motor vehicles – Michmutters
Categories
Technology

Bugatti’s Next Hypercar is the ‘Opposite’ of What You Expect

A photo of a black and orange Bugatti Chiron hypercar.

The Bugatti Chiron: The last of its kind?
photo: Bugatti

french carmaker Bugatti has been synonymous with big, W16-powered hypercars for almost 20 years. But, since its acquisition by Croatian EV maker Rimacthe car world has been waiting with bated breath for the news that the brand will be going electric. Now, CEO Mate Rimac has confirmed that electrification won’t be the case for Bugatti’s next hypercar. adding, it won’t be what we’re expecting, either.

Bugatti’s first W16-powered Veyron rolled off the production line in Molsheim, France, in 2005. It went on to break speed records here and there, before being replaced by the similarly-powered but even faster Chiron in 2016.

Capable of reaching up to 304 mph, the Chiron was an impressive machine. However, andcome back when it launched, the gargantuan motor powering the car to its insane top speed was beginning to feel dated. Cars like the McLaren P1 and Porsche 918 were showing just what supercar makers could do when they put their faith in hybrid power.

And now, with the Chiron out of productionthe historic French brand looks to finally embracing a touch of electric power in its next-generation hypercar.

A photo of a green Rimac Nevera electric supercar.

Don’t expect Bugatti to start shipping re-badged Rimac Neveras any time soon.
photo: Rimac

Company boss Mate Rimac recently spoke with vlogger and part-time racing driver Nico Rosberg in a new video on his YouTube channel. As well as picking up his own Rimac Nevera EV, Rosberg quizzed Rimac about the future of Bugatti.

“For the last two and a half years, we are working on the successor,” says Rimac while the pair discuss an excellent blue Bugatti Chiron parked at the Rimac factory in Croatia. “I think you will like that a lot.”

Rosberg pushes Rimac for more details of the new car, which he previously said would feature some kind of internal combustion engine.

He says: “The Chiron is amazing and is basically the successor to the Veyron, which revolutionized the hypercar market with the W16 engine – the first car with 1,000 horsepower. Amazing engine, and the pinnacle of engine development.

“The time has come now to go to the next step. And the next step is not going to be all-electric. We believe there is still a very important element to Bugatti’s future with the combustion engine. But very interesting combustion engines, and strongly electrified.”

MY 2000HP DREAM HYPERCAR ARRIVED!! | Nico Rossberg

After one final push for some juicy engine gossip, Rimac says that the new engine will be “going in the opposite direction of what everybody expects.”

So, the firm’s next hypercar is not going to feature another W16 and it’s not going to be powered by an electric motor. Somewhere in between might point to an engine similar to the AMG One’s F1-inspired powertrainor perhaps something derived from VW stablemate Porsche’s hybrid workings.

Either way, it’s going to be exciting seeing how Bugatti changes under its new leadership.

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Categories
US

Here’s how the Inflation Reduction Act’s rebates and tax credits for heat pumps and solar can lower your energy bill

It’s not the prettiest, or even most fulfilling, part of upgrading a home. But more energy-efficient heating, cooling, power and water usage can net savings that really adds up for household budgets and for doing right by the planet.

Congressional action this weekend and into next week looks to return more incentives, mostly via tax credits and rebates, to the pockets of homeowners who opt for energy-efficient choices, replacing fossil-fuel furnaces, boilers, water heaters and stoves with high-efficiency electric options that can be powered by renewable energy.

Read: Senate passes Democrats’ big healthcare, climate and tax package after marathon session

Of course, more of the nation’s electricity grid, currently run on natural gas NG00,
-2.15%,
along with lingering coal, and expanding wind and solar ICLN,
+0.76%,
will have to be powered by renewable energy for home upgrades to be truly green. But, alternatives are rising in use, and home efficiency has long been considered a good place to start.

The bill, a long-fought and greatly-downsized Democrat-crafted spending bill now known as the Inflation Reduction Act, includes rebates or a tax break for qualifying consumers who add efficient heat pumps (which, despite their name, move cold air around too ), rooftop solar, electric HVAC and electric water heaters.

The IRA was passed Sunday in the Senate and now makes its way to the House next week, where it is expected to be approved by a narrow majority for Democrats in that chamber. The Republicans who have opposed the bill have done so based on disagreements, they say, with the level of spending, but also because some support US oil and gas production on the grounds of cost savings and global security. And Democrats did agree to a future look at expediting environmental approvals for fossil fuels and clean energy.

