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GM plans new car family for global markets, $5B investment

Globalization remains all the rage in the auto industry, as manufacturers scramble to develop single vehicles that can easily be adapted to the world's disparate market places. Ford has been a champion of this movement, with its One Ford mandate, but now, its cross-town rival is getting in on the action, albeit on a smaller scale. General Motors has announced a $5-billion investment to develop a new Chevrolet-badged family vehicle for global growth markets, including Brazil, Mexico, India, and importantly, China. With the PRC listed as a target market for the new vehicle, it's no surprise that GM is teaming with its Chinese joint-venture partner, SAIC Motor, to develop the vehicle's architecture and engines. The first vehicles should be hitting dealers by 2019, with GM expecting to eventually move some two million units per year. "With a significant majority of anticipated automotive industry growth in 2015 to 2030 outside of mature markets, Chevrolet is taking steps to capitalize on that growth," GM President Dan Ammann said in the attached statement. "Strengthening Chevrolet's position through this major investment is consistent with our global strategy to ensure long-term profitable growth in the markets where we operate." GM is quite focused on developing markets for a new vehicle, going as far as to say that "mature markets" like the US aren't currently being considered for the new family vehicle. As for where it will be built, the press release specifically says it won't be exported to the US, meaning it will very likely be built abroad using parts from local suppliers. Read on for the official press release from General Motors. Chevrolet Strengthens Position in Growth Markets with $5 Billion Investment 2015-07-28 All-new vehicle family tailored to local customer requirements General Motors and SAIC Motor partnership further enhanced DETROIT – Chevrolet announced today it is investing $5 billion to strengthen its business in global growth markets through the development of an all-new vehicle family that will meet the rapidly changing demands of customers in these markets. "With a significant majority of anticipated automotive industry growth in 2015 to 2030 outside of mature markets, Chevrolet is taking steps to capitalize on that growth," said General Motors President Dan Ammann.

Autoblog In Cuba: 1957 Chevy Bel Air Review

If you've been following the Autoblog In Cuba series, you may remember that my efforts to rent a car in the country were ultimately unsuccessful. Misinformation, bad planning, and a lack of rental car inventory conspired to disrupt my hoped-for driving adventure. I discovered in my week of exploration, however, that the terrific thing about Havana is that there's always another adventure to be found – if you're willing to look. A car I could drive myself might have been impossible to come by, but a ride to remember was not. After all, even when reviewing a new car, I've found that impressions about the car and the route can be credibly formed from the right seat. Starting from the parking lot of the grand Hotel Nacional, finding an interesting car for hire is as simple as walking up and down the block. Scads of classic American iron wait just outside the hotel gates, in a riot of colors and conditions befitting the tropical climate. Fords from the 1940s are plentiful – more sedans than coupes – and the glory days of General Motors are represented by enough Pontiacs and Cadillacs to fill a Bruce Springsteen B-sides album. But the Chevy Bel Air is the king of the road here, by some margin. View 30 Photos I settled on a burnt orange 1957 Chevy Bel Air convertible, in tourist-appropriate condition. I was looking for a hardtop at the request of my crew's audio/video needs, but settled on a burnt orange 1957 Chevy Bel Air convertible, in tourist-appropriate condition. This car might look good as a prop in the background on your vacation photos – hair blowing in the breeze with the ocean at your back, parked in front of Che's face in Revolution Square, etc. – but was far from pristine on a closer inspection. A perfect representative of the Cuban average. At least the price was right: $50 for two hours to make it 12 miles to Hemingway's house, and back. My driver was a kid named Daniel who looked to be about 20 years old. The Chevy doesn't belong to him, he co-drives it with the owner, but he was able to give me the basic mechanical rundown. The eight- or six-cylinder engine that Chevy shipped this convertible with was long gone. No surprise there, as nearly every American-made car I'd ridden in so far was powered by some belching Mercedes diesel. Despite it's clattering note, Daniel said the lump under the hood of the '57 drinks gas: a four-cylinder of Russian origins, pulled out of a GAZ Volga as best I can understand.

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.