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GM cutting Chevy Sonic, Buick Verano production by more than 20%

General Motors' Orion Assembly plant in Michigan is seeing even more production cuts this year to further reduce inventories of the Chevrolet Sonic and Buick Verano. These latest adjustments mean layoffs for about 100 workers in phases starting in July. "GM Orion Assembly will adjust plant production capacity to better align with market demand," the company said in a statement announcing the change. Through May, sales of the Sonic are down 28.5 percent to 29,082 vehicles, and the Verano is off 15.6 percent, with 15,279 sold this year. According to unnamed plant insiders speaking to Automotive News, the assembly rate is slowing at Orion Assembly from the current 33 cars an hour down to 26 an hour, a 21-percent reduction. GM is also reportedly going to keep the plant idle for three weeks during the normal summer shutdown, rather than the usual two. Earlier in the year, the factory was idled for two weeks due to excess supply of the Sonic and Verano. In March, it was closed again for several days for the same reason. The Orion Assembly plant is the future home to the line for the Chevy Bolt EV. GM Statement: GM Orion Assembly will adjust plant production capacity to better align with market demand. A phased layoff of approximately 100 employees will begin in July 2015 and conclude by year-end. Related Video: News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Chevrolet GM Hatchback Sedan buick verano orion assembly

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.

Survey says $25k barrier is a problem for EVs

The majority of consumers are more or less priced out of the market.
Electric cars are gaining popularity with the general public, but are they still too expensive? According to a survey 1,084 consumers by Navigant Research, a consulting firm located in Boulder, CO, 71 percent want their next car to cost under $25,000, while 41 percent won't go a cent above $20K. Looks like people are even thriftier than we'd originally thought.