c bi\u1ec7t l\u00e0 3,3 t\u1ef7 \u0111\u00f4 la v\u1edbi l\u00e3i su\u1ea5t 10,25% \u0111\u01b0\u1ee3c huy \u0111\u1ed9ng trong giai \u0111o\u1ea1n 2021-2022) \u0111\u00e3 t\u1ea1o ra \u0111\u00f2n b\u1ea9y \u0111\u00e1ng k\u1ec3, khu\u1ebfch \u0111\u1ea1i s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu theo c\u1ea3 hai h\u01b0\u1edbng. Khi t\u0103ng tr\u01b0\u1edfng m\u1ea1nh, \u0111\u00f2n b\u1ea9y n\u00e0y \u0111\u00e3 t\u0103ng c\u01b0\u1eddng l\u1ee3i nhu\u1eadn c\u1ed5 ph\u1ea7n, gi\u00fap c\u1ed5 phi\u1ebfu \u0111\u1ea1t m\u1ee9c 376,83 \u0111\u00f4 la. Tuy nhi\u00ean, khi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng x\u1ea5u \u0111i v\u00e0o n\u0103m 2022, chi ph\u00ed l\u00e3i su\u1ea5t \u0111\u00e3 ti\u00eau t\u1ed1n d\u00f2ng ti\u1ec1n, t\u1ea1o ra m\u1ed9t v\u00f2ng xo\u00e1y t\u1eed th\u1ea7n khi\u1ebfn c\u1ed5 phi\u1ebfu gi\u1ea3m xu\u1ed1ng c\u00f2n 3,55 \u0111\u00f4 la. Vi\u1ec7c trao \u0111\u1ed5i n\u1ee3 sau \u0111\u00f3 v\u00e0o n\u0103m 2023 (gi\u1ea3m ngh\u0129a v\u1ee5 xu\u1ed1ng 1,2 t\u1ef7 \u0111\u00f4 la) l\u00e0 nguy\u00ean nh\u00e2n tr\u1ef1c ti\u1ebfp cho s\u1ef1 ph\u1ee5c h\u1ed3i h\u01a1n 1.700% c\u1ee7a c\u1ed5 phi\u1ebfu t\u1eeb m\u1ee9c th\u1ea5p nh\u1ea5t."},{"question":"Nh\u1eefng b\u00e0i h\u1ecdc n\u00e0o m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean r\u00fat ra t\u1eeb s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ef1c \u0111oan c\u1ee7a Carvana?","answer":"H\u00e0nh tr\u00ecnh gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Carvana mang l\u1ea1i n\u0103m b\u00e0i h\u1ecdc quan tr\u1ecdng: (1) C\u00e1c c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng v\u1edbi g\u00e1nh n\u1eb7ng n\u1ee3 cao \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro gi\u1ea3m b\u1ea5t \u0111\u1ed1i x\u1ee9ng khi th\u1ecb tr\u01b0\u1eddng v\u1ed1n th\u1eaft ch\u1eb7t; (2) Kinh t\u1ebf \u0111\u01a1n v\u1ecb cu\u1ed1i c\u00f9ng quan tr\u1ecdng h\u01a1n t\u0103ng tr\u01b0\u1edfng doanh thu--s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a Carvana ch\u1ec9 b\u1eaft \u0111\u1ea7u sau khi \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111\u00f3ng g\u00f3p d\u01b0\u01a1ng tr\u00ean m\u1ed7i xe; (3) \u0110\u01b0\u1eddng b\u0103ng thanh kho\u1ea3n l\u00e0 r\u1ea5t quan tr\u1ecdng--c\u00e1c c\u00f4ng ty c\u1ea7n \u0111\u1ee7 ti\u1ec1n m\u1eb7t \u0111\u1ec3 t\u1ed3n t\u1ea1i qua c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i m\u00e0 kh\u00f4ng c\u1ea7n huy \u0111\u1ed9ng v\u1ed1n kh\u1ea9n c\u1ea5p; (4) L\u1eadp k\u1ebf ho\u1ea1ch ho\u1ea1t \u0111\u1ed9ng ng\u01b0\u1ee3c chu k\u1ef3 l\u00e0 c\u1ea7n thi\u1ebft trong b\u00e1n l\u1ebb \u00f4 t\u00f4, v\u00ec ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y tr\u1ea3i qua c\u00e1c chu k\u1ef3 b\u00f9ng n\u1ed5-suy tho\u00e1i th\u01b0\u1eddng xuy\u00ean; v\u00e0 (5) T\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 thay \u0111\u1ed5i nhanh ch\u00f3ng t\u1eeb \u01b0u ti\u00ean t\u0103ng tr\u01b0\u1edfng sang y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c giai \u0111o\u1ea1n chuy\u1ec3n \u0111\u1ed5i ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana (2017-2025): T\u1eeb IPO $15 \u0110\u1ebfn \u0110\u1ec9nh $376 V\u00e0 H\u01a1n N\u1eefa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/news-events\/data\/carvana-stock-price-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"L\u1ecbch S\u1eed Gi\u00e1 C\u1ed5 Phi\u1ebfu Carvana (2017-2025): T\u1eeb IPO $15 \u0110\u1ebfn 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