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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.

Audi exec denies plans for turbo R8

Sometimes smoke doesn't lead to fire. Rumors indicated Audi might drop a turbocharged engine into the latest R8, but now a top executive is throwing a bucket of cold water onto the burning speculation. "The performance potential of this current engine means we don't need to even look at turbocharging at this point," Jurgen Konigstedt, Audi development boss for V6, V8, and V10 engines, said to CarAdvice. He also said sticking with natural aspiration offered a better sound and sharper throttle response than going with forced induction. "There is less emotion with a turbocharged engine," he said. Konigstedt admitted there was a serious discussion about turbocharging the R8. The argument just didn't win out. "If we feel that people absolutely want a turbocharged engine, then we will have to consider it," he said to CarAdvice. Audi just launched a new generation of the supercar. The 2017 R8's 5.2-liter V10 will be available in two tunes: with 540 horsepower in the standard coupe or 610 hp in the Plus. Rumors have persisted about a smaller, forced induction powerplant at the bottom of the range. Some reports suggested a twin-turbo V6 behind the driver, but others said the electrically supercharged 2.5-liter inline five was a candidate. The reason for the entry-level addition was tied to lowering the taxes on the R8 in markets like China. Related Video:

Notes from day one of the Rolex 24 at Daytona

We came to Daytona Beach, Florida where you can drive on the beach, gun shops outnumber doughnut shops and you can putt-putt and fish for alligators at the same place. But we're not here for any of that - we've made the trip with Audi in order to experience the Rolex 24 at Daytona, the first race in the 2013 Grand-Am season and the only 24-hour race in America.
Three teams are racing four Audi R8 Grand-Am cars - WeatherTech Racing, Rum Bum Racing and APR, which is running two cars. Shown to the world two years ago, the R8 Grand-Am is part of Audi Sport's R8 LMS customer racing program that was commenced in 2008, and ever since 2009 has been nabbing success all over the world: In four years it has taken 154 victories and 17 series titles. That is with less than 100 cars sold to customers throughout the world, and the trophies - either class wins or overall victories - have been gathered from all of the major endurance races except one: Daytona.