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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.

2016 Chevrolet Spark lights up New York

The little Spark has been somewhat of a surprising entry in the modern Chevy lineup in the US. Given its diminutive stature, you might have expected the slightly larger Sonic to cannibalize the tiny sibling's sales, but that hasn't happened. The Bowtie moved 39,159 Sparks in the US in 2014, a 14.7 percent boost from the previous year. Now at the 2015 New York Auto Show, the latest generation is being unveiled with a new engine and much improved styling. Replacing the current 1.2-liter four-cylinder is an all-aluminum 1.4-liter unit making 98 horsepower. That still doesn't sound like much, but it's 16 percent more than the 2015 Spark. The new mill can be connected to either a five-speed manual or a continuously variable transmission with which Chevy estimates 40 miles per gallon highway fuel economy. The 2016 Spark also gets a longer wheelbase and 1.6-inch lower overall height. Combined with more elliptical headlights at the front, the changes make for a somewhat more sleek appearance than the current, boxy model. The platform underneath is more rigid as well, and Chevy claims the latest underpinnings mean better handling and lower NHV levels inside. The little hatch isn't growing up too much, though, and gets a trio of new colors that sound like jellybean flavors: Toasted Marshmallow, Kalamata and Splash. Chevy is packing the interior with better quality materials and improved tech. Chevy's latest seven-inch MyLink system sits in the center stack with a capacitive touchscreen, and it now comes with a physical volume control and other buttons for easier use. All models also get a rearview camera, and a LCD instrument cluster remains in front of the driver. The available suite of safety systems includes Forward Collision Alert, Lane Departure Warning and Side Blind Spot Alert. The 2016 Spark goes on sale in the US in the fourth quarter of 2015 and is produced in South Korea. Expect a gallery showing off all its new styling from the New York show floor soon.

GM laying off 500 workers to slow Chevy Sonic production

Due to slow sales of the Chevrolet Sonic and Buick Verano, General Motors is cutting a shift at the Orion Township plant that builds the pair. The move lays off about 500 workers, but most of them are expected to get offers to transfer to other factories, Automotive News reports. The move came just a day after GM announced adding 1,200 employees to the Detroit-Hamtramck plant. GM has been trying all year at the Orion Township factory to align production of the Sonic and Verano with their demand. The automaker first attempted idling the plant several times and eventually resorted to laying off about 100 workers. It also reduced the production rate there. With the huge rise in popularity of crossovers, demand for the plant's small cars is on the downturn. According to Automotive News, there's currently a 116-day supply of Sonics and 100 days of Veranos to sell. Delivers tell a similar tale because the Chevy is off 35.2 percent from January to September, and the Buick does little better with a 27.2 percent drop from the same period last year. While the situation at Orion Township might look rough now, big things are on the horizon. Soon, the new Chevy Bolt electric vehicle will be built there when it hits the market around 2017. Plus, the plant will also get a $245-million upgrade and 300 new jobs for another, unannounced vehicle.