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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.

Witness the Prologue to Audi's design future [w/videos]

Audi went Hollywood for its debut of the forward-looking Prologue concept car last night, pulling the silks back at a sprawling LA manse in the hills. The cost-no-object unveiling of the car, as well as its prominent positioning at this year's LA Auto Show, speaks to the importance with which the company views the styling you see here.
Prof. Dr. Ulrich Hackenberg, maharishi of development for the three-rings brand, made two important announcements at the presentation: reiterating publicly his endorsement of new styling chief Marc Lichte, and telling us that Prologue design will be found on upcoming production versions of the A6, A7 and A8.
Take a close look at that imposing face on the Prologue - an amped up revision of the single-frame shield grille that has appeared on new models like the TT already - and get used to it. Lichte called out the grille as the new face of the brand, so we fully expect its deployment across the range as the 2016 models roll out.

Audi previews sleek crossover concept ahead of Beijing debut

With the Beijing Motor Show approaching just a couple of weeks down the road, automakers have begun announcing the concept cars they have in store. Nissan has a new sedan concept coming, Lexus will reveal the production NX crossover and Citroën has a tempting sports sedan concept lined up for the Chinese auto expo. And now Audi has hinted at what it has in store.
Revealing only a trio of renderings with no details to accompany them so far, Audi appears to have a new crossover concept in the works. Referred to only as the Audi Showcar Beijing 2014, the brief calls for a five-door crossover with a rather coupe-like roofline, rugged lower body cladding and a flexible cabin with quad bucket seats.
The form bears telltale similarities to the new TT, suggesting that this concept could be a further evolution of the Allroad Shooting Brake concept that Audi revealed in Detroit. If put into production, we could see it wearing the Q4 badge, giving Ingolstadt a rival to the likes of the BMW X4, Porsche Macan and Range Rover Evoque. However, until Audi tells us otherwise, that's all speculation...