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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.

Chevy preparing new Camaro ZL1 Convertible?

It's a given that when an automaker introduces a new performance model, it's only a matter of time before an even hotter variant arrives. The Ford Mustang begets the Shelby GT350 and the Dodge Challenger R/T spawns the SRT 392 and Hellcat. And for Chevrolet, that progression sees the Camaro SS evolve into the ZL1. That's probably what our spies have captured here. The convertible variant of GM's most powerful Camaro is betrayed not by its big, black wheels or quad exhaust tips – both of those items have been fitted to the far tamer 1LE in the past – but by its brakes. To put it simply, they're enormous. The old ZL1 had 14.6-inch rotors in front and 14.4-inchers in the back, with Brembo-branded six-piston calipers up front and four-piston binders at the rear. While the overall size of the calipers doesn't appear to have changed much, it looks like the rotors – especially in front – seem to take up a larger space inside the front wheels than in last year's model. Perhaps Chevy moved to a straight 15-inch rotor? It's difficult to discern any more from these images, though. Chevy did a fine job with the camouflage, making it difficult to pick out ZL1-specific body parts. From the rear spoiler to the front fascia to the side sills, each body piece looks like it's the same as the standard Camaro or is just completely obscured. If this is a Camaro ZL1, it seems like Chevy may have just stuffed the vital organs inside the body of more pedestrian droptop. According to our spies, it's unlikely that Chevy will mix things up under the hood. Expect the 6.2-liter, supercharged V8 from the Corvette Z06 and Cadillac CTS-V to move the ZL1 from 550 horsepower to around 640 ponies when it debuts for model year 2017. A six-speed manual transmission will be standard, while the Camaro's big brother will probably donate its eight-speed automatic. Related Video: Image Credit: Brian Williams / SpiedBilde Spy Photos Chevrolet Convertible Performance chevy camaro zl1

GM cutting production at two plants

General Motors is continuing to adjust to excess supply of some of its brands' models. To get production more in line with the vehicles' actual demand, the automotive giant is idling two of its factories in North America in the coming months. The Orion Assembly plant is going to be down from March 9-13, according to an anonymous plant worker and another insider speaking to Automotive News. The factory builds the Chevrolet Sonic and Buick Verano, but there are plenty of both models sitting on dealer lots, including 216 days worth of Sonics, according to AN. The factory already had two idle periods announced to reduce the excess. In addition, downtime is scheduled at GM's "Flex" line at the Oshawa, Ontario, Canada, plant from April 13-17. This affects supply of the Chevrolet Camaro, Impala, Buick Regal and Cadillac XTS. Among them, the automotive giant has the largest supply of Regals ready for dealers with 213 days worth of them, according to AN. The future for the whole Oshawa factory is cloudy in general, though. There are rumors that it could close entirely in the future because the Camaro is leaving and the Regal and XTS might not last much longer than 2017. The Canadian government and the labor union there intend to put up a fight, though. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Cadillac Chevrolet GM orion assembly oshawa plant idle