“American families need relief from Democrat policies that attack American energy, send utility bills soaring and drive up prices RB00,

at the pump,” said Sen. Barrasso, a Republican of Wyoming who is a ranking member on the Senate Committee on Energy and Natural Resources.

Climate Nexus, an advocacy group, says a survey has shown 67% of voters support providing tax credits and other incentives to homeowners, landlords and businesses to purchase appliances that don’t use fossil fuels (such as electric water heaters, heat pumps, and electric induction cooktops).

What’s in the Inflation Reduction Act for home energy?

The legislation provides for $9 billion in total energy rebates, including the $4.28 billion High-Efficiency Electric Home Rebate Program, which returns a rebate of up to $8,000 to install heat pumps that can both heat and cool homes, and a rebate up to $1,750 for a heat-pump water heater. Homeowners might also qualify for up to $840 to offset the cost of a heat-pump clothes dryer or an electric stove, such as a high-efficiency induction range.

Read: Gas stoves targeted as US congressman alleges consumer watchdog has sat on decades of worrisome health data

and: More and more right-leaning Americans worry about climate change, but aren’t ready to give up gas stoves

Many homes will need their electrical panels upgraded before getting new appliances, and the program offers up to a $4,000 rebate toward that initial step.

“A household with an efficient electric heat pump for space heating and cooling, a heat pump water heater, one electric vehicle and solar panels would save $1,800 a year,” says Jamal Lewis and team, writing a brief on the legislation for the organization Rewiring America.

“These savings will be reflected in lower monthly energy bills, reduced bill
volatility and a lessening of disproportionately high energy burdens within disadvantaged communities,” Lewis said. “Importantly, these savings add up — so much so that if a household invests their energy bill savings from electrifying their home appliances, these savings will grow to over $30,000 after 10 years and $140,000 after 25 years (assuming an 8% annual return). ”

There are also funds in the IRA to be claimed for smaller actions: a rebate of up to $1,600 to insulate and seal a house, and a rebate of up to $2,500 for improvements to electrical wiring.

The program, to be administered at the state level, will run through Sept. 30, 2031, and homeowners would be able to collect a maximum of $14,000 in total rebates. To qualify, household income cannot exceed 150% of the area median income.

For homeowners who do not qualify for the rebates, the IRA provides for a tax credit of up to $2,000 to install heat pumps. And, installing an induction stove or new windows and doors, for example, qualifies for tax credits up to $1,200 a year.

What are heat pumps exactly?

Electric heat pumps, which replace a furnace, for instance, are energy efficient because they don’t create heat by burning fuels but rather move it (during the heating season) from cold outdoors to warm indoors. The downsides can include upfront costs and their suitability for all regions.

Still, over its lifetime, electric heat pumps generally offer the cheapest way to cleanly heat and cool single-family homes in all but the coldest parts of the US in coming decades, according to recent research from the American Council for an Energy-Efficient Economy (ACEEE). In very cold places, the analysis finds, electric heat pumps with an alternative fuel backup for frigid periods minimize costs.

“Our findings are good news for consumers and for the climate. Electric heat pumps, which heat and cool, are the cheapest clean heating option for many houses, especially now that we have cold-climate models,” says Steven Nadel, report coauthor and ACEEE’s executive director.

Cold-climate models, an advance in the technology, operate efficiently at temperatures as low as 5°F. Their energy costs, however, are minimized if an alternative fuel backup kicks in when it gets colder than 5°F for long periods.

EPA Energy Star program

EPA Energy Star program

The analysis finds that higher-income households are more likely to minimize costs with electric heat pumps, because they have newer—and more likely, single-family—homes with air-conditioning and improved energy efficiency.

The group backs congressional help for low- and moderate-income households, whose homes are often the most difficult to decarbonize. Notably, ACEEE calls for help to reduce the costs of ductless electric mini-split heat pumps in multifamily buildings.

And what about solar?

The legislation revives a 30% tax credit for installing residential solar panels and extends the program until Dec. 31, 2034.

The tax credit would decline to 26% for solar panels put into service after Dec. 31, 2032 and before Jan. 1, 2034.

What’s more, homeowners who install solar battery systems with at least three kilowatt-hours of capacity would also qualify for the tax credit.

