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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.

This week in EVs: Electric Jeeps, Chevy Equinox, reborn VW bus

There's going to be tons of car news next week as the Detroit Auto Show makes its return after 48 years. OK, so the pandemic and the show's shifting calendar only made it feel like 48 years, but January 2019 was still a long time ago. As we await that wave of headlines, let's look back at the substantial week that already was, specifically in terms of the electric car news that broke. Electric Jeep Recon and Wagoneer S blaze trail to brand's EV future Jeep declared Thursday to be 4xe Day as it revealed loads of previously unknown information about its future electrification efforts. The biggest surprise was the extremely cool and 100% electric Jeep Recon. Although it looks like a Wrangler, it's absolutely not a Wrangler replacement, and is indeed quite different for reasons besides its powertrain (independent front and rear suspension, fully enclosed fenders, fixed roof). As the photos attest, though, you'll be able to remove the doors and rear-quarter windows just like a Wrangler. And again, it's electric. Expect the Recon to be one of the most eagerly anticipated new vehicles over the next couple of years. Yes, years, plural. Production will start in 2024 with reservations accepted starting early next year. Jeep Recon View 5 Photos   There was then the Wagoneer S. Despite the name, it isn't a sportier Wagoneer variant or even an electric Wagoneer. In fact, the name is temporary according to chief designer Ralph Gilles. This sleek SUV, which sure looks like Jeep's attempt at a Range Rover Vilar (not a bad thing), will apparently have a 600-horsepower electric powertrain. It too will be produced in North America starting in 2024 with reservations starting early next year. Jeep Wagoneer S View 4 Photos   There actually WILL be an electrified Wagoneer, however: the Grand Wagoneer 4xe PHEV. That's good since the Grand Wagoneer gets pretty atrocious fuel economy. Details were light regarding specs, but we did get a half-decent photo. Finally, the first of these electrified Jeeps to launch will be the Avenger. Yes, Chrysler/Stellantis is dusting off an old Dodge name for a Jeep. That Dodge in question wasn't sold in Europe, though (good for them), which is important since the Jeep Avenger will only be sold on the other side of the pond. It's mechanically based on the same platform as several French Stellantis EV SUVs, and only goes 249 miles on the far more generous European WLTP test cycle.

2016 Chevy Malibu undercuts rivals with $22,500 starting price

Customers eager to get their hands on the new 2016 Malibu may be pleasantly surprised to find that Chevy has actually reduced the price on the base model. In fact the Malibu now undercuts much of the competition. Order up a new Malibu in entry-level L trim and you'll shell out only $22,500. That includes the $875 destination charge (which is $50 more than what Chevy used to charge for delivery). The Malibu L of course won't come with all the bells and whistles of the higher trim levels, but still comes with 10 airbags, cruise control, and push-button ignition. Compare that to the competition and you'll find the base Malibu less expensive than most, but not all. It undercuts the Ford Fusion, Honda Accord, Toyota Camry, and Nissan Altima – although the Hyundai Sonata and Mazda6, for example, are still marginally less expensive in base trim. Those looking for a little bit more can upgrade to the Malibu LS ($23,995), LT ($25,895), or Premier ($31,795). The L, LS and LT come with a 1.5-liter inline-four, but the Premier packs a 2.0-liter turbo that can also be had in LT spec for $29,495. Pricing for the Malibu Hybrid is slated to be announced at a later date, as will EPA fuel economy figures for the rest of the range. Next-Gen Chevrolet Malibu Starts at $22,500 Lower than Camry, Accord, Fusion and Altima 2015-09-10 DETROIT – The 2016 Chevrolet Malibu, the most fuel-efficient, connected and technologically advanced version in the nameplate's history – will be available with a starting suggested retail price of $22,500 for the L model. "We've continued our focus on delivering on the highest levels of quality, as evidenced by recent recognitions from J.D. Power on initial quality and long-term dependability," said Steve Majoros, director of Chevrolet cars and crossovers. "The 2016 Malibu is engineered and priced to give customers impressive value and technology that's hard to compete with." For 2016, Malibu will be offered in five models, L, LS, LT, Hybrid and Premier. Standard equipment includes 10 airbags, cruise control, push-button start with passive entry and fuel-saving stop/start technology on the base 1.5L 4-cylinder engine. The LS model, starting at $23,995, includes standard Chevrolet MyLink Radio with 7-inch diagonal color touch screen, available compatibility with Apple CarPlay and Android Auto and a rear vision camera. CarPlay and Android Auto are subject to Apple and Google privacy statements and require compatible smartphone and data plans.