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Recharge Wrap-up: Tesla P85D upgrades coming soon, lease a Chevy Volt for $149 a month

CarCharging has raised $6 million from shareholders and has restructured to save cash. The EV charging company plans to expand further in 2015 - with an eye toward achieving profitability - in part by investing in technology and "unlocking the value of our significant equipment inventory," says CarCharging CEO Michael D. Farkas. The group expects to reduce administrative costs by 40 percent, and has hired an interim Chief Financial Officer to help carry out its plans for growth. CarCharging raised the cash through offering convertible preferred stock to its shareholders, whom Farkas thanked "for their passion and patience." Read more in the press release below. Rydell Chevrolet in Los Angeles is offering Chevrolet Volt leases for $149 per month. In a video ad, Rydell offers the Volt for $169 a month with $3,390 due at signing, but another ad shows the offer at $149 a month with $3,550 down or $248 per month with $0 down. Rydell Chevrolet will ship the car anywhere in the lower 48 states. It also appears they offer cupcakes. See Rydell's video below, or read more at Inside EVs. Tesla will upgrade the Model S P85D with higher performance and top speed. The free update, which is due "in the next few months" according to a statement from Tesla, will raise the electronically limited top speed from 130 to 155 miles per hour. "Additionally, an over-the-air firmware upgrade to the power electronics will improve P85D performance at high speed above what anyone outside Tesla has experienced to date," Tesla says. The update will be available for the lifetime of the car, which includes subsequent owners. Read more at Green Car Reports. Car Charging Group Completes $6 Million Capital Raise Concurrently Enacts Restructuring Actions to Reduce Cash Burn MIAMI BEACH, Fla., Dec. 29, 2014 /PRNewswire/ -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging" or the "Company"), the largest owner, operator, and provider of electric vehicle (EV) charging services, today announced that it has closed an offering (the "Offering") and raised net proceeds of up to $6 million with current institutional shareholders. The Offering consisted of convertible preferred securities with a conversion price of $0.70 and warrants exercisable at $1.00. Proceeds will be used to: - Strengthen CarCharging's balance sheet; - Build on the past year's progress; and - Provide growth capital for expanding the Company's network.

Cadillac CT6 production ceases January 2020 as part of D-Ham layoffs

General Motors filed paperwork under the Worker Adjustment and Retraining Notification Act with Michigan's Department of Labor and Economic Opportunity this week, detailing events to come at the automaker's Detroit-Hamtramck Assembly Plant. Starting February 28, 814 salaried and hourly workers at D-Ham, as its called, will be laid off. The 753 workers represented by the UAW will begin receiving offers in January to relocate to facilities in Michigan and Ohio, or buyout offers. As the 4-million-square-foot plant winds down through April 3 to a skeleton crew, the Cadillac CT6 ceases production in January 2020, and the last Chevrolet Impala comes off the line on February 28. The loss of the CT6 represents the end of Cadillac's latest brief, and highly regarded, adventure into flagship sedans. It might also mean the end of the 4.2-liter Blackwing twin-turbo V8 engine, at least for the moment. Both casualties are calamities. The death of the Impala closes the door on a nameplate in production for 52 years since 1957, having started off as a top-tier trim for the 1958 Bel Air known as the Bel Air Impala, once advertised with the line, "Lets you know you're the boss." As part of the new four-year labor agreement with the UAW, GM is keeping D-Ham open to build a new line of battery-electric vehicles, ultimately investing $3 billion and tripling employment to 2,225 workers when fully operational. The agreement described the coming EV as a "van" that would commence production in late 2021, but various reports say what's actually coming is a range of premium EVs in pickup and SUV bodystyles under the program codename BT1. The easy predictions put an electric GMC Sierra and Cadillac Escalade among the EV fold, but not until 2023, according to auto industry forecaster LMC Automotive. Before that, LMC claims an electric van will debut in late 2021, along with a battery-powered rebirth of the Hummer brand in pickup and SUV forms, also in late 2021. 

Chevy Bolt EV's battery shows big improvements over Spark's

Plug-in vehicle battery technology moves fast, and all you need to do to see this in action is to take a look at the new 60-kWh lithium-ion pack inside the 2017 Chevy Bolt EV. Well, you need to do that and then compare it to the battery packs inside of GM's other plug-in vehicles. And you don't even to go as far back as the EV1 to see progress. Let's start with what we know about the new Bolt's pack. It is supposed to drive the Bolt EV over 200 miles on a full charge. It weighs 960 pounds and is made up of 288 cells. Chevy's other all-electric car, the limited-availability Spark EV, had a 19-kWh pack and offered 82 miles of range. It had 192 cells and weighed 474 pounds. So, in the few years since the Spark EV was released, GM engineers have figured out how to get three times the energy capacity and almost two-and-a-half times more range out of a pack that weighs only about twice as much. And that doesn't even get to the price drops. GM has figured out how to get 3x the energy capacity and almost 2.5 times more range out of a pack that weighs only twice as much. Speaking of those 288 cells, that number might sound familiar to regular readers because that's exactly how many are in the new Chevy Volt. But the packs in the Volt and the Bolt are entirely different beasts. For one thing, while the Volt cells are made by LG Chem in Holland, MI, LG Chem will make the Bolt's cells in South Korea. The cell chemistries are also different. We spoke with GM engineer Tim Grewe (again) and while he declined to answer some of our Bolt battery pack questions until more details are unveiled at the SAE World Congress in April, he was able to explain a few things. "The cell inside the Chevy Bolt EV was specifically designed for EV range so it's up on energy," he said. "That's a different cell chemistry than on the extended range Chevy Volt, which is a smaller pack, smaller energy but more power per cell. We work with all of those vehicle requirements and customer demands and we say how do we meet this and we change the chemistry to make it all work." Comparing the 60 kWh in the Bolt and the 18.4-kWh pack in the Volt is really one of those apples to oranges issues, he said. "If you look at the Volt battery pack, how it went from where it was and where it's up to, from 38 miles to 50 miles, that was basic, overall industry improvement. Now, the 18 [kWh] to the 60 [kWh] is extended range vs. EV.