The heating-and-cooling provisions are in addition to tax credits of up to $7,500 for the purchase of a new electric vehicle TSLA,
-6.63%

F,
-0.46%
and $4,000 for lower- and middle-income families who purchase a used EV. Early versions of this spending bill included help for e-bikes, but they are excluded in the final. Read more about those EV incentives.

Other programs

Homeowners can look beyond federal programs.

Safak Yucel, assistant professor of operations management at Georgetown University, who studies government policies relating to renewable energy and carbon emissions, said legislative uncertainty given the long slog to get this bill passed, and the risk that executive action is challenged in the courts, means that state and city incentives, and those offered by utilities, may make homeowners more assured.

“A lot of state governments, a lot of cities, they offer quite lucrative deals,” he said. “When it comes to rooftop solar, for example, Massachusetts comes to mind, which is not necessarily the sunniest of states, right, but they have quite a significant adoption of rooftop solar panels thanks to these state-level policies. I think as consumers look forward, they are more likely to see even broader involvement from state governments.”

Website EcoWatch, for instance, allows users to search by zip zode and ranks solar-friendly states.

Will incentives nudge consumer buy-in?

Broadly speaking, the new bill is meant to return more green technology manufacturing back to the US by tagging $60 billion to accelerate domestic production of solar panels, wind turbines and batteries, as well as support the critical minerals processing that are a must-have for the batteries that power EVs and help households leverage their solar power.

More domestic production could help alleviate the supply-chain issues that have hobbled markets during the COVID-19 recovery, and it could create more jobs, all of which is seen helping Americans “green up” their homes and businesses at a lower cost historically, bill proposers argue.

Biden has said the US will work to align with most major economies in the world, hitting net-zero greenhouse gas emissions by 2050, and at least halving current emissions as soon as 2030.

“Electrification will play a crucial role in decarbonizing homes, but the transition will happen slowly as long as inexpensive fossil fuels are widely available,” says Lyla Fadali, an ACEEE senior researcher.

Targeting manufacturing changes can also trickle down to consumers.

“Rather than focusing on whether or not a consumer will buy into the product at this point, what we’re seeing is that the consumers’ hand is sort of going to be pushed over a certain amount of time because so many manufacturers and producers are incentivized to build more solar, more EVs and so on,” said Shannon Christensen, an attorney and a tax and accounting specialist editor with Thomson Reuters Checkpoint, an online research platform.

“When gasoline-powered vehicles came into popularity in the beginning, nobody wanted to switch from their horse and buggy. It took quite some time to get consumers at that time to go over into that new technology. And I think we’re seeing the exact same thing,” Christensen said. “But the technology is getting good enough. And Congress has made it available to lower-income folks and through tax credits. I think that you’re going to see a [demand] shift, and I think it will rise quickly.”

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Categories
Business

Collapsed building company Willoughby Homes taken to court to be liquidated

The stark reality of a building company’s collapse has been laid bare after the firm proposed that trade creditors would receive 10c back for every dollar they were owed.

On Wednesday afternoon, Sydney-based builder Willoughby Homes was brought to court with creditors calling for it to be put into liquidation because the business was “hopelessly insolvent”.

Gyprocking company Regno Trades initiated legal proceedings against Willoughby Homes early last month over an unpaid debt of $184,000.

That means if they followed through on Willoughby Homes’ proposal for receiving 10c in the dollar, Regno Trades would only recover $18,400 – leaving them $166,000 out of pocket.

Two business days before the hearing, Willoughby Homes appointed David Mansfield and Jason Tracy of Deloitte’s turnaround and restructuring department as voluntary administrators, causing creditors to suggest this was an “11th hour” attempt to save the company.

Judicial Registrar Claire Gistham, of the Victorian Supreme Court, granted the administrators of Willoughby Homes an adjournment until the end of the month to come up with an official Deed of Company Arrangement (DOCA), which is essentially a plan for creditors to get their money back.

In the heated court case, representatives of creditors argued that the company had “failed so miserably” and should be wounded up immediately because there was “an overwhelming case for insolvency”.

During the hearing, it was also revealed that Willoughby Homes owed up to $4.4 million to homeowners, trade creditors and the tax office.

Despite that, the construction firm has “minimal assets” and only has $14,000 in liquid cash in its accounts at the moment.

