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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.

LG Chem's troubled Chevy Volt battery plant hiring once again

The Michigan battery plant known for paying its workers to do nothing has turned things around and is now hiring more workers, specifically to do something. South Korea-based LG Chem, which runs the factory to supply the Chevrolet Volt extended-range plug-in vehicle with its lithium-ion batteries, held a job fair recently to bring on 40 new employees in order to meet higher battery demand, according to WZZM, the ABC affiliate for Grand Rapids, MI. The LG Chem factory is in Holland, MI, about 30 miles west of Grand Rapids, and it made its first batteries last year. Prior to that, though, the factory gained notoriety after a US Department of Energy (DOE) probe found that workers there were getting paid to do, well, nothing. That's because demand for the battery packs was so low that it cost less for the plant to sit idle. The DOE was conducting the probe because of its financial grant to LG Chem. But that was then and today is today. LG Chem is looking to ramp up production in advance of the second-generation Volt. That 2016 model-year version is said to have a longer all-electric range and better performance and will ride on a new chassis, but few official details have surfaced. We will know more when we get our first look at the car at the Detroit Auto Show in January.

Driving the Toyota Tacoma, BMW 430i and Chevy Corvette Convertible | Autoblog Podcast #671

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick and Road Test Editor Zac Palmer. First, they talk about driving the Toyota Tacoma TRD Off-Road (equipped with a TRD Lift Kit), Mini Cooper S Hardtop 2-Dor, BMW 430i xDrive, Chevy Corvette Convertible and Chevy Suburban with the Duramax diesel engine. They discuss the news, including Toyota's desire to differentiate the 86 from the BRZ, the new Jeep Magneto concept and Greg's opinion piece on why Stellantis needs Chrysler. Last, but not least, they dig into the mailbag to help a listener figure out how to replace their Honda S2000 and Honda Fit. Autoblog Podcast #671 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars We're Driving 2021 Toyota Tacoma TRD Off-Road 2021 Mini Cooper S Hardtop 2 Door 2021 BMW 430i xDrive 2021 Chevy Corvette Convertible 2021 Chevy Suburban Duramax diesel News Toyota 86 reportedly delayed to differentiate it from Subaru BRZ Jeep Magneto: Electrifying the Easter Jeep Safari with a Wrangler EV Why Stellantis needs Chrysler Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: Podcasts BMW Chevrolet Chrysler GM MINI Toyota Truck Coupe SUV Diesel Vehicles Luxury Off-Road Vehicles Performance