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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.

2016 Chevrolet Silverado 1500 Quick Spin [w/video]

The Silverado 1500 gets what most would consider an early update for 2016. Just two years into this generation, the half-ton Chevy truck has been given a visual overhaul and a handful of feature upgrades. Chevy reps say they didn't wait the usual three years for a refresh because they knew the domestic competitors were planning updates of their own for 2015. We're told the fast refresh was always in the plans, and that it wasn't a response to critics (like us) saying "meh" to the new truck's design, which some felt hewed too close to the GMT900s that came before. If a Ford grille that reaches halfway into the headlights is good, a Chevy grille that cuts the units clean in two must be better. That's at least how we imagine the designers' thought process went. Those new split lights use HID projectors on lower models and full-LED tech on the upper trims, with all versions getting LED daytime running lights. LED taillights are also included on the fancier models. <p>Your browser does not support iframes.</p> Each of the eight trim levels has its own look, and the differentiation goes beyond the placement of chrome and the color of cladding. Look closely and you'll see that elements of the various grille treatments are repeated within the headlights. It's a neat touch, and proof that attention to detail is still a thing. Chevy also reshaped the hood, with sharp lines and pockets that look like they'll do a great job of collecting snow come winter. We get why a Corvette has troughs in its hood (you know where the wheels are and see through the valley to the road) but the surfacing on the Silverado's engine hat has only aesthetic benefits. On the feature front, almost all 2016 Silverado models get standard Apple CarPlay and Android Auto support; the 7.0-inch screen includes both, while the available 8.0-inch screen will add Android Auto through an update in March of 2016. The top High Country trim gets new power-articulating side steps as an option. In addition to swinging down to help you hoist yourself in through the door, the steps have a button at the rear that, when pressed, motors them down and rearward to give you a foothold at the front of the bed. Chevy also catches up to the competition with an available remote-locking tailgate. Chevy also gets further into the competitive numbers game for 2016 with expanded use of its eight-speed truck transmission.

GM to trim Russian output, raise prices amid currency woes

General Motors is shutting down its factory in Russia's second largest city, St. Petersburg, from the middle of March until the middle of May as the country's currency, the ruble, continues to give economists fits. The ruble's value has plunged due not only to western sanctions, but a precipitous fall in oil prices. We knew these factors were already impacting the auto industry there, as Ford reported in its 2014 earnings statement, and now they're forcing GM to cut production at the factory, shown above, that is responsible for production of the Chevrolet Cruze and Opel Astra. Meanwhile, Automotive News is citing Russian outlet Kommersant as saying that GM has hiked its prices in the country by an average of 20 percent over the past two months. While a GM spokesman confirmed the St. Petersburg plant would be shut down for the two-month span reported by Kommersant and AN, he would not confirm the price increase. News Source: Automotive News - sub. req.Image Credit: Alexander Nikolayev / AFP / Getty Images Earnings/Financials Plants/Manufacturing Chevrolet GM Opel opel astra