It comes after an extensive news.com.au investigation over the last month found Willoughby Homes has been non-functional for some time, with debts to creditors going unpaid, build sites stalling for as long as a year, the company’s home building insurance not being reinstated and finally, all its offices being cleared out and phone lines going straight to voicemail.

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Regno Trades acted as the plaintiff while three supporting creditors also joined the case – H & R Interiors owed $73,925, an ex-employee owed $53,000 in unpaid wages and Finese Electrical and Air Conditioning, owed $4531.

Another creditor, Kamaljit Pawar, also joined the case. The Sydney man built a house with Willoughby Homes in 2014, which was left with significant defects and he has been fighting to have them fixed ever since.

There are 44 impacted homeowners, 16 of whom have houses at “varying stages of construction” while the other 28 customers have handed over deposits but no building has commenced.

There are also a number of creditors and employees impacted. It’s understood employees are owed $67,000 in unpaid superannuation and about $600,000 is owed to deposit holders. Over a million is owed to the Australian Taxation Office.

There was debate about how much the company actually owes in total, with administrators putting the figure at $2.3 million but Mr Pawar’s lawyer Rodney Kent said he’d reviewed documents and said it was higher.

“There are substantial defaults” amounting to $4.5 million, he said.

Mr Kent also added that the owner of Willoughby Homes, Steve Willoughby, had four properties and possibly five, which could be sold to pay back debts.

SC Peter Fary, acting for the plaintiff and three supporting creditors, called for Willoughby Homes to be placed into liquidation because it had “failed so miserably”.

“This isn’t the first winding up application, in fact it’s not even the first winding up application this year,” he said.

“One has to ask why the director hasn’t caused the company to address its insolvency at an earlier point in time.”

He said it made no sense for the company to remain in administration because Willoughby Homes was unable to carry out any construction work.

“Is it seriously suggested that a company with no capital will continue building contracts in administration where it failed so miserably before?” I have asked the court.

“These matters go to another issue of commercial morality,” he added, urging the registrar to consider “Whether as a matter of commercial morality it’s appropriate for this company to continue in existence”.

Mr Fary said Willoughby Homes had “minimal assets and significant liabilities”.

In the hearing, it was stated Willoughby Homes only had $14,000 in cash as well as some motor vehicles, property and equipment that it could sell to pay back debts.

Administrators called in at the ’11th hour’

The lawyers representing creditors were also critical of the last minute appointment of administrators, last Friday, when they said it appeared likely that the firm had been trading insolvent for months.

“This is an 11th hour appointment, the appointment of an administrator at the last minute should be treated with skepticism,” Mr Fary said.

“One can’t escape the conclusion of these facts that there is likely to be an insolvent trading claim of a significant magnitude.

“One can readily infer that insolvency was some time ago.”

Mr Kent agreed, adding: “This is so late in the day and so inappropriate… Deposit holders have lost their money in circumstances where signing contracts was totally illegal.”

However, the administrator’s legal team argued that it was far from an 11th hour appointment.

QC Hugh Smith, representing the administrators, argued, “We’ve all been involved in 11 hour appointments, this is not that.”

Administrators were appointed late on Friday, giving them two business days – Monday and Tuesday – to sort out the company’s finances.

“As such this is not an 11th hour appointment,” Mr Smith insisted.

In another twist, the administrators insisted that a category of creditors – the deposit holders – be paid back in full while all the other credits only received 10c in the dollar.

The Deloitte administrators held a meeting for deposit holders only on Monday ahead of the court hearing and claimed a vote was 100 per cent in favor of the resolution to keep the company in administration so that they would receive their promised funds.

However, register Gistham grilled the QC on how many people actually voted, which turned out to be only 15 people.

“The priority here is quite extraordinary, on the one hand you’ve got 100c in the dollar, and the other hand is 10c to the dollar,” Mr Fary said.

“My client is as vulnerable as anybody else, all of their businesses are at risk of going under as well if they’re not paid,” Mr Kent added.

Later on, in a conversation with news.com.au, Mr Kent added: “It’s disappointing that their first meeting only involved certain creditors and not all of the creditors. I’ve never seen this done before. My client didn’t even know that meeting was taking place.”

After opposition, the administrator’s lawyer indicated they would reconsider whether 10c in the dollar was appropriate compared to 100c in the dollar for deposit holders.

The registrar added the case until August 31.

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