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Formula E is on track financially, with NYC race coming up

LONDON - Formula E could be breaking even already were it not investing for the future, chief executive Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts. Accounts filed at Companies House showed Formula E Operations Ltd reduced its operating loss to 33.7 million euros ($38.32 million) at end-July 2016, a period covering its second season, from a previous 62.7 million. Net liabilities rose to 107.2 million euros from 72.1 million, while total revenues reached 56.6 million from a previous 19.7 million. "Everything is going according to plan," Agag, whose city-based series will be racing in New York for the first time on July 15 and 16, told Reuters in an interview at his London offices. "Actually we are doing incredibly well financially according to our plan. "We could have broken even this year but we decided to invest more in marketing and promotion. We decided to add races like the one in New York, which is in year one a race which is costing, we have significant capital expenditure." "It's really up to us when we want to go to break even or not. We could be in break-even now, we could be in break-even next season but we may decide to invest more in marketing and promotion." Agag said the shareholders, including John Malone's Liberty Global and Discovery Communications, were supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers. The New York races will be held in Brooklyn's Red hook neighborhood, with lower Manhattan and the Statue of Liberty as a backdrop with technology partner Qualcomm securing the naming rights. MANUFACTURER INTEREST Agag, whose series plays down competition with Liberty Media-owned Formula One, said more carmakers were set to join a series increasingly aligned with their commercial focus. "I think Formula E has become the preferred destination for manufacturers and there are a few reasons for that," said the Spaniard. "Obviously, one is that it is electric and manufacturers are more and more focusing on electric cars...and we are the only platform really to help them promote that technology and those types of cars. "And second, because of the cost. The cost of the team in Formula E is very moderate." Whereas top Formula One teams can burn through $300 million a year, as can the likes of Toyota in the World Endurance Championship, the budgets of successful Formula E teams are between 10 and 15 million.

Editors' Picks September 2021 | Genesis GV70, Grand Cherokee L and more

This month of Editors' Picks saw us award the honor to a few top-notch crossovers and SUVs, plus one luxury sportback. Manufacturers keep rolling out excellent new crossovers, and the Genesis GV70 and Jeep Grand Cherokee L are great examples. Plus, living the good life with our long-term Hyundai Palisade has been evidence enough that it's worthy of an editors' pick. Read on below for the full breakdown and see what made the cut for September. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in August that earned an EditorsÂ’ Pick. 2022 Genesis GV70 2022 Genesis GV70 at Mt St Helens View 37 Photos Quick take: Genesis' first shot at a compact luxury crossover is a strong one that moves the segment forward and makes for an excellent alternative to one of the many other established options. Score: 8 What it competes with: BMW X3, Mercedes-Benz GLC-Class, Audi Q5, Lexus NX, Acura RDX, Volvo XC60, Lincoln Corsair, Infiniti QX50, Porsche Macan Pros: Gorgeous looks inside and out, forward-looking tech, good ride and handling balance Cons: Nothing budget about it, no true performance option From the editors Editor-in-Chief Greg Migliore — "Blending style and power, the GV70 shows Genesis is serious about delivering a strong execution in a critical segment. Props to Genesis for its risk-taking design, which has remade its lineup with confidence. The GV70 is just the latest in a series of wins for Genesis." In-depth analysis: 2022 Genesis GV70 First Drive Review | The real deal   2021 Jeep Grand Cherokee L 2021 Jeep Grand Cherokee L View 35 Photos Quick take: The 2022 Grand Cherokee L is inarguably immense, swank, and much better on-road than the previous SUV. It even keeps up the Jeep tradition of being great off-road while still carrying tons of passengers and gear.

2018 Audi A5 gets a manual and S5 gets 369 lb-ft of torque

Update: A previous version of this post incorrectly stated that the A5 was the only Audi model to offer a manual transmission with the 252-horsepower inline-four. Audi will offer the same combination on the A4 in the near future. The text has been updated to reflect this. When Audi revealed the new A5 and S5 coupes, we knew the elegant lines of the European model would come to the United States. But the big question was, would the drivetrains, and in particular, the manual transmission, come along? The answer is yes. The 2018 A5, with its 252-horsepower, 273 lb-ft of torque turbocharged four-cylinder, will be offered in America with both a seven-speed dual-clutch transmission, and a classic six-speed manual. These combinations will take an A5 to 60 mph in 5.6 or 5.7 seconds, respectively. The A4 sedan will also offer the manual with the same engine soon, in case you need an extra pair of doors. The four-cylinder model is also the only A5 model with a manual, since the turbocharged V6 S5 only comes with an 8-speed automatic. To make up for a lack of shifting involvement, drivers can take advantage of the S5's readily available torque. Like the Euro-spec model, our S5 will come with 369 lb-ft of twist, and it peaks at a stunningly low 1,350 rpm. That torque, combined with the engine's 354 horsepower, launches the S5 to 60 mph in 4.4 seconds. Every type of A5 or S5 also funnels its power through a Quattro all-wheel-drive system with torque vectoring. A5 owners can also personalize how their cars ride and handle, with either a sport suspension with different sway bars, shocks, and springs, or with the comfort adaptive damping suspension. The latter uses constantly adjusting electronic shocks for improved ride. The S5 has an available sports adaptive suspension that works similarly, as well as a dynamic steering option that can change steering ratios. Capping things off is an extensive list of gadgets and safety features, some standard, such as the LED interior lighting and panoramic sunroof, and others optional, such as Audi's Virtual Cockpit LCD instrument cluster and lane keeping assist. A new feature for the A5 line is the MMI touch system, which allows drivers to write in characters with their fingers. Something Audi hasn't revealed about the A5 and S5 is the pricing and availability, but those details should come soon. Related Video: Featured Gallery 2017 Audi A5 View 27 Photos Image Credit: Audi LA Auto Show Audi Coupe Luxury Performance quattro audi s5