2021 Koenigsegg Regera on 2040-cars

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Explainer: How China Evergrande's debt troubles pose a systemic risk

HONG KONG — China Evergrande Group has raised fresh warnings of default risks, as it scrambles to raise funds to pay lenders and suppliers with regulators and financial markets worried that any crisis could ripple through China's banking system and trigger social unrest. WHAT IS EVERGRANDE? Founded in 1996 by Chairman Hui Ka Yan in Guangzhou, Evergrande is China's second-largest property developer with $110 billion in sales last year. The company listed in Hong Kong in 2009, helping it grow its asset size to $355 billion today. It has more than 1,300 developments across the nation, many in smaller cities. With sales growth slowing in recent years, Evergrande has branched into businesses such as electric cars, football, insurance and bottled water. HOW DID CONCERNS ARISE OVER DEBT? Investors became worried in September last year after a leaked letter purportedly from the company showed Evergrande had pleaded for government support to approve a now-dropped backdoor listing plan. Evergrande said the letter was fake. Concerns intensified after Evergrande admitted in June it did not pay some commercial paper on time, and news in July a Chinese court froze a $20 million bank deposit held by the firm on the request of Guangfa Bank. Evergrande's fast expansion has been fueled by loans to support its land buying spree, and selling apartments quickly despite low margins so as to start the cycle again. Its total liability, which include payables, is at 1.97 trillion yuan ($306.3 billion), or around 2% of the country's GDP. Other than the usual bank and bond channels, the developer has been criticized for tapping the shadow banking market, including trusts, wealth management products and commercial paper. HOW HAS EVERGRANDE DELEVERAGED? Evergrande accelerated its debt-reduction efforts last year after regulators introduced caps on three debt ratios, dubbed the "three red lines" policy. It aims to meet all the requirements by the end of 2022. Evergrande has given buyers steep discounts for its residential developments and sold the bulk of its commercial properties. Since the second half of 2020, it has had a $555 million secondary share sale, raising $1.8 billion by listing its property management unit in Hong Kong, while its EV unit sold a $3.4 billion stake to new investors. On Tuesday, however, it said its asset and equity disposal plans have failed to make material progress. WHAT'S THE RISK?

2015 Gordon McCall's Motorworks Revival

Considered the big kick off of the major festivities surrounding Monterey Car Week, this year's Gordon McCall's Motorworks Revival certainly didn't disappoint. For those unable to make it to the California coast, our own Drew Phillips was on hand to snap some of the beautiful vehicles on display for this gorgeous gallery. Held annually at the Monterey Jet Center, the event is always a feast for the eyes by collecting planes, a gang of exotic supercars, and some the top cars crossing the auction block over the coming days, like a Plymouth Hemi 'Cuda convertible. The Ford GT both new and old was a major attendee at this year's party. Among them, the Petersen Museum brought along an original racecar and a GT40 MKIII to promote an upcoming exhibit. The classics were complimented by the latest version that has continued to keep tongues wagging. The GT wasn't the only classic with a modern update there. Singer used the posh event for the North American debut of its stunning restoration of the Porsche 911 Targa. Shelby American was also at the revival for the public unveiling of the 50th Anniversary Daytona Coupe. On the more modern front, Honda was in attendance with the future NSX and one of the McLaren F1 cars that the company's engine powers. For further proof of the ritzy folks that attend this soiree, Pagani and Koenigsegg both had stands to show off their extremely quick wares.

Koenigsegg CC850 shown with 1,185 horsepower, fascinating gated manual

This is a big year for Koenigsegg. It's the 20-year anniversary of the Swedish supercar builder's first production car, the CC8S. It's also the 50th birthday of the founder, Christian von Koenigsegg. To celebrate, the company has put together the CC850, which is a reimagining of that original supercar, but using modern technology. It looks very much like the old car, but packs way more power and some wild features. The exterior is quite close to the original. The biggest changes are the switches to more flowing LED lighting up front and in the rear. It has reworked wheels with the phone-dial round openings and has a smooth, uncluttered design. Part of that is due to the hidden rear wing that deploys at speed. The car has the signature tumble-forward doors, powered hood and engine cover, and it has a removable top that can be stowed in the car just like the CC8S. The interior is much more modern Koenigsegg, and the highlights include the beautiful analog instrument dials and the gated shifter in the middle. That shifter features a wood knob with a Swedish flag, again like CC8S. As is often the case with Koenigseggs, the parts that make it go are as interesting if not more so than the swoopy shell. The CC850 is powered by a twin-turbo 5.0-liter V8 that makes 1,185 horsepower and 1,022 pound-feet of torque on gasoline. Put E85 ethanol in it, and power climbs to 1,385. Christian von Koenigsegg noted that these numbers are a bit lower than for the Jesko, which provided the base for much of the CC850. The reason is because the company went with smaller turbos for better response and less lag, since the car has a manual transmission, sort of. Ok, so let's talk about the transmission. It's a version of the Light Speed Transmission, which has a set of seven clutches and nine gear ratios and can jump from any gear to any other gear, unlike most dual-clutch transmissions that have to shift sequentially. In the Jesko, it's an automatic transmission with paddle shifters. Here, it has an automatic mode, but it also has a manual mode, complete with clutch pedal. The clutch pedal does actuate the transmission's multiple clutches, and it is possible to stall the car if you're not balancing your clutch and throttle inputs. And the shifter will tell the car which gear you want. Curiously, there are only six gates for the manual mode. Christian von Koenigsegg said that having to pick through nine gates would be complicated, so the company stuck with six.