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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.

2015 Audi S8

You've gotta hand it to the Audi A8. Last year, Mercedes-Benz launched the truly stunning S-Class, putting the rest of the high-dollar luxury flagship class on notice. With the brand-new S-Class turning heads and garnering all sorts of praise from the automotive press, classmates like the BMW 7 Series, Jaguar XJ and Audi A8 started to look, well, old. But Audi didn't see fit to just let its big sedan carry on and let the Mercedes take the cake.
So when Audi refreshed its A8 line for the 2015 model year with only minor updates, I kind of shrugged it off as just a quick way to keep the big sedan fresh until an all-new, hopefully S-Class-trumping version arrives. But then I drove the S8 pictured above, and I'm no longer so sure the Merc's shadow is as big and imposing as it once was.
Spoiler alert: the Audi S8 is simply fantastic.

Audi to enter third R18 following Loic Duval's huge crash

When we saw the picture above yesterday, our first thought went to driver Loic Duval. After hearing that he, miraculously, walked away from the annihilated heap that had been the number one Audi R18 e-tron Quattro, our next thought went Audi's hopes in this year's 24 Hours of Le Mans. With the race kicking off on Saturday, we couldn't be sure if the team would run a two-car effort (that would put them on even footing with the two-car teams of Porsche and Toyota), attempt to rebuild the decimated racer or bring in a new tub and start from scratch.
Turns out, Audi opted for door number three, importing an all-new chassis to replace the destroyed R18. According to Audi, the team pulled an all-nighter to ready the new car in time for scrutineering and the second round of qualifying.
After a lot of hard work the rebuilt #Audi R18 e-tron quattro No. 1 is almost complete #R18 #LM24 @FIAWEC pic.twitter.com/xicPj0wScW