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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.

GM takes heat for aborted Silverado riff on 'Boston Strong' at World Series

During game five of the World Series, Chevrolet was set to do a spot of marketing for the 2014 Silverado - fans at Busch Stadium in St. Louis would hold up placards that spelled out the words "Silverado Strong," a theme that Chevy has been promoting since the Silverado's launch with the song "Strong," by Will Hoge. The St. Louis promo was ultimately called off, though, over concerns that it'd be insensitive to the visiting Boston Red Sox. (You can see the image of what the stunt would have looked like above, courtesy of one timely Reddit user.)
Now, the Busch Stadium stunt might not have been a big deal, had the St. Louis Cardinals not been playing the Boston Red Sox. Following the tragic events in Boston during the marathon back in April, the phrase "Boston Strong" gained traction among the city's citizens, especially at sporting events. So, you can imagine that Chevy's appropriation of the phrase might not sit well with some fans.
The stunt was ultimately shelved after images of the signs went viral before the game, leading to a bit of a public backlash. Chevy spokesperson Michael Albano said of the promo that it was meant to show the brand's "commitment to baseball and its fans." But after the images went viral, the company "realized there was the possibility that we may offend some of the very fans we were trying to honor," Albano told Automotive News via email.

Peter Max staring down $1M lawsuit over Corvette collection sale

Pop artist Peter Max recently sold off his collection of 36 vintage Chevrolet Corvettes – one each from 1953 to 1989 ­– for an undisclosed amount. The new owners have already announced plans to restore some of them and auction the models off sometime soon. Up until then, the sports cars had been languishing in various garages around New York City for decades and were caked in dust and grime. However, Max's end of the transaction has just become more complicated, because two men are suing the artist claiming he employed them to complete the deal first. The men allege that Max hired them to broker the sale of the 36 Corvettes in exchange for a 10-percent commission, according to the New York Post. They claim to have emails and text messages proving the existence of the deal, and are taking Max to court for $1 million over the squabble. The collection of Corvettes was amassed in 1989 as part of a prize package from the television network VH1, and Max bought the cars from the winner intending on using them for an art project. He never got around to it, though, and parked the sports cars around New York, until he finally sold them over the summer.