2001 Audi A6, No Reserve on 2040-cars

Auto blog

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 A3 E-Tron could launch in October in US

When we test drove the Audi A3 E-Tron plug-in hybrid in Europe last summer, Audi was talking about the vehicle's introduction in the US, but left the exact date up in the air. Summer or Fall 2015 was as specific as anyone was willing to get. Now it looks like the plug-in will arrive in October. One of the rumors we heard over the last few months was that the A3 E-Tron was not ready for the US because of poor cold-weather performance. From what we've heard, under a certain temperature limit, the engine needs to kick in at all times, no matter what the battery state of charge is, and some European A3 E-Tron owners are disappointed that their EV sometimes isn't all that electric. Audi's solution needs to take into consideration how to balance utilization of battery power in less-than-optimal temperature ranges with passenger comfort and how any excess battery use impacts longevity. Audi's "fairly conservative" position will "ensure the long-term credibility of the E-Tron platform and plug-in technology." - Brad Stertz Brad Stertz, the corporate communications manager for Audi of America, told AutoblogGreen that, "Audi is taking a fairly conservative position to ensure the long-term credibility of the E-Tron platform and plug-in technology, while still creating the best experience for our drivers in each region. Overall, I think it is safe to say low temps affect performance in all vehicles to some degree, but that plug-ins face unique challenges that we will continue to work through with the A3 e-tron and other plug-in models to follow." Stertz also said in April that the US configuration for the A3 E-Tron was still being fine-tuned. For example, there were some software differences under consideration to meet US driving preferences. Looks like we only have four more months to wait and see. Related Video:

Next Audi TT glimpsed, same as it ever was?

Audi has teased the new TT coupe ahead of its Geneva Motor Show reveal with renderings and video, but now, what appears to be a photo of the new two-door has leaked onto the web, courtesy of Autofans.be. And if you're thinking, "Well, jeez, that looks familiar," you definitely aren't alone. Aside from the new lighting character in the taillamps, everything you see here looks pretty much unchanged from the old car. Of course, the front should get a nice freshening, and that interior should be super-high-tech. We'll reserve final judgments until we see the new TT live in Geneva next week.