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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 to resume engine-building program for 2015 Corvette Z06

One of Chevrolet's most popular and unique customer features is set to return for 2015, as the company has announced that the Engine Build Experience is back. Interested owners will be able to screw together their engines beginning in March. The $5,000 option (which does not include the cost of travel) will give future owners of the 2015 Corvette Z06 the chance to screw together their car's actual 6.2-liter, supercharged V8. Available on each of the Z06's three trims, the Engine Build Experience includes a day at the Performance Build Center, instruction from an engine assembly tech, photographs of the experience and a personalized engine plaque. Once the build process is completed, the engine will (eventually) be fitted under the hood of the customer's personal Z06. "Chevrolet recognizes the passion customers have for Corvette and the Engine Build Experience offers them a truly unique opportunity for hands-on involvement in the creation of the heart of their new car," Corvette product manager Harlan Charles. "It's important for customers to understand their engine won't be installed the day after they built it. It will flow into the scheduling process for vehicle assembly, which depends on a number of logistical variables." Scroll down for the official announcement of the Z06's Engine Build Experience, available below. Exclusive Corvette Engine Build Experience Returns Program renewed for supercharged LT4 engine at new Bowling Green build center 2015-01-07 BOWLING GREEN, Ky. – Chevrolet announced today it is resuming the exclusive Engine Build Experience for Corvette Z06 customers – the only program of its kind for supercar customers. Starting in March 2015, Corvette Z06 customers will be able to assemble the 650-hp supercharged LT4 engine for their cars at the new Performance Build Center inside the Bowling Green Assembly Plant. "Chevrolet recognizes the passion customers have for Corvette and the Engine Build Experience offers them a truly unique opportunity for hands-on involvement in the creation of the heart of their new car," said Harlan Charles, Corvette product manager. "It's a chance to bond with their new car." The Engine Build Experience is selected with order code PBC and is offered on all Z06 trim levels.

Chevy to show redesigned Captiva in Geneva, will it come to US rental lots?

Unless you're renting a car or driving through Orlando, Florida (the rental car capital of the US), you'll probably never see a Chevrolet Captiva - the rebadged, fleet-only version of the old Saturn Vue - on our roads, but this crossover is popular in many other parts of the world. As such, Chevrolet announced that the Captiva will be getting an update for 2013, which will be unveiled next week at the Geneva Motor Show.
Coming off a pretty extensive refresh in 2011, the 2013 model year will bring even more changes to the Captiva like LED taillights, new 18-inch wheels and revised fascias with a new grille and fog lights up front and inset chrome exhaust outlets at the rear. New interior features include heated rear seats, dual-zone climate control as well as available options on some of the upper trim levels such as leather seating and keyless entry and start. We have yet to hear back from Chevrolet as to whether or not the updated Captiva will be making its way to a rental lot near you, as the model is only available in the US to fleet buyers.
Alongside the updated Captiva, Chevy is also showing off its new Trax in Europe, where the subcompact crossover will go on sale this spring. GM's press release for these two Geneva-bound models is posted below.