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Weekly Recap: Tesla loses money, still dominates the news

Some people get an inordinate amount of attention. In politics, it's Donald Trump. In football, it's Jim Harbaugh. And in the auto world, it's Elon Musk and his always-fascinating electric car company, Tesla Motors. General Motors is spending $877 million to upgrade a factory. So what! US auto sales are up. Who cares? Tesla has a metal snake that will recharge your car! So was the week in Tesla – er, the industry. Snarkiness aside, Tesla did dominate the news cycle, led by the announcement the company lost $184 million in the second quarter. Tesla also said it expects to deliver between 50,000 and 55,000 vehicles this year, and is preparing for a full launch of the Model X crossover in September. Musk also made news during the earnings call by simply not answering a question about ride sharing, leading to speculation Tesla could be considering its own operation. While the financials were the arguably the most important company news, reports of a Model S cyber hacking were more compelling fodder for Tesla followers. Researchers were able to attack the sedan and bring it to a stop, though they required access to the car first. Tesla says it already has deployed a remedy for the situation. On a lighter note, Tesla published a video of its metal charger prototype that autonomously uncoils like a snake to power up the company's vehicles, provoking plenty of humorous comments and comparisons. Watch it and decide for yourself. While some of this might seem trivial, much of Tesla's recent attention has been warranted. It's the first startup US automaker in decades to launch from nothing and actually gain traction in the market. Sure, Musk is a lightning rod and Tesla always seems to be in the spotlight. But amid all of the publicity, it easy to lose sight of the new reality: Tesla is a force. OTHER NEWS & NOTES 2016 Chevy Volt lights up 106 MPGe The Chevy Volt's vitals are looking healthier for 2016. The second-generation plug-in hybrid racks up a gaudy 106 miles per gallon equivalent, which is an increase of eight MPGe from the 2015 model. The new Volt can travel 53 miles on electricity, a significant jump from the 2015 Volt's 38-mile range. The new car also has a 420-mile total range when factoring in the capability of the gasoline engine, which is 40 miles greater than the current car offers.

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.

Recharge Wrap-up: Chevy Spark EV in Canada, Audi to use Valeo electric supercharger

The Chevrolet Spark EV will become available to retail customers in Canada. "We're expanding our electric vehicle offerings to our customers by offering the 2016 Spark EV for retail sales in the growing EV markets here in Quebec as well as in Ontario and BC," says Chevrolet's Chris Hay. Chevrolet has not yet released pricing for the Spark EV in Canada. In the US, the Spark EV is available in California, Oregon and Maryland. Read more at Hybrid Cars. Four recreational vehicle companies in Texas have settled with the EPA over illegal import and sale of off-road vehicles. The 4,000-plus Hammerhead brand vehicles in question were imported without the proper certification, a violation of the Clean Air Act. Some vehicles lacked proper emission control equipment or were manufactured by a company not listed on the certificate application. The settlement totals $560,000 in civil penalties for the companies involved. Read more from the EPA. The Iowa Supreme Court has upheld the state's natural gas tax, which was challenged by the ethanol industry. Ethanol producers, which use natural gas to make ethanol, argued the complicated tax was unconstitutional, as it forced certain plants to pay more than their competitors. Taxes vary by location, and some plants have to tap into interstate pipelines at much higher tax rates rather than get it from a local utility. Now, ethanol producers will work to change the law. "My hope is that people understand that, something may be constitutional but that doesn't make it good public policy," says Iowa Renewable Fuels Association Executive Director Monte Shaw. Read more at Manufacturing.Net. Audi will use Valeo's electric superchargers to improve fuel economy and acceleration. Valeo says Audi will launch a vehicle using its electric supercharger next year, with other reports suggesting that car will be the Audi Q7. The company says other unspecified automakers will also use the technology in their vehicles. While the electric supercharger adds to the vehicle's cost and electric energy use, it can improve fuel economy by as much as 20 percent. Read more at Automotive News Europe. Featured Gallery Chevrolet Spark EV View 13 Photos Related Gallery 2016 Audi Q7: Detroit 2015 View 15 Photos News Source: Hybrid Cars, EPA, Manufacturing.Net, Automotive News EuropeImage Credit: Chevrolet Government/Legal Green Audi Chevrolet Alternative Fuels Emissions Ethanol Fuel Efficiency Electric Off-Road Vehicles recharge wrapup